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 2 or 3 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.
Original language | English |
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Pages (from-to) | 101-112 |
Number of pages | 12 |
Journal | Technovation |
Volume | 34 |
Issue number | 2 |
Early online date | 14 Oct 2013 |
DOIs | |
Publication status | Published - Feb 2014 |
Keywords
- University spin-offs
- Productivity
- Substantive capabilities
- Dynamic capabilities