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Evaluating the Impact of Public Programs of Financial Aid to SMEs during times of crisis: The Spanish Experience

Author

Listed:
  • Anahí Briozzo

    (National Southern University, Bahía Blanca, Argentina)

  • Clara Cardone-Riportella

    (Department of Financial Economics and Accounting, Pablo de Olavide University, Seville, Spain.)

Abstract

The aim of this paper is to study the differential effects of the public programs that provide financial aid to small and medium enterprises during times of crisis in Spain. We use different methods to control for potential selection bias. Our results show that the effects of these programs are stronger during times of crisis: during normal periods, these programs impact assets, sales, efficiency, and productivity growth, whereas during recessions, their effects extend to employment growth.

Suggested Citation

  • Anahí Briozzo & Clara Cardone-Riportella, 2012. "Evaluating the Impact of Public Programs of Financial Aid to SMEs during times of crisis: The Spanish Experience," Working Papers 12.04, Universidad Pablo de Olavide, Department of Financial Economics and Accounting (former Department of Business Administration).
    • Handle: RePEc:pab:fiecac:12.04
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    References listed on IDEAS

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