Corporate R&D spending and corporate success

Booz Allen Hamilton's second annual study (pdf) among 1000 largest corporate R&D spenders shows that just investing in R&D can't buy success. (similar to money helps, but does not bring happiness)

"Money simply cannot buy effective innovation. There are no significant statistical relationships between R&D spending and the primary measures of financial or corporate success: sales and earnings growth, gross and operating profitability, market capitalization growth, and total shareholder returns"

"Boosting R&D spending can increase the number of patents that a company controls, but there is no statistical relationship between the number or even the quality of patents and overall financial performance." via strategy & business