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When academia comes to market: does university affiliation reduce the uncertainty of IPOs?

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Author Info

  • Damiano Bonardo

    ()

  • Stefano Paleari

    ()

  • Silvio Vismara

    ()

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    Abstract

    Companies obtain significant benefits and resources from university affiliations. Building on recent contributions in the fields of organizational theory and signaling theory, we argue that such relationships redresses investors’ concerns over the legitimacy of firms and acts as an uncertaintyreducing signal. We study the population of university spin-offs that went public in Europe over the last decade, and find that academic affiliation reduces uncertainty and enhances survivability in the long term. Thus, external stakeholders consider this affiliation a valuable and non-substitutable resource. Our results control for a number of characteristics related to firm quality, including measures of intellectual and relational capital as well as corporate governance mechanisms.

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    File URL: http://hdl.handle.net/10446/393
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    Bibliographic Info

    Paper provided by Department of Economics and Technology Management, University of Bergamo in its series Working Papers with number 0909.

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    Date of creation: 2009
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    Handle: RePEc:brh:wpaper:0909

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    Related research

    Keywords: Academic entrepreneurship; Technology transfer; Resource-Based view; Signaling;

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    1. Uschi Backes-Gellner & Arndt Werner, 2007. "Entrepreneurial Signaling via Education: A Success Factor in Innovative Start-Ups," Small Business Economics, Springer, vol. 29(1), pages 173-190, June.
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