摘要：We aimed to assess the efficiency of the selected national innovation policy programs in the Republic of Serbia. We analyzed the impact of the Innovation Fund’s Mini-Grants and Matching Grants programs on the operating revenue growth of beneficiary micro, small, and medium enterprises. An econometric analysis of panel data was conducted. Because of the small number of periods observed, a model of individual effects was applied. Conclusions and recommendations were based on the results of random effects models. The findings indicate that program funding increased business revenues compared to the period before and that there was a direct link between indebtedness and revenue growth, which confirmed the positive impact of financing on the sustainable development prospects of beneficiaries through facilitating access to funding and innovation capacity improvement. These findings can have important policy implications as they provide guidelines for designing future actions and empirically confirm the need to increase public expenditures for innovation policy.
关键词：national innovation policy programs; efficiency; sustainable development; micro; small and medium enterprises; financing; operating revenue; indebtedness; the Republic of Serbia
