Advertising expenses and research and development expenses are typically treated as operating expenses that affect current income. Managers often view advertising expenses and research and development expenses as costs and have difficulty identifying any associated benefits. However, they both...

Value-based management systems concentrate on actions that generate value for the shareholders in the wealth creation process (Fisher 1995; Lieber 1996; Walbert 1994). This study focuses explicitly on profitability, growth, and capital intensity as drivers of the value of the firm by extending a free...