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Spin-offs' linkages to their parent universities over time: The performance implications of equity, geographical proximity, and technological ties

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Title: Spin-offs' linkages to their parent universities over time: The performance implications of equity, geographical proximity, and technological ties
Authors: Bolzani, D
Rasmussen, E
Fini, R
Item Type: Journal Article
Abstract: Research Summary This study explores the impact of parent university linkages on the market performance of university spin‐off firms (USOs). We argue that spin‐offs' performance is not only affected by competencies inherited from their parent universities at start‐up but also by linkages maintained over time. We longitudinally study 551 USOs established between 2000 and 2008 in Italy. Using estimations that account for attrition and endogeneity, we find that equity‐based university linkages increase USOs' market performance and that geographical proximity strengthens this effect. Furthermore, increasing technological ties between USOs' entrepreneurial teams and their parent universities has a detrimental effect on performance, especially for companies that remain geographically proximate to their parent universities. The results have implications for theory and practice related to strategic linkages, alliances, and academic entrepreneurship. Managerial Summary This study explores the extent to which university spin‐off firms (USOs) benefit from maintaining linkages with their parent universities over time. We study 551 USOs established between 2000 and 2008 in Italy, assessing their market performance (i.e., sales revenues) up to 2012. We find that USOs that maintain equity shares with their parent universities have better market performance. This positive effect is stronger for USOs located near their parent universities. In contrast, USOs that maintain close technological ties to their parent universities have worse market performance, especially if located near their parent universities. These findings are relevant to policymakers, university managers, and academic entrepreneurs interested in understanding how to effectively design and manage the different linkages between USOs and their parent universities.
Issue Date: 14-Aug-2020
Date of Acceptance: 20-May-2020
URI: http://hdl.handle.net/10044/1/82466
DOI: 10.1002/sej.1359
ISSN: 1932-4391
Publisher: Wiley
Start Page: 1
End Page: 29
Journal / Book Title: Strategic Entrepreneurship Journal
Copyright Statement: © 2020 Strategic Management Society. This is the accepted version of the following article: Bolzani, D, Rasmussen, E, Fini, R. Spin‐offs' linkages to their parent universities over time: The performance implications of equity, geographical proximity, and technological ties. Strategic Entrepreneurship Journal. 2020; 1– 29, which has been published in final form at https://doi.org/10.1002/sej.1359
Keywords: Social Sciences
Business
Management
Business & Economics
academic entrepreneurship
entrepreneurial growth
market performance
organizational knowledge transfer
parent-child linkages
spin-offs
ENTREPRENEURIAL FIRMS
DEVELOPMENT ALLIANCES
KNOWLEDGE SPILLOVERS
INNOVATION STRATEGY
TEAM COMPOSITION
PANEL-DATA
VENTURE
IMPACT
EVOLUTION
CREATION
Social Sciences
Business
Management
Business & Economics
academic entrepreneurship
entrepreneurial growth
market performance
organizational knowledge transfer
parent-child linkages
spin-offs
ENTREPRENEURIAL FIRMS
DEVELOPMENT ALLIANCES
KNOWLEDGE SPILLOVERS
INNOVATION STRATEGY
TEAM COMPOSITION
PANEL-DATA
VENTURE
IMPACT
EVOLUTION
CREATION
1503 Business and Management
Publication Status: Published online
Embargo Date: 2022-07-14
Online Publication Date: 2020-07-14
Appears in Collections:Imperial College Business School