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The impact of R&D subsidies during the crisis

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  • Hud, Martin
  • Hussinger, Katrin

Abstract

This study investigates the impact of public R&D subsidies on R&D investment of small and medium-sized enterprises (SMEs) in Germany during the most recent economic crisis. Our analysis is based on firm-level data of the Mannheim Innovation Panel (MIP) covering the period 2006–2010. While we find an overall positive effect of R&D subsidies on SMEs’ R&D investment behavior, there is evidence for a crowding out effect for the crisis year 2009. In 2010, when the German economy started to recover, the subsidy effect is smaller than in the pre-crisis years, but positive and significant. Additional tests indicate that the temporary crowding out effect was caused by reluctant innovation investment behavior of the subsidy recipients rather than by Germany’s countercyclical innovation policy during the crisis.

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  • Hud, Martin & Hussinger, Katrin, 2015. "The impact of R&D subsidies during the crisis," Research Policy, Elsevier, vol. 44(10), pages 1844-1855.
  • Handle: RePEc:eee:respol:v:44:y:2015:i:10:p:1844-1855
    DOI: 10.1016/j.respol.2015.06.003
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    More about this item

    Keywords

    R&D; Subsidies; Policy evaluation; Economic crisis; Treatment effects;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • G01 - Financial Economics - - General - - - Financial Crises
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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