Elements and Effects of the Corporate Governance on the Capital Structure in University Spin-Offs. Evidences from the Italian Context

Scholars remark that the funding gap is one of the most problems for the full development of university spin-offs (USOs). Thus, the choices related to the capital structure of USOs have theoretical and practical implication. The paper aims to study the emerging impact of the corporate governance on the capital structure of USOs. In detail, it was assumed that managerial ownership, board size and independent directors can negatively affect the firm’ leverage. Based on a sample of 418 Italian USOs over the period 2010-2014, the findings confirm the hypothesized effects, suggesting the critical role of the corporate governance in the financial issues of USOs. The paper provides new insights, although partial, about the corporate governance and financial dynamics of USOs.