Abstract
There is a lack of studies regarding the impact of parent-child relationships on the growth of academic spin-offs (ASOs). The aim of this paper is to investigate whether the presence of the parent university can affect a new venture’s ability to create value after the spin-off is founded. We analyze the engagement of parent universities by examining their different roles in ownership structures and on boards of directors, and we test theoretical hypotheses using a sample of 194 Italian ASOs. Overall, our findings suggest that “neither absent nor too present” is the strategy that the parent university should adopt to support the growth of its spin-offs. These findings contribute to extending the parent-child approach to studies of ASO performance. We provide suggestions for ownership and board composition decisions after spin-off to help universities configure ex ante appropriate actions for the growth of new ventures.
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Notes
For the goals of the current work, it is necessary to focus only on science and engineering. This choice does not limit the field of investigation in a significant manner, as researchers-entrepreneurs from disciplines other than science and engineering were found to account for only 1.6% of the total.
The data collection covered a relatively extended period due to the large amount of data necessary for the study and the difficulties associated with the data extraction procedure (the documents are often in PDF format) and with the codification of qualitative information.
Using 4-year growth rates as the dependent variable only yields one observation per spin-off. In that case, it would be possible to use only cross-sectional estimators, thus losing the information provided by temporal variation in the board and capital composition.
We have not performed QML estimates due to convergence issues associated with such small samples.
Unfortunately, we do not have survey-based data that could account for these differences in university strategies in a more nuanced way. Nonetheless, we thank an anonymous referee for pointing out this issue.
Table 6 only reports estimates of the turning point based on statistically significant linear and quadratic coefficients associated with the share of academics on the board of directors.
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Ferretti, M., Ferri, S., Fiorentino, R. et al. Neither absent nor too present: the effects of the engagement of parent universities on the performance of academic spin-offs. Small Bus Econ 52, 153–173 (2019). https://doi.org/10.1007/s11187-018-0022-8
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DOI: https://doi.org/10.1007/s11187-018-0022-8