Indirect effects of direct subsidies: an examination of signaling effects
Abstract
This study draws on signalling theory to investigate how government funded research and development (R&D) subsidies influence corporate external financing through their direct and indirect impacts. Analysing data from 469 listed companies in China’s high-tech industries from 2009 to 2016 and after controlling for potential endogenous concerns, the authors find that R&D subsidies have positive effects on corporate short-term debt financing and...
Paper Details
Title
Indirect effects of direct subsidies: an examination of signaling effects
Published Date
Nov 1, 2019
Journal
Volume
27
Issue
9
Pages
1040 - 1061
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