The efficiency of Horizon 2020 funds on Portuguese SME’s performance

Abstract

From 2014 to 2020, several SME in the European Union received funding through the Horizon 2020 program. In this paper, the Propensity Score Matching (PSM) methods were applied to analyse the impact of the Horizon 2020 funds on Portuguese SME’s performance. Comparing the evolution of specific indicators from funded and unfunded enterprises, between the years of 2013 and 2019, allows us to understand if there are any advantages in receiving the funds regarding performance and competitiveness. In this case, the selected indicators were ROCE, ROA, Gross Margin, EBITDA Margin, Operating Margin and Net Margin. We are able to conclude that, based on the indicators selected, the enterprises funded from 2014 to 2017 reveal better performance and have competitive advantage over those that have not received funding. This is especially evident in the impact on ROCE, EBITDA Margin, Operating Margin and Net Margin.

Date of Award	14 Jul 2021
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Francisca Guedes de Oliveira (Supervisor)