Government R&D subsidies as a signal for private investors

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The signal effect of Government R&D Subsidies in China: Does ownership matter? (2017, background): “Government subsidies for R&D are intended to alleviate market failures in R&D activities, which may be caused by spillovers of ideas to competitors or a low appropriability rate (Kleer, 2010).”
Government support for SME innovations in the regional industries: The case of government financial support program in South Korea (2014, background): “The presence of R&D enhances innovaion (Bergek and Bruzelius, 2010; Kleer, 2010; Choi et al., 2009; larysse et al., 2009; Love and Ashcroft, 1999).”
R&D Subsidies as Dual Signals in Technological Collaborations (2019, background): “22 two signals should help legitimize SMEs as innovative players, and enhance the trust of third parties (Kleer, 2010).”
Addressing barriers to eco-innovation: Exploring the finance mobilisation functions of institutional innovation intermediaries (2016, background): “23 money and permit the thickening-up of thin finance markets for (eco-) innovations (Kleer 2010; Nightingale et al. 2009; Meuleman & De Maeseneire 2012).”
Inside the black box of outcome additionality: Effects of early-stage government subsidies on resource accumulation and new venture performance (2015, background): “If the government agency and the subsidy are considered legitimate and prestigious, the receipt of such a subsidy can be considered a signal of quality of the new venture (Kleer, 2010).”