The importance of large firms for generating economic value from subsidized technological innovation: A regional perspective

This study investigates the relationship between government subsidies and the commercial value obtained from a region's scientific and technological achievements, and argues that this relationship will depend on the average size of the firms present in that region. Using panel data on the high-tech industry in 27 provinces and autonomous regions in China from 2009 to 2019, we show that government subsidies have a significant double threshold...