Author: Giovanni Cerulli
Publisher:
ISBN:
Category :
Languages : en
Pages : 42

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Author: Néstor Duch Brown
Publisher:
ISBN:
Category :
Languages : en
Pages : 47

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Author: OECD
Publisher: OECD Publishing
ISBN: 9264025855
Category :
Languages : en
Pages : 243

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How does government funding of corporate R&D affect the behaviour of firms? Ongoing efforts to boost business investment in R&D demand better methods of evaluating the effectiveness of government policy instruments. Efforts to explicitly measure ...

Author: Luca Grilli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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New Technology-Based Firms (NTBFs) greatly contribute to the dynamic efficiency of the economic system. To perform this role, NTBFs need external financing. However, private financing towards this typology of firms is particularly subject to market inefficiencies. This opens up the way to a policy intervention, and NTBFs often find support through the pay out of public direct subsidies. When it is based on ex-ante selective screening procedures of the applicants and awarded on a competitive basis, direct public support may exert a positive effect on NTBFs' performance beyond the amount of the subsidy. Governments, by picking promising business projects, may signal to third parties the high quality of a firm lowering information asymmetries between firms and potential partners or private investors. We contribute to the extant literature on the impact of different types of subsidy on firm performance by crossing the 'evaluation dimension' (i.e. selective vs. automatic subsidies) with the dimension of the specific goal (R&D-enhancing vs. other measures) for which a subsidy is implemented. Our results show that: i) the evaluation mechanism and the goal of the subsidy are both important dimensions in the policy design domain ii) selective R&D subsidies outperform other typologies of schemes in fostering NTBFs' performance.

Author: Guido de Blasio
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Since the second half of the '90s, investment incentives channeled through the Law 488 have represented the main policy instrument for reducing territorial disparities in Italy. From 1996 to 2003, the total amount of funds distributed to industrial firms has accounted for 16 billions of Euro involving 27,846 financed projects mainly in the southern regions. The Law 488 allows firms willing to invest in lagged areas to receive a public subsidy that covers a fraction of the investment outlays. The incentives are assigned through competitive auctions according to pre-determined specific criteria, such as the proportion of own funds invested in the project; the number of jobs involved and the proportion of assistance sought. This paper aims at evaluating the impact of Law 488 subsidies on firms' investment. We employ a linked dataset that matches for all the firms that have applied for the grants - both subsidized firms and firms with rejected applications - the features of the Law 488 intervention with financial account data that covers both pre-intervention and post-intervention periods. The focus is to evaluate whether the Law 488 made it possible investments that otherwise would not have been done. In doing so, we compare the investment performance of subsidized firms with that of the firms that applied for the grants but were not financed. We analyze the extent to which investments have been triggered by intertemporal substitution (firms could have anticipated investment projects originally planned for the post-intervention period to take advantage of the incentives). Moreover, we study the role of cross-sectional substitution (subsidized firms could have taken some of the investment opportunities that non-subsidized firms would have got in absence of the incentives). We find that financed firms have substantially increased their investments when compared with the pool of rejected application firms. We also find evidence of intertemporal substitution: financed firms slow down significantly their investment activity in the years following the program. Finally, the impact of the L488 is more pronounced when the size of the market where the firms compete is small or when the firms are close as for their industrial distance, so to suggest that financed firms displace their non-financed competitors.

Author: Ondřej Dvouletý
Publisher:
ISBN: 9781529628913
Category : Subsidies
Languages : en
Pages : 0

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Counterfactual impact evaluation (CIE) methods are useful tools for evaluation of the public interventions because they aspire for accounting the differences between supported and non-supported subjects and the programme selection process. This particular case study offers insights into the impact evaluation of investment subsidies programme on the performance of supported companies. The readers will learn about the context of the intervention, how the research team developed the evaluation design, and how they coped with the implementation of the propensity score matching techniques that were combined with the difference in differences approach. The case study offers insights into the key steps of the analysis, limitations of this approach, and discussion on the power of the results based on the CIE.

Author: Jakob Edler
Publisher: Edward Elgar Publishing
ISBN: 1784711853
Category : Business & Economics
Languages : en
Pages : 604

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Innovation underpins competitiveness, is crucial to addressing societal challenges, and its support has become a major public policy goal. But what really works in innovation policy, and why? This Handbook, compiled by leading experts in the field, is the first comprehensive guide to understanding the logic and effects of innovation polices. The Handbook develops a conceptualisation and typology of innovation policies, presents meta-evaluations for 16 key innovation policy instruments and analyses evidence on policy-mix. For each policy instrument, underlying rationales and examples are presented, along with a critical analysis of the available impact evidence. Providing access to primary sources of impact analysis, the book offers an insightful assessment of innovation policy practice and its evaluation.

Author: Albert N. Link
Publisher: Edward Elgar Publishing
ISBN: 0857932403
Category : Political Science
Languages : en
Pages : 425

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'The economic crisis has simultaneously placed a strong emphasis on the role of R&D as an engine of economic growth and a demand that limited public resources are demonstrated to have had the maximum possible impact. Rigorous evaluation is the key to meeting these needs. This Handbook brings together highly experienced leaders in the field to provide a comprehensive and well-organised state-of-the-art overview of the range of methods available. It will prove invaluable to experienced practitioners, students in the field and more widely to those who want to increase their understanding of the complex and pervasive ways in which technological advance contributes to economic and social progress.' – Luke Georghiou, University of Manchester, UK 'Theoretical and empirical research on program evaluation has advanced rapidly in scope and quality. A concomitant trend is increasing pressure on policymakers to show that programs are "effective". Now is the time for a comprehensive status report on state-of-the-art research and methods by leading scholars in a variety of disciplines on program evaluation. This outstanding collection of contributions will serve as a valuable reference tool for academics, policymakers, and practitioners for many years to come.' – Donald S. Siegel, University at Albany, SUNY, US There has been a dramatic increase in expenditures on public goods over the past thirty years, particularly in the area of research and development. As governments explore the many opportunities for growth in this area, they – and the general public – are becoming increasingly concerned with the transparency, accountability and performance of public programs. This pioneering Handbook offers a collection of critical essays on the theory and practice of program evaluation, written by some of the most well-known experts in the field. As this volume demonstrates, a wide variety of methodologies exist to evaluate particularly the objectives and outcomes of research and development programs. These include surveys, statistical and econometric estimations, patent analyses, bibliometrics, scientometrics, network analyses, case studies, and historical tracings. Contributors divide these and other methods and applications into four categories – economic, non-economic, hybrid and data-driven – in order to discuss the many factors that affect the utility of each technique and how that impacts the technological, economic and societal forecasts of the programs in question. Scholars, practitioners and students with an interest in economics and innovation will all find this Handbook an invaluable resource.

Author: Massimo G. Colombo
Publisher:
ISBN:
Category :
Languages : en
Pages :

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This work analyses the effect of public subsidies on firms' investments and investment-cash flow sensitivity in a longitudinal sample of 288 Italian unlisted non-venture capital backed owner-managed new-technology-based firms (NTBFs), observed over a 15-year period from 1994 to 2008. Seventy five of these firms received one or more public subsidies in the observation period. We use an error correction model (ECM) specification and system generalised method of moment (GMM) techniques that take into account the endogeneity of public subsidies. First, we find that the investments of small NTBFs are sensitive to internal cash flows, while those of large NTBFs are not. Receipt of public subsidies by small NTBFs results in an increased investment rate and a reduced investment-cash flow sensitivity, in the immediately following year. We interpret these results as an indication of the relaxation of financial constraints. Moreover, while the increase in the investment rate does not persist in the long run, the dependence of investments on cash flow remains negligible after receipt of the first public subsidy. These results support the view that public subsidies can help small NTBFs in persistently removing the financial constraints that bind their investment activity.

Author: Tor Jakob Klette
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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A number of market failures have been associated with R&D investments and significant amounts of public money have been spent on programs to stimulate innovative activities. In this paper, we review some recent microeconomic studies evaluating effects of government sponsored commercial R&D. We pay particular attention to the conceptual problems involved. Neither the firms receiving support, nor those not applying, constitute random samples. Furthermore, those not receiving support may be affected by the programs due to spillover effects which often are a main justification for R&D subsidies. Constructing a valid control group under these circumstances is challenging, and we relate our discussion to recent advances in econometric methods for evaluation studies based on non-experimental data. We also discuss some analytical questions that need to be addressed in order to assess whether R&D support schemes can be justified. For instance, what are the implication of firms' R&D investments being complementary to each other, and to what extent are potential R&D spillovers internalized in the market?