This paper evaluates the current focus of EU policy makers on small and medium-sized, young independent
firms in high-tech sectors. Therefore, the effect of subsidies on both R&D input and R&D
output is compared between independent high-tech young firms (NTBFs), independent low-tech
young firms (LTBFs) and their non-independent counterparts. A treatment effects analysis reveals
that full crowding-out with regard to public funding is rejected for all firm types. However, the treatment
effect is highest for independent high-tech firms. The indirect effect of subsidies on R&D output
is evaluated within a patent production framework. These results show that independent high-tech
firms have no lower output effects than other firms and thus suggest that the current policy focus on
certain firm types is not ineffective.
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