The effects of regional capital subsidies on firm performance: an empirical study

Dimitris Tzelepis · Dimitris Skuras

123 citations0/0 files storedJournal of Small Business and Enterprise Development

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Innovation Policy and R&D Firm Innovation and Growth Regional Development and Policy

Abstract

Capital subsidization is a widespread instrument of regional and industrial policy in Europe. A number of recent works have examined the influence of capital subsidization on the total factor productivity of recipient sectors and firms, and have provided strong evidence of neutral or even negative effects. The present study examines the effect of capital subsidization on four dimensions of the financial performance of firms, that is efficiency, profitability, capital structure, and growth, and provides evidence that capital subsidization affects solely firm growth.

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References

1986The theory and practice of econometrics 1996Competition and Corporate Performance 1990Equipment Investment and Economic Growth 1986Measuring strategic performance 1996Measuring performance in entrepreneurship research 1985Regional Economics and Policy 1983Measuring manufacturing performance: a new challenge for managerial accounting research 2016On the Misuse of Accounting Rates of Return to Infer Monopoly Profits

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