| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5036962 | Technological Forecasting and Social Change | 2016 | 14 Pages |
Abstract
Our objective is to estimate the effect of public low-interest loans for R&D projects on the probability of performing R&D by Spanish firms. The estimations provide evidence of the effectiveness of public low-interest loans, being the stimulus effect larger for SMEs than for large firms and also higher for manufacturing than for services. Supported firms are approximately 25 percentage points more likely to self-finance their R&D investments than non-supported firms. The effect is quite relevant if we consider that the probability of self-financing R&D activities is 53.2 percentage points higher when the firm has invested in R&D activities in the previous year. This result suggests that firms can be induced persistently to perform R&D activities by means of loans.
Related Topics
Social Sciences and Humanities
Business, Management and Accounting
Business and International Management
Authors
Elena Huergo, Mayte Trenado, Andrés Ubierna,