Abstract
The aim of the present paper is to propose the development of an evaluation model about public funding in the form of state aids towards small and medium enterprises (SMEs) in Greece for the implementation of R&D and environmental projects. We argue that the proposed model could stand as an evaluation tool by the policymakers and regional and national authorities and a practical guide for investment planning by SMEs based on their emerging needs. The research methodology is based on the logical framework analysis and aims to achieve a comprehensive understanding of the design-reality gap in public funding. According to the findings, improvements in the design of state aids for R&D and environmental protection projects should include two main directions: (1) introduction of individual-specific measures in the initiatives that regard the operational framework of aids. (2) Reformation of the role of the financial system. Further analysis of measurements has confirmed that initiatives should be enacted to improve certain procedures relating to the operation of state aids additionally.
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