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Liquidity and Firms' Response to Fiscal Stimulus
Full text linkA stimulus programme allowed firms in Italy to receive tax credits for R&D expenditure in 2009. Among traditional firms, liquidity is relevant for 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, consistently with their tendency to smooth R&D expenditure through time, though they changed its composition in favor 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 firm's performance
Differenziali di produttività, intervento pubblico ed investimenti privati. L'analisi delle regioni italiane nel periodo 1970-91
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