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Impact of Public R&D Financing on Private R&D: Does Financial Constraint Matter?

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    Abstract

    This study analyses how public R&D financing impacts companies. Our main goal is to study whether public and private R&D financing are substitutes or complements, and whether this impact differs between financially constrained and unconstrained companies. Our company-level panel data cover the period from 1996 to 2002. The statistical method employed in the research takes into account the possibility that receiving public support may be an endogenous factor. Our results suggest that public R&D financing does not crowd out privately financed R&D. Instead, receiving a positive decision to obtain public R&D funds increases privately financed R&D. Furthermore, our results suggest that this additionality effect is bigger in large firms than in small firms.

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    Bibliographic Info

    Paper provided by European Network of Economic Policy Research Institutes in its series Economics Working Papers with number 030.

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    Length: 17 pages
    Date of creation: Feb 2005
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    Handle: RePEc:epr:enepwp:030

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    Related research

    Keywords: Public finance; R&D; substitute; financial constraint;

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    Cited by:
    1. Piekkola, Hannu, 2005. "Public Funding of R&D and Growth: Firm-level Evidence from Finland," Discussion Papers 996, The Research Institute of the Finnish Economy.
    2. Birgit Aschhoff, 2010. "Who Gets the Money? The Dynamics of R&D Project Subsidies in Germany," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 230(5), pages 522-546, October.
    3. Daniel Chudnovsky & Andrés López & Martín Rossi & Diego Ubfal, 2006. "Evaluating a Program of Public Funding of Private Innovation Activities: An Econometric Study of FONTAR in Argentina," IDB Publications 27158, Inter-American Development Bank.

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