Impotence of Crisis-Motivated Subsidization of Firms: The Case of Slovenia

REFERENCES

• Aerts, K., and D. Czarnitzki. 2005. “Using Innovation Survey Data to Evaluate R&D Policy: The Case of Flanders.” ZEW Discussion Papers, No. 04-55, Center for European Economic Research, Mannheim, Germany. ftp://ftp.zew.de/pub/zew-docs/dp/dp0455.pdf
   Google Scholar
• Aerts, K., and T. Schmidt. 2008. “Two for the Price of One? Additionality Effects of R&D Subsidies: A Comparison Between Flanders and Germany.” Research Policy 37 (5):806–22. doi:10.1016/j.respol.2008.01.011.
   Web of Science ®Google Scholar
• Almus, M., and D. Czarnitzki. 2003. “The Effects of Public R&D Subsidies on Firms’ Innovation Activities: The Case of Eastern Germany.” Journal of Business and Economic Statistics 21 (2):226–36. doi:10.1198/073500103288618918.
   Web of Science ®Google Scholar
• Bah, E., J. C. Brada, and T. Yigit. 2011. “With a Little Help from Our Friends: The Effect of USAID Assistance on SME Growth in a Transition Economy.” Journal of Comparative Economics 39 (2):205–20. doi:10.1016/j.jce.2011.03.001.
   Web of Science ®Google Scholar
• Bérubé, C., and P. Mohnen. 2009. “Are Firms That Received R&D Subsidies More Innovative?” Canadian Journal of Economics 42 (1):206–25. doi:10.1111/j.1540-5982.2008.01505.x.
   Web of Science ®Google Scholar
• Bondonio, D., and R. T. Greenbaum. 2012. “Revitalizing Regional Economies Through Enterprise Support Policies: An Impact Evaluation of Multiple Instruments.” European Urban and Regional Studies 21 (1):79–103. doi:10.1177/0969776411432986.
   Web of Science ®Google Scholar
• Brown, J. D., J. S. Earle, and D. Lup. 2005. “What Makes Small Firms Grow? Finance, Human Capital, Technical Assistance, and the Business Environment in Romania.” Economic Development and Cultural Change 54 (1):33–70. doi:10.1086/431264.
   Web of Science ®Google Scholar
• Burger, A., A. Jaklič, and M. Rojec. 2013. “The Quest for More Efficient R&D Subsidies: Examining Dynamic Effects.” Eastern European Economics 51 (4):5–25. doi:10.2753/EEE0012-8775510401.
   Web of Science ®Google Scholar
• Busom, I. 2000. “An Empirical Evaluation of the Effects of R&D Subsidies.” Economics of Innovation and New Technology 9 (2):111–48. doi:10.1080/10438590000000006.
   Google Scholar
• Bye, B., T. Faehn, and L. A. Grünfeld. 2011. “Growth and Innovation Policy in a Small, Open Economy: Should You Stimulate Domestic R&D or Exports?” B.E. Journal of Economic Analysis & Policy 11 (1):1935–1682. doi:10.2202/1935-1682.2601.
   Web of Science ®Google Scholar
• Cerqua, A., and G. Pellegrini. 2014. “Do Subsidies to Private Capital Boost Firms’ Growth? A Multiple Regression Discontinuity Design Approach.” Journal of Public Economics 109 (1):114–26. doi:10.1016/j.jpubeco.2013.11.005.
   Web of Science ®Google Scholar
• Chindooroy, R., P. Muller, and G. Notar. 2007. “Company Survival following Rescue and Restructuring State Aid.” European Journal of Law and Economics 24 (2):165–86. doi:10.1007/s10657-007-9031-9.
   Google Scholar
• Coad, A. 2009. The Growth of Firms: A Survey of Theories and Empirical Evidence. Cheltenham, UK: Edward Elgar. doi:10.4337/9781848449107.
   Google Scholar
• Collie, D. R. 2005. “State Aid to Investment and R&D.” European Economy, Economic Papers 231, European Commission, Brussels, Belgium. http://ec.europa.eu/economy_finance/publications/pages/publication616_en.pdf
   Google Scholar
• Colombo, M. G., S. Giannangeli, and L. Grilli. 2013. “Public Subsidies and the Employment Growth of High-Tech Start-Ups: Assessing the Impact of Selective and Automatic Support Schemes.” Industrial and Corporate Change 22 (5):1273–1314. doi:10.1093/icc/dts037.
   Web of Science ®Google Scholar
• Criscuolo, C., R. Martin, H. Overman, and J. Van Reenen. 2012. “The Causal Effects of an Industrial Policy.” NBER Working Paper No. 17842, National Bureau of Economic Research, Cambridge, MA. doi:10.3386/w17842.
   Google Scholar
• Czarnitzki, D., and C. Lopes-Bento. 2013. “Value for Money? New Microeconometric Evidence on Public R&D Grants in Flanders.” Research Policy 42 (1):76–89. doi:10.1016/j.respol.2012.04.008.
   Web of Science ®Google Scholar
• David, P. A., B. H. Hall, and A. A. Toole. 2000. “Is Public R&D a Complement or a Substitute for Private R&D? A Review of the Econometric Evidence.” Research Policy 29 (4–5):497–529. doi:10.1016/S0048-7333(99)00087-6.
   Web of Science ®Google Scholar
• Duguet, E. 2004. “Are R&D Subsidies a Substitute or a Complement to Privately Funded R&D? Evidence from France Using Propensity-score Methods for an Experimental Data.” Revue d’Économie Politique 114 (2):263–92. doi:10.3917/redp.142.0245.
   Google Scholar
• Działo, J. 2014. “State Aid in the European Union in the Period of the Economic Crisis.” Comparative Economic Research 17 (1):5–19. doi:10.2478/cer-2014-0001.
   Google Scholar
• Friederiszick, H. W., L. H. Röller, and V. Verouden. 2008. “European State Aid Control: An Economic Framework.” In Handbook of Antitrust Economics, edited by P. Buccirossi, 625–69. Cambridge, MA: MIT Press. http://ec.europa.eu/dgs/competition/economist/esac.pdf
   Google Scholar
• Garcia, A., and P. Mohnen. 2010. “Impact of Government Support on R&D and Innovation.” UNU-MERIT Working Paper Series, No. 210-034, United Nations University & Maastricht Economic and Social Research Institute on Innovation and Technology, Maastricht University, Maastricht, Netherlands. https://www.merit.unu.edu/publications/wppdf/2010/wp2010-034.pdf
   Google Scholar
• Garcia-Quevedo, J. 2004. “Do Public Subsidies Complement Business R&D? A Meta-Analysis of the Econometric Evidence.” Kyklos: International Review for Social Sciences 57 (1):87–102. doi:10.1111/j.0023-5962.2004.00244.x.
   Web of Science ®Google Scholar
• GEFRA-IAB. 2010. “Ex Post Evaluation of Cohesion Policy Programmes 2000–2006 Financed by the European Regional Development Fund. Work Package 6c: Enterprise Support—An Exploratory Study Using Counterfactual Methods on Available Data from Germany.” Final Report, Institute for Financial and Regional Analyses & Institute for Employment Research, Münster & Nuremberg, Germany. http://doku.iab.de/externe/2010/k100825j02.pdf
   Google Scholar
• Girma, S., H. Görg, and E. Strobl. 2007. “The Effects of Government Grants on Plant Survival: A Micro-Econometric Analysis.” International Journal of Industrial Organization 25 (4):701–20. doi:10.1016/j.ijindorg.2006.08.001.
   Web of Science ®Google Scholar
• Gonzalez, X., and C. Pazo. 2008. “Do Public Subsidies Stimulate Private R&D Spending?” Research Policy 37 (3):371–98. doi:10.1016/j.respol.2007.10.009.
   Web of Science ®Google Scholar
• Gonzalez, X., J. Jaumandreu, and C. Pazo. 2005. “Barriers to Innovation and Subsidy Effectiveness.” RAND Journal of Economics 36 (4):930–50. doi:10.2307/4135264.
   Web of Science ®Google Scholar
• Harris, R., and M. Trainor. 2005. “Capital Subsidies and Their Impact on Total Factor Productivity: Firm-Level Evidence from Northern Ireland.” Journal of Regional Science 45 (1):49–74. doi:10.1111/jors.2005.45.issue-1.
   Web of Science ®Google Scholar
• Heckman, J., H. Ichimura, J. Smith, and P. Todd. 1998. “Characterizing Selection Bias Using Experimental Data.” Econometrica 66 (5):1017–98. doi:10.2307/2999630.
   Web of Science ®Google Scholar
• Lach, S. 2002. “Do R&D Subsidies Stimulate or Displace Private R&D? Evidence from Israel.” Journal of Industrial Economics 1 (4):369–90. doi:10.1111/1467-6451.00182.
   Web of Science ®Google Scholar
• London Economics. 2004. “Ex-Post Evaluating of the Impact of Rescue Aid on the International Competitiveness of the Sector(S) Affected by Such Aid.” Final Report to the European Commission, Enterprise Directorate-General, London Economics, London, UK. https://londoneconomics.co.uk/wp-content/uploads/2011/09/89-Ex-post-Evaluation-of-the-Impact-of-Rescue-and-Restructuring-Aid-on-the-International-Competitiveness-of-the-Sectors-Affected-by-Such-Aid.pdf
   Google Scholar
• Mosselman, M., and Y. Prince. 2004. “Review of Methods to Measure the Effectiveness of State Aid to SMEs.” Final Report to the European Commission, EIM Business & Policy Research, Zoetermeer, Netherlands. http://ec.europa.eu/DocsRoom/documents/3666/attachments/1/translations/en/renditions/pdf
   Google Scholar
• Murn, A., A. Burger, and M. Rojec. 2009. “Učinkovitost Državnih Pomoči za Reševanje in Prestrukturiranje Podjetij v Sloveniji” (The Effectiveness of State Aid for Rescuing and Restructuring in Slovenia). Naše Godpodarstvo 55 (1–2):3–12. https://www.dlib.si/stream/URN:NBN:SI:DOC-XXYMQWR2/2b311d19-d063-455c-b607-26e696f39777/PDF
   Google Scholar
• Nitsche, R., and P. Heidhues. 2006. “Study on Methods to Analyse the Impact of State Aid on Competition.” European Economy, Economic Papers 244, European Commission, Brussels, Belgium. http://ec.europa.eu/economy_finance/publications/pages/publication804_en.pdf
   Google Scholar
• Röller, L. H., H. W. Friederiszick, and D. J. Neven. 2003. “Evaluation of the Effectiveness of State Aid as a Policy Instrument: The Railway Sector.” Brussels, Belgium: European Commission Directorate-General for Economic and Financial Affairs. http://idei.fr/sites/default/files/medias/doc/conf/rai/papers_2003/friederiszick.pdf
   Google Scholar
• Roper, S., and N. Hewitt-Dundas. 2001. “Grant Assistance and Small Firm Development in Northern Ireland and the Republic of Ireland.” Scottish Journal of Political Economy 48 (1):99–117. doi:10.1111/sjpe.2001.48.issue-1.
   Web of Science ®Google Scholar
• Rosenbaum, P. R., and D. B. Rubin. 1983. “The Central Role of the Propensity Score in Observational Studies for Causal Effects.” Biometrika 70 (1):41–55. doi:10.1093/biomet/70.1.41.
   Web of Science ®Google Scholar
• Rosenbaum, P. R., and D. B. Rubin. 1985. “Constructing a Control Group Using Multivariate Matched Sampling Methods that Incorporate the Propensity-score.” American Statistician 39 (1):33–38. doi:10.1080/00031305.1985.10479383.
   Web of Science ®Google Scholar
• Rubin, D. B. 2001. “Using Propensity-scores to Help Design Observational Studies: Application to the Tobacco Litigation.” Health Services & Outcomes Research Methodology 2 (3):169–88. doi:10.1023/A:1020363010465.
   Google Scholar
• Santarelli, E., and M. Vivarelli. 2007. “Entrepreneurship and the Process of Firms’ Entry, Survival and Growth.” Industrial and Corporate Change 16 (3):455–88. doi:10.1093/icc/dtm010.
   Web of Science ®Google Scholar
• Schweiger, H. 2011. “The Impact of State Aid for Restructuring on the Allocation of Resources. ” EBRD Working Paper No. 127, European Bank for Reconstruction and Development, London, UK. .http://www.ebrd.com/downloads/research/economics/workingpapers/WP0127.pdf
   Google Scholar
• Smith, J. A., and P. E. Todd. 2005. “Does Matching Overcome LaLonde’s Critique of Nonexperimental Estimators?” Journal of Econometrics 125 (1–2):305–53. doi:10.1016/j.jeconom.2004.04.011.
   Web of Science ®Google Scholar
• Storey, D. 1994. Understanding the Small Business Sector. London, UK: Routledge. doi:10.4324/9781315544335.
   Google Scholar
• Wallsten, S. J. 2000. “The Effects of Government-Industry R&D Programs on Private R&D: The Case of the Small Business Innovation Research Program.” RAND Journal of Economics 31 (1):82–100. doi:10.2307/2601030.
   Web of Science ®Google Scholar
• Wang, J. 2016. “Do Economic Development Incentives Crowd Out Public Expenditures in U.S. States?” B.E. Journal of Economic Analysis & Policy 16 (1):513–38. doi:10.1515/bejeap-2015-0042.
   Web of Science ®Google Scholar