A significant amount of money is spent on programs to stimulate innovative activities. In this
paper, we review the effects of a specific government-sponsored commercial R&D program
from various angles. We start by evaluating whether we find positive effects of subsidies on
R&D investment and R&D employment. Then, we analyze how the observed effects of
subsidies on R&D intensity and employment vary over time, vary if the firm receives also
support from other sources, vary depending on how many supported projects a single firm
has at the same time or vary if a firm gets support consecutively. Finally, we estimate the
macroeconomic impact of these grants in terms of R&D employment. We conclude that (i)
the policies are not subject to full crowding out, (ii) the treatments effects are stable over
time, (iii) receiving subsidies from other sources in addition to the program under evaluation
does not decrease the estimated treatment effect, and (iv) receiving grants repeatedly does not
decrease the magnitude of the treatment effects either. Using a back-of-the envelope
calculation, we estimate that, on average, five R&D jobs are created (or maintained) per
supported project in the Flemish economy.
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