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The impact of public R&D subsidy on small firm productivity: evidence from Korean SMEs
- Issue Date
- 2월-2017
- Publisher
- SPRINGER
- Keywords
- SMEs; R& D; Research subsidy; Productivity
- Citation
- SMALL BUSINESS ECONOMICS, v.48, no.2, pp.345 - 360
- Indexed
- SSCI
SCOPUS
- Journal Title
- SMALL BUSINESS ECONOMICS
- Volume
- 48
- Number
- 2
- Start Page
- 345
- End Page
- 360
- ISSN
- 0921-898X
- Abstract
- This paper explores the effects of R&D promotion policy on SME performance. We use a large panel data set on public R&D subsidies to Korean manufacturing firms. We control for counterfactual outcomes employing the DID (difference in differences) estimation procedure as well as for the endogeneity of the R&D investment and the R&D subsidy using the 2-stage Tobit/Logit DPD (dynamic panel data) procedure. We find significant evidence for positive effects of the public R&D subsidy on both the R&D expenditure and the value added productivity of Korean manufacturing SMEs. The policy thus appears to have been successful in fostering technological advancement and in promoting economic growth.
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