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The Halo Effect and Technology Licensing: The Influence of Institutional Prestige on the Licensing of University Inventions

  • Wesley David Sine

    ()

    (Robert H. Smith School of Business, University of Maryland, 3314 Van Munching Hall, College Park, Maryland 20742)

  • Scott Shane

    ()

    (Robert H. Smith School of Business, University of Maryland, 3321 Van Munching Hall, College Park, Maryland 20742)

  • Dante Di Gregorio

    ()

    (Robert H. Smith School of Business, University of Maryland, 3321 Van Munching Hall, College Park, Maryland, and Anderson School of Management, University of New Mexico, Albuquerque, New Mexico 87131)

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    Sociologists and organizational theorists have long claimed that the processes of knowledge creation and distribution are fundamentally social. Following in this tradition, we explore the effect of institutional prestige on university technology licensing. Empirically, we examine the influence of university prestige on the annual rate of technology licensing by 102 universities from 1991--1998. We show that institutional prestige increases a university's licensing rate over and above the rate that is explained by the university's past licensing performance. Because licensing success positively impacts future invention production, we argue that institutional prestige leads to stratification in the creation and distribution of university-generated knowledge.

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    File URL: http://dx.doi.org/10.1287/mnsc.49.4.478.14416
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    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 49 (2003)
    Issue (Month): 4 (April)
    Pages: 478-496

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    Handle: RePEc:inm:ormnsc:v:49:y:2003:i:4:p:478-496
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    1. Etzkowitz, Henry, 1998. "The norms of entrepreneurial science: cognitive effects of the new university-industry linkages," Research Policy, Elsevier, vol. 27(8), pages 823-833, December.
    2. Franklin Allen, 1984. "Reputation and Product Quality," RAND Journal of Economics, The RAND Corporation, vol. 15(3), pages 311-327, Autumn.
    3. Rebecca Henderson & Adam B. Jaffe & Manuel Trajtenberg, 1998. "Universities As A Source Of Commercial Technology: A Detailed Analysis Of University Patenting, 1965-1988," The Review of Economics and Statistics, MIT Press, vol. 80(1), pages 119-127, February.
    4. Bray, Michael J. & Lee, James N., 2000. "University revenues from technology transfer: Licensing fees vs. equity positions," Journal of Business Venturing, Elsevier, vol. 15(5-6), pages 385-392.
    5. Maryann Feldman & Irwin Feller & Janet Bercovitz & Richard Burton, 2002. "Equity and the Technology Transfer Strategies of American Research Universities," Management Science, INFORMS, vol. 48(1), pages 105-121, January.
    6. Rosenberg, Nathan & Nelson, Richard R., 1994. "American universities and technical advance in industry," Research Policy, Elsevier, vol. 23(3), pages 323-348, May.
    7. Mansfield, Edwin, 1998. "Academic research and industrial innovation: An update of empirical findings1," Research Policy, Elsevier, vol. 26(7-8), pages 773-776, April.
    8. Jaffe, Adam B, 1989. "Real Effects of Academic Research," American Economic Review, American Economic Association, vol. 79(5), pages 957-70, December.
    9. Mowery, David C. & Nelson, Richard R. & Sampat, Bhaven N. & Ziedonis, Arvids A., 2001. "The growth of patenting and licensing by U.S. universities: an assessment of the effects of the Bayh-Dole act of 1980," Research Policy, Elsevier, vol. 30(1), pages 99-119, January.
    10. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August.
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