A stimulus programme allowed firms in Italy to receive tax credits for R&D expenditure in 2009. Among traditional firms, liquidity is relevant for the response to the stimulus: Recipients firms with relative large cash holdings raised R&D expenditure, while those with low liquidity did not vary it. High-tech firms did not change their total R&D, consistently with their tendency to smooth R&D expenditure through time, though they changed its composition in favor of outsourcing activity and to the detriment of employment. When the fiscal stimulus pushed R&D higher it also induced a positive transitory effect on firm's performance.
Liquidity and Firms' Response to Fiscal Stimulus / Acconcia, Antonio. - In: ECONOMIC JOURNAL. - ISSN 0013-0133. - 128:613(2018), pp. 1759-1785. [10.1111/ecoj.12499]
Liquidity and Firms' Response to Fiscal Stimulus
ACCONCIA, ANTONIO
2018
Abstract
A stimulus programme allowed firms in Italy to receive tax credits for R&D expenditure in 2009. Among traditional firms, liquidity is relevant for the response to the stimulus: Recipients firms with relative large cash holdings raised R&D expenditure, while those with low liquidity did not vary it. High-tech firms did not change their total R&D, consistently with their tendency to smooth R&D expenditure through time, though they changed its composition in favor of outsourcing activity and to the detriment of employment. When the fiscal stimulus pushed R&D higher it also induced a positive transitory effect on firm's performance.File | Dimensione | Formato | |
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