The Effects of Fiscal Incentives and Public Subsidies on Private R & D Investment
This paper analyzes the effects of fiscal incentives and public R&D subsidies on the level of R&D investment. The econometric model of R&D investment is estimated using an unbalanced panel sample of Spanish manufacturing firms in the period 1991-1999. Our results provide evidence that fiscal incentives are effective in increasing R&D investment, especially in SME, while R&D subsidies have a small positive effect on company financed R&D expenditure, with no crowding out of private funds.
Volume (Year): 184 (2008)
Issue (Month): 1 (April)
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