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dc.contributor.authorMøen, Jarle
dc.date.accessioned2018-06-06T10:07:06Z
dc.date.available2018-06-06T10:07:06Z
dc.date.issued2018-05-31
dc.identifier.issn1500-4066
dc.identifier.urihttp://hdl.handle.net/11250/2500556
dc.description.abstractAccording to theory, direct R&D grants should be used for projects with low private returns, high social returns and high risk. R&D tax credits, on the other hand, allow firms to choose projects freely according to their private returns. Building on the standard R&D capital model, I develop a framework for estimating private returns to R&D projects with different types of funding. I apply the framework to estimate the corporate returns to subsidized R&D projects in Norway. Consistent with theory and a high quality grant allocation process, I find that projects funded through direct grants have private returns that are not significantly different from zero and with high variance, while the return to R&D projects financed by tax credits is just slightly below the return to R&D projects financed by own funds. The latter two return estimates are 16 % and 19 % respectively. I find that SMEs and small R&D performers have somewhat higher returns to R&D than larger firms. The overall return estimate across all types of finance is 15 %. This is in line with recent meta-regression results in the international literature.nb_NO
dc.language.isoengnb_NO
dc.publisherFORnb_NO
dc.relation.ispartofseriesDiscussion paper;9/18
dc.subjectReturns to R&Dnb_NO
dc.subjectR&D capital modelnb_NO
dc.subjectKnowledge capital modelnb_NO
dc.subjectR&D subsidiesnb_NO
dc.subjectR&D grantsnb_NO
dc.subjectR&D tax creditnb_NO
dc.subjectInnovation Policynb_NO
dc.subjectTechnology policynb_NO
dc.subjectNorwaynb_NO
dc.titleCorporate returns to subsidized R&D projects: Direct grants vs tax credit financingnb_NO
dc.typeWorking papernb_NO
dc.source.pagenumber21nb_NO


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