The Application for and the Awarding of Low-Interest Credits to Finance R&;D Projects |
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Authors: | Elena Huergo Mayte Trenado |
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Institution: | (1) The Conference Board, 845 Third Avenue, New York, NY 10022, USA;(2) Department of Economics, Rutgers University, 360 Dr. Martin Luther King, Jr. Blvd. Hill Hall-804, Newark, NJ 07102-1801, USA |
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Abstract: | The objective of this paper is twofold: first, to analyze the determinants of firms’ applications for low-interest credits
to finance their research and development projects; and second, to study the award decision by the public agency. The results
obtained for a sample of Spanish firms suggest that young firms, exporters, companies that belong to a high or medium-tech
industry, and especially firms with previous experience in similar programs have a higher probability of applying for a credit.
As for the award process, the most important effects are related to the technological and economic potential of the proposal,
providing evidence that the agency tries to select the best projects. |
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