连锁反应：补贴如何改变企业行为

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-08-21 DOI:10.1016/j.jcorpfin.2025.102880

José Antonio Pérez-Amuedo , M. Kabir Hassan , Reza Houston

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引用次数: 0

摘要

本研究考察了政府支持如何影响企业在盈利能力、投资和就业方面的行为。利用一个综合数据库，将地方、州和联邦补贴与企业层面的财务数据联系起来，我们评估了不同类型的补贴如何影响企业决策。我们发现，在提高盈利能力、就业和战略投资方面，降低成本的补贴比增加收入的补贴更有效。企业在获得补贴后承诺雇佣员工或进行资本投资，会取得更好的成果。这些发现强调了将补贴设计与企业层面的激励和更广泛的经济目标相结合的重要性。

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The ripple effect: How subsidies transform firm behavior

This study examines how government support influences firm behavior across profitability, investment, and employment. Using a comprehensive database linking local, state, and federal subsidies to firm-level financial data, we assess how different subsidy types shape firm decisions. We find that cost-reducing subsidies are more effective than revenue-increasing ones in boosting profitability, employment, and strategic investment. Firms that commit to hiring or capital investment upon receiving subsidies achieve superior outcomes. These findings highlight the importance of aligning subsidy design with firm-level incentives and broader economic goals.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.