Correlation between R&D investment and sales growth of a company with 90 years in R&D operation

In the accounting standard of Japan and US, the whole R&D (research and development) expenditures are treated as being expensed in the period when they are incurred, not assuming the existence of the relation between R&D expenditures and the subsequent benefits. We provide an example hinting the existence of some relation appearing on the financial data. We first extracted using public financial data the short and the long correlation between the R&D investment and the sales growth of a public company. We next introduce the result of the trial to explain the correlation using the external and the internal R&D reports as well as the internal accounting data. We conclude that some correlation is observed with some basis.