After all capitalism is the same as system as slavery or feudalism. Only the names of the roles are different but the dynamics in society in terms who owns capital and who own the means/result of production and who don't, are the same in every system. (Small minority who own everything)
It's a fact that a publicly traded company is beholden to Wall Street and any time such a company would use their earnings for R&D the P/E and margins go down (i.e. spending more money to earn the same) and this is considered a negative signal at Wall Street and the company gets punished in the market.
So the only way a company can spend their earnings is to pay dividends or buy assets such as other companies, which then must be squeezed for margins.
More here:
https://www.cringely.com/2015/06/03/autodesks-john-walker-ex...