The Effect of University Patent Activity on the Performance of University Spin-Offs. A Path Dependency Perspective

The paper aims to study the impact of research activity and its outcomes, incorporated in the patent activity, on the firm success reached by university spin-offs. In detail, following the theoretical arguments related to the path dependency theory, it was stated that the patent activity of university is positively associated with the financial performance of university spin-offs generated, measured in term of ROA index. Using a sample of 692 Italian university spin-offs during the period 2003-2014, the empirical findings confirm the research hypothesis developed. The paper contributes in adding new insights the literature about academic entrepreneurship, particularly regarding the path dependency view of the university spin-off development and performance, which will constitute a fundamental conceptual base for the forthcoming studies on the topic.