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Evaluating the Impact of Public Programs of Financial Aid to SMEs during times of crisis: The Spanish Experience

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Author Info

  • Anahí Briozzo

    ()
    (National Southern University, Bahía Blanca, Argentina)

  • Clara Cardone-Riportella

    ()
    (Department of Financial Economics and Accounting, Pablo de Olavide University, Seville, Spain.)

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    Abstract

    The aim of this paper is to study the differential effects of the public programs that provide financial aid to small and medium enterprises during times of crisis in Spain. We use different methods to control for potential selection bias. Our results show that the effects of these programs are stronger during times of crisis: during normal periods, these programs impact assets, sales, efficiency, and productivity growth, whereas during recessions, their effects extend to employment growth.

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    File URL: http://www.upo.es/serv/bib/fiecac/fiecac1204.pdf
    File Function: First version, 2012
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    Bibliographic Info

    Paper provided by Universidad Pablo de Olavide, Department of Financial Economics and Accounting (former Department of Business Administration) in its series Working Papers with number 12.04.

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    Length: 29 pages
    Date of creation: Jun 2012
    Date of revision:
    Handle: RePEc:pab:fiecac:12.04

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    Related research

    Keywords: public programs; impact evaluation; financial aid; SME; crisis; selection bias; average treatment effects;

    This paper has been announced in the following NEP Reports:

    References

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    1. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    2. Vincent Chandler, 2012. "The economic impact of the Canada small business financing program," Small Business Economics, Springer, vol. 39(1), pages 253-264, July.
    3. Roper, Stephen & Hewitt-Dundas, Nola, 1999. "Grant Assistance and Small Firm Development in Northern Ireland and the Republic of Ireland," ERSA conference papers ersa99pa396, European Regional Science Association.
    4. Ben Craig & William Jackson & James Thomson, 2008. "Credit market failure intervention: Do government sponsored small business credit programs enrich poorer areas?," Small Business Economics, Springer, vol. 30(4), pages 345-360, April.
    5. Lerner, Josh, 1999. "The Government as Venture Capitalist: The Long-Run Impact of the SBIR Program," The Journal of Business, University of Chicago Press, vol. 72(3), pages 285-318, July.
    6. Inha Oh & Jeong-Dong Lee & Almas Heshmati & Gyoung-Gyu Choi, 2009. "Evaluation of credit guarantee policy using propensity score matching," Small Business Economics, Springer, vol. 33(3), pages 335-351, October.
    7. Hyytinen, Ari & Toivanen, Otto, 2003. "Do Financial Constraints Hold Back Innovation and Growth? Evidence on the Role of Public Policy," Discussion Papers 820, The Research Institute of the Finnish Economy.
    8. repec:eid:wpaper:10/10 is not listed on IDEAS
    9. repec:eid:wpaper:20960 is not listed on IDEAS
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