R&D Subsidy and Self-Financed R&D: The Case of Japanese High-Technology Start-Ups

Tadahisa Koga

Small Business Economics, 2005, vol. 24, issue 1, 53-62

Abstract: This paper examines whether public R&D subsidies constitute a substitute or complement for private-financed R&D. The empirical analysis is based on a panel data of 223 Japanese high-technology start-ups. Our evidence is consistent with the complement hypothesis, i.e., that publicly-funded R&D does promote private R&D. The complement effects are stronger for more mature firms. This is because such firms, in the growth phase, might have greater demands for R&D funds. Copyright Springer Science + Business Media, Inc. 2005

Date: 2005
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DOI: 10.1007/s11187-005-3096-z

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