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The university versus region effect: A variance decomposition of academic spin-off performance
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DOI：10.1002/smj.70095.png)
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Abstract
En 中文
Academic spin-off (ASO) performance has been studied in relation to either specific university-level or regional-level characteristics. However, ASOs originate from universities, which are embedded in regional ecosystems. This nested structure can create an attribution problem when either level is studied in isolation. Consequently, the relative importance of these two different levels for ASO performance has remained ambiguous. To address this ambiguity, we rely on multi-level modeling and use a novel, hand-collected dataset of 3164 ASOs founded between 2010 and 2019 from 212 universities nested within 99 European regions. We find that the region effect matters for about 27% for Return on Assets and 16% for Sales, whereas the university effect is negligible. Our study contributes to research at the nexus of academic entrepreneurship and variance decomposition in strategy.
Keywords:
academic spin-off
firm performance
multi-level
region
variance decomposition
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