Colombo, Massimo G.; Croce, Annalisa; Guerini, Massimiliano - In: Research Policy 42 (2013) 9, pp. 1605-1623
This work analyses the effect of public subsidies on firms’ investments and investment–cash flow sensitivity in a … over a 15-year period from 1994 to 2008. Seventy five of these firms received one or more public subsidies in the … that take into account the endogeneity of public subsidies. First, we find that the investments of small NTBFs are …