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R&D Subsidy and Self-Financed R&D: The Case of Japanese High-Technology Start-Ups

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  • Tadahisa Koga

Abstract

This paper examines whether public R&D subsidies constitute a substitute or complement for private-financed R&D. The empirical analysis is based on a panel data of 223 Japanese high-technology start-ups. Our evidence is consistent with the complement hypothesis, i.e., that publicly-funded R&D does promote private R&D. The complement effects are stronger for more mature firms. This is because such firms, in the growth phase, might have greater demands for R&D funds. Copyright Springer Science + Business Media, Inc. 2005

Suggested Citation

  • Tadahisa Koga, 2005. "R&D Subsidy and Self-Financed R&D: The Case of Japanese High-Technology Start-Ups," Small Business Economics, Springer, vol. 24(1), pages 53-62, February.
  • Handle: RePEc:kap:sbusec:v:24:y:2005:i:1:p:53-62
    DOI: 10.1007/s11187-005-3096-z
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    References listed on IDEAS

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    1. Lach, Saul, 2002. "Do R&D Subsidies Stimulate or Displace Private R&D? Evidence from Israel," Journal of Industrial Economics, Wiley Blackwell, vol. 50(4), pages 369-390, December.
    2. Lichtenberg, Frank R, 1988. "The Private R&D Investment Response to Federal Design and Technical Competitions," American Economic Review, American Economic Association, vol. 78(3), pages 550-559, June.
    3. Catherine M. Paul & Donald Siegel, 2006. "Corporate social responsibility and economic performance," Journal of Productivity Analysis, Springer, vol. 26(3), pages 207-211, December.
    4. David B. Audretsch & Albert N. Link & John T. Scott, 2013. "Public/private technology partnerships: evaluating SBIR-supported research," Chapters,in: Public Support of Innovation in Entrepreneurial Firms, chapter 5, pages 91-104 Edward Elgar Publishing.
    5. Goolsbee, Austan, 1998. "Does Government R&D Policy Mainly Benefit Scientists and Engineers?," American Economic Review, American Economic Association, vol. 88(2), pages 298-302, May.
    6. Lichtenberg, Frank R, 1984. "The Relationship between Federal Contract R&D and Company R&D," American Economic Review, American Economic Association, vol. 74(2), pages 73-78, May.
    7. Romijn, Henny & Albaladejo, Manuel, 2002. "Determinants of innovation capability in small electronics and software firms in southeast England," Research Policy, Elsevier, vol. 31(7), pages 1053-1067, September.
    8. Lichtenberg, Frank R, 1987. "The Effect of Government Funding on Private Industrial Research and Development: A Re-assessment," Journal of Industrial Economics, Wiley Blackwell, vol. 36(1), pages 97-104, September.
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    Cited by:

    1. José Ángel Zúñiga-Vicente & César Alonso-Borrego & Francisco J. Forcadell & José I. Galán, 2014. "Assessing The Effect Of Public Subsidies On Firm R&D Investment: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 28(1), pages 36-67, February.
    2. C. Praag & Peter Versloot, 2007. "What is the value of entrepreneurship? A review of recent research," Small Business Economics, Springer, vol. 29(4), pages 351-382, December.
    3. Liu, Xiaolu & Li, Xiaoyu & Li, Honglin, 2016. "R&D subsidies and business R&D: Evidence from high-tech manufacturing firms in Jiangsu," China Economic Review, Elsevier, vol. 41(C), pages 1-22.
    4. repec:eee:respol:v:46:y:2017:i:8:p:1465-1478 is not listed on IDEAS
    5. Juana Rivera-Lirio & María Muñoz-Torres, 2010. "The Effectiveness of the Public Support Policies for the European Industry Financing as a Contribution to Sustainable Development," Journal of Business Ethics, Springer, vol. 94(4), pages 489-515, July.
    6. repec:aen:journl:ej38-si1-chen is not listed on IDEAS
    7. Dai, Xiaoyong & Cheng, Liwei, 2015. "The effect of public subsidies on corporate R&D investment: An application of the generalized propensity score," Technological Forecasting and Social Change, Elsevier, vol. 90(PB), pages 410-419.
    8. Andrea Bellucci & Luca Pennacchio & Alberto Zazzaro, 2016. "Public subsidies for SME research and development: Empirical evaluation of collaborative versus individual place-based programs," Mo.Fi.R. Working Papers 133, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.

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