The paper analyses the impact of emergency state aid on the performance of Slovenian firms during the economic recession. Anti-crisis subsidies are placed in a wider framework of factors determining corporate growth. A dynamic panel regression method is used, and various sources of data for firms that received anti-crisis state aid between 2008 and 2010 are linked. The authors find the impact of anti-crisis state aid on employment and sales at the subsidised firms to be negative, or neutral at best. The size of the firm, capital intensity, and the level of inward and outward internationalisation exhibit positive correlation with corporate growth.
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