Assessing the effectiveness of the Eureka Program

The aim of this paper is to test whether participation in a European public initiative to support market-oriented R&D, such as the Eureka Program, has a positive impact on the performance of participating firms and, if so, how long it is before the impact becomes apparent. These issues are explo...

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Bibliographic Details
Published in:Research policy 2010-12, Vol.39 (10), p.1375-1386
Main Authors: Bayona-Sáez, Cristina, García-Marco, Teresa
Format: Article
Language:English
Subjects:
Covering
Dynamic tests
Dynamics
Effectiveness studies
Enterprises
Eureka Program
Eureka Program Performance Innovation
Financial performance
Government programmes
Impact analysis
Initiatives
Innovation
Manufacturing
Panels
Participation
Performance evaluation
Policies
R&D
Research & development
Research and development
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Summary:The aim of this paper is to test whether participation in a European public initiative to support market-oriented R&D, such as the Eureka Program, has a positive impact on the performance of participating firms and, if so, how long it is before the impact becomes apparent. These issues are explored using a dynamic panel data model covering the period 1994–2003, for a sample of 866 European firms, 284 of which completed a Eureka project during the period of analysis. The results show how the completion of a Eureka project has a positive influence over firm performance measured as return over assets (ROA), although the effect does not manifest itself until a year after project completion. Nevertheless, when the sample is divided by sector, it is obtained that, while manufacturing firms follow the general pattern of a positive effect appearing a year after project completion, the effect in non-manufacturing firms is already apparent during the year of completion.
ISSN:0048-7333
1873-7625
DOI:10.1016/j.respol.2010.07.007