This paper studies whether firms' use of R&D subsidies and R&D tax incentives are correlated to two sources of underinvestment in R&D, financing constraints and appropriability. We find that financially constrained SMEs are less likely to use R&D tax credits and more likely to obtain subsidies....

We provide comparative evidence on R&D tax credit and subsidy programs by studying whether firms' participation in each program exhibits state dependence and whether cross program interactions exist and are significant. We use a panel of manufacturing Spanish firms, which could use both types of...

Use of R&D subsidies to encourage private R&D activities is expanding in OECD countries. Empirical evidence on their effectiveness has produced mixed results so far. One possible explanation is that firms and project selection rules may be in practice quite heterogeneous both across agencies and...

Technology policy is becoming increasingly important in many countries, but there are few studies providing an evaluation based on microeconometric analysis of one common tool, R&D subsidies to private firms. Ex-post policy evaluation, is, however, a necessary step for checking its effectiveness...

Technology policy is becoming increasingly important in many countries, but there are few studies providing an evaluation based on microeconometric analysis of one common tool, R&D subsidies to private firms. Ex-post policy evaluation, is, however, a necessary step for checking its effectiveness...