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The data concerning the whole Finnish company population from the years 2003-2008 suggest that the impacts of business subsidies on employment growth differ more between high-growth start-ups and other firms than between start-ups and over five years old incumbents. All subsidies seem to relate positively to the contemporary employment growth both among start-ups and incumbents. Furthermore, the data show that both the employment of start-ups and older incumbents receiving employment or other subsidies grow more than that of non-subsidized firms after subsidy reception. Instead, the authors find that business subsidies do not provide significant further boost for the contemporary or after-subsidy growth of gazelles.
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