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The impact of public support on firm propensity to engage in R&D: Spanish experience

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Huergo, Elena and Trenado, Mayte and Ubierna, Andrés (2015) The impact of public support on firm propensity to engage in R&D: Spanish experience. Technological Forcasting and Social Change . ISSN 0040-1625 (In Press)

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Official URL: http://www.sciencedirect.com/science/article/pii/S0040162515001304



Abstract

Our objective is to estimate the effect of public low-interest loans for R&D projects on the probability of performing R&D by Spanish firms. The estimations provide evidence of the effectiveness of public low-interest loans, being the stimulus effect larger for SMEs than for large firms and also higher for manufacturing than for services. Supported firms are approxi-mately 25 percentage points more likely to self-finance their R&D investments than non-supported firms. The effect is quite relevant if we consider that the probability of self-financing R&D activities is 53.2 percentage points higher when the firm has invested in R&D activities in the previous year. This result suggests that firms can be induced persistently to perform R&D activities by means of loans.


Item Type:Article
Uncontrolled Keywords:Ayuda pública, proyectos de I+D, análisis de impacto, margen extensivo de I+D.
Palabras clave (otros idiomas):Public support, R&D projects, Impact analysis, R&D extensive margin.
Subjects:Social sciences > Economics > Public economy
Social sciences > Economics > Industrial organization
JEL:H81, L20, O38
ID Code:30155
Deposited On:26 Jun 2015 07:40
Last Modified:26 Jun 2015 11:25

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