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Do R&D Subsidies Affect SMEs' Access to External Financing?
De Maeseneire, Wouter Meuleman, Miguel
De Maeseneire, Wouter
Meuleman, Miguel
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2012
Journal
Research Policy
Book
Publication Volume
41
Publication Issue
3
Publication Begin page
580
Publication End page
591
Publication NUmber of pages
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Abstract
Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms’ innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. Using a unique Belgian dataset of 1107 approved requests and a control group of denied requests for a specific type of R&D grant, we examine the impact of subsidies on small firms’ access to external equity, short term and long term debt financing. We find that obtaining an R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.
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Keywords
R&D Subsidies, Government Policy, SMEs, Financial Constraints, Certification Hypothesis, Behavioural Additionality