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Advisor(s)
Abstract(s)
A presente dissertação tem como objetivo a avaliação da eficácia dos subsídios ao
investimento no quadro do programa de incentivos à inovação em Portugal (SI Inovação).
Centra-se na seguinte questão de investigação: “São os subsídios ao investimento um
determinante impactante no crescimento e produtividade das empresas beneficiárias?”
A resposta à questão geral de investigação é dada através duma análise empírica dos
impactos da subsidiação sobre o desempenho das empresas que em Portugal realizaram
projetos SI Inovação no período de 2015 e 2017. Os indicadores de desempenho,
selecionados a partir da revisão de literatura, foram: VAB, exportações, emprego e
produtividade. A metodologia utilizada consistiu na regressão de quatro modelos
econométricos para a estimação dos coeficientes da variável subsídios em relação às
quatro dimensões do desempenho empresarial e controlando fatores que podem afetar
esses indicadores.
Os resultados obtidos sugerem que os SI Inovação têm um impacto positivo sobre o
desempenho empresarial nos quatro domínios estudados, fornecendo validade prática às
hipóteses levantadas. A análise dos seus efeitos sobre o crescimento do VAB é expressiva
e sugere que os apoios públicos terão permitido a muitas empresas realizar investimentos
de aumento de capacidade, com os impactos a fazer-se sentir nos anos subsequentes. A
variável relativa às exportações evidência igualmente um impacto, embora não fique
suficientemente evidenciada a relação dos subsídios com as exportações, no caso de
empresas em que estas representam à partida uma quota significativa do volume de
negócios. O emprego criado pelas empresas beneficiárias dos subsídios é positivo mesmo
após a inclusão da variável de intensidade de capital. Finalmente, identificou-se um
impacto positivo na produtividade. Este efeito está, provavelmente, relacionado com a
forte componente de investimento em capital fixo, que tende a estar associada a aumentos
do valor acrescentado produzido por trabalhador.
A eficácia dos incentivos é geralmente mais favorável à região de Lisboa e Vale do Tejo
que se destaca face às restantes regiões e ao conjunto do país pelos impactos estimados
mais substanciais dos subsídios no VAB, nas exportações e na produtividade, enquanto
ao Norte cabe a maior intensidade do efeito sobre o emprego criado.
This dissertation aims to evaluate the effectiveness of investment subsidies within the framework of the innovation incentive program in Portugal (System of Innovation Incentive). It focuses on the following research question: “Are investment subsidies an important determinant of growth and productivity of beneficiary companies?” The answer to the general research question is given through an empirical analysis of the impacts of subsidization on the performance of companies that carried out System of Innovation Incentive projects in Portugal between 2015 and 2017. The performance indicators, selected from the literature review, were: Added value, exports, employment and productivity.The methodology used consisted of the four econometric regression models to estimate the coefficients of the subsidy variable in relation to the four dimensions of business performance and controlling factors that may affect these indicators. The results obtained suggest that System of Innovation Incentive has a positive impact on business performance in the four domains studied, providing practical validity to the hypotheses raised. The analysis of its effects on added value growth is significant and suggests that public subsidies have allowed many companies to make capacity-enhancing investments, with impacts that will be felt in subsequent years. The export variable also has an impact, although the relationship between subsidies and exports is not sufficiently evident for companies, where they represent a significant share of turnover. Employment created by beneficiary companies is positive even after the inclusion of the capital intensity variable. Finally, a positive impact on productivity was identified. This effect is probably related to the strong component of fixed capital investment, which tends to be associated with increases in added value produced per worker. The effectiveness of the incentives is generally more favorable to the Lisbon and Tejo Valley region which stands out compared to the other regions and to the whole of the country for the most substantial estimated impacts of subsidies on added value, exports and productivity, while in the North it is the largest intensity of the effect on employment created.
This dissertation aims to evaluate the effectiveness of investment subsidies within the framework of the innovation incentive program in Portugal (System of Innovation Incentive). It focuses on the following research question: “Are investment subsidies an important determinant of growth and productivity of beneficiary companies?” The answer to the general research question is given through an empirical analysis of the impacts of subsidization on the performance of companies that carried out System of Innovation Incentive projects in Portugal between 2015 and 2017. The performance indicators, selected from the literature review, were: Added value, exports, employment and productivity.The methodology used consisted of the four econometric regression models to estimate the coefficients of the subsidy variable in relation to the four dimensions of business performance and controlling factors that may affect these indicators. The results obtained suggest that System of Innovation Incentive has a positive impact on business performance in the four domains studied, providing practical validity to the hypotheses raised. The analysis of its effects on added value growth is significant and suggests that public subsidies have allowed many companies to make capacity-enhancing investments, with impacts that will be felt in subsequent years. The export variable also has an impact, although the relationship between subsidies and exports is not sufficiently evident for companies, where they represent a significant share of turnover. Employment created by beneficiary companies is positive even after the inclusion of the capital intensity variable. Finally, a positive impact on productivity was identified. This effect is probably related to the strong component of fixed capital investment, which tends to be associated with increases in added value produced per worker. The effectiveness of the incentives is generally more favorable to the Lisbon and Tejo Valley region which stands out compared to the other regions and to the whole of the country for the most substantial estimated impacts of subsidies on added value, exports and productivity, while in the North it is the largest intensity of the effect on employment created.
Description
Versão Final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
SI inovação Subsídios ao investimento Dados de painel Portugal 2020 Investment subsidies Panel data System of innovation Iicentive