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The effectiveness of tax incentives for R&D+i in developing countries: The case of Argentina

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  • Crespi, Gustavo
  • Giuliodori, David
  • Giuliodori, Roberto
  • Rodriguez, Alejandro

Abstract

There is increasing interest in developing countries in granting tax incentives in order to encourage private investment in research, development, and innovation (R&D+i). However, evidence on the effectiveness of such schemes in achieving policy goals in weak innovation systems contexts is still very scarce. This paper aims at narrowing this knowledge gap by focusing on the effects of a tax credit scheme for promoting firm-level innovation investment in Argentina. The analysis applies dynamic panel data techniques to a novel dataset, merging several waves of the National Innovation Survey collected by the National Institute of Statistics and Censuses. The results suggest that the elasticity of R&D+i investment to its user cost of capital is a greater than 1 in absolute terms, which implies that the intervention has been effective in increasing firms’ innovation efforts. However, effects vary depending on the type of innovation investment being subsidized, industrial sector, and size of the firm. Moreover, when innovation investment is divided into innovation related capital goods expenditures and only R&D, the results suggest that the absolute value of the elasticity for the R&D component of the innovation investment is less than 1. These heterogeneous effects should be exploited for further policy design.

Suggested Citation

  • Crespi, Gustavo & Giuliodori, David & Giuliodori, Roberto & Rodriguez, Alejandro, 2016. "The effectiveness of tax incentives for R&D+i in developing countries: The case of Argentina," Research Policy, Elsevier, vol. 45(10), pages 2023-2035.
    • Handle: RePEc:eee:respol:v:45:y:2016:i:10:p:2023-2035
    DOI: 10.1016/j.respol.2016.07.006
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    Cited by:

    1. Fernandez, Viviana, 2017. "The finance of innovation in Latin America," International Review of Financial Analysis, Elsevier, vol. 53(C), pages 37-47.
    2. Xu, Yibin & Chen, Zhibin & Fan, Rui, 2023. "Highly skilled foreign labor introduction policies and corporate innovation: Evidence from a natural experiment in China," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 137-156.
    3. Mohammed R. AlShareef & Ibrahim A. Alrammah & Nasser A. Alshoukani & Abdulaziz M. Almalik, 2023. "The impact of financial incentives on research production: Evidence from Saudi Arabia," Scientometrics, Springer;Akadémiai Kiadó, vol. 128(5), pages 3067-3089, May.
    4. Pierre Courtioux & François Métivier & Antoine Rebérioux, 2021. "The private return of R&D tax credit," Documents de travail du Centre d'Economie de la Sorbonne 21006, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    5. Kai Zhao & Huahua Huang & Wanshu Wu, 2022. "State-Level Urban Agglomeration and Enterprise Innovation: A Quasi-Natural Experiment," Sustainability, MDPI, vol. 14(15), pages 1-17, July.
    6. Klímová Viktorie & Žítek Vladimír & Lelková Tereza, 2022. "Public Support for Innovation: Changes in Turnover of Granted Companies," Business Systems Research, Sciendo, vol. 13(1), pages 120-137, June.
    7. Sara Picas & Pedro Reis & António Pinto & José Luís Abrantes, 2021. "Does Tax, Financial, and Government Incentives Impact Long-Term Portuguese SMEs’ Sustainable Company Performance?," Sustainability, MDPI, vol. 13(21), pages 1-16, October.
    8. Heijs, Joost & Guerrero, Alex J. & Huergo, Elena, 2020. "Matching methods for impact evaluation of public subsidies to business R&D: Measuring heterogeneous effects," MPRA Paper 103874, University Library of Munich, Germany.
    9. Klímová, Viktorie & Žítek, Vladimir & Lelková, Tereza, 2021. "The Influence of Public Support for Innovations on the Economic Performance of Enterprises," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2021), Hybrid Conference, Zagreb, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Zagreb, Croatia, 9-10 September 2021, pages 315-323, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    10. Tian, Binbin & Yu, Baixue & Chen, Shi & Ye, Jingjing, 2020. "Tax incentive, R&D investment and firm innovation: Evidence from China," Journal of Asian Economics, Elsevier, vol. 71(C).
    11. Torrecillas, Celia & Fernández, Sara & García-García, Claudia, 2023. "Drivers to increase eco-efficiencies in Uruguay, Peru, and Panama," Energy Policy, Elsevier, vol. 183(C).
    12. Blandinieres, Florence & Steinbrenner, Daniela & Weiß, Bernd, 2020. "Which design works? A meta-regression analysis of the impacts of R&D tax incentives," ZEW Discussion Papers 20-010, ZEW - Leibniz Centre for European Economic Research.
    13. Thanos Fragkandreas, 2023. "Case study research on innovation systems: paradox, dialectical analysis and resolution," Working Papers 65, Birkbeck Centre for Innovation Management Research, revised 15 May 2023.
    14. Labeaga, José M. & Martínez-Ros, Ester & Sanchis, Amparo & Sanchis, Juan A., 2021. "Does persistence in using R&D tax credits help to achieve product innovations?," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    15. Yelena S. Vylkova & Natalya G. Viktorova & Natalya V. Pokrovskaya, 2018. "Comparative Analysis of the Depositor Rights’ Protection Systems in the Russian Federation and the Republic of Belarus," Journal of New Economy, Ural State University of Economics, vol. 19(5), pages 44-58, October.
    16. Kai Zhao & Wanshu Wu & Junmei Ye, 2023. "The impact of “Mass Entrepreneurship and Innovation” policy on SMEs’ innovation: Using quasi‐natural experiments," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 348-365, April.
    17. Ziyu Guo & Gang Chen & Yang Ding, 2023. "Innovation-Driven Policies, Corporate Governance Structure and Total Factor Productivity in Chinese Sports Sector: Evidence from Listed Sports Firms," Sustainability, MDPI, vol. 15(8), pages 1-16, April.
    18. Chen, Ling & Yang, Wenhui, 2019. "R&D tax credits and firm innovation: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 146(C), pages 233-241.
    19. Mardones, Cristian & Velásquez, Andrés, 2021. "Macroeconomic, intersectoral, and environmental effects of R&D subsidies in Chile: An input-output approach," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    20. Blandinieres, Florence & Steinbrenner, Daniela, 2021. "How does the evolution of R&D tax incentives schemes impact their effectiveness? Evidence from a meta-analysis," ZEW Discussion Papers 21-020, ZEW - Leibniz Centre for European Economic Research.
    21. Julia A. Steshenko & Anna V. Tikhonova, 2018. "An integral approach to evaluating the effectiveness of tax incentives," Journal of Tax Reform, Graduate School of Economics and Management, Ural Federal University, vol. 4(2), pages 157-173.
    22. He, Lerong & Jiang, Xiaozhen & Fang, Liting, 2023. "Tax policy reform and corporate innovation in China," Finance Research Letters, Elsevier, vol. 55(PA).

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    More about this item

    Keywords

    R&D; Tax credit; User cost of capital; Elasticity; Innovation;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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