1,721,021 research outputs found
Improve Metropolitan Competitiveness Through Innovation. The Critical and Moderating Role of University Spin-offs
No full textAbstractThe paper aims to explore if University spin-offs (USOs) can contribute to the innovative performance of metropolitan areas, as well as, positively, moderate the relationship between innovative performance and competitiveness in metropolitan areas. Based on a sample of 247 USOs, located in 11 Italian metropolitan areas, the results show that spin-out activities stimulate the innovative capabilities of metropolitan areas, which seem not to be influenced by their extent. Additionally, the innovative performance of metropolitan areas seems to increase their competitiveness. Nevertheless, the moderating role of USOs, in the relationship between innovation and competitiveness of the metropolitan area, is positive but slight
Accountability Between Compliance and Legitimacy: Rethinking Governance for Corporate Sustainability
No full textThe Transition in Accounting Paradigms from the Tuscan School to the Venetian School in Italy: A Study of the Contribution of Vincenzo Gitti under the Kuhnian Epistemological Model
No full textThis study analyzes the evolution of paradigms in scienti c accounting related to innovative actions
taken in Italy between 1840 and 1900. Speci cally, it investigates the transition between two opposing schools of
thought during this period: the Tuscan School (antecedent-concomitant paradigm) and the Venetian School
(concomitant-next paradigm). To explore this transition, the Kuhnian epistemological model is applied to examine
Vincenzo Gitti’s contributions to accounting. Gitti, a scholar associated with both the Tuscan and Venetian Schools,
played a signi cant role in shaping their respective paradigms. The ndings reveal a complex transition process
in uenced by a company’s Gestalt perspective, its components, and accounting methods, which are divided between
the old and new paradigms. Nonetheless, there is a discernible tendency toward the new paradigm of the Venetian
School
L'origine accademica condiziona le pratiche di earnings management? Un'analisi sugli spin-off universitari
No full textThis study investigates the relationship between university spin-offs and earnings management, proposing a conceptual framework to assess the integrity of financial reporting within academic-origin firms. Grounded in institutional and stakeholder theories, the study hypothesizes and tests whether university spin-offs are less likely to engage in earnings management compared to similar firms. The analysis includes a sample of 860 Italian university spin-offs from 2014 to 2022, benchmarked against a control group of 5,535 innovative startups unaffiliated with academia. To ensure comparability, Propensity Score Matching (PSM) is applied, and earnings management is measured using Stubben’s (2010) conditional earnings model. Results indicate that university spin-offs engage in earnings management to a lesser extent than other firms, potentially due to the influence of academic governance, which promotes ethical practices, alongside unique stakeholder pressures. These findings suggest that policymakers and university governance bodies could encourage ethical financial practices in spin-offs, enhancing their reputations while fostering innovation and economic growth. This study contributes to the literature by integrating institutional and stakeholder theories to interpret university spin-offs’ financial behaviors, providing insights into the distinctive financial management practices of these enterprises
Board Composition and Innovation in University Spin-offs. Evidence from the Italian Context
Full text linkCorporate governance issues are critical in university spin-offs because, since their substantially knowledge and technology-driven nature, investments are characterized by rapid growth and real investment opportunities, affecting innovative activity too. In this view, the paper investigate the role of the board of directors’ composition on innovation performance of university spin-offs. Based on a panel sample of 478 Italian university spin-offs, the results show that board size has an inverted-U-shaped relationship with innovation, remarking that not too large boards are more efficient and work better, influencing in a positive way the innovation activity of the spin-off. Regarding the impact of the outside directors, the results seems to invalidate its positive and significant effect on innovation performance. Also the CEO-duality seems to have no influence on the innovative activity. These findings may represent potential indicators of the optimal configuration for board in university spin-offs in order to improve innovation
Success determinants of academic spin offs in a dual perspective of analysis: university and local context
No full textSeveral studies highlight the central role played by the support mechanisms adopted by university, aimed at the development of academic spin-offs (ASOs). In addition, other scholars emphasize also the extent and the entrepreneurial as well as the infrastructural support of the local context of ASOs have a significant impact on the effectiveness of the spin-out processes. The paper aims to investigate, on a regional level, the success factors of ASOs – both in terms of financial performance and quantity - from a dual, joint perspective: the university context and the local context. Using a sample of 405 ASOs extracted from Netval database in 2013 and analysing 18 Italian administrative regions, we showed how the two entities observed have a joint effective impact on fostering ASOs success only in terms of companies generated, while their financial performance seems to be only marginally influenced by the mechanisms facilitating entrepreneurship, both within university and local context. This is likely due to the issues related to the high-tech start-up nature of ASOs and to the policies beyond their creation and development
Internal funding, debt and external equity: which of these effectively improve the growth of University Spin-Offs?
No full textThe paper aims to explore the impact of different financing sources on the growth of University Spin-Offs (USOs). It hypothesizes that both internal finance and debt finance have little to no positive effect on the growth of USOs. Whereas, equity finance is expected to have a stronger positive impact, especially in the form of Private Equity/Venture Capital. A panel sample of 621 Italian USOs was investigated over the 2004-2013 period. The results show a small positive impact from internal funding on USOs growth. Debt funding seems to have no impact, while external equity finance has a weak role, even when obtained from Venture Capital/Private Equity. The findings provide evidence that the USOs have financial constraints limiting their growth
The Role of the Entrepreneurial University to Improve Innovation in Region
No full textThe paper aims to explore the impact of patenting activity, university spin-offs (USOs), business incubators and Science Parks on regional innovation. Based on a panel sample of 53 Italian universities, 621 Italian USOs, 543 business incubators and 233 Science Parks for the period 2004-2012, the results show that university patenting activity does not seem to promote the innovation capacity of a region. Similar consideration for university business incubators and Science Parks. However, a more effective role is provided by USOs. Indeed, the scale of the spin-out process is pivotal in the exchanging of innovative output/input from academia to industry. Local governments should act as facilitators in the interchange of knowledge/technology, by planning policy and network towards a more innovative ecosystem
The university-level and local context-level fostering factors of academic spin-offs success performance. The Italian case
No full textCan the contextual environment where academic spin-offs operate affect their success performance and contribute to their development? Is there a difference between the several contextual levels in fostering the academic entrepreneurship processes? In this paper we have tried to answer these very relevant questions through an empirical analysis performed on a sample of 405 companies spun off from Italian universities and extracted from Netval database in 2013. More specifically, the paper goal is to explore the success determinants of academic spin-offs in Italy from a dual level of analysis: the university level and the local context level. Starting from the Resource-Based View Theory and the Knowledge Spillover Theory of Entrepreneurship, we estimated a model to evaluate the impact of the two-level contextual supporting factors of entrepreneurship on academic spin-off performance. Our results showed that academic spin-off success is significantly and positively associated with university-funded research and public funded research, thus emphasizing the relevant role of research and development resources provided by universities and local contexts in contributing to knowledge spillover. The negligible contribution of the remaining contextual variables to the academic entrepreneurship performance, both at university and local context levels, can be likely due to the mediating role played by university in achieving the academic spin- off success that absorbs the direct effects of the fostering factors of entrepreneurship
High-tech entrepreneurial firms’ innovation in different institutional settings. Do venture capital and private equity have complementary or substitute effects?
No full textThe paper explores whether venture capital (VC) and private equity (PE) investments have complementary or substitute effects on innovation in high-tech entrepreneurial firms in different institutional settings, focusing on different levels of capital market development, entrepreneurial culture, and intellectual property rights protection. Using a panel sample of 326 firms from 12 EU countries observed from 2009–2013, the empirical results show that the VC/PE effect on high-tech entrepreneurial firms’ innovation is stronger in countries with a less-developed capital market. This suggests that VC/PE investments play a substitute role. A partial substitute role of VC/PE is also detected in firms located in countries with a low entrepreneurial culture. However, no significant evidence emerged regarding the level of protection of intellectual property rights. The results are generally robust to various econometric specifications. The implications of the resulting framework, the study’s limitations, and opportunities for further research are also discussed
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