Public Aids Evaluation: Empirical Evidence for Spanish Industrial Companies

Ayala-Jiménez, Germán ; Torroba-Díaz, Macarena ; Fernández-Miguélez, Sergio M; Fernández-Gámez, Manuel A


The implementation of different forms of public aids for industrial companies is standard practice in all countries to promote economic development and job creation. This study presents a comparative analysis of the effectiveness of different instruments for public aid to industrial companies. Using a wide sample of Spanish companies that have received four types of public aid, it has been possible to verify the effect of each of the public aid on the evolution of the companies´ efficiency. The results obtained suggest that the participative loan is the instrument that improves the efficiency of companies significantly.


Economic development; Efficiency; Guarantee Loans; Participative Loans

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