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The performance of university spin-offs: an exploratory analysis using venture capital data

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  • Junfu Zhang

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Abstract

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Suggested Citation

  • Junfu Zhang, 2009. "The performance of university spin-offs: an exploratory analysis using venture capital data," The Journal of Technology Transfer, Springer, vol. 34(3), pages 255-285, June.
  • Handle: RePEc:kap:jtecht:v:34:y:2009:i:3:p:255-285 DOI: 10.1007/s10961-008-9088-9
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    References listed on IDEAS

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    1. Lynne G. Zucker & Michael R. Darby & Maximo Torero, 2002. "Labor Mobility from Academe to Commerce," Journal of Labor Economics, University of Chicago Press, vol. 20(3), pages 629-660, July.
    2. Smilor, Raymond W. & Gibson, David V. & Dietrich, Glenn B., 1990. "University spin-out companies: Technology start-ups from UT-Austin," Journal of Business Venturing, Elsevier, vol. 5(1), pages 63-76, January.
    3. Céline Druilhe & Elizabeth Garnsey, 2004. "Do Academic Spin-Outs Differ and Does it Matter?," The Journal of Technology Transfer, Springer, vol. 29(3_4), pages 269-285, August.
    4. Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-387, May.
    5. Di Gregorio, Dante & Shane, Scott, 2003. "Why do some universities generate more start-ups than others?," Research Policy, Elsevier, vol. 32(2), pages 209-227, February.
    6. Mike Wright & Ajay Vohora & Andy Lockett, 2004. "The Formation of High-Tech University Spinouts: The Role of Joint Ventures and Venture Capital Investors," The Journal of Technology Transfer, Springer, vol. 29(3_4), pages 287-310, August.
    7. Gompers, Paul & Lerner, Josh, 2000. "Money chasing deals? The impact of fund inflows on private equity valuation," Journal of Financial Economics, Elsevier, vol. 55(2), pages 281-325, February.
    8. Scott Shane & Toby Stuart, 2002. "Organizational Endowments and the Performance of University Start-ups," Management Science, INFORMS, vol. 48(1), pages 154-170, January.
    9. Wright, Mike & Lockett, Andy & Clarysse, Bart & Binks, Martin, 2006. "University spin-out companies and venture capital," Research Policy, Elsevier, vol. 35(4), pages 481-501, May.
    10. Kenney, Martin & Richard Goe, W., 2004. "The role of social embeddedness in professorial entrepreneurship: a comparison of electrical engineering and computer science at UC Berkeley and Stanford," Research Policy, Elsevier, vol. 33(5), pages 691-707, July.
    11. Shaker A. Zahra & Els Van de Velde & Bárbara Larrañeta, 2007. "Knowledge conversion capability and the performance of corporate and university spin-offs," Industrial and Corporate Change, Oxford University Press, vol. 16(4), pages 569-608, August.
    12. Robert Lowe & Claudia Gonzalez-Brambila, 2007. "Faculty Entrepreneurs and Research Productivity," The Journal of Technology Transfer, Springer, vol. 32(3), pages 173-194, June.
    13. O'Shea, Rory P. & Allen, Thomas J. & Chevalier, Arnaud & Roche, Frank, 2005. "Entrepreneurial orientation, technology transfer and spinoff performance of U.S. universities," Research Policy, Elsevier, vol. 34(7), pages 994-1009, September.
    14. Steffensen, Morten & Rogers, Everett M. & Speakman, Kristen, 2000. "Spin-offs from research centers at a research university," Journal of Business Venturing, Elsevier, vol. 15(1), pages 93-111, January.
    15. Maryann Feldman & Pierre Desrochers, 2003. "Research Universities and Local Economic Development: Lessons from the History of the Johns Hopkins University," Industry and Innovation, Taylor & Francis Journals, vol. 10(1), pages 5-24.
    16. Cochrane, John H., 2005. "The risk and return of venture capital," Journal of Financial Economics, Elsevier, vol. 75(1), pages 3-52, January.
    17. Robert A. Lowe & Arvids A. Ziedonis, 2006. "Overoptimism and the Performance of Entrepreneurial Firms," Management Science, INFORMS, vol. 52(2), pages 173-186, February.
    18. Nerkar, Atul & Shane, Scott, 2003. "When do start-ups that exploit patented academic knowledge survive?," International Journal of Industrial Organization, Elsevier, vol. 21(9), pages 1391-1410, November.
    19. Agarwal, Rajshree & Echambadi, Raj & Franco, April M. & Sarkar, M. B., 2002. "Knowledge Transfer through Congenital Learning: Spin-Out Generation, Growth and Survival," Working Papers 02-0101, University of Illinois at Urbana-Champaign, College of Business.
    20. Link, Albert N. & Scott, John T., 2005. "Opening the ivory tower's door: An analysis of the determinants of the formation of U.S. university spin-off companies," Research Policy, Elsevier, vol. 34(7), pages 1106-1112, September.
    21. Bart Clarysse & Mike Wright & Andy Lockett & Philippe Mustar & Mirjam Knockaert, 2007. "Academic spin-offs, formal technology transfer and capital raising," Industrial and Corporate Change, Oxford University Press, vol. 16(4), pages 609-640, August.
    22. Lockett, Andy & Siegel, Donald & Wright, Mike & Ensley, Michael D., 2005. "The creation of spin-off firms at public research institutions: Managerial and policy implications," Research Policy, Elsevier, vol. 34(7), pages 981-993, September.
    23. Donald S. Siegel & Mike Wright & Andy Lockett, 2007. "The rise of entrepreneurial activity at universities: organizational and societal implications," Industrial and Corporate Change, Oxford University Press, vol. 16(4), pages 489-504, August.
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    More about this item

    Keywords

    University spin-off; Academic entrepreneur; Technology transfer; Venture capital; Entrepreneurship; M13; L25;

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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