Abstract
This study uses panel data to investigate the impact of programs funded by Chilean economic development agency (CORFO). The data correspond to the 1st, 2nd, and 3rd waves of the Longitudinal Survey of Firms. This study demonstrates that the impact of INNOVA program on firm’s probability of generating innovation in products and/or services disappears when innovative characteristics are controled. Moreover, as these variables are observables in the selection process is possible that CORFO could be ‘picking winners’ that had developed these innovations independently of public funding. Furthermore, it is found that FOGAPE program changes the firms’ funding sources.
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