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dc.contributor.authorDe Maeseneire, Wouter
dc.contributor.authorMeuleman, Miguel
dc.date.accessioned2017-12-02T14:41:57Z
dc.date.available2017-12-02T14:41:57Z
dc.date.issued2012
dc.identifier.doi10.1016/j.respol.2012.01.001
dc.identifier.urihttp://hdl.handle.net/20.500.12127/4012
dc.description.abstractMany 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.
dc.language.isoen
dc.subjectR&D Subsidies
dc.subjectGovernment Policy
dc.subjectSMEs
dc.subjectFinancial Constraints
dc.subjectCertification Hypothesis
dc.subjectBehavioural Additionality
dc.titleDo R&D Subsidies Affect SMEs' Access to External Financing?
dc.identifier.journalResearch Policy
dc.source.volume41
dc.source.issue3
dc.source.beginpage580
dc.source.endpage591
vlerick.knowledgedomainAccounting & Finance
vlerick.typearticleFT ranked journal article  
vlerick.vlerickdepartmentA&F
vlerick.vlerickdepartmentEGS
dc.identifier.vperid40574
dc.identifier.vperid58266
dc.identifier.vpubid4639


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