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Small Business Economics

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28.11.2017

Embracing an entrepreneurial ecosystem: an analysis of the governance of research joint ventures

verfasst von: David B. Audretsch, Albert N. Link

Erschienen in: Small Business Economics | Ausgabe 2/2019

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Abstract

In this paper, we examine how one important type of relationship, research joint ventures (RJVs), is governed within the context of an entrepreneurial ecosystem. Based on agency theory, we investigate the relationship between the governance structure of an RJV and the likelihood that the venture will embrace elements of its research-based ecosystem, that is, the likelihood that the RJV will invite a university to become a research member of the venture. Using data from the National Research Joint Venture Database, we find that when the governance structure of the RJV affords the organizer/leader and research director (the principal) the ability to exert control over the activities of the other members of the RJV (the agents), universities are less likely to be invited to participate as a research member.

Vorheriger Artikel The governance of entrepreneurial ecosystems

Nächster Artikel Inducing heterogeneity in local entrepreneurial ecosystems: the role of MNEs

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Our assertion that RJVs constitute an important economic relationship is predicated on the fact that recent public policy, namely, the National Cooperative Research Act of 1984, was promulgated on the premise that RJVs are such critical elements of our nation’s innovation infrastructure (i.e., our national innovation system) that incentives toward their formation were warranted to reverse the productivity slowdown that plagued the industrial sector in the late 1970s and early 1980s. See Bozeman and Link (2015).

Bozeman et al. (2008) show that it is common for firms, especially small and nascent firms, to partner with a university for both the tacit knowledge embodied in faculty as well as for access to technical equipment.

It is difficult to point to the origin of this literature, but arguably, Ross (1973) was among the first to offer a theoretical solution to the principal-agent problem. Although chronically outdated, the review and critique by Eisenhardt (1989) remains useful. See also Hoskisson et al. (2014) and Peng and Sauerwald (2014).

Relatedly, see Carbonara et al. (2016).

For a review of the foundational theory on RJVs, see Hagedoorn et al. (2000).

See Hall et al. (2001) and Leyden and Link (2013).

For additional insight into universities as research partners, see Link (2015).

This database was formally unveiled at the Conference on Entrepreneurship, Innovation, and Enterprise Dynamics, sponsored by the OECD Working Party on Industry Analysis, on December 8–9, 2014. See Link (2017). The data in the NRJVD were previously used in Bray and Link (2017).

This initial effort by NSF culminated with Link and Bauer (1989).

The CORE database was established and maintained at the University of North Carolina at Greensboro by Link. The CORE database represents what is ostensibly the population of US formal RJVs. For example, the National Science Board (2002, Sect. 4) drew explicitly on the CORE database in its discussion of US research alliances.

It is not uncommon for an organization; such as, for example, the National Center for Manufacturing Sciences to be the lead organization is the formation of a RJV. Only RJVs with lead firms were considered in the construction of our dataset. Efforts to identify and contact the lead firm in each RJV were done outside of the sponsorship of NSF. NSF support of the CORE database ended in 2008.

This conclusion is based on a comparison of the probability density distribution of the number of RJV members for both the CORE database and in the NRJVD. Specifically, based on a Kolmogorov-Smirnov two-sample test, the null hypothesis that the two distributions are the same cannot be rejected even at the 0.10 level: KS = 0.088989, D = 0.177991, KSa = 1.14654, and Pr > KSa = 0.1442.

The regression results in Table 4 below are almost identical if the RJV with 238 members is viewed as an outlier and deleted. These results are available from the authors on request.

Audretsch, D. B. (2015). Everything in its place: entrepreneurship and the strategic management of cities, states and regions. New York: Oxford University Press.CrossRef

Audretsch, D. B., Kuratko, D. F., & Link, A. N. (2015). Making sense of the elusive paradigm of entrepreneurship. Small Business Economics, 45, 703–712.CrossRef

Bozeman, B., & Link, A. N. (2015). Toward an assessment of impacts from U.S. technology and innovation policies. Science and Public Policy, 43, 369–376.CrossRef

Bozeman, B., Hardin, J., & Link, A. N. (2008). Barriers to the diffusion of nanotechnology. Economics of Innovation and New Technology, 17, 751–763.CrossRef

Bray, J. W., & Link, A. N. (2017). Dynamic entrepreneurship: on the performance of U.S. research joint ventures. Small Business Economics. https://doi.org/10.1007/s11187-017-9862-x.

Carbonara, E., Santarelli, E., & Tran, H. T. (2016). De Jure determinants of new firm formation: how the pillars of constitutions influence entrepreneurship. Small Business Economics, 47, 139–162.

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Hall, B. H., Link, A. N., & Scott, J. T. (2001). Barriers inhibiting industry from partnering with universities: evidence from the advanced technology program. Journal of Technology Transfer, 26, 87–98.CrossRef

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Hoskisson, R. E., Arthurs, J. D., White, R. E., & Wyatt, C. (2014). Multiple agency theory: an emerging perspective. In M. Wright, D. Siegel, K. Keasey, & I. Filatotchev (Eds.), The Oxford handbook of corporate governance (pp. 673–702). New York: Oxford University Press.

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Titel: Embracing an entrepreneurial ecosystem: an analysis of the governance of research joint ventures
verfasst von: David B. Audretsch
Albert N. Link
Publikationsdatum: 28.11.2017
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 2/2019
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-017-9953-8

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