University spinf-offs vs. other NTBFs : total factor productivity differences at outset and evolution
Ortín Ángel, Pedro 1968 (Universitat Autònoma de Barcelona. Departament d'Empresa)
Vendrell Herrero, Ferran (Instituto Vasco de Competitividad. Orkestra)

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 0166-4972

DOI: 10.1016/j.technovation.2013.09.006

Post-print 40 p, 562.2 KB

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