The present study analyses the impact of subsidies to Research and Development (R&D),
more specifically, the impact of QREN (Quadro de Referência Estratégico Nacional)’s Sistema
de Incentivos à Investigação e Desenvolvimento Tecnológico nas Empresa (SI I&DT QREN),
on the performance of firms.
A relatively wide range of studies explores the relationship between subsidies to R&D and
firms’ performance. Nevertheless, no consensus has been reached. Furthermore, the literature
that analyses the impact of R&D subsidies in non-market-centred and moderate innovative
economies like Portugal is quite scarce and limited.
The information used in this empirical study concerns the period between 2008-2017, and
it was collected from the Operational Competitiveness Programme (COMPETE) included in
QREN and complemented with economic and financial data gathered from the Annual System
of Iberian Balances (SABI) database.

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