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Public financial support and innovation in Colombian manufacturing firms

dc.contributor.authorBarrios, Fernando
dc.contributor.authorForero, Clemente
dc.contributor.authorPerry, Guillermo
dc.coverage.spatialColombiaes_ES
dc.date.accessioned2018-01-29T18:38:01Z
dc.date.available2018-01-29T18:38:01Z
dc.date.issued2017-05-30
dc.identifier.citationBarrios, F., Forero, C., & Perry, G. (2017, May 30). Public financial support and innovation in Colombian manufacturing firms. Working paper;N° 2018/07, Caracas: CAF. Retrieved from https://scioteca.caf.com/handle/123456789/1159en_GB
dc.identifier.urihttps://scioteca.caf.com/handle/123456789/1159
dc.description.tableofcontentsWe evaluate the impact of public financial support, both subsidies and credit, on different types of innovation in Colombian industry. We compare it with the effects of financing innovation with own resources and with private loans, and analyze the issue of crowding-out, for different classes of innovation. To control for potential selection bias, we apply Propensity Score Matching (PSM) techniques to a sample of 9173 manufacturing firms for the period 2011-2012, combining data from two available sources (Development and Technological Innovation Survey –EDIT6- and Annual Manufacturing Survey –EAM-). Results show that public financial support has a significant positive effect on products new for the international market and on process innovations. We further find that allocation of own resources of the firm to innovation activities has a positive effect on a wide variety of forms of innovation. Notwithstanding, its impact is substantially smaller than that of public funding in the cases of products new for the international market and on new processes. Commercial loans for innovation activities have no significant effects on either product or process innovations. Finally, we find that public funding increases the probability of allocating own resources to finance innovation activities, but reduces the probability of using private external sources.es_ES
dc.language.isoenes_ES
dc.publisherCAFes_ES
dc.relation.ispartofseriesWorking paper;N° 2018/07
dc.rightsCC-BY-NCes_ES
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/es_ES
dc.subjectDesarrolloes_ES
dc.subjectEconomíaes_ES
dc.subjectFinanzas públicases_ES
dc.subjectInvestigación socioeconómicaes_ES
dc.subjectSector financieroes_ES
dc.titlePublic financial support and innovation in Colombian manufacturing firmses_ES
dc.typeworkingPaperes_ES
dc.publisher.cityCaracases_ES


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