University spin-offs vs. other NTBFs: Total factor productivity differences at outset and evolution

Pedro Ortín-Ángel, Ferran Vendrell-Herrero

Research output: Contribution to journalArticleResearchpeer-review

46 Citations (Scopus)

Abstract

Previous empirical research suggests that university spin-offs under-perform in economic terms compared to other new technology-based firms (NTBFs) in their early years. The usual explanations suggest a lower capabilities endowment of university spin-offs compared to other NTBFs. Using a longitudinal Spanish dataset we compare the evolution of firms′ total factor productivity (capabilities endowment) in both kinds of firm. Productivity grew faster in university spin-offs and their initial underperformance disappeared after 2 or 3 years of operation. The evidence therefore suggests that university spin-offs have lower initial substantive capabilities but greater dynamic capabilities than independent NTBFs. Possible explanations are discussed. © 2013 Elsevier Ltd.
Original languageEnglish
Pages (from-to)101-112
JournalTechnovation
Volume34
DOIs
Publication statusPublished - 1 Feb 2014

Keywords

  • Dynamic capabilities
  • Productivity
  • Substantive capabilities
  • University spin-offs

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