File | Description | Size | Format | |
---|---|---|---|---|
BNDES_Innovation_WorkingPaper.pdf | 212.63 kB | Adobe PDF | View/OpenDownload |
Title: | Does BNDES innovation credit boost firms' R&D expenditures?: evidence from Brazilian panel data |
Authors: | Machado, Luciano Martini, Ricardo Agostini Gama, Marina Moreira da |
Keywords: | Banco Nacional de Desenvolvimento Econômico e Social (Brasil) - Financiamento Brazilian Development Bank - Financing Inovação - Brasil - Financiamento Innovation - Brazil - Financing Pesquisa e desenvolvimento Research and development Banco Nacional de Desenvolvimento Econômico e Social (Brasil) - Financiamento - Tabelas Brazilian Development Bank - Financing - Tables |
Issue Date: | Oct-2017 |
Abstract: | We evaluate the effects of BNDES direct credit support for R&D on firms' innovation efforts. We use data from Pesquisa de Inovação (Pintec, IBGE) for the period of 2003-2014, a Brazilian firm-level data set that surveys innovation activities, and BNDES data on credit for innovation over the period 2004-2014, to estimate the effects of credit on firms' R&D Expenditures. We adopt a Fixed Effects (FE) approach to deal with the endogeneity problem associated to the selection of firms that received BNDES innovation credit and estimate the impact of BNDES support. We also use a complementary approach based on the Difference-in-Differences estimator. Our findings show evidence of positive and significant effects of BNDES credit on firms' R&D expenditures for both estimators. Based on FE estimates, we obtain BNDES-supported firms tend to invest at least 30% more on R&D than non-supported companies in the analyzed period. |
Description: | Bibliografia: p. 15-16 |
Citation: | MACHADO, Luciano; MARTINI, Ricardo Agostini; GAMA, Marina Moreira da. Does BNDES innovation credit boost firms' R&D expenditures?: evidence from Brazilian panel data. [S.l. : s.n.], 2017. 16 p. |
Type: | Artigo |
Genre: | Textual |
URI: | http://web.bndes.gov.br/bib/jspui/handle/1408/13595 |
Date Available: | 2017-10-26T20:09:23Z 2018-03-19T17:31:39Z |
Appears in Collections: | Produção BNDES - Artigos |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.