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University Knowledge Transfer: Private Ownership, Incentives, and Local Development Objectives

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  • Sharon Belenzon
  • Mark Schankerman

Abstract

We study the impact of private ownership, incentive pay, and local development objectives on university licensing performance. We develop and test a simple contracting model of technology-licensing offices using new survey information together with panel data on U.S. universities for 1995-99. We find that private universities are much more likely to adopt incentive pay than public ones but that ownership does not affect licensing performance conditional on the use of incentive pay. Adopting incentive pay is associated with about 30-40 percent more income per license. Universities with strong local development objectives generate about 30 percent less income per license but are more likely to license to local (in-state) start-up companies. In addition, we show that government constraints on university licensing activity are costly in terms of forgone license income and the creation of start-up companies. These results are robust to controls for observed and unobserved heterogeneity. (c) 2009 by The University of Chicago. All rights reserved..

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Bibliographic Info

Article provided by University of Chicago Press in its journal The Journal of Law and Economics.

Volume (Year): 52 (2009)
Issue (Month): 1 (02)
Pages: 111-144

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Handle: RePEc:ucp:jlawec:v:52:y:2009:i:1:p:111-144

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Web page: http://www.journals.uchicago.edu/JLE/

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Cited by:
  1. Naomi Hausman, 2012. "University Innovation, Local Economic Growth, and Entrepreneurship," Working Papers 12-10, Center for Economic Studies, U.S. Census Bureau.
  2. Anja Schoen & Bruno Pottelsberghe de la Potterie & Joachim Henkel, 2014. "Governance typology of universities’ technology transfer processes," The Journal of Technology Transfer, Springer, vol. 39(3), pages 435-453, June.
  3. Navid Bazzazian & Thomas Åstebro, 2011. "“Universities, Entrepreneurship and Local Economic Development'," ERSA conference papers ersa10p822, European Regional Science Association.
  4. Wipo, 2011. "World Intellectual Property Report 2011- The Changing Face of Innovation," WIPO Economics & Statistics Series, World Intellectual Property Organization - Economics and Statistics Division, number 2011:944, April.
  5. Buenstorf, Guido & Schacht, Alexander, 2013. "We need to talk – or do we? Geographic distance and the commercialization of technologies from public research," Research Policy, Elsevier, vol. 42(2), pages 465-480.
  6. Caldera, Aida & Debande, Olivier, 2010. "Performance of Spanish universities in technology transfer: An empirical analysis," Research Policy, Elsevier, vol. 39(9), pages 1160-1173, November.
  7. Guido Buenstorf & Matthias Geissler, 2009. "Not invented here: Technology licensing, knowledge transfer and innovation based on public research," Papers on Economics and Evolution 2009-20, Philipps University Marburg, Department of Geography.
  8. Federica Rossi, 2014. "The efficiency of universities’ knowledge transfer activities: A multi-output approach beyond patenting and licensing," Working Papers 16, Birkbeck Centre for Innovation Management Research, revised Feb 2014.
  9. Nor'Aini YUSOF & Ismael Younis ABU-JARAD & Mohd Hasanal BADREE, 2012. "The Effectiveness Of Government Incentives To Facilitate An Innovative Housing Delivery System: The Perspective Of Housing Developers," Theoretical and Empirical Researches in Urban Management, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 7(1), pages 55-68, February.
  10. Åstebro, Thomas & Bazzazian, Navid & Braguinsky, Serguey, 2012. "Startups by recent university graduates and their faculty: Implications for university entrepreneurship policy," Research Policy, Elsevier, vol. 41(4), pages 663-677.
  11. Richard Jensen, 2012. "University Startups and Entrepreneurship: New Data, New Results," Working Papers 009, University of Notre Dame, Department of Economics, revised Jul 2012.

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