63 results found
Fini R, Jourdan J, Perkmann M, et al., 2023, A new take on the categorical imperative: Gatekeeping, boundary maintenance, and evaluation penalties in science, Organization Science, Vol: 34, Pages: 1090-1110, ISSN: 1047-7039
Extant theory suggests that candidates with an unfocused identity – those spanning different categories - suffer from a valuation penalty because evaluators are confused by their profile, and concerned they lack the required skills. We argue that unfocused candidates may be penalized for another reason: they threaten established social boundaries. This happens in contexts where evaluators act as gatekeepers for social entities such as professions. We test how the penalty applied to unfocused candidates varies in an academic accreditation process, a setting where evaluators decide on admitting candidates to an academic discipline and where candidates’ prior performance is observable. We find, using data on the 2012 national scientific qualification in Italian academia, that the valuation penalty applied to unfocused (multi-disciplinary) candidates was most pronounced for the most high-performing candidates. High-performing yet ill-fitting candidates threaten the distinctiveness and knowledge domain of the discipline and are hence penalized by evaluators. High-performing multidisciplinary candidates suffered the greatest penalty in small and distinctive academic disciplines and when accreditors were highly typical members of their discipline. Our theory and findings suggest that the categorical imperative may not only be driven by cognitive or capability considerations, as typically argued in the literature, but also by attempts to maintain social boundaries.
Fini R, Perkmann M, Kenney M, et al., 2023, Are public subsidies effective for university spinoffs? Evidence from SBIR awards in the University of California system, Research Policy, Vol: 52, ISSN: 0048-7333
This study examines the impact of public subsidies, and specifically, Small Business Innovation Research (SBIR) awards on university spinoff companies. Using unique data for a population of University of California spinoffs, we find pronounced differences between companies commercializing digital technologies (software and hardware), and those that focus on other product spaces. For digital spinoffs, receiving an SBIR award has a negative impact on raising venture capital and no impact on IPOs, exits or first sales. Conversely, for non-digital firms (e.g., biotechnology, energy), receiving an SBIR award has a positive effect on raising venture capital and performance outcomes. We reason that digital technologies are subject to faster cycle times and higher market uncertainty, relative to technological uncertainty. Digital firms may therefore benefit less from subsidies designed to support technology development, and private investors may view the need of digital companies to obtain such subsidies as a negative certification. Our findings inform policy by suggesting that the industrial domain may be an important boundary condition for the effectiveness of SBIR-type subsidies for university spinoffs.
Fini R, Meoli A, Sobrero M, 2022, University graduates' early career decisions and interregional mobility: self-employment versus salaried job, REGIONAL STUDIES, Vol: 56, Pages: 972-988, ISSN: 0034-3404
Fini R, Perkmann M, Ross J-M, 2022, Attention to exploration: the effect of academic entrepreneurship on the production of scientific knowledge, Organization Science, Vol: 33, Pages: 495-871, ISSN: 1047-7039
We study how becoming an entrepreneur affects an academic scientist’s research. We propose that entrepreneurship will shift scientists’ attention away from intra-disciplinary research questions and toward new bodies of knowledge relevant for downstream technology development. This will propel scientists to engage in exploration, meaning they work on topics new to them. In turn, this shift toward exploration will enhance the impact of the entrepreneurial scientist’s subsequent research, as concepts and models from other bodies of knowledge are combined in novel ways. Entrepreneurship leads to more impactful research, mediated by exploration. Using panel data on the full population of scientists at a large research university, we find support for this argument. Our study is novel in that it identifies a shift of attention as the mechanism underpinning the beneficial spill-over effects from founding a venture on the production of public science. A key implication of our study is that commercial work by academics can drive fundamental advances in science.
Bolzani D, Rasmussen E, Fini R, 2021, Spin-offs' linkages to their parent universities over time: The performance implications of equity, geographical proximity, and technological ties, Strategic Entrepreneurship Journal, Vol: 15, Pages: 590-618, ISSN: 1932-4391
Research SummaryThis study explores the impact of parent university linkages on the market performance of university spin‐off firms (USOs). We argue that spin‐offs' performance is not only affected by competencies inherited from their parent universities at start‐up but also by linkages maintained over time. We longitudinally study 551 USOs established between 2000 and 2008 in Italy. Using estimations that account for attrition and endogeneity, we find that equity‐based university linkages increase USOs' market performance and that geographical proximity strengthens this effect. Furthermore, increasing technological ties between USOs' entrepreneurial teams and their parent universities has a detrimental effect on performance, especially for companies that remain geographically proximate to their parent universities. The results have implications for theory and practice related to strategic linkages, alliances, and academic entrepreneurship.Managerial SummaryThis study explores the extent to which university spin‐off firms (USOs) benefit from maintaining linkages with their parent universities over time. We study 551 USOs established between 2000 and 2008 in Italy, assessing their market performance (i.e., sales revenues) up to 2012. We find that USOs that maintain equity shares with their parent universities have better market performance. This positive effect is stronger for USOs located near their parent universities. In contrast, USOs that maintain close technological ties to their parent universities have worse market performance, especially if located near their parent universities. These findings are relevant to policymakers, university managers, and academic entrepreneurs interested in understanding how to effectively design and manage the different linkages between USOs and their parent universities.
Bolzani D, Fini R, Marzocchi GL, 2021, The influence of entrepreneurs’ immigrant status and time on the perceived likelihood of exporting, International Entrepreneurship and Management Journal, Vol: 17, Pages: 593-623, ISSN: 1554-7191
We contribute in this paper to the scant literature on the factors and conditions influencing the development of different perceptions of potential international opportunities for immigrant and native entrepreneurs in the pre-internationalization phase. Specifically, we investigate what factors influence the perceived likelihood entrepreneurs have of exporting. Building on entrepreneurial intentions and opportunity-based entrepreneurial processes, we propose a cognitive account of perceived likelihood of exporting based on entrepreneurs’ perceptions of the desirability and feasibility of export opportunities. We investigate how the immigrant status (i.e., individual characteristics) and time (i.e., contextual factors) influence the relationship between the desirability and feasibility of exporting, and entrepreneurs’ perceived likelihood of exporting. We employ an experimental design on a matched-pair sample of 108 native and immigrant entrepreneurs in domestic technology-based firms. The results are a unique account of the cognitive antecedents of the perceived likelihood of exporting under different temporal conditions, comparing immigrant and native entrepreneurs. We discuss theoretical and practical implications.
Boni L, Toschi L, Fini R, 2021, Investors' aspirations toward social impact: a portfolio-based analysis, Sustainability, Vol: 13, ISSN: 2071-1050
In the last ten years, we have witnessed a proliferation of investors claiming blended value strategies, i.e., pursuing both economic and social returns in their investments. Aside from this rush for self-selecting in a blended value finance context, we still do not know to what extent the investors’ claims actually reflect investment decisions. Evidence suggests that, in some cases, such investors tend to maximize the social performance over the financial performance; in some others, the effect is reverted, but literature currently lacks studies aligning the analysis of the investment decisions with the investment portfolios. Yet, it is still unclear whether blended value investment decisions are enacted as a result of investors’ deliberate strategies and what influences this relationship. In this paper we tackle this issue, analyzing the extent to which investors’ finance firms pursuing goals aligned with their strategic aspirations. Specifically, adopting a Fractional Logistic Regression model, we test the effect of investors’ aspirations toward social impact on the extent to which their investees (i.e., the portfolio of firms in which they invest) pursue social returns. Results suggest the existence of a positive and significant investor–portfolio alignment effect (i.e., the higher the investors’ aspirations toward social impact, the higher the number of investees with higher social aspirations). Yet, this effect is influenced by contingencies at both investor and portfolio levels. Investors with strong aspirations toward social impact that: (i) invest in countries with high levels of social inequality, and (ii) are located in countries that support social progress and maximize, in their portfolios, the presence of businesses pursuing social impact. We discuss implications for future researchers, policymakers and practitioners.
Fini R, Grimaldi R, Meoli A, 2020, The effectiveness of university regulations to foster science-based entrepreneurship, Research Policy, Vol: 49, Pages: 1-15, ISSN: 0048-7333
In this study, we analyze the effect of the introduction of university regulations supporting academic entrepreneurship. Using a sample of 611 companies spun-off from the 64 Italian Science, Technology, Engineering, Mathematics and Medicine (STEMM) universities between 2002 and 2012, we show that university regulations in support of academic entrepreneurship have a positive effect on the creation of academic spin-offs. Nevertheless, their effectiveness is conditioned by specific contingencies. First, the characteristics of university departments influence the positive effect of the regulation: in some cases, there is a substitution effect rather than a complementary one. Second, the design of the regulation impacts the decisions of academic staff regarding whether to start a new venture. Finally, the effect of the regulation is maximized four years after its introduction and then becomes less effective. This paper contributes to the debate on the evaluation of policies supporting science-based entrepreneurship.
Meoli A, Fini R, Sobrero M, et al., 2020, How entrepreneurial intentions influence entrepreneurial career choices: The moderating influence of social context, Journal of Business Venturing, Vol: 35, Pages: 1-20, ISSN: 0883-9026
In this paper, we build on social cognitive career theory to examine the relation between entrepreneurial intention and new venture creation (i.e., the entrepreneurial career choice). We model how contextual influences at different levels may favor or inhibit the translation of entrepreneurial intention into new venture creation. Using unique longitudinal data from almost the entire population of Italian university graduates, we are able to assess how the immediate (i.e., the influence of relevant others) and larger context (i.e., organizational and environmental influences) affect new venture creation. Our research contributes to the emerging literature of the intention–behavior link in entrepreneurship.
Fini R, Rasmussen E, Wiklund J, et al., 2019, Theories from the lab: how research on science commercialization can contribute to management studies, Journal of Management Studies, Vol: 56, Pages: 865-894, ISSN: 0022-2380
Universities and research centres have long been used to study management issues. A growing body of research has focused on how science can be effectively commercialized, emphasizing technology commercialization activities, university–industry collaborations, and academic entrepreneurship. While much of this work has documented empirical relationships, our aim in this introductory article of the special issue is to show how research on science commercialization may yield conceptual contributions to the field of management. Hence, we first discuss the importance of context for theory development. We then review how the science commercialization context has been used for theory development, identifying two facets used to conceptualize science commercialization (i.e., managing the transition between institutional contexts, and the multiple goals and impacts of actors engaging in science commercialization). This forms the basis for discussing what makes this context suited for theory development in general management and for outlining a future research agenda. We conclude by summarizing the papers in the special issue.
Bolzani D, Fini R, Napolitano S, et al., 2019, Entrepreneurial teams: An input-process-outcome framework, Foundations and Trends in Entrepreneurship, Vol: 15, Pages: 56-258, ISSN: 1551-3114
Entrepreneurship research emphasizes the importance of the individual entrepreneur in both venture creation and growth. However, theory and practice suggest that the vast majority of new ventures are now team-based, and teams play a key role in venture success. As the scholarly interest in this topic has substantially grown in the recent years, the literature has flourished in a rather fragmented way. In this paper, we take a holistic view and systematise more than 250 papers on entrepreneurial teams, published over 30 years. We use a process approach (i.e., Input-Process-Outcome), depicting team evolution phases, from inception to maturity, linking them to firm performance. We identify gaps, highlighting opportunities for future research.
Ahn JM, Roijakkers N, Fini R, et al., 2019, Leveraging open innovation to improve society: Past achievements and future trajectories, R and D Management, Vol: 49, Pages: 267-278, ISSN: 1467-9310
Open innovation (OI) is an approach which describes a purposive attempt to draw together knowledge from different contributors to develop and exploit innovation. It has become clear that OI directly benefits organisations' economic performance and resilience, but researchers, practitioners, and policy makers became also convinced that OI might be the way forward to tackle the world’s most pressing societal challenges, representing unresolved Grand Challenges, which can only be weathered by diverse sets of collaborative partners that join forces. Although anecdotal evidence points at how OI practices can be employed to achieve societal impact not only in private firms but also in public organisations, very little understanding exists -beyond anecdotal- to link OI to societal impact. This special issue has the ambition to start the discussion and establish a framework as the stepping stone to tackle this complex research gap.
Fini R, Jourdan J, Perkmann M, 2018, Social Valuation Across Multiple Audiences: The Interplay of Ability and Identity Judgments, Academy of Management Journal, Vol: 61, Pages: 2230-2264, ISSN: 0001-4273
How is an evaluating audience influenced by previous evaluations made by another audience? This question is critical to individuals and organizations reaching out to multiple audiences for key resources. While extant work has suggested evaluators are influenced by previous evaluations made by their peers, we develop theory about how evaluators’ assessment of a candidate is shaped by previous evaluations made by an external (non-peer) audience. We argue that the latter represent exogenous indices that affect evaluators in two opposing ways: they positively influence peer valuation by pointing to candidates’ unobservable abilities; yet, since they are conferred by an external audience, they are also indicative of candidates’ deviation from an expected peer identity. The combination of the two opposite effects suggests an inverted U-shaped relationship between exogenous indices and peer valuation. Further, this effect is moderated by the identity proximity between audiences, and the availability of previous peer evaluations (endogenous indices). We test and find support for our arguments using unique data on the peer valuation of 9,502 academic scientists applying for research grants at a research university. Our work contributes to the understanding of valuation and socially endogenous inferences, and has implications for the management of organizations in multi-audience environments.
Fini R, Rasmussen E, Siegel D, et al., 2018, RETHINKING THE COMMERCIALIZATION OF PUBLIC SCIENCE: FROM ENTREPRENEURIAL OUTCOMES TO SOCIETAL IMPACTS, ACADEMY OF MANAGEMENT PERSPECTIVES, Vol: 32, Pages: 4-20, ISSN: 1558-9080
Studies have demonstrated the importance of scientific research for innovation and economic performance at the firm and regional levels, and policymakers have extensively supported the commercialization of public science. However, we still lack theoretical and empirical evidence on the link between the commercialization of public science and broader societal impacts. Specifically, despite a large body of evidence on the determinants of science commercialization, mainly addressed in the literature on academic entrepreneurship, the consequences of such activities remain less explored. In this article, we seek to fill this void by viewing science commercialization as a means rather than as a final outcome. Instead of mapping the direct outcomes of the science commercialization process, mostly achieved through entrepreneurial activities, we see science commercialization as an enabler of broader societal impacts. This article outlines a research agenda on the societal impacts of science commercialization by extending current theories, data, and methods and exploring the need to consider ethical concerns and who is benefiting from these impacts.
Fini R, Grimaldi R, 2017, A multicountry, process-based approach to academic entrepreneurship, The World Scientific Reference on Entrepreneurship, Pages: 1-17, ISBN: 9789814733304
Academic entrepreneurship is a hot topic that is drawing increasing attention from policymakers, university administrators, and the scientists who engage in it. By adopting a process view of academic entrepreneurship, in this book, we aim to contribute to the conversation on how to effectively commercialize university research. We collect evidence from twelve countries and three continents. We use both qualitative and quantitative research methods to illuminate how and to what extent entrepreneurship unfolds from universities worldwide.
Fini R, Fu K, Mathisen MT, et al., 2016, Institutional determinants of university spin-off quantity and quality: a longitudinal, multilevel, cross-country study, Small Business Economics, Vol: 48, Pages: 361-391, ISSN: 0921-898X
The creation of spin-off firms from universities is seen as an important mechanism for the commercialization of research, and hence the overall contribution from universities to technological development and economic growth. Governments and universities are seeking to develop framework conditions that are conductive to spin-off creation. The most prevalent of such initiatives are legislative changes at national level and the establishment of technology transfer offices at university level. The effectiveness of such initiatives is debated, but empirical evidence is limited. In this paper, we analyze the full population of universities in Italy, Norway, and the UK; three countries adopting differing approaches to framework conditions, to test whether national- and university-level initiatives have an influence on the number of spin-offs created and the quality of these spin-offs. Building on institutional theory and using multilevel analysis, we find that changes in the institutional framework conditions at both national and university levels are conductive to the creation of more spin-offs, but that the increase in quantity is at the expense of the quality of these firms. Hence, the effect of such top–down changes in framework conditions on the economic impact from universities seems to be more symbolic than substantive.
Fini R, Toschi L, 2016, Academic logic and corporate entrepreneurial intentions: A study of the interaction between cognitive and institutional factors in new firms, International Small Business Journal, Vol: 34, Pages: 637-659, ISSN: 1741-2870
This article studies the extent to which corporate entrepreneurial intentions are enacted differently by academic and non-academic entrepreneurs. Using constructs from cognitive research and exploiting the theory of institutional logics, we observe that academic entrepreneurs, notwithstanding their engagement in entrepreneurship, still implement their corporate entrepreneurial intentions acting in accordance with the academic institutional environment to which they belong. Using a matched-pairs research design, our results show that academic entrepreneurs (compared to non-academic ones) leverage their awareness of technical competencies significantly more and their entrepreneurial self-efficacy and awareness of managerial skills considerably less. We discuss the theoretical and managerial implications related to how cognitive and institutional factors interact to foster entrepreneurial value in newly established firms.
Bolzani D, Carli G, Fini R, et al., 2015, Promoting Entrepreneurship in the Agri-food Industry: Policy Insights from a Pan-European Public-Private Consortium, INDUSTRY AND INNOVATION, Vol: 22, Pages: 753-784, ISSN: 1366-2716
Perkmann M, Fini R, Ross J, et al., 2015, Accounting for universities’ impact: using augmented data to measure academic engagement and commercialization by academic scientists, Research Evaluation, Vol: 24, Pages: 380-391, ISSN: 1471-5449
We present an approach that aims to comprehensively account for scientists’ academic engagement and commercialization activities. While previous research has pointed to the economic and social impact of these activities, it has also been hampered by the difficulties of accurately quantifying them. Our approach complements university administrative records with data retrieved from external sources and surveys to quantify academic consulting, patenting, and academic entrepreneurship. This allows us to accurately account for ‘independent’ activity, i.e., academic engagement and commercialization outside the formal university channels and often not recorded by universities. We illustrate this approach with data for 10,000 scientists at Imperial College London. Results indicate that conventional approaches systematically underestimate the extent of academic scientists’ impact-relevant activities by not accounting for independent activities. However, with the exception of consulting, we find no significant differences between individuals involved in supported (university-recorded) and independent activity, respectively. Our study contributes to work concerned with developing appropriate and accurate research metrics for demonstrating the public value of science.
Perkmann M, Fini R, Ross J-M, et al., 2015, Accounting for Impact at Imperial College London: A Report on the Activities and Outputs by Imperial Academics Relevant for Economic and Social Impact
We report findings of a study of academic engagement and commercialisation at Imperial College London. We detail the extent of collaboration with industry, consulting, patenting and entrepreneurship by Imperial academics, as well as individuals’ motivations and perceived barriers to engagement. The data stems from archival records held by the College, complemented by external databases, and a survey conducted among all academic staff in 2013.
Baldini N, Fini R, Grimaldi R, et al., 2014, Organisational Change and the Institutionalisation of University Patenting Activity in Italy, MINERVA, Vol: 52, Pages: 27-53, ISSN: 0026-4695
Bolzani D, Fini R, Grimaldi R, et al., 2014, University spin-offs and their impact: Longitudinal evidence from Italy, Economia e Politica Industriale, Vol: 41, Pages: 237-263, ISSN: 0391-2078
The creation of university spin-off companies (USOs) is one of the most visible form of commercialization of university research. To date, there is scant and mixed evidence about USOs and their performance, thus producing a debate about their impact on the economy and society and about the legitimization of policies to support their development. In this paper, we address this gap by providing evidence about the growth strategies and performances of USOs in the Italian context. We analyze the population of nine hundred thirty-five USOs spin-off from Italian public universities since 2000, highlighting potential avenues for future research on this important topic.
Perkmann M, Tartari V, McKelvey M, et al., 2013, Academic engagement and commercialisation: A review of the literature on university-industry relations (open access article), Research Policy, Vol: 42, Pages: 423-442, ISSN: 0048-7333
We present a systematic review of the literature on academic engagement, defined as academic scientists’ involvement in collaborative research, contract research, consulting and informal technology transfer. Our findings suggest that across all national contexts studied, academic engagement is widespread. We identify the antecedents and consequences of academic engagement, and systematically compare these with the antecedents and consequences of commercialisation, i.e. intellectual property transfer and academic entrepreneurship. Academic engagement is distinct from commercialisation in that it is closely aligned with traditional academic research, and is pursued by academics to access resources that further their research. We conclude by identifying future research needs, opportunities for methodological improvement and policy interventions.
Fini R, Lacetera N, Shane S, 2013, Academic Entrepreneurship, Palgrave MacMillan Encyclopedia of Strategic Management, Editors: Teece, Augier
Perkmann M, Tartari V, McKelvey M, et al., 2013, Academic Engagement and Commercialisation: A Review of the Literature on University Relations with Industry, Research Policy
Baldini N, Fini R, Grimaldi R, 2013, The transition towards entrepreneurial universities: an assessment of academic entrepreneurship in Italy, University of Chicago Handbook on Technology Transfer, Editors: Link, Siegel, Wright
Fini R, Grimaldi R, Marzocchi GL, et al., 2012, The determinants of corporate entrepreneurial intention within small and newly established firms, Entrepreneurship Theory and Practice, Vol: 36, Pages: 387-414
Fini R, Grimaldi R, Santoni S, et al., 2011, Complements Or Substitutes? The Role Of Universities And Local Context In Supporting The Growth Of Academic Spin-offs, AIIG XXI conference, Pages: 1113-1127
Fini R, Lacetera N, 2011, Different Missions for Different Folks. The Institutional Logics of Academia and their Impact on Knowledge Commercialization, Entrepreneurship, Editors: Thursby
Fini R, Souitaris V, 2011, Psychological theories in the field of academic entrepreneurship, Academy of Management Meeting
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