The creation of new technology-based firms at the Spanish public research institutions: an analysis of their financial statements

David Rodeiro, Sara Fernández, Milagros Vivel and Maria Jesús Rodríguez
Authors registered in the RePEc Author Service: Sara Fernández-López

International Journal of Innovation and Learning, 2013, vol. 14, issue 3/4, 405-421

Abstract: Recently, several studies have suggested that spin-off firms are not the most useful of the available pathways for transferring scientific knowledge from public research institutions to industry, even in the countries where the spin-off phenomenon is more extended. This paper carries out a descriptive analysis of the financial statements of 72 new technology-based firms created by the Spanish universities and the Spanish National Research Council between the years 1998 and 2006. We find that, although public research-based spin-offs show positive asset and employment growth rates, they tend to remain relatively small and fail to generate positive returns to their investors. Several directions for redesigning spin-off policy follow from this analysis.

Keywords: spin-offs; new technology based firms; NTBFs; Spain; higher education; Spanish National Research Council; CSIC; size; balance sheet; income statements; return on assets; return on equity; job creation; public research institutions; financial statements; university research; knowledge transer; technology transfer; employment growth; spin-off policy. (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijilea:v:14:y:2013:i:3/4:p:405-421

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