nach oben

International Entrepreneurship and Management Journal

Erschienen in:

23.05.2016

The effect of university and regional knowledge spillovers on firms’ performance: an analysis of the Spanish USOs

verfasst von: María Jesús Rodríguez-Gulías, David Rodeiro-Pazos, Sara Fernández-López

Erschienen in: International Entrepreneurship and Management Journal | Ausgabe 1/2017

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

Previous empirical studies of university spin-off (USO) growth have applied a firm-based approach without modelling how contextual factors may influence firm growth. By adopting an ‘interactionist approach’, this paper tests the hypothesis that the regional and university contexts may partly determine USO growth, together with firms’ internal resources. Using a sample of 531 Spanish USOs located in 16 Spanish regions and launched by 51 universities over the 2001–2013 and applying multilevel modelling with macro- and micro-data, the findings confirmed that regional context, together with firm-specific characteristics, are important for explaining USO growth. More specifically, the presence of venture capitalists, the capacity to generate internal funds, and operating in high-tech industries have a positive effect on USO growth. On the basis of the results, we propose some policies for fostering USO growth.

Vorheriger Artikel How do entrepreneurs think they create value? A scientific reflection of Eric Ries’ Lean Startup approach

Nächster Artikel Asymmetric information as a barrier to knowledge spillovers in expert markets

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

The random effects are assumed to be independent of one another and normally distributed with zero means and constant variances. For the residual errors, we assumed that they have a first-order autoregressive correlation structure, AR (1) (Rabe-Hesketh and Skrondal 2012; Steele 2014). Under an AR (1) model var.(e _ijk) = σ² _e (constant) for all occasions i and cov(e _ijk, e _i’jk) = σ² _e ρ^{|i − i}’^|, so corr(e _ijk, e _i’jk) = ρ^{|i − i}’^|. Thus, the correlation between the responses at occasions i and i’ depends on the length of time between them, and is smaller the further apart occasions i and i’ are (Steele 2014).

It should be noted that the value of L ₁ is now the likelihood value for the two-level occasions-within-USO (Model 2) and differs to that used in the previous LR test. The value of L ₂, on the other hand, is the same. As suggested by Rabe-Hesketh and Skrondal (2012), we divide the p-value by two for testing one variance when another uncorrelated random effect is in the model.

Aceytuno Pérez, M. T., & Cáceres Carrasco, F. R. (2009). Elementos Para elaboración de un Marco de análisis Para el fenómeno de las spin-offs universitarias. Revista de Economía Mundial, 23, 23–52.

Acs, Z., Braunerhjelm, P., Audretsch, D. B., & Carlsson, B. (2009). The knowledge spillover theory of entrepreneurship. Small Business Economics, 32(1), 15–30.CrossRef

Agarwal, R., Audretsch, D., & Sarkar, M. (2010). Knowledge spillovers and strategic entrepreneurship. Strategic Entrepreneurship Journal, 4(4), 271–283.CrossRef

Audretsch, D. B., & Dohse, D. (2007). Location: a neglected determinant of firm growth. Review of World Economics, 143(1), 79–107.CrossRef

Audretsch, D. B., Lehmann, E. E., & Warning, S. (2005). University spillovers and new firm location. Research Policy, 34(7), 1113–1122.CrossRef

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.CrossRef

Barro-Ameneiro, S., & Fernández-López, S. (2015). De la I + D al tejido productivo: Luces y sombras. In La transferencia de I + D, la innovación y el emprendimiento en las universidades: Educación superior en Iberoamérica – Informe 2015 (pp. 471–512). Santiago: CINDA.

Benneworth, P. S., & Charles, D. R. (2005). University spin off companies and the territorial knowledge pool: building regional innovation competencies? European Planning Studies, 13(4), 537–557.CrossRef

Bertoni, F., Colombo, M. G., & Grilli, L. (2011). Venture capital financing and the growth of high-tech start-ups: disentangling treatment from selection effects. Research Policy, 40(7), 1028–1043.CrossRef

Bonardo, D., Paleari, S., & Vismara, S. (2009). When academia comes to market: Does university affiliation reduce the uncertainty of IPOs? Department of Economics and Technology Management, University of Bergamo Working Paper No. 09–2009.

Boshuizen, J., Geurts, P., & Van der Veen, A. (2009). Regional social networks as conduits for knowledge spillovers: explaining performance of high-tech firms. Tijdschrift voor Economische en Sociale Geografie, 100(2), 183–197.CrossRef

Calvo, N., Rodeiro-Pazos, D., Varela, L., & Soares, I. (2013). Are USOs more supported to compete than spin-offs not linked to universities? A dynamic overview and proposal of model of USOs support. International Journal of Innovation and Learning, 14(3/4), 271–288.CrossRef

Cantner, U., & Goethner, M. (2011). Performance differences between academic spin-offs and non-academic start-ups: A comparative analysis using a non-parametric matching approach. Presented at the DIME Final Conference, 6–8 April, Maastricht.

Chiesa, V., & Piccaluga, A. (2000). Exploitation and diffusion of public research: the case of academia spin-off companies in Italy. R&D Management, 30(4), 329–340.CrossRef

Coad, A. (2009). The growth of firms: A survey of theories and empirical evidence. Cheltenham: Edward Elgar.CrossRef

Cohen, W. M., Nelson, R. R., & Walsh, J. P. (2002). Links and impacts: the influence of public research on industrial R&D. Management Science, 48(1), 1–23.CrossRef

Colombo, M. G., & Grilli, L. (2010). On growth drivers of high-tech start-ups: exploring the role of founders’ human capital and venture capital. Journal of Business Venturing, 25(6), 610–626.CrossRef

Colombo, M. G., & Piva, E. (2005). Are academic start-ups different? IRiS Working Paper: A matched pair analysis.

Corsi, C., & Prencipe, A. (2015). University and local context-level success factors of academic spin-off performance: the Italian case. Journal of Management and Marketing, 3(1), 12–26.

Criaco, G., Minola, T., Serarols-Tarres, C., & Bhatiya, A. Y. (2013). Companies spun out of universities: different typologies for different performance patterns. In F. Thérin (Ed.), Handbook of research on techno-entrepreneurship (2nd ed., pp. 235–261). Cheltenham: Edward Elgar.

Di Gregorio, D., & Shane, S. (2003). Why do some universities generate more start-ups than others? Research Policy, 32(2), 209–227.CrossRef

Djokovic, D., & Souitaris, V. (2008). Spinouts from academic institutions: a literature review with suggestions for further research. The Journal of Technology Transfer, 33(3), 225–247.CrossRef

Ensley, M. D., & Hmieleski, K. M. (2005). A comparative study of new venture top management team composition, dynamics and performance between university-based and independent start-ups. Research Policy, 34(7), 1091–1105.CrossRef

Etzkowitz, H., Webster, A., Gebhardt, C., & Terra, B. R. C. (2000). The future of the university and the university of the future: evolution of ivory tower to entrepreneurial paradigm. Research Policy, 29(2), 313–330.CrossRef

Ferguson, R., & Olofsson, C. (2004). Science parks and the development of NTBFs: location, survival and growth. The Journal of Technology Transfer, 29(1), 5–17.CrossRef

Fernandes, C. I., & Ferreira, J. J. M. (2013). Knowledge spillovers: cooperation between universities and KIBS. R&D Management, 43(5), 461–472.CrossRef

Fernandes, C. I., Ferreira, J. J. M., & Raposo, M. L. (2013). Drivers to firm innovation and their effects on performance: an international comparison. International Entrepreneurship and Management Journal, 9(4), 557–580.CrossRef

Fernández-López, S., Pérez-Astray, B., Rodeiro-Pazos, D., & Calvo, N. (2015). Are firms interested in collaborating with universities? An open-innovation perspective in countries of the south west European space. Service Business, 9(4), 637–662.CrossRef

Fini, R., Grimaldi, R., & Sobrero, M. (2009). Factors fostering academics to start up new ventures: an assessment of Italian founders’ incentives. The Journal of Technology Transfer, 34(4), 380–402.CrossRef

George, G., Zahra, S. A., & Wood Jr., D. R. (2002). The effects of business–university alliances on innovative output and financial performance: a study of publicly traded biotechnology companies. Journal of Business Venturing, 17(6), 577–609.CrossRef

Grant, R. M. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, 17(S2), 109–122.CrossRef

Guerini, M., & Rossi-Lamastra, C. (2014). How university and industry knowledge interact to determine local entrepreneurship. Applied Economics Letters, 21(8), 513–516.CrossRef

Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2013). Who creates jobs? Small versus large versus young. The Review of Economics and Statistics, XCV(2), 347–361.CrossRef

Harrison, R. T., & Leitch, C. M. (2007). Dynamics of university spin-out companies: entrepreneurial ventures or technology lifestyle businesses? In B. Clarysse, J. Roure, & T. Schamp (Eds.), Entrepreneurship and the financial community: Starting up and growing new businesses (pp. 149–160). Edward Elgar: Cheltenham.

Hayter, C. S. (2010). The open innovation imperative: Perspectives on success from faculty entrepreneurs. Washington, DC: George Washington University.

Hellerstedt , K., Wennberg , K., & Frederiksen, L. (2014). University Knowledge Spillovers and regional start-up rates: supply and Demand-Side Factors. In Corbett, Siegel and Katz (Eds.) Advances in Entrepreneurship, Firm Emergence, and Growth (16, pp.137–168). Bingley: Emerald Group Publishing Limited.

Hollanders, H., Es-Sadki, N., Buligescu, B., Rivera León, L., Griniece, E., & Roman, L. (2014). Innovation union scoreboard 2014. Brussels: European Union.

Klepper, S. (2007). Disagreements, spinoffs, and the evolution of Detroit as the capital of the U.S. automobile industry. Management Science, 53(4), 616–631.CrossRef

Lawton Smith, H., & Ho, K. (2006). Measuring the performance of Oxford university, Oxford Brookes University and the government laboratories’ spin-off companies. Research Policy, 35(10), 1554–1568.CrossRef

Leckie, G. (2013). Three-level multilevel models – concepts. LEMMA VLE Module 11, 1–47. http://www.bristol.ac.uk/cmm/learning/course.html. Accessed 15 October 2015.

Lejpras, A. (2012). How innovative are spin-offs at later stages of development? Comparing innovativeness of established research spin-offs and otherwise created firms. DIW Berlin Discussion Paper No. 1237.

Lockett, A., Siegel, D., Wright, M., & Ensley, M. D. (2005). The creation of spin-off firms at public research institutions: managerial and policy implications. Research Policy, 34(7), 981–993.CrossRef

Löwegren, M., & Bengtsson, L. (2010). University spin-offs in Sweden: a longitudinal study. Industry & Higher Education, 24(3), 219–225.CrossRef

Mustar, P., Wright, M., & Clarysse, B. (2008). University spin-off firms: lessons from ten years of experience in Europe. Science and Public Policy, 35(2), 67–80.CrossRef

O’Shea, R. P., Allen, T. J., Chevalier, A., & Roche, F. (2005). Entrepreneurial orientation, technology transfer and spinoff performance of U.S. universities. Research Policy, 34(7), 994–1009.CrossRef

O’Shea, R. P., Allen, T. J., Morse, K. P., O’Gorman, C., & Roche, F. (2007). Delineating the anatomy of an entrepreneurial university: the Massachusetts Institute of Technology experience. R&D Management, 37(1), 1–16.

Ortín, P., & Vendrell, F. (2014). University spin-offs vs. other NTBFs: productivity differences at the outset and evolution. Technovation, 34(2), 101–112.CrossRef

Ortín, P., Salas, V., Trujillo, M., & Vendrell, F. (2007). El spin-off universitario en España Como Modelo de creación de empresas intensivas en tecnología, Ministerio de Economía, Turismo y Comercio. Madrid: Secretaría General de Industria. DGPYME.

Ortín, P., Salas, V., Trujillo, M., & Vendrell, F. (2008). La creación de spin-off universitarios en España: Características, determinantes y resultados. Economía industrial, 368, 79–95.

Penrose, E. T. (1959). The theory of the growth of the firm. Oxford: Basil Blackwell.

Pirnay, F., Surlemont, B., & Nlemvo, F. (2003). Toward a typology of university spin-offs. Small Business Economics, 21(4), 355–369.CrossRef

Rabe-Hesketh, S., & Skrondal, A. (2012). Multilevel and longitudinal modeling using Stata (Vols. I + II (3rd ed.). College Station, TX: Stata Press.

Raspe, O., & Van Oort, F. (2009). Localized knowledge externalities and firms: an intrinsic multilevel issue. In Presented at the Firb-Risc conference: research and entrepreneurship in the knowledge-based economy, 7–8 September. Milan: KITeS-Cespri, Bocconi University.

Red OTRI de Universidades (CRUE) (2007). Informe RedOTRI 2007. Madrid: RedOTRI Universidades/CRUE. http://www.crue.org/Publicaciones/Documents/Informe%20Redotri/Informe_2007.pdf

Rodeiro-Pazos, D., Fernández-López, S., Rodríguez-Sandiás, A., & Otero-González, L. (2008). La creación de empresas en el sistema universitario español. Santiago de Compostela: Universidade de Santiago de Compostela.

Rodeiro, D., Fernández, S., Vivel, M., & Rodríguez, M. J. (2013). The creation of new technology-based firms at the Spanish public research institutions: an analysis of their financial statements. International Journal of Innovation and Learning, 14(3/4), 405–421.CrossRef

Rodríguez-Gulías, M. J., Rodeiro-Pazos, D., & Fernández-López, S. (2015). The regional effect on the innovative performance of university spin-offs: a multilevel approach. Journal of the Knowledge Economy. doi:10.1007/s13132-015-0287-y.

Rodríguez-Gulías, M. J., Rodeiro-Pazos, D., & Fernández-López, S. (2016). Impact of venture capital on the growth of university spin-offs. In M. Peris-Ortiz, J. J. Ferreira, L. Farinha, & N. O. Fernandes (Eds.), Multiple helix ecosystems for sustainable competitiveness. Cham: Springer International.

Salvador, E. (2011). How effective are research spin-off firms in. Italy? Revue d’Économie Industrielle, 133(1), 99–122.CrossRef

Siegel, D. S., Wright, M., & Lockett, A. (2007). The rise of entrepreneurial activity at universities: organizational and societal implications. Industrial and Corporate Change, 16(4), 489–504.CrossRef

Steele, F. (2014). Multilevel modelling of repeated measures data. LEMMA VLE Module 15, 1–62. http://www.bristol.ac.uk/cmm/learning/course.html. Accessed 10 November 2015.

Teixeira, A. A. C., & Grande, M. (2013). Determinants of the economic performance of Portuguese academic spin-offs: do science & technology infrastructures and support matter? Universidade do Porto, FEP working paper No. 502.

Van Oort, F. G., Burger, M. J., Knoben, J., & Raspe, O. (2012). Multilevel approaches and the firm-agglomeration ambiguity in economic growth studies. Journal of Economic Surveys, 26(3), 468–491.CrossRef

Vendrell, F., & Ortín, P. (2010). Evolución comparada de los spin-offs universitarios españoles. Clm.economía, 16, 345–379.

Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the development of university high-tech spinout companies. Research Policy, 33(1), 147–175.CrossRef

Wennberg, K., Wiklund, J., & Wright, M. (2011). The effectiveness of university knowledge spillovers: performance differences between university spinoffs and corporate spinoffs. Research Policy, 40(8), 1128–1143.CrossRef

Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.CrossRef

Wright, M., Clarysse, B., Mustar, P., & Lockett, A. (2008). Academic entrepreneurship in Europe. Cheltenham: Edward Elgar.

Zahra, S. A., Van de Velde, E., & Larrañeta, B. (2007). Knowledge conversion capability and the performance of corporate and university spin-offs. Industrial and Corporate Change, 16(4), 569–608.CrossRef

Zhang, J. (2009). The performance of university spin-offs: an exploratory analysis using venture capital data. The Journal of Technology Transfer, 34(3), 255–285.CrossRef

Titel: The effect of university and regional knowledge spillovers on firms’ performance: an analysis of the Spanish USOs
verfasst von: María Jesús Rodríguez-Gulías
David Rodeiro-Pazos
Sara Fernández-López
Publikationsdatum: 23.05.2016
Verlag: Springer US
Erschienen in: International Entrepreneurship and Management Journal / Ausgabe 1/2017
Print ISSN: 1554-7191
Elektronische ISSN: 1555-1938
DOI: https://doi.org/10.1007/s11365-016-0399-2

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 1/2017

May business mentors act as opportunity brokers and enablers among university students?

Characteristics of high-growth entrepreneurs in Latin America

How do entrepreneurs think they create value? A scientific reflection of Eric Ries’ Lean Startup approach

High-growth firms: does location matter?

Antecedents of the small firm effect: the role of knowledge spillover and blocked mobility for employee entrepreneurial intentions

Asymmetric information as a barrier to knowledge spillovers in expert markets

Premium Partner