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Date: | 2014 |
Abstract: | Previous empirical research suggests that university spin-offs under-perform in economic terms compared to other new technology-based firms (NTBFs) in their early years. The usual explanations suggest a lower capabilities endowment of university spin-offs compared to other NTBFs. Using a longitudinal Spanish dataset we compare the evolution of firms' total factor productivity (capabilities endowment) in both kinds of firm. Productivity grew faster in university spin-offs and their initial underperformance disappeared after two or three years of operation. The evidence therefore suggests that university spin-offs have lower initial substantive capabilities but greater dynamic capabilities than independent NTBFs. Possible explanations are discussed. |
Rights: | Tots els drets reservats. |
Language: | Anglès |
Document: | Article ; recerca ; Versió acceptada per publicar |
Subject: | University spin-offs ; Productivity ; Substantive capabilities ; Dynamic capabilities |
Published in: | Technovation, Vol. 34 Núm. 2 (February 2014) , p. 101-112, ISSN 1879-2383 |
Post-print 40 p, 562.2 KB |