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SMEs? Access to Innovation Finance. An Analysis of Public Funds in Piedmont


  • Mario Calderini
  • Francesca Silvia Rota


Using data on public funds in Piedmont, the article argues that SMEs? access to innovation finance is influenced by firm-level determinants, as well as by framework conditions. Use of a Heckman two-step procedure shows that internal determinants are more relevant than external ones represented by relationships with local academia, industry, and governance domains. Legal status and sector, in particular, prove to perform a major role in determining both the likelihood of fund access and the intensity of fund transfers. Revenue too is important, though with a negative effect, while size has a positive impact on fund access alone.

Suggested Citation

  • Mario Calderini & Francesca Silvia Rota, 2012. "SMEs? Access to Innovation Finance. An Analysis of Public Funds in Piedmont," SCIENZE REGIONALI, FrancoAngeli Editore, vol. 2012(1), pages 39-60.
  • Handle: RePEc:fan:scresc:v:html10.3280/scre2012-001002

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    More about this item


    Finanza per l?innovazione; PMI; fondi regionali;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods


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