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The impact of public R&D subsidy on small firm productivity: evidence from Korean SMEs |
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| Authors: | Beom Cheol Cin Young Jun Kim Nicholas S Vonortas |
| Institution: | 1.Department of Economics,Kyonggi University,Suwon,Korea;2.Department of Management of Technology, Graduate School of Management of Technology,Korea University,Seoul,Korea;3.Center for International Science and Technology Policy & Department of Economics,The George Washington University,Washington,USA;4.S?o Paulo Excellence Chair,University of Campinas,Campinas,Brazil |
| Abstract: | This paper explores the effects of R&D promotion policy on SME performance. We use a large panel data set on public R&D subsidies to Korean manufacturing firms. We control for counterfactual outcomes employing the DID (difference in differences) estimation procedure as well as for the endogeneity of the R&D investment and the R&D subsidy using the 2-stage Tobit/Logit DPD (dynamic panel data) procedure. We find significant evidence for positive effects of the public R&D subsidy on both the R&D expenditure and the value added productivity of Korean manufacturing SMEs. The policy thus appears to have been successful in fostering technological advancement and in promoting economic growth. |
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