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

Author

Listed:
  • David Rodeiro
  • Sara Fernández
  • Milagros Vivel
  • Maria Jesús Rodríguez

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.

Suggested Citation

  • David Rodeiro & Sara Fernández & Milagros Vivel & Maria Jesús Rodríguez, 2013. "The creation of new technology-based firms at the Spanish public research institutions: an analysis of their financial statements," International Journal of Innovation and Learning, Inderscience Enterprises Ltd, vol. 14(3/4), pages 405-421.
    • Handle: RePEc:ids:ijilea:v:14:y:2013:i:3/4:p:405-421
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    Cited by:

    1. María Jesús Rodríguez-Gulías & Sara Fernández-López & David Rodeiro-Pazos, 2016. "Growth determinants in entrepreneurship: A longitudinal study of Spanish technology-based university spin-offs," Journal of International Entrepreneurship, Springer, vol. 14(3), pages 323-344, September.
    2. María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López, 2017. "The effect of university and regional knowledge spillovers on firms’ performance: an analysis of the Spanish USOs," International Entrepreneurship and Management Journal, Springer, vol. 13(1), pages 191-209, March.

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