Liquidity and Firms’ Response to Fiscal Stimulus
Bibliographic Data
| ID | 9703320 |
|---|---|
| Authors | Antonio Acconcia (0000-0003-4063-4043, University of Naples Federico II, CSEF), Claudia Cantabene (0000-0001-9163-9640, University of Campania "Luigi Vanvitelli") |
| Year | 2018 |
| Volume | 128 |
| Issue | 613 |
| Pages | 1759-1785 |
| Publication date | 2018-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12499 |
| OpenAlex | W367119444 |
| Language | EN |
| References cited | 35 |
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
Business · Cash · Economics · Market liquidity · Monetary economics · Stimulus (psychology · Finance · Firm Innovation and Growth · Innovation Policy and RD · Italy: Economic History and Contemporary Issues
Consumer Spending and the Economic Stimulus Payments of 2008
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Fiscal Stimulus in a Monetary Union
The Financing of R&D and Innovation
Financing Constraints and Corporate Investment
Assessing the Effect of Public Subsidies on Firm R&d Investment
Can Government Purchases Stimulate the Economy?
Does Local Financial Development Matter?
Household Expenditure and the Income Tax Rebates of 2001
Macroeconomic Effects From Government Purchases and Taxes
Public R&d Policies and Private R&d Investment
Measuring the Output Responses to Fiscal Policy
Biases in Dynamic Models with Fixed Effects
Beggar Thy Neighbor? The In-State, Out-of-State, and Aggregate Effects of R&D Tax Credits
R & D and Internal Finance
The Reaction of Consumer Spending and Debt to Tax Rebates—Evidence from Consumer Credit Data
| Citation velocity | historical |
|---|---|
| Highly cited | No |