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

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  • Nobuya Fukugawa

    (Tohoku University)

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.

Suggested Citation

  • Nobuya Fukugawa, 2022. "Effects of the quality of science on the initial public offering of university spinoffs: evidence from Japan," Scientometrics, Springer;Akadémiai Kiadó, vol. 127(8), pages 4439-4455, August.
    • Handle: RePEc:spr:scient:v:127:y:2022:i:8:d:10.1007_s11192-022-04433-3
    DOI: 10.1007/s11192-022-04433-3
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    More about this item

    Keywords

    Citation impact; Entrepreneurship; FWCI; Initial public offering; Japan; Quality of science; University spinoffs;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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