The Effect of University Patent Activity on the Performance of University Spin-Offs. A Path Dependency Perspective
Manuel De Nicola, Antonio Prencipe, Christian Corsi

Abstract
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.

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