Assessing the effectiveness of the Eureka Program |
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| Authors: | Cristina Bayona-Sáez Teresa García-Marco |
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| Institution: | Department Business Management, Universidad Pública de Navarra, Campus de Arrosadia, 31006 Pamplona, Spain |
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| Abstract: | 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. |
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| Keywords: | Eureka Program Performance Innovation |
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