This article estimates the effect of research and development (R&D) tax credits for small- and medium-sized enterprises (SMEs) by utilizing the propensity score matching method to correct any possible selection bias. This study also examines whether the impact of tax credits differs with firms’ characteristics such as their industry, size, and liquidity constraints. Empirical results show that R&D tax credits induce an increase in SMEs’ R&D expenditures. Moreover, we find that the effect of R&D tax credits on liquidity-constrained firms is much greater than on unconstrained firms.
Small Business Economics – Springer Journals
Published: Mar 26, 2013
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