000145091 001__ 145091 000145091 005__ 20251121145034.0 000145091 0247_ $$2doi$$a10.1080/00472778.2024.2387601 000145091 0248_ $$2sideral$$a139926 000145091 037__ $$aART-2025-139926 000145091 041__ $$aeng 000145091 100__ $$0(orcid)0000-0002-6468-0944$$aFuertes-Callén, Yolanda$$uUniversidad de Zaragoza 000145091 245__ $$aThe impact of startup subsidies on survival, growth, and stakeholder value 000145091 260__ $$c2025 000145091 5060_ $$aAccess copy available to the general public$$fUnrestricted 000145091 5203_ $$aAlthough the effects of subsidies on the survival, financial performance, and behavioral changes of startups have been extensively studied, their influence on economic value creation and distribution to stakeholders remains underexplored. To address this gap and mitigate publication bias, we examined the entire number of subsidies received by all Spanish startups at founding (51,495) over a decade, analyzing their outcomes 5 years after inception. We employed statistical matching methods controlling for the startups’ founding conditions. The study revealed that subsidies have a positive impact on startups’ growth and provide a significantly higher likelihood of survival; however, no significant effect on profitability was observed. Receiving a subsidy should be considered alongside other factors in explanatory models of business survival. Subsidies are associated with increased economic value creation and distribution to employees but not to the government through taxes. These findings underscore the importance of understanding the long-term consequences of subsidies on stakeholders. 000145091 536__ $$9info:eu-repo/grantAgreement/ES/AEI/PID2022-136818NB-I00$$9info:eu-repo/grantAgreement/ES/DGA/S33-23R$$9info:eu-repo/grantAgreement/ES/DGA/S38-23R 000145091 540__ $$9info:eu-repo/semantics/embargoedAccess$$aby-nc-nd$$uhttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.es 000145091 590__ $$a6.0$$b2024 000145091 592__ $$a2.149$$b2024 000145091 591__ $$aMANAGEMENT$$b70 / 420 = 0.167$$c2024$$dQ1$$eT1 000145091 593__ $$aBusiness, Management and Accounting (miscellaneous)$$c2024$$dQ1 000145091 593__ $$aStrategy and Management$$c2024$$dQ1 000145091 593__ $$aManagement of Technology and Innovation$$c2024$$dQ1 000145091 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion 000145091 700__ $$0(orcid)0000-0002-5557-0380$$aCuéllar-Fernández, Beatriz$$uUniversidad de Zaragoza 000145091 700__ $$0(orcid)0009-0001-3533-7004$$aSerrano-Magdalena, Adriana$$uUniversidad de Zaragoza 000145091 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000145091 773__ $$g63, 4 (2025), 1437-1465$$pJ. small bus. manage.$$tJournal of Small Business Management$$x0047-2778 000145091 8564_ $$s716120$$uhttps://zaguan.unizar.es/record/145091/files/texto_completo.pdf$$yPostprint$$zinfo:eu-repo/date/embargoEnd/2026-03-10 000145091 8564_ $$s1173111$$uhttps://zaguan.unizar.es/record/145091/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint$$zinfo:eu-repo/date/embargoEnd/2026-03-10 000145091 909CO $$ooai:zaguan.unizar.es:145091$$particulos$$pdriver 000145091 951__ $$a2025-11-21-14:41:11 000145091 980__ $$aARTICLE