ABSTRACT

We investigate whether the impact of direct support for business investment in R&D and innovation varies over the business cycle. We study whether firms that obtain public support in a recession differ from firms that obtain it during expansions; whether the impact of support is smaller in recessions than in expansions, and whether effects vary with the treatment pattern. Using firm-level data from Spain during the period 2005 to 2014, we combine propensity score matching and difference-in-differences methods to estimate firms’ response. We find that (i) while the impact of support on monetary investment in innovation is pro-cyclical, it is counter-cyclical in terms of the employee-time allocation to innovation activities; (ii) the additionality of a one-year treatment is smaller than that of a longer treatment. Direct public support may have thus prevented a decline of the firms’ knowledge capital during the recession.

摘要

我们调查直接支持研发和创新的商业投资的影响是否随商业周期而变化。我们研究在衰退中获得公共支持的公司与在扩张期间获得公共支持的公司是否不同；支持在衰退中的影响是否小于在扩张中的影响，以及效果是否因治疗模式而异。使用西班牙 2005 年至 2014 年期间的公司层面数据，我们结合倾向得分匹配和差异中的差异方法来估计公司的反应。我们发现（i）虽然支持对创新的货币投资的影响是顺周期的，但就员工时间分配给创新活动而言是反周期的；(ii) 一年治疗的额外性小于长期治疗的额外性。