Evaluating the Impact of Public Programs of Financial Aid to SMEs during times of crisis: The Spanish Experience

Anahí Briozzo () and Clara Cardone-Riportella ()
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Anahí Briozzo: National Southern University, Bahía Blanca, Argentina
Clara Cardone-Riportella: Department of Financial Economics and Accounting, Pablo de Olavide University, Seville, Spain.
Authors registered in the RePEc Author Service: Clara Cardone Riportella

No 12.04, Working Papers from Universidad Pablo de Olavide, Department of Financial Economics and Accounting (former Department of Business Administration)

Abstract: The aim of this paper is to study the differential effects of the public programs that provide financial aid to small and medium enterprises during times of crisis in Spain. We use different methods to control for potential selection bias. Our results show that the effects of these programs are stronger during times of crisis: during normal periods, these programs impact assets, sales, efficiency, and productivity growth, whereas during recessions, their effects extend to employment growth.

Keywords: public programs; impact evaluation; financial aid; SME; crisis; selection bias; average treatment effects (search for similar items in EconPapers)
Pages: 29 pages
Date: 2012-06
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http://www.upo.es/serv/bib/fiecac/fiecac1204.pdf First version, 2012 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pab:fiecac:12.04

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