Effects of grants from EU funds on business performance of non-financial corporations in Croatia*
https://doi.org/10.3326/pse.45.2.1 | Published online: June 6, 2021 Table 1
Results of probit model
Note: *, ** and *** mark statistical significance levels of 10%, 5% and 1% respectively. The basic pattern pertains to 227 corporate beneficiaries that received their first EU grant no later than 2016. These enterprises were used throughout the analysis. On the other hand, the extended pattern pertains to all corporate beneficiaries after sample adjustments, including those that received their first grant after 2016.Source: Authors’ own calculation based on data by the Ministry of Finance, Financial Agency and Court Registry.Table 2
Results of the analysis of selected indicators by applying the difference in differences method
Note: *, ** and *** mark statistical reliability levels of 10%, 5% and 1% respectively. Statistical reliability was determined by means of a bootstrapping procedure with 500 repetitions. Source: authors’ own calculation based on data by the Ministry of Finance, Financial Agency and Court Registry.Table 3
Results of the analysis of selected indicators by applying the difference in differences method
Note: *, ** and *** mark statistical reliability levels of 10%, 5% and 1% respectively. Statistical reliability was determined by means of a bootstrapping procedure with 500 repetitions. Additional calculations with control samples comprising 2 and 10 nearest neighbours are provided in Appendix 4 below.Source: authors’ own calculation based on data by the Ministry of Finance, Financial Agency and Court Registry.Figure 1
Estimate of the relationship between grant size and impact level on trends in operating income (left) and total employment rate (right) Note: *, ** and *** mark statistical reliability levels of 10%, 5% and 1% respectively. Statistical reliability was determined by means of a bootstrapping procedure with 500 repetitions. Additional calculations with control samples comprising 2 and 10 nearest neighbours are provided in Appendix 4 below.Source: authors’ own calculation based on data by the Ministry of Finance, Financial Agency and Court Registry.Figure 2
Estimate of the relationship between grant size and impact level on trends in corporate beneficiaries’ capital intensity (left) and indebtedness levels (right) Note: The solid black curve depicts the conditional expectation of growth rates of the indicator under observation with the provided relative intensity of treatment and estimated generalised propensity score. The shadowed sections represent the ceiling and floor values of the 95% confidence interval calculated through the bootstrapping method with 500 repetitions. Source: Authors’ own calculation based on data by the Ministry of Finance, Financial Agency and Court Registry.Figure 3
Estimate of the relationship between grant size and impact level on trends in total factor productivity (left) and labour productivity (right) Note: The solid black curve depicts the conditional expectation of growth rates of the indicator under observation with the provided relative intensity of treatment and estimated generalised propensity score. The shadowed sections represent the ceiling and floor values of the 95% confidence interval calculated through the bootstrapping method with 500 repetitions.Source: Authors’ own calculation based on data by the Ministry of Finance, Financial Agency and Court Registry.Table A1
List of variables used in the analysis
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Arithmetic mean differences between enterprises in the treated and control groups
Note: *, ** and *** mark statistical reliability levels of 10%, 5% and 1% respectively. Table A4
Analysis results for selected business performance indicators through the difference in differences method with control group of 2 and 10 nearest neighbours
Note: *, ** and *** mark statistical reliability levels of 10%, 5% and 1% respectively. Statistical reliability was determined by means of a bootstrapping procedure with 500 repetitions.Table A5
Generalised propensity score (GPS) estimates
Note: *, ** and *** mark statistical reliability levels of 10%, 5% and 1% respectively. Statistical reliability was determined by means of a bootstrapping procedure with 500 repetitions.Table 1 Results of probit model DISPLAY Table Table 2 Results of the analysis of selected indicators by applying the difference in differences method DISPLAY Table Table 3 Results of the analysis of selected indicators by applying the difference in differences method DISPLAY Table Figure 1 Estimate of the relationship between grant size and impact level on trends in operating income (left) and total employment rate (right) DISPLAY Figure Figure 2 Estimate of the relationship between grant size and impact level on trends in corporate beneficiaries’ capital intensity (left) and indebtedness levels (right) DISPLAY Figure Figure 3 Estimate of the relationship between grant size and impact level on trends in total factor productivity (left) and labour productivity (right) DISPLAY Figure Table A1 List of variables used in the analysis DISPLAY Table Table A3 Arithmetic mean differences between enterprises in the treated and control groups DISPLAY Table Table A4 Analysis results for selected business performance indicators through the difference in differences method with control group of 2 and 10 nearest neighbours DISPLAY Table Table A5 Generalised propensity score (GPS) estimates DISPLAY Table |
June, 2021II/2021 |