The importance of management in the university spin-offs development. Organizational and financial analysis
##plugins.themes.bootstrap3.article.main##
##plugins.themes.bootstrap3.article.sidebar##
Published
18-09-2018
David Rodeiro Pazos
Nuria Calvo Babío
Sara Fernández López
Abstract
The number of university spin offs in the Spanish University System have increased in the last years. However, these companies still have to face financial and organizational problems, like the lack of management abilities of their founder members. Based on a panel of 72 spin offs created in Spain in the last decade, this paper analyzes the main problems of these companies, and proposes financial and organizational tools to solve some of them. As a results of this previous research, we describe, on the one hand, a series of applied initiatives in organizational design and human resources policies. On the other hand, from a financial perspective, we propose the use of venture capital resource as potential financial instrument. This paper contributes to increase the data frame of university spin offs in Spain, and proposes new approaches to support the management abilities of entrepreneurs, through the proposal of applied organizational and financial tools.
How to Cite
Rodeiro Pazos, D., Calvo Babío, N., & Fernández López, S. (2018). The importance of management in the university spin-offs development. Organizational and financial analysis. Cuadernos De Gestión, 12(1), 59–81. https://doi.org/10.5295/cdg.100211dr
##plugins.themes.bootstrap3.article.details##
Keywords
University spin-offs, financial issues, management abilities, venture capital
References
ACEYTUNO, Mª. y DE PAZ, M. (2008): “La creación de spin-off universitarias. El caso de la universidad de Huelva”, Economía Industrial, Nº 368, pp. 97-111.
AGUADO, R; CONGREGADO, E. y MILLÁN, J. (2002): “Entrepreneurship, financiación e innovación. La situación en la Unión Europea”, Economía Industrial, Nº 347, pp. 125-134.
ANDERSSON, F.; BROWN, C.; CAMPBELL, B.; CHIANG, H. y YOOKI, P. (2008): “The Effects of HRM Practices and R&D Investment on Worker Productivity”, en S. Bender, J. Lane, K.L. Shaw, F. Andersson, and T. von Wachter (eds.) The Analysis of Firms and Employees: Quantitative and Qualitative Approaches, University of Chicago Press, pp. 19-43.
BANK OF ENGLAND (2003): Finance for Small Firms-A Ninth Report, London, Bank of England.
BELLINI, N. y PICCALUGA, A. (2000): “The role of university in constituency-building for industrial and territorial innovation: reflections on an Italian experience”, en Lopez-Martinez R., Piccaluga A. (eds.), Knowledge Flows in National Systems of Innovation, Edward Elgar, Cheltenham, pp. 122-154.
BODEN, R. y NUCCI, A. (2000): “On the survival prospects of man´s and woman´s new business ventures”, Journal of Business Venturing, Vol. 15, Nº 4, pp. 347-362.
BONACHE, J. y CABRERA, A. (2005): Dirección de personas. Evidencias y perspectivas para el siglo XXI, Madrid, Prentice Hall. Financial Times, 2ª ed.
BRAY, M. J. y LEE, J. N. (2000): “University Revenues from Technology Transfer: Licensing Fees vs Equity Positions”, Journal of Business Venturing, Vol. 15, Nº 5-6, pp. 385-392.
BROOKS, H. y RANDAZZESE, L. (1998): “University–industry relations: the next 4 years and beyond” en Branscomb, L. y Keller, J. (Eds.), Investing in Innovation: Creating a Research and Innovation Policy that Works, Cambridge, MIT Press, MA.
BROWN, J.; EARLE, J. y LUP, D. (2004): “What Makes Small Firms Grow? Finance, Human Capital, Technical Assistance, and the Business Environment in Romania”, IZA discussion paper Nº 1343, Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor, October 2004.
BRUDERL, J.; PREISENDORFER, P. y ZIEGLER, R. (1992): “Survival chances of newly founded business organizations”, American sociological review, Vol. 57, Nº 2, pp. 227-242.
BUENO CAMPOS, E (2000): “Capital intelectual: cuenta y razón (una referencia a la pyme)”, Curso de verano. Valoración de empresas y medición de intangibles, San Lorenzo de El Escorial.
CALLAN, B. (2001): “Generating Spin-offs: Evidence From the OECD”, Science Technology Industry Review, Special Issue on Fostering High Tech Spin-offs: A Public Strategy for Innovation, Vol. 26, Nº 1, pp. 13-56.
CAPRON, H. y MEEUSEN, W. (2000): The National Innovation System of Belgium, Berlin, Physica-Verlag Heidelberg New York.
CARDOZO, R. y ENGLEMAN, R. (2004): “University technology and business opportunities. Frontiers of entrepreneurship research”, 24th Babson-Kauffman Entrepreneurship Research Conference, Glasgow, Scotland.
CHIESA, V. y PICCALUGA, A. (2000): “Exploitation and diffusion of public research: the case of academia spinoff companies in Italy”, R&D Management, Vol. 30, Nº 4, pp. 329-339.
CLARK, B. R. (1998): Creating entrepreneurial universities organizational pathways of transformation, New York, IAU Press.
COHEN, W.; FLORIDA, R.; RANDAZZESE, L. y WALSH, J. (1998): “Industry and the academy: uneasy partners in the cause of technological advance”, en: Noll, R. (Ed.), Challenges to Research Universities, Washington, DC, The Brookings Institution.
COMISIÓN EUROPEA (1998): Risk Capital: A Key to Job Creation in the European Union, Communication from the Commission to the Council and the European Parliament, Brussels, Comisión de las comunidades europeas.
COMISIÓN EUROPEA (2000): Innovation in a Knowledge Driven Economy, Brussels, European Commission.
COTEC (2005): Transferencia a las empresas de la investigación universitaria. Descripción de modelos europeos, Madrid, Fundación COTEC.
DELERY, J. y DOTY, D. (1996): “Modes of theorizing in strategic human resource management: tests of universalistic, contingency, and configurational performance predictions”, Academy of Management Journal, Vol. 39, Nº 4, pp. 802-835.
DÍAZ, S. (2004): “Una Experiencia de Transferencia Tecnológica: un estudio de casos DICTUC”, Seminario-Curso Internacional Gestión de empresas tecnológicas universitarias, Universidad Curitiba, Brasil. 20-22 Octubre, 2004.
DOUTRIAUX, J. (1991): “University culture, spin-off strategy, and success of academic entrepreneur at Canadian universities”, Proceedings of Frontiers of Entrepreneurship Research, Babson College Conference, Boston, pp. 406–421.
ESTEVES, J. (1994): “Produtos Financeiros”, Pequena e Média Empresa, Instituto de Apoio às Pequenas e Médias Empresas e ao Investimento, Nº 14, III Série, Junho/Setembro, pp. 23-29.
ETZKOWITZ, H. (2003): Triple Helix: A Manifesto for Innovation, Incubation and Growth, Stockholm, SNS Press.
EVANS, D. y LEIGHTON, L. (1989): “Some Empirical Aspects of Entrepreneurship”, American Economic Review, Vol. 79, Nº 3, pp. 519-535.
FERNÁNDEZ, C. (2003): “El capital riesgo y las spin-offs universitarias”, Iniciativa emprendedora, Nº 41, pp. 119-127.
FRANKLIN, S.; WRIGHT, M. y LOCKETT, A. (2001): “Academic and surrogate entrepreneurs in university spin-out companies”, Journal of Technology Transfer, Vol. 26, Nº 1-2, pp. 127-141.
FUCHS, C. (1997): “Sistema de Evaluación y Mejoramiento de Desempeño”, Revista El Diario, Escuela de Negocios de la Universidad Adolfo Ibáñez.
HARRISON, R. y LEITCH, C. (2005): “Growth dynamics in university spin-out companies: entrepreneurial ventures or technology lifestyle businesses”, en: Clarysse B, Roure J, Schamp T (eds) The role of private equity in growing new ventures, Cheltenham, Edward Elgar Publishing,.
HELM, R. y MAURONER, O. (2007): “Success of research-based spin-offs. State-of-the-art and guidelines for further research”, Review of Mangerial Science, Vol. 1, Nº 3, pp. 237-270.
HERNÁNDEZ, C.; GRAÑA, R. y LÓPEZ, J. (2003): “¿Y por qué no? La experiencia del programa de creación de empresas UNIEMPRENDE en Galicia”, Iniciativa emprendedora, Nº 41, pp. 75-87.
LEE, D. y TSANG, E. (2001): “The effects of entrepreneurial personality, background and network activities on venture growth”, Journal of management studies, Vol. 38, Nº 4, pp. 583-602.
LEY ORGÁNICA 4/2007 (2007): Ley de 12 de abril, por la que se modifica la Ley Orgánica 6/2001, de 21 de diciembre de Universidades.
LOCKETT, A.; SIEGEL, D.; WRIGHT, M. y ENSLEY, M. (2005): “The creation of spin-offs firms at public research institutions: managerial and policy implications”, Research Policy, Vol. 34, Nº 7, pp. 981-993.
MARTÍNEZ, C. (2004): “Análisis Conceptual para la Gestión de Nuevos Negocios Tecnológicos”, Seminario-Curso Internacional Gestión de empresas tecnológicas universitarias, Universidad Curitiba, Brasil.
MUSTAR, P. (1997): “Spin-off Enterprises. How French Academics Create Hi-tech Companies: The Conditions for Success or Failure”, Science and Public Policy, Vol. 24, Nº 1, pp. 37-43.
NLEMVO, F.; PIRNAY, F. y SURLEMONT, B. (2002): “A stage model of academic spin-off creation”, Technovation, Vol. 22, Nº 5, pp. 281-289.
OCDE (1998): Fostering entrepreneurship, París, OECD.
OCDE (2001): “Fostering high-tech spin-offs: a public strategy for innovation” [Special issue], STI Review, Nº 26, Paris, OECD.
ORTÍN, P.; SALAS, V.; TRUJILLO, M. y VENDRELL, F. (2007): El Spin-off Universitario en España como modelo de creación de empresas intensivas en tecnología. Madrid: Ministerio de Industria, Turismo y Comercio, Dirección General de la Pequeña Empresa.
ORUE-ECHEVARRÍA, J. (2004): Manuel de valoración de puestos y calificación de méritos, Deusto, Deusto S.A. Ediciones.
PLANELLAS, M. (2003): De la idea a la empresa, Barcelona, Ediciones Gestión 2000.
RED OTRI DE UNIVERSIDADES (2009); “Informe de la Encuesta RedOTRI Universidades 2008”, Conferencia de Rectores de las Universidades Españolas, Madrid, Ed. CRUE.
ROBERTS, E. y MALONE, D. (1996): “Policies and structures for spinning off new companies from research and development organizations”, R&D Management, Vol. 26, Nº 1, pp. 17-48.
RODEIRO, D.; FERNANDEZ, S.; RODRÍGUEZ, A. y OTERO, L. (2008): La creación de empresas en el sistema universitario español, Santiago de Compostela, Servizo de publicacións e intercambio científico de la Universidade de Santiago de Compostela.
RYNES, S.; SCHWAB, D. y HENEMAN, H. (1983): “The role of pay and market pay variability in job application decisions”, Organizational Behavior and Human Performance, Vol. 31, Nº 3, pp. 353-364.
SAMSON, K. J. y GURDON, M. A. (1993): “University Scientists as Entrepreneurs: A Special Case of Technology Transfer and High Technology Venturing”, Technovation, Vol. 13, Nº 2, pp. 63-71.
SBRAGIA, R. y OZÓRIO, E. P. (2004): “Determinantes de êxito de empresas tecnológicas de base universitária: um estudo de multiplos casos no contexto do CIETEC/USP”, Seminario Internacional Gestión de empresas tecnológicas universitarias, Barcelona, 26-29 Enero 2004.
SCHMELTER, A. (2004): “Entwicklungsverläufe forschungsnaher Unternehmensgründungen undderen Determinanten”, Die Betriebswirtschaft, Vol. 64, Nº 4, pp. 471-486.
SEGAL QUINCE WICKSTEED (2000): The Cambridge Phenomenon Revisited, Cambridge: UK, Segal Quince Wicksteed Limited.
SHANE, S. (2004): Academic Entrepreneurship, University Spin-offs and Wealth Creation, New Horizons in Entrepreneurship Series, Cheltenham, UK, Edward Edgar Publishing Limited.
SHEPHERD, D. (1999): “Venture capitalists’ assessment of new venture survival”, Management Science, Vol. 45, Nº 5, pp. 621-632.
SOETANTO, D. y VAN GEENHUIZEN, M. (2009): “Social Networks and Competitive Growth of University Spin-off Firms. A Tale of Two Contrasting Cities”, Journal of Social and Economic Geography, Vol. 100, Nº 2, pp. 198-209.
SPIELKAMP, A.; EGELN, J.; GOTTSCHALK, S. y RAMMER, C. (2004): “Spin-offs in Germany—conceptual considerations and empirical evidence”, en: Dowling M, Schmude J, Zu Knyphausen-Aufsess, D (eds) Advances in interdisciplinary European entrepreneurship research, Münster, Alemania, pp. 153-181
STANKIEWICZ, R. (1994): “Spin-off companies from universities”, Science and Public Policy, Vol. 21, Nº 2, pp. 99-107.
STEFFENSEN, M.; ROGERS, E. M. y SPEAKMAN, K. (2000): “Spin-offs from Research Centers at a Research University”, Journal of Business Venturing, Vol. 15, Nº 1, pp. 93-111.
TIMMONS, J. (1994): New venture creation. Entrepreneurship for the 21st century, Boston, EEUU, McGraw-Hill/Irwin.
TOBAR, M. (2004): “Análisis de experiencias y factores claves en la formación de Empresas Tecnológicas Universitarias”, Seminario Internacional Gestión de empresas tecnológicas universitarias, Barcelona, 26-29 Enero, 2004.
TREVOR, C.; GERHART, B.; y BOUDREAU, J. (1997): “Voluntary turnover and job performance: curvilinearity and the moderating effects of salary growth and promotions”, Journal of Applied Psychology, Vol. 82, Nº 1, pp. 44-61.
VALLE CABRERA, R. (1995): La gestión estratégica de los recursos humanos, Buenos Aires, Argentina, Addison-Wesley Iberoamericana.
VANAELST, I.; CLARYSSE, B.; WRIGHT, M.; LOCKETT, A.; MORAY, N. y S’JEGERS, R. (2006): “Entrepreneurial team development in academic spin-outs: a diverse perspective on heterogeneity”, Entrepreneurship Theory and Practice, Vol. 30, Nº 2, pp. 249-270.
VECIANA, J. (2005): “La creación de empresas. Un enfoque gerencial”, Colección Estudios económicos, Nº 33, Barcelona, Servicio de estudios La Caixa.
VENDRELL, F. y ORTÍN, P. (2008): “Determinants of Spanish University Spin-offs Development: A comparison with other technological Spin-offs”, Academy of Management Annual meeting 2008, Annaheim, US.
VOHORA, A.; WRIGHT, M. y LOCKETT, A. (2004): “Critical junctures in the development of university high-tech spinout companies”, Research Policy, Vol. 33, Nº 1, pp. 147-175.
VON BURG, U. y KENNEY, M. (2000): “Venture capital and the birth of the Local Area Network industry”, Research Policy, Vol. 29, Nº 9, pp. 1135-1155.
WAGNER, J. y STERNBERG, R. (2005): “Personal and Regional Determinants of Entrepreneurial Activities: Empirical Evidence from the Regional Entrepreneurship Monitor (REM)”, Jahrbuch für Regionalwissenschaft, Vol. 25, Nº 1, pp. 91-105.
WERTHER, W. y DAVIS K. (1989): Administración De Personal y Recursos Humanos, México, Mc Graw-Hill.
WRIGHT, M.; LOCKETT, A.; CLARYSSE, B. y BINKS, M. (2006): “University spin-out companies and venture capital”, Research Policy, Vol. 35, Nº 4, pp. 481-501.
ZHANG, J. (2009): “The performance of university spin-offs: an exploratory analysis using venture capital data”, Journal of Technology Transfer, Vol. 34, Nº 3, pp.255-285.
ZUCKER, L. G.; DARBY, M. R. y BREWER, M. (1998): “Intellectual human capital and the birth of US biotechnology enterprises”, American Economic Review, Vol. 88, Nº 1, pp. 290-306.
AGUADO, R; CONGREGADO, E. y MILLÁN, J. (2002): “Entrepreneurship, financiación e innovación. La situación en la Unión Europea”, Economía Industrial, Nº 347, pp. 125-134.
ANDERSSON, F.; BROWN, C.; CAMPBELL, B.; CHIANG, H. y YOOKI, P. (2008): “The Effects of HRM Practices and R&D Investment on Worker Productivity”, en S. Bender, J. Lane, K.L. Shaw, F. Andersson, and T. von Wachter (eds.) The Analysis of Firms and Employees: Quantitative and Qualitative Approaches, University of Chicago Press, pp. 19-43.
BANK OF ENGLAND (2003): Finance for Small Firms-A Ninth Report, London, Bank of England.
BELLINI, N. y PICCALUGA, A. (2000): “The role of university in constituency-building for industrial and territorial innovation: reflections on an Italian experience”, en Lopez-Martinez R., Piccaluga A. (eds.), Knowledge Flows in National Systems of Innovation, Edward Elgar, Cheltenham, pp. 122-154.
BODEN, R. y NUCCI, A. (2000): “On the survival prospects of man´s and woman´s new business ventures”, Journal of Business Venturing, Vol. 15, Nº 4, pp. 347-362.
BONACHE, J. y CABRERA, A. (2005): Dirección de personas. Evidencias y perspectivas para el siglo XXI, Madrid, Prentice Hall. Financial Times, 2ª ed.
BRAY, M. J. y LEE, J. N. (2000): “University Revenues from Technology Transfer: Licensing Fees vs Equity Positions”, Journal of Business Venturing, Vol. 15, Nº 5-6, pp. 385-392.
BROOKS, H. y RANDAZZESE, L. (1998): “University–industry relations: the next 4 years and beyond” en Branscomb, L. y Keller, J. (Eds.), Investing in Innovation: Creating a Research and Innovation Policy that Works, Cambridge, MIT Press, MA.
BROWN, J.; EARLE, J. y LUP, D. (2004): “What Makes Small Firms Grow? Finance, Human Capital, Technical Assistance, and the Business Environment in Romania”, IZA discussion paper Nº 1343, Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor, October 2004.
BRUDERL, J.; PREISENDORFER, P. y ZIEGLER, R. (1992): “Survival chances of newly founded business organizations”, American sociological review, Vol. 57, Nº 2, pp. 227-242.
BUENO CAMPOS, E (2000): “Capital intelectual: cuenta y razón (una referencia a la pyme)”, Curso de verano. Valoración de empresas y medición de intangibles, San Lorenzo de El Escorial.
CALLAN, B. (2001): “Generating Spin-offs: Evidence From the OECD”, Science Technology Industry Review, Special Issue on Fostering High Tech Spin-offs: A Public Strategy for Innovation, Vol. 26, Nº 1, pp. 13-56.
CAPRON, H. y MEEUSEN, W. (2000): The National Innovation System of Belgium, Berlin, Physica-Verlag Heidelberg New York.
CARDOZO, R. y ENGLEMAN, R. (2004): “University technology and business opportunities. Frontiers of entrepreneurship research”, 24th Babson-Kauffman Entrepreneurship Research Conference, Glasgow, Scotland.
CHIESA, V. y PICCALUGA, A. (2000): “Exploitation and diffusion of public research: the case of academia spinoff companies in Italy”, R&D Management, Vol. 30, Nº 4, pp. 329-339.
CLARK, B. R. (1998): Creating entrepreneurial universities organizational pathways of transformation, New York, IAU Press.
COHEN, W.; FLORIDA, R.; RANDAZZESE, L. y WALSH, J. (1998): “Industry and the academy: uneasy partners in the cause of technological advance”, en: Noll, R. (Ed.), Challenges to Research Universities, Washington, DC, The Brookings Institution.
COMISIÓN EUROPEA (1998): Risk Capital: A Key to Job Creation in the European Union, Communication from the Commission to the Council and the European Parliament, Brussels, Comisión de las comunidades europeas.
COMISIÓN EUROPEA (2000): Innovation in a Knowledge Driven Economy, Brussels, European Commission.
COTEC (2005): Transferencia a las empresas de la investigación universitaria. Descripción de modelos europeos, Madrid, Fundación COTEC.
DELERY, J. y DOTY, D. (1996): “Modes of theorizing in strategic human resource management: tests of universalistic, contingency, and configurational performance predictions”, Academy of Management Journal, Vol. 39, Nº 4, pp. 802-835.
DÍAZ, S. (2004): “Una Experiencia de Transferencia Tecnológica: un estudio de casos DICTUC”, Seminario-Curso Internacional Gestión de empresas tecnológicas universitarias, Universidad Curitiba, Brasil. 20-22 Octubre, 2004.
DOUTRIAUX, J. (1991): “University culture, spin-off strategy, and success of academic entrepreneur at Canadian universities”, Proceedings of Frontiers of Entrepreneurship Research, Babson College Conference, Boston, pp. 406–421.
ESTEVES, J. (1994): “Produtos Financeiros”, Pequena e Média Empresa, Instituto de Apoio às Pequenas e Médias Empresas e ao Investimento, Nº 14, III Série, Junho/Setembro, pp. 23-29.
ETZKOWITZ, H. (2003): Triple Helix: A Manifesto for Innovation, Incubation and Growth, Stockholm, SNS Press.
EVANS, D. y LEIGHTON, L. (1989): “Some Empirical Aspects of Entrepreneurship”, American Economic Review, Vol. 79, Nº 3, pp. 519-535.
FERNÁNDEZ, C. (2003): “El capital riesgo y las spin-offs universitarias”, Iniciativa emprendedora, Nº 41, pp. 119-127.
FRANKLIN, S.; WRIGHT, M. y LOCKETT, A. (2001): “Academic and surrogate entrepreneurs in university spin-out companies”, Journal of Technology Transfer, Vol. 26, Nº 1-2, pp. 127-141.
FUCHS, C. (1997): “Sistema de Evaluación y Mejoramiento de Desempeño”, Revista El Diario, Escuela de Negocios de la Universidad Adolfo Ibáñez.
HARRISON, R. y LEITCH, C. (2005): “Growth dynamics in university spin-out companies: entrepreneurial ventures or technology lifestyle businesses”, en: Clarysse B, Roure J, Schamp T (eds) The role of private equity in growing new ventures, Cheltenham, Edward Elgar Publishing,.
HELM, R. y MAURONER, O. (2007): “Success of research-based spin-offs. State-of-the-art and guidelines for further research”, Review of Mangerial Science, Vol. 1, Nº 3, pp. 237-270.
HERNÁNDEZ, C.; GRAÑA, R. y LÓPEZ, J. (2003): “¿Y por qué no? La experiencia del programa de creación de empresas UNIEMPRENDE en Galicia”, Iniciativa emprendedora, Nº 41, pp. 75-87.
LEE, D. y TSANG, E. (2001): “The effects of entrepreneurial personality, background and network activities on venture growth”, Journal of management studies, Vol. 38, Nº 4, pp. 583-602.
LEY ORGÁNICA 4/2007 (2007): Ley de 12 de abril, por la que se modifica la Ley Orgánica 6/2001, de 21 de diciembre de Universidades.
LOCKETT, A.; SIEGEL, D.; WRIGHT, M. y ENSLEY, M. (2005): “The creation of spin-offs firms at public research institutions: managerial and policy implications”, Research Policy, Vol. 34, Nº 7, pp. 981-993.
MARTÍNEZ, C. (2004): “Análisis Conceptual para la Gestión de Nuevos Negocios Tecnológicos”, Seminario-Curso Internacional Gestión de empresas tecnológicas universitarias, Universidad Curitiba, Brasil.
MUSTAR, P. (1997): “Spin-off Enterprises. How French Academics Create Hi-tech Companies: The Conditions for Success or Failure”, Science and Public Policy, Vol. 24, Nº 1, pp. 37-43.
NLEMVO, F.; PIRNAY, F. y SURLEMONT, B. (2002): “A stage model of academic spin-off creation”, Technovation, Vol. 22, Nº 5, pp. 281-289.
OCDE (1998): Fostering entrepreneurship, París, OECD.
OCDE (2001): “Fostering high-tech spin-offs: a public strategy for innovation” [Special issue], STI Review, Nº 26, Paris, OECD.
ORTÍN, P.; SALAS, V.; TRUJILLO, M. y VENDRELL, F. (2007): El Spin-off Universitario en España como modelo de creación de empresas intensivas en tecnología. Madrid: Ministerio de Industria, Turismo y Comercio, Dirección General de la Pequeña Empresa.
ORUE-ECHEVARRÍA, J. (2004): Manuel de valoración de puestos y calificación de méritos, Deusto, Deusto S.A. Ediciones.
PLANELLAS, M. (2003): De la idea a la empresa, Barcelona, Ediciones Gestión 2000.
RED OTRI DE UNIVERSIDADES (2009); “Informe de la Encuesta RedOTRI Universidades 2008”, Conferencia de Rectores de las Universidades Españolas, Madrid, Ed. CRUE.
ROBERTS, E. y MALONE, D. (1996): “Policies and structures for spinning off new companies from research and development organizations”, R&D Management, Vol. 26, Nº 1, pp. 17-48.
RODEIRO, D.; FERNANDEZ, S.; RODRÍGUEZ, A. y OTERO, L. (2008): La creación de empresas en el sistema universitario español, Santiago de Compostela, Servizo de publicacións e intercambio científico de la Universidade de Santiago de Compostela.
RYNES, S.; SCHWAB, D. y HENEMAN, H. (1983): “The role of pay and market pay variability in job application decisions”, Organizational Behavior and Human Performance, Vol. 31, Nº 3, pp. 353-364.
SAMSON, K. J. y GURDON, M. A. (1993): “University Scientists as Entrepreneurs: A Special Case of Technology Transfer and High Technology Venturing”, Technovation, Vol. 13, Nº 2, pp. 63-71.
SBRAGIA, R. y OZÓRIO, E. P. (2004): “Determinantes de êxito de empresas tecnológicas de base universitária: um estudo de multiplos casos no contexto do CIETEC/USP”, Seminario Internacional Gestión de empresas tecnológicas universitarias, Barcelona, 26-29 Enero 2004.
SCHMELTER, A. (2004): “Entwicklungsverläufe forschungsnaher Unternehmensgründungen undderen Determinanten”, Die Betriebswirtschaft, Vol. 64, Nº 4, pp. 471-486.
SEGAL QUINCE WICKSTEED (2000): The Cambridge Phenomenon Revisited, Cambridge: UK, Segal Quince Wicksteed Limited.
SHANE, S. (2004): Academic Entrepreneurship, University Spin-offs and Wealth Creation, New Horizons in Entrepreneurship Series, Cheltenham, UK, Edward Edgar Publishing Limited.
SHEPHERD, D. (1999): “Venture capitalists’ assessment of new venture survival”, Management Science, Vol. 45, Nº 5, pp. 621-632.
SOETANTO, D. y VAN GEENHUIZEN, M. (2009): “Social Networks and Competitive Growth of University Spin-off Firms. A Tale of Two Contrasting Cities”, Journal of Social and Economic Geography, Vol. 100, Nº 2, pp. 198-209.
SPIELKAMP, A.; EGELN, J.; GOTTSCHALK, S. y RAMMER, C. (2004): “Spin-offs in Germany—conceptual considerations and empirical evidence”, en: Dowling M, Schmude J, Zu Knyphausen-Aufsess, D (eds) Advances in interdisciplinary European entrepreneurship research, Münster, Alemania, pp. 153-181
STANKIEWICZ, R. (1994): “Spin-off companies from universities”, Science and Public Policy, Vol. 21, Nº 2, pp. 99-107.
STEFFENSEN, M.; ROGERS, E. M. y SPEAKMAN, K. (2000): “Spin-offs from Research Centers at a Research University”, Journal of Business Venturing, Vol. 15, Nº 1, pp. 93-111.
TIMMONS, J. (1994): New venture creation. Entrepreneurship for the 21st century, Boston, EEUU, McGraw-Hill/Irwin.
TOBAR, M. (2004): “Análisis de experiencias y factores claves en la formación de Empresas Tecnológicas Universitarias”, Seminario Internacional Gestión de empresas tecnológicas universitarias, Barcelona, 26-29 Enero, 2004.
TREVOR, C.; GERHART, B.; y BOUDREAU, J. (1997): “Voluntary turnover and job performance: curvilinearity and the moderating effects of salary growth and promotions”, Journal of Applied Psychology, Vol. 82, Nº 1, pp. 44-61.
VALLE CABRERA, R. (1995): La gestión estratégica de los recursos humanos, Buenos Aires, Argentina, Addison-Wesley Iberoamericana.
VANAELST, I.; CLARYSSE, B.; WRIGHT, M.; LOCKETT, A.; MORAY, N. y S’JEGERS, R. (2006): “Entrepreneurial team development in academic spin-outs: a diverse perspective on heterogeneity”, Entrepreneurship Theory and Practice, Vol. 30, Nº 2, pp. 249-270.
VECIANA, J. (2005): “La creación de empresas. Un enfoque gerencial”, Colección Estudios económicos, Nº 33, Barcelona, Servicio de estudios La Caixa.
VENDRELL, F. y ORTÍN, P. (2008): “Determinants of Spanish University Spin-offs Development: A comparison with other technological Spin-offs”, Academy of Management Annual meeting 2008, Annaheim, US.
VOHORA, A.; WRIGHT, M. y LOCKETT, A. (2004): “Critical junctures in the development of university high-tech spinout companies”, Research Policy, Vol. 33, Nº 1, pp. 147-175.
VON BURG, U. y KENNEY, M. (2000): “Venture capital and the birth of the Local Area Network industry”, Research Policy, Vol. 29, Nº 9, pp. 1135-1155.
WAGNER, J. y STERNBERG, R. (2005): “Personal and Regional Determinants of Entrepreneurial Activities: Empirical Evidence from the Regional Entrepreneurship Monitor (REM)”, Jahrbuch für Regionalwissenschaft, Vol. 25, Nº 1, pp. 91-105.
WERTHER, W. y DAVIS K. (1989): Administración De Personal y Recursos Humanos, México, Mc Graw-Hill.
WRIGHT, M.; LOCKETT, A.; CLARYSSE, B. y BINKS, M. (2006): “University spin-out companies and venture capital”, Research Policy, Vol. 35, Nº 4, pp. 481-501.
ZHANG, J. (2009): “The performance of university spin-offs: an exploratory analysis using venture capital data”, Journal of Technology Transfer, Vol. 34, Nº 3, pp.255-285.
ZUCKER, L. G.; DARBY, M. R. y BREWER, M. (1998): “Intellectual human capital and the birth of US biotechnology enterprises”, American Economic Review, Vol. 88, Nº 1, pp. 290-306.
Issue
Section
Articles
Authors retain copyright of its works. Management Letters/Cuadernos de Gestión publications are licensed under Creative Commons license CC-BY-NC-ND, granting open access rights to society.
Specifically, CC-BY-NC-ND license permits any kind of use, distribution, publicize and copy the article, as long as the original author and source are properly recognized and for Non Commercial purposes.
The author can use the article freely always indicating that it has been published in Management Letters/Cuadernos de Gestión. Any re-edition of the article must be approved by the journal editorial team.