Growth determinants in entrepreneurship: A longitudinal study of Spanish technology-based university spin-offs

María Jesús Rodríguez-Gulías (), Sara Fernández-López and David Rodeiro-Pazos ()
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María Jesús Rodríguez-Gulías: Universidade da Coruña
David Rodeiro-Pazos: Universidade de Santiago de Compostela

Journal of International Entrepreneurship, 2016, vol. 14, issue 3, No 4, 323-344

Abstract: Abstract The study explores whether the university origin of a technology-based firm conditions its growth in terms of both sales and employment. The small firm size of a significant percentage of technology-based university spin-offs (T-USOs) puts into question the policies geared towards promoting university entrepreneurship. A sample of 340 Spanish technology-based firms (219 T-USOs and 121 T-non-USOs) was constructed by using the non-parametric technique of propensity score matching and the data refer to the period 2001–2010. Applying panel data methodology, we find that the T-USOs outperform the T-non-USOs. Therefore, the need for support of university-based entrepreneurship by governments and by the universities is justified, because in this way, they are promoting economic growth and social development. By launching T-USOs, universities not only contribute to the economic growth but also to the internationalisation of the economy, as T-USOs show a more international orientation. In addition, the results lead us to emphasise the need to customise university policies aimed at promoting the growth of T-USOs. Given that the study is focused on a ‘moderate innovator’ country, the conclusions and proposals of this paper may be extrapolated to other countries with similar innovation and entrepreneurial ecosystems, namely the Mediterranean and Latin American countries.

Keywords: Technology-based firms; University spin-offs; Sales growth; Employment growth; Propensity score matching; Panel data; Academic entrepreneurship; International entrepreneurship; Empresas de base tecnológica; Spin-off universitarias; Crecimiento ventas; Crecimiento empleo; PSM; Datos de panel; Emprendimiento académico; Emprendimiento internacional (search for similar items in EconPapers)
JEL-codes: M1 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (9)

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DOI: 10.1007/s10843-016-0185-9

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