| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26099 |
| 来源ID | Working Paper 26099 |
| The Impact of State-Level R&D Tax Credits on the Quantity and Quality of Entrepreneurship | |
| Catherine Fazio; Jorge Guzman; Scott Stern | |
| 发表日期 | 2019-07-29 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The acceleration of start-up activity is often cited as a rationale for the R&D tax credit, a key innovation policy instrument adopted increasingly by US states over the past quarter century. While there is a strong empirical base linking the R&D tax credit to increased R&D expenditures and innovation, prior work has not provided causal evidence that this policy effects the rate of formation and growth potential of new businesses. This paper combines data from the US Startup Cartography Project with the Panel Database on Incentives and Taxes to implement a difference-in-differences estimate of the impact of the R&D tax credit on the quantity and quality-adjusted quantity of entrepreneurship. Our key finding is that the R&D tax credit is associated with a significant long-term impact on both the overall quantity and quality-adjusted quantity of entrepreneurship, with the bulk of the effect materializing more than five years after the policy is enacted. These findings stand in contrast to an analysis of the adoption of state-level investment tax credits. There, we observe no long-term impact on the quantity of entrepreneurship but a marked decline in the rate of formation of growth-oriented startups over time. Combined with other evidence regarding the efficacy of R&D tax credits in spurring innovative investment, our results shed light on the potential for this fiscal policy to also stimulate the formation of growth-oriented start-ups. |
| 主题 | Public Economics ; Taxation ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w26099 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583772 |
| 推荐引用方式 GB/T 7714 | Catherine Fazio,Jorge Guzman,Scott Stern. The Impact of State-Level R&D Tax Credits on the Quantity and Quality of Entrepreneurship. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26099.pdf（758KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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