2026-08-25 カリフォルニア大学リバーサイド校(UCR)
＜関連情報＞
- https://news.ucr.edu/articles/2026/08/25/tax-break-megadeals-spurred-innovation-communities
- https://onlinelibrary.wiley.com/doi/10.1111/1475-679x.70079?msockid=234063bc26b46b500066713c27f76a67
メガディール補助金、地域への波及効果、そして企業イノベーション “Megadeal” Subsidies, Local Spillovers, and Corporate Innovation
Yoojin Lee, Shaphan Ng, Aruhn Venkat
Journal of Accounting Research Published: 29 July 2026
DOI:https://doi.org/10.1111/1475-679x.70079
ABSTRACT
We examine whether the largest place-based, firm-specific corporate subsidies (“Megadeals”) awarded by state and local governments affect local firms’ innovation. First, we document that (1) subsidy firms innovate in the subsidized county and (2) subsidy firms bring inventors from other counties into the subsidized county, consistent with subsidy firms generating new knowledge locally. In our main test, we use a stacked cohort design with stringent fixed effects to document that local firms increase patenting following a Megadeal. Cross-sectionally, effects are increasing (1) in subsidy firm innovativeness, (2) in the technological closeness of subsidy firms and local firms, (3) when subsidy and local firms share an industry, and (4) when the subsidized location has a heavy college presence. Additionally, we document that following a Megadeal, local firms increasingly make citations to subsidy firm patents and that the patent similarity of local and subsidy firms increases. We document that subsidy firm inventors are more likely to move to local firms following a Megadeal. We also find that subsidies for labs, headquarters, and high-tech manufacturing plants drive our main results. These results are consistent with knowledge spillovers being one channel through which we observe an increase in local firm patenting following Megadeals.
