Busom, Isabel; Corchuelo, Beatriz; Ros, Ester Martinez - Departament d'Economia Aplicada, Universitat Autònoma … - 2012
This paper studies whether firms’ use of R&D subsidies and R&D tax incentives is correlated to two sources of underinvestment in R&D, financing constraints and appropriability. We find that financially constrained SMEs are less likely to use R&D tax credits and more likely to obtain subsidies....