Effects of the quality of science on the initial public offering of university spinoffs: evidence from Japan

Nobuya Fukugawa ()
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Nobuya Fukugawa: Tohoku University

Scientometrics, 2022, vol. 127, issue 8, No 7, 4439-4455

Abstract: Abstract The systematic application of science plays a critical role in innovation, and universities are the largest source of scientific knowledge. This makes university knowledge transfer critical to the growth of knowledge-based economies. Academic entrepreneurship is a promising route for university knowledge spillover, and the creation of university spinoffs (USOs) has been supported by the national and local governments in Japan. Against a backdrop of recent findings suggesting that the quality of science signals growth potential of USOs, this study examines the relationship between the quality of scientific publications authored by university-based scientists affiliated with USOs and the probability of the firm owner intending the initial public offering. A national government’s USO database combined with Elsevier’s SciVal was analyzed. Estimated random-effects logistic regression models show that citation impact matters more than publication count. Meanwhile, field-weighted citation impact indicators do not exhibit significant effects. Moreover, comparison between USOs that exclusively aim to commercialize university patents and those defined by non-technological aspects emphasizes the heterogeneity in growth strategy among USOs.

Keywords: Citation impact; Entrepreneurship; FWCI; Initial public offering; Japan; Quality of science; University spinoffs (search for similar items in EconPapers)
JEL-codes: L26 M21 O30 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11192-022-04433-3

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