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Evaluating the Impact of Public Subsidies on a Firms Performance: a Quasi-experimental Approach
This research paper compares the innovative output of firms in the region of Catalonia in Spain that have received a subsidy from a regional government entity. The research finds that firms that receive subsidies gain more value added than firms that do not.
Link
http://www.pcb.ub.es/ieb/aplicacio/fitxers/2007/4/Doc2007-3.pdf