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

Author

Listed:
  • Anahí Briozzo

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

  • Clara Cardone-Riportella

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

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.

Suggested Citation

  • Anahí Briozzo & Clara Cardone-Riportella, 2012. "Evaluating the Impact of Public Programs of Financial Aid to SMEs during times of crisis: The Spanish Experience," Working Papers 12.04, Universidad Pablo de Olavide, Department of Financial Economics and Accounting (former Department of Business Administration).
  • Handle: RePEc:pab:fiecac:12.04
    as

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    File URL: http://www.upo.es/serv/bib/fiecac/fiecac1204.pdf
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    References listed on IDEAS

    as
    1. Hyytinen, Ari & Toivanen, Otto, 2005. "Do financial constraints hold back innovation and growth?: Evidence on the role of public policy," Research Policy, Elsevier, vol. 34(9), pages 1385-1403, November.
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    3. 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.
    4. Graham K. Brown & Thanos Mergoupis, 2011. "Treatment interactions with nonexperimental data in Stata," Stata Journal, StataCorp LP, vol. 11(4), pages 545-555, December.
    5. repec:eid:wpaper:10/10 is not listed on IDEAS
    6. Roper, Stephen & Hewitt-Dundas, Nola, 2001. "Grant Assistance and Small Firm Development in Northern Ireland and the Republic of Ireland," Scottish Journal of Political Economy, Scottish Economic Society, vol. 48(1), pages 99-117, February.
    7. Vincent Chandler, 2012. "The economic impact of the Canada small business financing program," Small Business Economics, Springer, vol. 39(1), pages 253-264, July.
    8. 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.
    9. 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.
    10. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

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