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Economic impact of entrepreneurial universities’ activities: An exploratory study of the United Kingdom

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  • Guerrero, Maribel
  • Cunningham, James A.
  • Urbano, David

Abstract

Throughout economic history, institutions have established the rules that shape human interaction. In this sense, political, socio-cultural, and economic issues respond to particular forces: managed economy or entrepreneurial economy. In the entrepreneurial economy, the dominant production factor is knowledge capital that is the source of competitive advantage, which is complemented by entrepreneurship capital, representing the capacity to engage in and generate entrepreneurial activity. Thus, an entrepreneurial economy generates scenarios in which its members can explore and exploit economic opportunities and knowledge to promote new entrepreneurial phenomena that have not been previously visualised. In this context, the entrepreneurial university serves as a conduit of spillovers contributing to economic and social development through its multiple missions of teaching, research, and entrepreneurial activities. In particular, the outcomes of its missions are associated with the determinants of production functions (e.g. human capital, knowledge capital, social capital, and entrepreneurship capital). All these themes are still considerate potentially in the research agenda in academic entrepreneurship literature. This paper modestly tries to contribute to a better understanding of the economic impact of entrepreneurial universities’ teaching, research, and entrepreneurial activities. Taking an endogenous growth perspective, the proposed conceptual model is tested using data collected from 2005 to 2007 for 147 universities located in 74 Nomenclature of Territorial Units for Statistics-3 (NUTS-3) regions of the United Kingdom. The results of this exploratory analysis show the positive and significant economic impact of teaching, research, and entrepreneurial activities. Interestingly, the higher economic impact of the United Kingdom's entrepreneurial universities (the Russell Group) is explained by entrepreneurial spin-offs. However, our control group composed by the rest of the country's universities, the highest economic impact is associated with knowledge transfer (knowledge capital).

Suggested Citation

  • Guerrero, Maribel & Cunningham, James A. & Urbano, David, 2015. "Economic impact of entrepreneurial universities’ activities: An exploratory study of the United Kingdom," Research Policy, Elsevier, vol. 44(3), pages 748-764.
  • Handle: RePEc:eee:respol:v:44:y:2015:i:3:p:748-764
    DOI: 10.1016/j.respol.2014.10.008
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    Cited by:

    1. Natasha Evers & James A. Cunningham & Thomas Hoholm, 2016. "International entrepreneurship in universities: Context, emergence and actors," Journal of International Entrepreneurship, Springer, vol. 14(3), pages 285-295, September.
    2. repec:kap:jtecht:v:43:y:2018:i:3:d:10.1007_s10961-017-9627-3 is not listed on IDEAS
    3. repec:spr:intemj:v:13:y:2017:i:2:d:10.1007_s11365-016-0401-z is not listed on IDEAS
    4. repec:nup:jrmdke:v:5:y:2017:i:4:577-595 is not listed on IDEAS
    5. Beck, Mathias & Junge, Martin & Kaiser, Ulrich, 2017. "Public Funding and Corporate Innovation," IZA Discussion Papers 11196, Institute for the Study of Labor (IZA).
    6. Tommaso Minola & Davide Donina & Michele Meoli, 2016. "Students climbing the entrepreneurial ladder: Does university internationalization pay off?," Small Business Economics, Springer, vol. 47(3), pages 565-587, October.
    7. Simon Mosey & Maribel Guerrero & Andrew Greenman, 2017. "Technology entrepreneurship research opportunities: insights from across Europe," The Journal of Technology Transfer, Springer, vol. 42(1), pages 1-9, February.
    8. David B. Audretsch & Erik E. Lehmann & Matthias Menter, 2016. "Public cluster policy and new venture creation," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(4), pages 357-381, December.
    9. Junghee Han & Almas Heshmati, 2016. "Determinants Of Financial Rewards From Industry–University Collaboration In South Korea," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 20(07), pages 1-26, October.
    10. repec:kap:jtecht:v:43:y:2018:i:1:d:10.1007_s10961-015-9454-3 is not listed on IDEAS
    11. repec:eee:tefoso:v:123:y:2017:i:c:p:271-282 is not listed on IDEAS
    12. Maribel Guerrero & David Urbano & Alain Fayolle & Magnus Klofsten & Sarfraz Mian, 2016. "Entrepreneurial universities: emerging models in the new social and economic landscape," Small Business Economics, Springer, vol. 47(3), pages 551-563, October.
    13. David Urbano & Sebastian Aparicio & Victor Querol, 2016. "Social progress orientation and innovative entrepreneurship: an international analysis," Journal of Evolutionary Economics, Springer, vol. 26(5), pages 1033-1066, December.
    14. Victoria Galán-Muros & Peter Sijde & Peter Groenewegen & Thomas Baaken, 2017. "Nurture over nature: How do European universities support their collaboration with business?," The Journal of Technology Transfer, Springer, vol. 42(1), pages 184-205, February.
    15. repec:spr:intemj:v:13:y:2017:i:3:d:10.1007_s11365-016-0431-6 is not listed on IDEAS
    16. John Stayton & Vincent Mangematin, 2016. "Startup time, innovation and organizational emergence: A study of USA-based international technology ventures," Journal of International Entrepreneurship, Springer, vol. 14(3), pages 373-409, September.
    17. Mabel Sánchez Barrioluengo & Elvira Uyarra & Fumi Kitagawa, 2016. "The Evolution Of Triple Helix Dynamics: The Case Of English Higher Education Institutions," Working Papers 32, Birkbeck Centre for Innovation Management Research, revised Jul 2016.
    18. Ademar Schmitz & David Urbano & Gertrudes Aparecida Dandolini & João Artur Souza & Maribel Guerrero, 0. "Innovation and entrepreneurship in the academic setting: a systematic literature review," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-27.
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    21. Nora Hesse & Rolf Sternberg, 2017. "Alternative growth patterns of university spin-offs: why so many remain small?," International Entrepreneurship and Management Journal, Springer, vol. 13(3), pages 953-984, September.
    22. repec:eee:respol:v:47:y:2018:i:2:p:363-378 is not listed on IDEAS
    23. Qiantao Zhang & Niall G. MacKenzie & Dylan Jones-Evans & Robert Huggins, 2016. "Leveraging knowledge as a competitive asset? The intensity, performance and structure of universities’ entrepreneurial knowledge exchange activities at a regional level," Small Business Economics, Springer, vol. 47(3), pages 657-675, October.

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