IDEAS home Printed from https://ideas.repec.org/p/brh/wpaper/0909.html
   My bibliography  Save this paper

When academia comes to market: does university affiliation reduce the uncertainty of IPOs?

Author

Listed:
  • Damiano Bonardo
  • Stefano Paleari
  • Silvio Vismara

Abstract

Companies obtain significant benefits and resources from university affiliations. Building on recent contributions in the fields of organizational theory and signaling theory, we argue that such relationships redresses investors’ concerns over the legitimacy of firms and acts as an uncertaintyreducing signal. We study the population of university spin-offs that went public in Europe over the last decade, and find that academic affiliation reduces uncertainty and enhances survivability in the long term. Thus, external stakeholders consider this affiliation a valuable and non-substitutable resource. Our results control for a number of characteristics related to firm quality, including measures of intellectual and relational capital as well as corporate governance mechanisms.

Suggested Citation

  • Damiano Bonardo & Stefano Paleari & Silvio Vismara, 2009. "When academia comes to market: does university affiliation reduce the uncertainty of IPOs?," Working Papers 0909, Department of Management, Information and Production Engineering, University of Bergamo.
    • Handle: RePEc:brh:wpaper:0909
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10446/393
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Uschi Backes-Gellner & Arndt Werner, 2007. "Entrepreneurial Signaling via Education: A Success Factor in Innovative Start-Ups," Small Business Economics, Springer, vol. 29(1), pages 173-190, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López & Christian Corsi & Antonio Prencipe, 2018. "The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs," International Entrepreneurship and Management Journal, Springer, vol. 14(4), pages 1111-1130, December.
    2. Fernández-López, Sara & Rodríguez-Gulías, María Jesús & Dios-Vicente, Adrián & Rodeiro-Pazos, David, 2020. "Individual and joint effect of patenting and exporting on the university spin-offs’ survival," Technology in Society, Elsevier, vol. 62(C).
    3. 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.
    4. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Radziszewska Aleksandra, 2014. "Intercultural dimensions of entrepreneurship," Journal of Intercultural Management, Sciendo, vol. 6(2), pages 35-47, April.
    2. Werner, Arndt, 2008. "Do Credit Constraints Matter more for College Dropout Entrepreneurs?," MPRA Paper 11867, University Library of Munich, Germany.
    3. Werner, Arndt, 2011. "Abbruch und Aufschub von Gründungsvorhaben: Eine empirische Analyse mit den Daten des Gründerpanels des IfM Bonn," IfM-Materialien 209, Institut für Mittelstandsforschung (IfM) Bonn.
    4. Mariana Pita & Joana Costa & António Carrizo Moreira, 2021. "Entrepreneurial Ecosystems and Entrepreneurial Initiative: Building a Multi-Country Taxonomy," Sustainability, MDPI, vol. 13(7), pages 1-26, April.
    5. Joern H. Block & Christian O. Fisch & Mirjam van Praag, 2017. "The Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behaviour and consequences of innovative entrepreneurship," Industry and Innovation, Taylor & Francis Journals, vol. 24(1), pages 61-95, January.
    6. Steele C. West & Amin W. Mugera & Ross S. Kingwell, 2021. "Drivers of farm business capital structure and its speed of adjustment: evidence from Western Australia’s Wheatbelt," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 65(2), pages 391-412, April.
    7. Fossen, Frank M. & Büttner, Tobias J.M., 2013. "The returns to education for opportunity entrepreneurs, necessity entrepreneurs, and paid employees," Economics of Education Review, Elsevier, vol. 37(C), pages 66-84.
    8. Chong Yu & Masatoshi Kato, 2024. "Does user entrepreneurship matter for start-up financing? Evidence from Japan," Discussion Paper Series 275, School of Economics, Kwansei Gakuin University.
    9. Seung Hoon D. Chung & Simon C. Parker, 2023. "Founder affiliations: jobseeker reactions and impact on employee recruitment by start-up ventures," Small Business Economics, Springer, vol. 61(1), pages 259-283, June.
    10. Uschi Backes-Gellner & Johannes Mure, 2008. "The Swiss Leading House on Economics of Education, Firm Behaviour and Training Policies," Economics of Education Working Paper Series 0014, University of Zurich, Department of Business Administration (IBW).
    11. Allison, Thomas H. & Davis, Blakley C. & Webb, Justin W. & Short, Jeremy C., 2017. "Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance," Journal of Business Venturing, Elsevier, vol. 32(6), pages 707-725.
    12. Mirjam van Praag & Arjen van Witteloostuijn & Justin van der Sluis, 2009. "Returns for Entrepreneurs versus Employees: The Effect of Education and Personal Control on the Relative Performance of Entrepreneurs vis-a-vis Wage Employees," Tinbergen Institute Discussion Papers 09-111/3, Tinbergen Institute.
    13. Goldbach, Stefan, 2012. "Innovation and Education: Is there a 'Nerd Effect'?," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 62307, Verein für Socialpolitik / German Economic Association.
    14. Jonas Löher & Stefan Schneck & Arndt Werner, 2018. "A research note on entrepreneurs’ financial commitment and crowdfunding success," Venture Capital, Taylor & Francis Journals, vol. 20(3), pages 309-322, July.
    15. Jose Maria Millan & Emilio Congregado & Concepcion Roman & Mirjam van Praag & Andre van Stel, 2011. "The Value of an Educated Population for an Individual's Entrepreneurship Success," Tinbergen Institute Discussion Papers 11-066/3, Tinbergen Institute, revised 06 May 2014.
    16. Mirjam Praag & André Stel, 2013. "The more business owners, the merrier? The role of tertiary education," Small Business Economics, Springer, vol. 41(2), pages 335-357, August.
    17. Faten Ben Slimane & Antoine Rousseau, 2020. "Crowdlending Campaigns for Renewable Energy: Success Factors," Post-Print hal-02371926, HAL.
    18. Mohammed Alharbey & Stefan Van Hemmen, 2021. "Investor Intention in Equity Crowdfunding. Does Trust Matter?," JRFM, MDPI, vol. 14(2), pages 1-20, January.
    19. Thomas Gries & Wim Naudé, 2008. "Entrepreneurship and Regional Economic Growth: Towards A General Theory of Start-Ups," WIDER Working Paper Series RP2008-70, World Institute for Development Economic Research (UNU-WIDER).
    20. Bijedić, Teita & Schröder, Christian & Werner, Arndt & Chen, Xiangyu, 2023. "How do working conditions, network relationships, and institutional support offers effect entrepreneurial intentions of German university scientists?," Technovation, Elsevier, vol. 123(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:brh:wpaper:0909. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: University of Bergamo Library (email available below). General contact details of provider: https://edirc.repec.org/data/diberit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.