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

Strategic Entrepreneurship Journal, forthcoming

50 Pages Posted:

See all articles by Daniela Bolzani

Daniela Bolzani

Catholic University of the Sacred Heart

Einar Rasmussen

Nord Universtiy

Riccardo Fini

University of Bologna - Department of Management; Imperial College London

Date Written: May 21, 2020

Abstract

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 spin-offs’ 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.

Keywords: academic entrepreneurship, market performance, organizational knowledge transfer, parent-child linkages, entrepreneurial growth, spin-offs.

JEL Classification: O00; O3; O5; L2; L26

Suggested Citation

Bolzani, Daniela and Rasmussen, Einar and Fini, Riccardo, Spin-offs’ linkages to their parent universities over time: The performance implications of equity, geographical proximity, and technological ties (May 21, 2020). Strategic Entrepreneurship Journal, forthcoming , Available at SSRN: https://ssrn.com/abstract=

Daniela Bolzani

Catholic University of the Sacred Heart ( email )

5, Via Necchi
Milan, Milan 20123
Italy

Einar Rasmussen

Nord Universtiy ( email )

Post Office Box 1490
Bodø, Nordland 8049
Norway

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

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