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http://ssrn.com/abstract=1719019
 
 

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Complements or Substitutes? The Role of Universities and Local Context in Supporting the Creation of Academic Spin-offs


Riccardo Fini


University of Bologna - Department of Management; Imperial College London

Rosa Grimaldi


University of Bologna - Department of Management

Simone Santoni


University of Bologna - Department of Management

Maurizio Sobrero


University of Bologna - Department of Management

December 2, 2010

Research Policy, Vol. 40, pp. 1113–1127, 2011

Abstract:     
In this paper, we analyze the extent to which University-Level Support Mechanisms (ULSMs) and Local-Context Support Mechanisms (LCSMs) complement or substitute for each other in fostering the creation of academic spin-offs. Using a sample of 404 companies spun off from the 64 Italian Science, Technology, Engineering, and Mathematics universities (STEM universities) over the 2000-2007 period, we show that the ULSMs’ marginal effect on universities' spin-off productivity may be positive or negative depending on the contribution offered by different LCSMs. Specifically, in any given region, ULSMs complement the legislative support offered to high-tech entrepreneurship whereas they have a substitution effect with regard to the amount of regional social capital, regional financial development, the presence of a regional business incubator, regional public R&D expenses as well as the level of innovative performance in the region. Results support the idea that regional settings’ idiosyncrasies should be considered for universities to develop effective spin-off support policies. This paper contributes to the debate on the evaluation of economic policies supporting entrepreneurship.

Number of Pages in PDF File: 15

Keywords: Academic entrepreneurship, Academic spin-offs, University-level support mechanisms, Local-context support mechanisms, Technology transfer

JEL Classification: M13, O3

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Date posted: December 5, 2010 ; Last revised: May 1, 2013

Suggested Citation

Fini, Riccardo and Grimaldi, Rosa and Santoni, Simone and Sobrero, Maurizio, Complements or Substitutes? The Role of Universities and Local Context in Supporting the Creation of Academic Spin-offs (December 2, 2010). Research Policy, Vol. 40, pp. 1113–1127, 2011. Available at SSRN: http://ssrn.com/abstract=1719019

Contact Information

Riccardo Fini (Contact Author)
University of Bologna - Department of Management ( email )
Via Terracini 28
Bologna, 40131
Italy
HOME PAGE: http://www.unibo.it/faculty/riccardo.fini
Imperial College London ( email )
South Kensington Campus
London SW7 2AZ, DC
United Kingdom
HOME PAGE: http://www3.imperial.ac.uk/people/r.fini
Rosa Grimaldi
University of Bologna - Department of Management ( email )
Piazza Scaravilli 1
Bologna, Bologna 40126
Italy
Simone Santoni
University of Bologna - Department of Management ( email )
Via Umberto Terracini, 28
Bologna, Bologna 40131
Italy
(+39) 051 2090214 (Phone)
HOME PAGE: http://https://sites.google.com/site/simsantoni/
Maurizio Sobrero
University of Bologna - Department of Management ( email )
Via Capo di Lucca 34
40126 Bologna, Bologna 40126
Italy
+39 051 2098076 (Phone)
Feedback to SSRN


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