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Can direct innovation subsidies relax SMEs’ financial constraints?

dc.rights.licenseopenen_US
hal.structure.identifierBordeaux Sciences Economiques [BSE]
dc.contributor.authorCHIAPPINI, Raphael
IDREF: 120200961
dc.contributor.authorMONTMARTIN, Benjamin
dc.contributor.authorPOMMET, Sophie
dc.contributor.authorDEMARIA, Samira
dc.date.accessioned2022-02-16T15:59:55Z
dc.date.available2022-02-16T15:59:55Z
dc.date.issued2022
dc.identifier.issn0048-7333en_US
dc.identifier.urioai:crossref.org:10.1016/j.respol.2022.104493
dc.identifier.urihttps://oskar-bordeaux.fr/handle/20.500.12278/124750
dc.description.abstractEnFinancial constraints hamper the ability of small and medium-sized enterprises (SMEs) to undertake innovative activities, which, in turn, affects countries’ long-term growth. Therefore, promoting access to external funding for SMEs represents an important challenge for policymakers. This paper investigates whether innovation subsidies, provided by France's public investment bank to French SMEs, have translated into better access to both debt and equity financing by means of a certification effect. We exploit a unique database that collates the innovation subsidies received by French firms over the 2000-2014 period to construct a quasi-natural experiment and evaluate the causal impact of these subsidies on financial constraints for SMEs. We find a significant improvement in access to bank financing for subsidized firms, but the effect is heterogeneous and mainly concentrated on micro and small firms that have been operating for around six years. In contrast, we do not find any significant improvement in access to equity financing. We demonstrate that this last result is partly explained by a substitution effect between bank debt and equity financing.
dc.language.isoENen_US
dc.sourcecrossref
dc.subject.enFinancial constraints
dc.subject.enInnovation policy
dc.subject.enCertification effect
dc.subject.enMahalanobis distance matching
dc.subject.enDifference-in difference
dc.title.enCan direct innovation subsidies relax SMEs’ financial constraints?
dc.typeArticle de revueen_US
dc.identifier.doi10.1016/j.respol.2022.104493en_US
dc.subject.halÉconomie et finance quantitative [q-fin]en_US
dc.subject.jelO - Economic Development, Innovation, Technological Change, and Growth::O3 - Innovation; Research and Development; Technological Change; Intellectual Property Rights::O33 - Technological Change: Choices and Consequences; Diffusion Processesen_US
dc.subject.jelO - Economic Development, Innovation, Technological Change, and Growth::O3 - Innovation; Research and Development; Technological Change; Intellectual Property Rights::O38 - Government Policyen_US
bordeaux.journalResearch Policyen_US
bordeaux.page104493en_US
bordeaux.volume51en_US
bordeaux.hal.laboratoriesBordeaux Sciences Economiques / Bordeaux School of Economics -BSE) - UMR 6060en_US
bordeaux.issue5en_US
bordeaux.institutionUniversité de Bordeauxen_US
bordeaux.institutionCNRSen_US
bordeaux.peerReviewedouien_US
bordeaux.inpressnonen_US
bordeaux.import.sourcedissemin
hal.identifierhal-03577469
hal.version1
hal.date.transferred2022-02-16T15:59:57Z
hal.exporttrue
workflow.import.sourcedissemin
dc.rights.ccPas de Licence CCen_US
bordeaux.COinSctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Research%20Policy&rft.date=2022&rft.volume=51&rft.issue=5&rft.spage=104493&rft.epage=104493&rft.eissn=0048-7333&rft.issn=0048-7333&rft.au=CHIAPPINI,%20Raphael&MONTMARTIN,%20Benjamin&POMMET,%20Sophie&DEMARIA,%20Samira&rft.genre=article


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