Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/318854 
Autor:innen: 
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] Journal of Business Economics [ISSN:] 1861-8928 [Volume:] 95 [Issue:] 1 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2025 [Pages:] 103-154
Verlag: 
Springer, Berlin, Heidelberg
Zusammenfassung: 
This paper examines the financing situation of young firms in Germany after receiving public funding. I find that, on average, public funding is associated with a significant reduction in the future probability of experiencing financial constraints. While grant tend to improve relationships with equity investors, subsidized loans or loan guarantees tend to improve relationships with external providers of both equity and debt capital. Additionally, I show that the effect of public funding is stronger for more financially constrained firms when provided as a subsidized loan or loan guarantee, and heterogeneous across entrepreneurs and startups. Furthermore, my results suggest that public funding is positively related to real outcomes, and that grants also help firms by stabilizing their economic position.
Schlagwörter: 
Public subsidies
Financial constraints
Subsidized loans
Loan guarantees
Grants
Young firms
JEL: 
G38
H81
O38
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article
Dokumentversion: 
Published Version

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.