The Impact of Insider Ownership on Success Performance of University Spin-Offs. ThePivotal Role of Managerial Ownership
Christian Corsi, Antonio Prencipe

Abstract
The paper aims to explore the effect of insider ownership’ dynamics in University Spin-Offs (USOs), in order to compute the impact generated by such corporate governance mechanism to the success performance of the firm. In detail, it was hypothesizedthat managerial ownership influences, both in negative and positive, the firm performance, measured in term of profitably by the ROS index. Based on a panel sample of 692 Italian USOs, the results suggest that USOs with a large presence of shareholder managers can achieve better performance, highlighting the pivotal effect of insiders due to the better control and involvement in the entrepreneurial process. The paper offers some contributions to the corporate governance and university entrepreneurship literature, highlighting the pivotal effects of control by the managerial class on the performance degree of the USOs.

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