LIQUIDITY AND FIRMS' RESPONSE TO FISCAL STIMULUS

• 成果类型: Article
• 署名作者: Acconcia, Antonio; Cantabene, Claudia
• 署名单位: Universita della Campania Vanvitelli; University of Naples Federico II
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12499
• 发表日期: 2018
• 页码: 1759-1785
• 关键词: research-and-development; cash flow sensitivities; development tax credits; government purchases; INVESTMENT; constraints; incentives; Heterogeneity; BEHAVIOR; matter

摘要

A stimulus programme allowed firms in Italy to receive tax credits for R&D expenditure in 2009. Among traditional firms, liquidity is relevant to the response to the stimulus: recipients firms with relative large cash holdings raised R&D expenditure, while those with low liquidity did not vary it. High-tech firms did not change their total R&D, consistent with their tendency to smooth R&D expenditure through time, though they changed its composition in favour of outsourcing activity and to the detriment of employment. When the fiscal stimulus pushed R&D higher, it also induced a positive transitory effect on the firm's performance.