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The Italian Startup Act: Empirical evidence of policy effects

Author

Listed:
  • Francesco Biancalani
  • Dirk Czarnitzki
  • Massimo Riccaboni

Abstract

Using a difference-in-difference approach this paper analyses the impact of the Italian Startup Act entered into force in December 2012. This law provides special benefits (e.g. tax incentives, public loan guarantees, tailor-made labor law, cuts to red tape and fees) for firms registered as “innovative startups” in Italy. This special legislation has been implemented by the Italian government to increase innovativeness of small and young enterprises by facilitating improved access to external capital and (high-skilled) labor. Consequently, our goal is to assess the impact of the policy on equity, debt and employment. Overall, we find that the Italian startup policy has met its primary objectives. The treated firms operating under this program show more capacity to collect equity and debt, and also achieve higher levels of employment than untreated, comparable firms.

Suggested Citation

  • Francesco Biancalani & Dirk Czarnitzki & Massimo Riccaboni, 2020. "The Italian Startup Act: Empirical evidence of policy effects," Working Papers of Department of Management, Strategy and Innovation, Leuven 648452, KU Leuven, Faculty of Economics and Business (FEB), Department of Management, Strategy and Innovation, Leuven.
    • Handle: RePEc:ete:msiper:648452
    Note: paper number MSI_2002
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    Keywords

    start up; innovation policy; firm subsidies; small firms;
    All these keywords.

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