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Impact of Public R&D Financing on Private R&D: Does Financial Constraint Matter?. CEPS ENEPRI Working Papers No. 30, 1 February 2005

Ali-Yrkko, Jyrki. (2005) Impact of Public R&D Financing on Private R&D: Does Financial Constraint Matter?. CEPS ENEPRI Working Papers No. 30, 1 February 2005. [Working Paper]

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    Abstract

    This study analyses how public R&D financing impacts companies. Our main goal is to study whether public and private R&D financing are substitutes or complements, and whether this impact differs between financially constrained and unconstrained companies. Our company-level panel data cover the period from 1996 to 2002. The statistical method employed in the research takes into account the possibility that receiving public support may be an endogenous factor. Our results suggest that public R&D financing does not crowd out privately financed R&D. Instead, receiving a positive decision to obtain public R&D funds increases privately financed R&D. Furthermore, our results suggest that this additionality effect is bigger in large firms than in small firms.

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    Item Type: Working Paper
    Uncontrolled Keywords: Companies.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > RTD policy/European Research Area
    EU policies and themes > Policies & related activities > economic and financial affairs > business/private economic activity
    EU policies and themes > Policies & related activities > budgets & financing
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ENEPRI Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 31 Mar 2007
    Page Range: p. 17
    Last Modified: 15 Feb 2011 17:44
    URI: http://aei.pitt.edu/id/eprint/6736

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