The german continental model of corporate governance is long term oriented satisfying the different interest of stakeholders-the state, the employees, the society in general and the anglo-saxon model is short term oriented to the purpose of creating value for the shareholders of the company. The research and development objective are corelated with the objective of german model of stakeholder value or of the objective of the anglo-saxon model of shareholder value. We use Eurostat data for European countries for regression analysis to find the relation between gross domestic product as measure of economic growth with the general expenditure for research and development for businness, goverment and academia. We analyse if fixed effects or random effects are more appropriate for our model. The regression analysis shows that the fixed effects model fitts better to our research model.