University-to-industry knowledge transfers and firms’ resilience during the great recession: evidence for Spanish firms

Dolores Añón Higón and Óscar Vicente-Chirivella

Industry and Innovation, 2025, vol. 32, issue 7, 828-857

Abstract: This study examines the relationship between university-to-industry knowledge transfers and firm performance during economic downturns. Using a sample of Spanish manufacturing firms, we evaluate the performance of firms that collaborated with or acquired R&D from universities prior to the Great Recession, focusing on real sales growth relative to their peers. We find that firms that received knowledge transfers from universities outperformed their peers during the ecession, especially in the most affected sectors (as measured by export growth). Notably, the greater resilience associated with these partnerships appears to be limited to small and medium-sized firms. In addition, product differentiation and expansion into new markets appear to be potential mechanisms associated with the greater resilience of firms involved in university knowledge transfers. This is consistent with a shift in their innovation strategy towards exploration during recessions.

Date: 2025
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DOI: 10.1080/13662716.2024.2427089

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