Efficacia e persistenza dell?effetto dei sussidi pubblici sulla rimozione dei vincoli finanziari delle giovani imprese ad alta tecnologia

Massimo G. Colombo, Annalisa Croce and Massimiliano Guerini

ECONOMIA E POLITICA INDUSTRIALE, 2011, vol. 2011/1, issue 1, 5-38

Abstract: The paper analyses the effect of public subsidies on firm investments, using a longitudinal sample of two hundred ninety-four Italian unlisted owner-managed new-technology- based firms (NTBFs) observed from 1994 to 2003. We have adopted a modified version of the Euler equation and the use of GMM-system estimation techniques that duly take into account the endogenous nature of public finance. Our findings indicate that small NTBFs rely significantly on internal capital to finance their investments. Small NTBFs that benefit from public subsidies show an increase in the investment rate and a reduction in investment cash flow sensitivity in the year immediately after that when they received the public funds. We interpret these results as an indication of the relaxation of financial constraints. Moreover, while the increase in the investment rate does not persist in the long run, the dependence of investments on cash flows vanishes immediately after the receipt of public subsidies and remains negligible afterwards.

Keywords: Sussidi pubblici; vincoli finanziari; giovani imprese ad alta tecnologia (search for similar items in EconPapers)
JEL-codes: D92 G28 G32 H25 O16 (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.francoangeli.it/riviste/Scheda_Rivista. ... 687&Tipo=ArticoloPDF (text/html)
Single articles can be downloaded buying download credits, for info: https://www.francoangeli.it/DownloadCredit

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fan:polipo:v:html10.3280/poli2011-011001

Ordering information: This journal article can be ordered from
http://www.francoang ... io.aspx?IDRivista=13

Access Statistics for this article

ECONOMIA E POLITICA INDUSTRIALE is currently edited by FrancoAngeli

More articles in ECONOMIA E POLITICA INDUSTRIALE from FrancoAngeli Editore
Bibliographic data for series maintained by Stefania Rosato ().