Effectiveness University-Based Special Purpose Entities in the Context of Stakeholder Relationship Management Including Value Creation for Stakeholders

Purpose: The purpose of this article is to explore the importance of managing relationships with stakeholders of university-based special purpose entities, taking into account the creation of expected values for them, in improving the effectiveness of these entities. Design/Methodology/Approach: The quantitative research results using a questionnaire survey conducted among managers of university-based special purpose entities in Poland are presented. The data obtained by means of a survey questionnaire were subjected to statistical analysis using non-parametric methods. This made it possible to verify the hypothesis and carry out inference. Findings: Based on the collected research material and the analyses carried out, it was proven that stakeholder relationship management, taking into account value creation for stakeholders, is positively related to the effectiveness of university-based special purpose entities. University-based special purpose entities characterised by distinctive effectiveness are aware of the impact of their key stakeholders on the activities of the SPE, try to know the expectations of different stakeholders towards the SPE, take into account the consequences of not meeting the expectations of different stakeholders, and contact researchers more often. Practical Implications: The article attempts to clarify the untapped potential of SPEs for the commercialisation of research results, which should interest not only SPE managers, but also representatives of the authorities of scientific entities setting up SPEs. Developing a set of effectiveness measures will facilitate decision-making regarding the creation or retention of university-based special purpose entities by indicating their role in the innovation ecosystem and identifying their contribution to the university's development and collaboration with the business community. Adequate measures will allow managers of university-based special purpose entities to demonstrate to their superiors the effects of their work and help them better manage their relationship with the university. Originality/Value: The article fills a research gap in the effectiveness of university-based special purpose entities, particularly concerning the management of stakeholder relations and the creation of expected value for them.