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• Specific expenditures are significantly linked to learning outcomes. • No time stability in the effect of different types of expenditure was identified. • Educational investment has a stronger effect on least effective schools. • Educational investment may contribute to the promotion of equity in education. The paper investigates the relationship between educational expenditures and student learning outcomes in the Republic of Cyprus. Using Multilevel Regression Analysis and Discriminant Function Analysis, we investigate the extent to which changes in the effectiveness status of schools can be related to changes in educational investment. Based on the findings, educational investment had a positive effect on the effectiveness status of a school if invested in least effective schools and not in other types of schools (typical and most effective). Investment in specific types of equipment was found to have a significant effect on student learning outcomes. [ABSTRACT FROM AUTHOR]