university knowledge, open innovation and technological capital in spanish science parks
TRANSCRIPT
Department of Business Administration
1 Faculty of Law and Social Sciences | Campus Universitario | 13071 Ciudad Real Telf.: (+34) 902 204 100 | Fax.: (+34) 902 204 130 www.uclm.es/dep/dae
2014.02.13
WORKING
PAPER
"University knowledge, open innovation and technological capital in
Spanish science parks: Research revealing or technology selling?"
Manuel Villasalero
University of Castilla-La Mancha
Submitted to the Journal of Intellectual Capital on February 13, 2014 (accepted for
publication on July 3, 2014).
Cite as: Villasalero, M. (2014), "University knowledge, open innovation and
technological capital in Spanish science parks: Research revealing or technology
selling?", Journal of Intellectual Capital, 15(4): 479-496. [DOI: 10.1108/JIC-07-2014-
0083].
University knowledge, open innovation and technological capital in
Spanish science parks: Research revealing or technology selling?
Manuel Villasalero Associate Professor Department of Business Administration University of Castilla-La Mancha Ciudad Real (Spain) Corresponding author: Manuel Villasalero [email protected] The author would like to thank the Editor and anonymous reviewers for their constructive and helpful comments on the paper. Manuel Villasalero is an Associate Professor in the Department of Business Administration at University of Castilla-La Mancha (UCLM), Spain, from which he received his PhD. He has experience as a director in several firms and currently serves as vice chancellor for economics and planning at UCLM. His research interests include corporate strategy, knowledge management and human resource management. He has published articles in International Journal of Human Resource Management, Journal of Knowledge Management, Journal of the Knowledge Economy, Journal of Euromarketing, and others. Manuel Villasalero can be contacted at: [email protected]
Purpose This study investigates the connection between university research and technological capital
developed by science park firms in order to elucidate whether the causal linkage is owing to
non-pecuniary research spillovers or pecuniary technology transfer activities.
Design/
methodology/
approach
Two publicly available surveys, one dealing with the research and transfer activities of 45
Spanish universities and another with the patenting activities of 44 Spanish science parks, are
matched in such a way that hypotheses can be tested using regression analysis.
Findings The patenting performance of science park firms is positively related to the competitive R&D
projects undertaken by the universities to which they are affiliated and negatively related to the
technology transfer activities carried out by those universities. These findings suggest that the
scientific knowledge produced by universities principally contributes to private technology-
based firms’ technological capital through non-pecuniary research spillovers, whereas the
pecuniary technology transfer agreements remain uncertain or may even prove to be
detrimental.
Practical
implications
Firms that are considering locating or remaining in a university-affiliated science park should be
aware that the university’s pecuniary orientation when managing its intellectual capital may
become a barrier as regards the firm filling its technological capital shortages. From a university
administrator perspective, the complementary or substitute role of technology transfer offices
vis-à-vis science parks should be considered in the light of the selling or revealing approach
adopted by the university in order to commercialize and diffuse potential inventions.
Originality/
value
This study contributes to existing literature by shedding light on the causal linkage between
university research and firm innovation, obtaining evidence in favor of an upstream, non-
pecuniary and revealing role of universities in support of the accumulation of technological
capital amongst science parks tenant firms.
Intellectual capital, knowledge transfer, knowledge spillovers, tacit knowledge, patents, licensing income,
contract research, scientific publications, academic research, technology transfer.
Empirical paper.
1
University knowledge, open innovation and technological capital in
Spanish science parks: Research revealing or technology selling?
1. INTRODUCTION
Knowledge, creativity and innovation have become increasingly important for those
firms that wish to remain competitive in the marketplace (Schiavone and Villasalero 2013),
thus pushing them to tap into knowledge networks, either within or outside organizational
boundaries (Büchel and Raub 2002, Inkpen and Tsang 2005). Firms can rely on intra-
organizational knowledge networks such as those arising in multi-business firms (Villasalero
2014a), multinational corporations (Williams and Lee 2009), multidivisional organizations
(Nerkar and Paruchuri 2005), team-based organizations (Hoegl et al. 2003) or combinations of
the above (Hansen et al. 2005). On the inter-organizational level, firms may benefit from
geographically dispersed knowledge networks as is the case of international alliances and
partnerships (Hagedoorn 2002) or geographically bounded knowledge networks consisting of
countries (Villasalero et al. 2012), industrial districts (Boschma and ter Wal 2007), business
clusters (Giuliani 2007), innovative milieus (Todtling and Trippl 2007), regional innovation
systems (Cooke 2008), science parks (Koçak and Can 2014) and business incubators (Soetanto
and Jack 2013).
The studies dealing with the performance advantages of being located within a science
park (SCP) abound with predominantly mixed results, particularly when on-park firms are
compared with matched samples of off-park firms (Link and Scott 2014, Phan et al. 2005).
These findings run counter to the theoretically grounded claims concerning the value added
contributions of SCPs to tenant firms’ physical, financial and intellectual capital. With regard
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to the latter, it is argued that tenant firms may benefit from high quality human resources
(human capital), key technologies and innovation-related knowledge (technological capital)
and highly regarded corporate reputation (relational capital) derived from being located in an
SCP with preferential access to the university’s graduates, staff, research projects, patent
portfolios, public recognition and social legitimacy, aside from more the tangible advantages
of housing (physical capital) and venture capital (financial capital) (Massey et al. 1992). These
studies revolve around the tenant firms’ behavior but overlook the university side. In fact, the
behavior of the focal universities in SCPs remains a largely neglected issue in this field of
research (Link and Scott 2003).
This study explores the overlooked issue of how the focal university’s behavior
conditions SCPs tenant firms’ accumulation of technological capital. In particular, the
university strategy used to manage its technological capital is argued to impact on the tenants’
ability to improve their own technological capital. Taking an open innovation perspective
(Chesbrough 2003, 2006), SCPs and technology transfer offices (TTOs) are conceptualized as
alternate intermediaries through which research-based knowledge may become a potential
innovation, with SCPs favoring non-pecuniary knowledge spillovers and TTOs fostering
pecuniary transfer efforts. The university could therefore use the best known classification of
open innovation strategies (Dahlander and Gann 2010) in order to adopt either a “selling”
strategy based on R&D contracts and TTOs or a “revealing” strategy based on R&D projects
and SCPs. According to this open innovation theoretical framework, it is hypothesized that
selling hampers tenant firms’ accumulation of technological capital, whereas revealing
improves it.
The findings support the hypothesized relationships between the tenant’s accumulation
of technological capital and the strategy used by the university to manage intellectual capital.
The tenants’ patenting outcomes increase with university R&D projects and decrease with
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university R&D contacts and the size of the university TTO, thus suggesting that a selling
strategy is detrimental to tenants’ technological capital whereas a revealing strategy is, on the
contrary, beneficial to it. These findings are based on two matched samples of 44 SCPs and 45
universities in Spain that account for the vast majority of universities and SCPs.
This study contributes to the ongoing debate concerning the best the way in which
university research-based knowledge can be absorbed by private firms in order to foster
innovations for the wellbeing of society as a whole (Mowery et al. 2001, Nelson 2001). In the
Spanish case, the results suggest that knowledge spillovers through SCPs are preferable to
research transfer through TTOs, at least as regards the technological capital accumulation of
tenant firms. This study also makes theoretical contributions to the fields of intellectual capital
and open innovation by showing the new horizons that open innovation models may open up
with regard to furthering the understanding of firms’ intellectual capital accumulation in a
context specific situation, as is the case of SCPs.
2. THEORY AND HYPOTHESES
The underlying logic for SCPs is that «[…] universities have many brilliant people
making new discoveries but that they lack the means or the will to reach out to the market.
SCPs constitute a channel by which academic science may be linked to commerce. Thus SCPs
are there to promote, not ‘science’, but its application to technology» (Massey et al. 1992: 56).
More specifically, SCP tenant firms are argued to be in a position to build up intellectual capital
from three types of networks: (1) the ties with the universities (Colombo and Delmastro 2002,
Dettwiler et al. 2006, Fukugawa 2006, Löfsten and Lindelöf 2003, 2005); (2) the ties among
tenants (Chan et al. 2010, Colombo and Delmastro 2002, Koçak and Can 2014); and (3) the
ties between tenant firms and stakeholders outside the SCP boundaries (Löfsten and Lindelöf
2003, Chan et al. 2010).
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2.1. SCPs and intellectual capital
The three types of networks mentioned above allow on-park firms to accelerate the
accumulation of intellectual capital beyond the more visible benefits derived from premier
housing (physical capital) and available venture capital (financial capital). Their preferential
access to universities’ graduates and staff, research projects and patent portfolios, along with
public recognition and social legitimacy are levers for the accumulation of human,
technological and relational capital, respectively.
Universities are the recipients of talented people, explore the frontiers of scientific
knowledge, have cutting-edge technologies and enjoy widely held social legitimacy (Huggins
et al. 2008). On-park firms may benefit from these valuable assets as a result of their geographic
proximity to and collaborative climate with the university to which the SCP is affiliated
(Sorenson et al. 2006). Tenant firms are thus in a position to accumulate intellectual capital at
a greater pace than similar firms located elsewhere, which may in turn create and sustain
performance differentials between on-park and off-park firms. The evidence amassed to date
is, however, contradictory in this regard (Link and Scott 2014, Phan et al. 2005, Siegel et al.
2003b). Some studies have found that on-park firms outperform off-park firms in final
performance outcomes such as survival, growth and profitability (Westhead and Storey 1995),
whereas other studies have detected that negligible advantages are derived from SCP
membership (Ferguson and Olofsson 2004, Lindelöf and Löfsten 2003, 2004, Westhead and
Storey 1994, Westhead et al. 1995). Leaving aside the final performance outcomes, the existing
evidence on differentials between on-park and off-park firms in intellectual capital indicators
is also mixed.
The study of relational capital in SCPs has attracted considerable attention over the last
few years (Martínez-Cañas and Ruiz-Palomino 2010), but the most frequently studied
component of intellectual capital in SCPs is technological capital, which has been widely
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proxied through the tenant firms’ R&D activities and patenting behavior. Some studies have
found that on-park firms outperform off-park firms in patenting outcomes (Squicciarini 2008,
Yang et al. 2009) and research productivity (Siegel et al. 2003a), whereas the results derived
from other studies do not detect such differentials (Chan et al. 2011, Lindelöf and Löfsten
2002).
Various theoretical explanations have been advanced to account for the fact that SCP
membership does not always entail the advantages predicted in terms of performance outcomes
or intellectual capital accumulation, such as the excessive dependence on the SCP’s knowledge
network (Broekel and Boschma 2012, Howells 2012), the lack of heterogeneous and external
knowledge inflows for tenant firms (van Geenhuizen and Soetanto 2012), the unintended
dissemination of knowledge between tenant firms (Breschi and Lissoni 2001) or the frictional
assimilation of knowledge by tenant firms (Hansson et al. 2005, Schillaci et al. 2012). The first
two explanations are rooted in a social network perspective and can be summarized within the
problem of over-embeddedness (Andersen 2013) or, more generally, the issue of the optimal
level of network embeddedness (Andersen 2011) which also includes the possibility of very
low levels of networking and their corresponding disadvantages as regards under-
embeddedness. The last two explanations, which are based on knowledge and organizational
learning perspectives, revolve around the issue of knowledge stickiness and the problems linked
to knowledge transfer such as the unintended dissemination and defective assimilation of
knowledge (Villasalero 2013).
The aforementioned explanations only considers the SCP side of the coin and leave aside
the university side. In almost all studies in this field of inquiry the universities’ behavior is
simply overlooked in order to focus interest on the SCP dynamics as regards either the tenant
firms’ behavior or the SCP’s influence on them. Put in other terms, current research into SCPs
neglects how the knowledge source’s behavior impacts on the receiver’s knowledge stock. It
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is as if all the responsibility for the research-based knowledge transference lies downstream,
thus assuming that the upstream source has nothing to do but simply passively play its role of
knowledge provider. This biased research trajectory is evident when existing empirical studies
are classified according to the unit of analysis (as in Fukugawa 2006: 386), which reveals that
the predominant choices are the tenant firm or the SCP with only one study adopting the
university as the unit of analysis. In this unique case (Link and Scott 2003) the research
question is how having an SCP impacts on the university rather than the other way around,
which is the research question posed in this study.
Another related gap in the research on SCPs is that of the theoretical perspective adopted.
As indicated previously, social network, knowledge-based and organizational learning
perspectives are frequently used in the analysis of the upstream side of the phenomenon.
Surprisingly, and despite its notable development in recent years (Chesbrough 2003, 2006,
2011), no attempt has been made to apply an open innovation approach to the analysis of the
upstream side, that is to say, the universities’ behavior in innovation-related issues. The two
intended contributions of this study are therefore to bring universities back into the picture in
the research on SCPs and to do so by adopting an open innovation paradigm.
2.2. Universities strategies for open innovation
The open innovation paradigm advocates a more porous means to allow firms to manage
innovations in order to remain competitive in the marketplace (Schroll and Mild 2011). Rather
than vertically integrating the production and commercialization of innovations as was the rule
in the past, the open innovation perspective considers the advantageous separation of both
stages in such a way that firms can innovate by relying on outside technologies and ideas and
to make it possible for others to innovate by using the firms’ own technologies and ideas
(Villasalero 2014b).
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University research-based knowledge is an important external source of innovation for
firms in an open innovation context (West and Bogers 2014) since universities are major
producers of technologies and new ideas, while they are not interested in the commercialization
of the innovations that are based on them to the same degree. Despite the fact that universities
around the world are increasingly profiting from research-based knowledge in various ways
(Perkmann and West 2014), they are not, nor can nor should probably be, commercial
enterprises (Nelson 2001, Sterckx 2011). The imbalanced profile of universities as powerful
producers of innovation-related knowledge and poor marketers of commercial innovations
leaves room for private firms to tap into university knowledge as a key external source of
innovation. In fact, industrial innovation has always been based on academic research, which
has also laid the foundations for corporate and government research in some industries (Furman
and MacGarvie 2009). Overall, academic research accounts exclusively for more than 10% of
corporate innovations and plays a determining role in more than 20% of them, with peak
contributions being as high as 25% and 35%, respectively, in industries such as those that
produce drugs and medical products (Mansfield 1991, 1998).
The fact that academic research is an external source of innovation for private firms is
not new. What is new is the dramatic change in the mechanisms that allow innovating firms to
gain access to university research-based knowledge. Before the 1980s, universities hardly had
patents, licenses or spin-offs, and even the amounts of R&D contracts were quite modest. From
the 1980s onwards, the number of patents, licenses, spin-offs and R&D contracts expanded
exponentially around the world, first in the US and later in Europe and Japan. The reasons
behind this radical change in the way that universities manage their intellectual capital are
somewhat controversial, with some studies adducing normative changes in the intellectual
property system such as the Bayh-Dole Act in the US (Fabrizio 2006), others referring to the
maturity of some academic disciplines such as biochemistry or computer science (Mowery et
8
al. 2001, Nelson 2001), and others even attributing it to a more applied orientation in the recent
academic research carried out at universities (Cohen et al. 2002, Mansfield 1998). Leaving
aside the reasons behind these fundamental changes, this study is interested in their
implications for universities and, specifically, how universities confront the issue of managing
their intellectual capital and what, if any, the consequences are for private firms that are willing
to tap into university knowledge-based research. Using the widely known classification of
strategies for open innovation advanced by Dahlander and Gann (2010), according to which
the organizations that produce technologies in excess of those which can be commercialized
may opt for the pecuniary selling or non-pecuniary revealing of their technological capital, it
follows that universities have massively changed from revealing (before the 1980s) to selling
(from the 1980s onwards), and that this change has and currently entails considerable
implications for those private firms that are seeking to accumulate technological capital from
academic research.
2.3. Universities strategies and technology transfer
In accordance with its principles and academic missions (Link and Scott 2003, Sterckx
2011), a specific university may choose a strategy with which to manage its technological
capital along the continuum between the extreme positions of pure revealing and pure selling.
This choice has implications for the channels and conduits used by private firms to access such
technological capital and the predominant form that the technology transfer takes.
The paradigmatic technology transfer channels in a revealing strategy are those of
scientific publications and informal interactions. Academic scientists are accustomed to
sharing their findings in scientific publications and conferences in the open domain. Evidence
suggests that publications and reports represent by far the largest channel through which
industrial research benefits from public research, as indicated by 41.2% of industrial R&D
managers in a large US sample study. Other non-pecuniary industry-university channels that
9
are highly related to publications in the open domain include informal interactions and
meetings and conferences, which have the second and third largest impact on industrial
research. What is more, the flow of recent graduates from universities to industry is also an
important non-pecuniary channel (Cohen et al. 2002). These findings are parallel to those
obtained from European firms, according to which publications, informal contacts, hiring and
conferences are the most important sources of industrial innovation from public research
(Arundel et al. 1995). Knowledge spillovers are the mechanism used by private firms to access
research findings, prototypes and techniques that are openly available in published research
and conferences and are complemented with informal contacts and the recent hiring of
university graduates (Salter and Martin 2001).
Alternatively, the paradigmatic technology transfer channels in a selling strategy are
those of licensing and contact research. In both cases, the private firms have to pay to access
university research-based knowledge, the only difference being whether the knowledge
transferred is protectable or non-protectable, respectively. Patents and licenses were considered
as significant transfer channels by more than 10% of US industrial R&D managers, whereas
contract research and consulting agreements were mentioned by more than 25% of them
(Cohen et al. 2002). In a parallel European study, contract research was rated as important by
36% of respondents (Arundel et al. 1995). Knowledge trade is the mechanism used by private
firms to access the research-based codified knowledge in the form of patents and licenses, or
tacit knowledge in the form of contract research and consulting agreements.
Not only do the transfer channels and mechanisms differ depending upon the revealing
or selling strategy adopted by universities in order to manage their intellectual capital, but so
do the organizational arrangements set up to intermediate the university-industry relationships.
A selling strategy requires the university to have a well-developed TTO in charge of the task
10
of protecting, marketing and brokering the research-based knowledge in order to generate R&D
contract revenues and licensing income (Caldera and Debande 2010).
A revealing strategy, however, involves organizational arrangements that promote
knowledge spillovers to interested firms. Research on knowledge spillovers has uncovered that
this type of knowledge transfer is unintended, untraded and geographically localized (Salter
and Martin 2001). Many studies indicate that the results of academic research do not flow
geographically in a regular manner, but tend to be locally concentrated since the tacitness of
knowledge requires face-to-face interactions amongst the people who embody the
technological knowledge to be transferred (Storper 1995). These interactions are usually
untraded, and this creates a social environment in which the reciprocal sharing of knowledge
between entrepreneurs and scientists flourishes, thus resulting in place-specific and context-
dependent technology transfer flows. Consistent with this view of localized knowledge
spillovers, Mansfield and Lee (1996) found that firms which are less distant from where
academic research occurs are more likely to be the first to apply the findings of this research
than more distant firms. SCPs are among the organizational arrangements that are designed to
promote and enhance knowledge spillovers between university research and industrial
innovation (Massey et al. 1992).
In accordance with the view described above, in which SCPs are typical organizational
arrangements for the fostering of knowledge spillovers and TTOs play the counterpart role for
knowledge trade, this study contends that the university contribution to the tenants’
technological capital accumulation cannot be adequately analyzed without taking the university
strategy for managing its intellectual capital into account as an endogenous variable (Table 1).
-------------------------------
Insert Table 1 about here
-------------------------------
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In particular, the adoption of a revealing strategy is predicted to be beneficial for the
tenant firms’ technological capital accumulation, whereas the application of a selling strategy
is expected to be detrimental. The following two hypotheses are thus put forward:
H1: A university’s revealing strategy has a positive impact on SCP tenant firms’
technological capital accumulation.
H2: A university’s selling strategy has a negative impact on SCP tenant firms’
technological capital accumulation.
3. METHODS
An exploratory testing of the hypotheses was designed by using Spanish SCPs and the
universities to which they are affiliated.
3.1. Setting and research design
Two publicly available databases were matched in order to bring university behavior
back into the analysis of the relationship between SCP membership and tenant firms’
technological capital accumulation. One database is compiled by the national association of
Spanish universities, formally called the Conference of Spanish University Rectors (CRUE),
and includes self-reported information on the research and knowledge transfer activities of
almost all Spanish universities (CRUE 2011). Another database is elaborated by the national
association of Spanish SCPs, formally called the Association of Science and Technology Parks
in Spain (APTE), which includes self-reported information on patents granted by the Spanish
Patent and Trademark Office (OEPM) to tenant firms located in almost all Spanish SCPs
(APTE 2011).
Both databases refer to the year 2010. Although it would have been preferable to
introduce a lag between university research and knowledge transfer activities and SCP tenant
firms’ patenting outcomes, it was impossible to do so because the latter information was only
12
available in 2010 and the former information before 2010 is not as complete as in 2010. The
use of a contemporary cross-section sample was therefore imposed by data availability.
3.2. Measures
The procedure used to match the two databases was straightforward, resulting in 44 SCPs
paired with the corresponding 45 universities to which they are affiliated. The dependent
variable is the tenant firm’s technological capital accumulation on the SCP database (APTE
2011) and the independent variables are the research and knowledge transfer activities
undertaken by the university to which the SCP is affiliated on the university database (CRUE
2011).
Technological capital accumulation
The patenting performance of SCP tenant firms was used as a proxy of technological
capital accumulation. Despite the known shortcoming of disregarding the accumulation of non-
protectable technological knowledge, it is a widely accepted measure of technological capital.
The final measure is the simple count of the number of patents granted by the Spanish Patent
and Trademark Office (OEPM) to the tenant firms sampled.
Revealing strategy
Three indicators were chosen to approximate the level to which a concrete university is
committed to a revealing strategy as regards managing its intellectual capital, these being
competitive funded research projects, scientific publications and PhD graduates. As indicated
above, major channels of university knowledge spillovers to private firms include scientific
publications and the recent hiring of university graduates, which are in turn based on the basic
research undertaken at the university (Arundel et al. 1995, Cohen et al. 2002, Salter and Martin
2001). Of the three, the most robust measure of knowledge spillovers in the Spanish university
system is that of competitive funded basic research, since the distribution of publicly funded
13
research follows a rigorous and time-consuming procedure that produces highly efficient
allocations of funds. The remaining indicators are used with caution in this study, because the
number of scientific publications is a gross measure that is unadjusted to the quality of the
publication, whereas the number of PhD graduates could make little sense in this study given
the scant valuation of PhD degrees in Spain-based industry. They are, nonetheless, retained in
this study in order to ensure comparability with similar studies. These three measures were
taken from the self-reported figures contained in the university database (CRUE 2011).
Selling strategy
The university’s commitment to a selling strategy was measured by using license
revenues, contract research income and the size of the TTO. Given that Spanish universities
are just beginning to patent and obtain license revenues, contract research income is a much
better indicator of knowledge trade than license revenues in this regard, but the license revenue
variable was retained on the grounds of comparability issues. Similarly, TTOs are also
widespread organizational solutions that are adopted in the Spanish university system to
promote knowledge trade. These three measures were also taken from the self-reported figures
provided in the university database (CRUE 2011). The license revenues and contract research
income were measured in thousands of euros, while the size of the TTO was measured as the
natural logarithm of the full-time equivalent number of employees working in these offices
(Caldera and Debande 2010).
Control variables
Three variables were used to control for the varying impact of universities on SCP tenant
firms other than those derived from research and knowledge transfer activities. The public or
private property, the generalist or polytechnic character and the number of academic scientists
of the focal university were considered. The first two variables were dummy variables
14
indicating whether the university is a private and/or polytechnic university, respectively. The
last variable accounts for the scientific size of the university by counting the number of
academic scientists. Again, the property and character of the university would be non-
meaningful because the numbers of private and polytechnic universities are very small in
comparison to other countries’ university systems.
3.3. Statistical analysis
Given that the dependent variable is a count measure (number of patents granted to tenant
firms), a negative binomial regression is preferable to an ordinary least square (OLS)
regression. The results of the OLS regression are, however, the same as those derived from the
best-fitted negative binomial regression (negative binomial parameter free and logarithm
linkage function). Since the statistics and goodness of fit tests of the OLS regression are more
familiar than those resulting from negative binomial regressions, the former results are
subsequently reported in this study in order to facilitate the interpretation of the findings.
15
4. RESULTS
Multicollinearity is an issue, since some correlations are above 0.4, particularly those
representing the university size effect and the polytechnic university effect on the research and
knowledge transfer variables (Table 2).
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Insert Table 2 about here
-------------------------------
Only two independent variables significantly correlate with the dependent variable SCP
tenant firms’ technological capital accumulation, and these are the number of academic
scientists and the amount of competitive funding raised for basic research. With regard to the
correlations amongst the independent variables, the size effect is that the greater the scientific
base of the university, the greater the university research and knowledge transfer outcomes.
Both private and polytechnic universities have a well-differentiated profile. Private universities
in Spain are smaller, raise less competitive funding for research, publish less scientific findings,
educate less PhD graduates and have smaller TTOs than their public counterparts. Polytechnic
universities attract greater amounts of competitive funding for research, collect more licensing
revenues, have more contract research incomes and have larger TTOs than generalist
universities. The potential multicollinearity issue was confronted by inspecting the Variance
Inflation Factors (VIF) in the regression models.
The dependent variable technological capital accumulation is regressed in all the
variables in Model 1, whereas scientific publications and licensing revenues have been exclude
from Model 2 in order to improve the overall goodness of fit and to keep all the VIF values
below the 5.0 threshold above which regression estimators become unstable (Cohen et al.
2003). The results from both models are basically the same, with the exception of that of
16
academic scientists, which attains marginally statistical significance in the best-fitted model
(Table 3).
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Insert Table 3 about here
-------------------------------
Partially consistent with the first hypotheses concerning the effects of a university
revealing strategy, the results show that the amount of competitive funding for basic research
raised by the university has beneficial effects on tenant firms’ technological capital
accumulation, in contrast with the unexpected negative effect that PhD graduates have on it.
The results conform with the second hypothesis which contends that a university selling
strategy is detrimental to SCP tenant firms’ technological capital accumulation, with significant
and negative signs for contract research income and TTO size.
5. DISCUSSION
Consistent with the literature review, the revealing strategy was proxied by using the
amount of funding raised for basic research, the number of scientific publications and the
number of PhD graduates. Consistent with the first hypothesis and in conformity with
expectations, the amount of funding raised for basic research is the best indicator of knowledge
spillovers in this study sample. As indicated in the methods section, the system used to allocate
funds to basic research in Spain produces near-efficient results and is thus a good indicator of
the level to which a university can contribute toward expanding publicly available scientific
knowledge to society. The number of scientific publications did not eventually enter the best-
fitted regression model, probably because the measure used failed to adjust for the quality of
the publications.
Contrary to the first hypothesis, the impact of the number of PhD graduates has a negative
impact on SCPs tenant firms’ technological capital accumulation, which is not, however, an
17
unexpected result in light of the singularities of the Spanish labor market and university system.
In Spain, the fact of being a PhD graduate is of virtually no significance in the labor market,
even amongst high-tech firms. As a result, in the last decade most PhD graduates have followed
an academic career in universities and research centers rather than breaking into the labor
market and spilling leading-edge knowledge regarding scientific findings, modern techniques
and prototyping experience amongst employer firms. Rather than promoting knowledge
spillovers with PhD graduates, the situation is just the opposite in Spain; most talented people
who qualify for a PhD are retained within the university and research system and prevented
from going to industrial R&D laboratories. This does not mean that the education of PhD
graduates is detrimental to technological capital accumulation or innovation, but that the locus
in which these outcomes are collected have, to date, been principally universities, and that the
knowledge transfer mechanism based on knowledge spillovers has been fairly limited in this
regard. Future studies may investigate whether PhD graduates are more related to the
knowledge transfer mechanism based on the knowledge trade in Spain and what, if any, are the
effects of the recent incorporations of PhD graduates into the labor market as a consequence of
their limited remaining opportunities as regards following an academic career in the current
Spanish university system.
The selling strategy was measured by using licensing revenue, contract research income
and the size of the TTO. As expected, licensing revenue is still not a good indicator given the
limited experience of Spanish universities in this respect and the uneven distribution of licenses
and licensing income amongst them. With the exception of polytechnic universities, Spanish
universities are just starting to patent and sign licensing agreements, and are therefore quite
inexperienced in comparison with their German, Japan and US counterparts. In contrast,
contract research income and TTOs are well-developed phenomena in the Spanish university
system, thus appropriately representing the emphasis placed by a concrete university on selling
18
its research-based knowledge. Consistent with the hypothesis, this emphasis is
counterproductive to the SCP tenant firms’ technological capital accumulation.
The findings deriving from this study have implications for research on SCPs, intellectual
capital and economics of science. The studies on SCPs’ consequences for tenant firms have
placed too much emphasis on the SCP side, whilst leaving the university side unexplored
(Fukugawa 2006). This study is the first to consider the impact of focal university policies on
tenant firms located in the SCP to which that university contributes (Link and Scott 2014). Put
in other terms, the recipients (tenant firms; SCPs) are not the only important entities as regards
inter-organizational knowledge transfer taking place, and the providers (research groups;
universities) are also at least as important as them. The type of multi-level approach adopted
in this study is illustrative of the new horizons that may be opened up by combining both sides
of the knowledge transfer process and different actors within each side.
Research efforts on intellectual capital and open innovation have remained surprisingly
isolated from one another, when they are in fact dealing with a common core issue which is the
access to and accumulation of valuable intangible resources. This study shows how the research
on the technological component of intellectual capital can be enriched by using an open
innovation perspective around the options of revealing and selling (Dahlander and Gann 2010).
Future studies may explore the consequences of building technological capital derived from
the remaining open innovation options based on sourcing and acquiring.
Although this study focuses on the limited-scope issue of technological capital
accumulation within SCPs, its findings are relevant to the so-called economics of science, i.e.,
how science dynamics impacts on innovation and economic development (Stephan 1996).
Central to the present study is the idea that knowledge transfer from universities to interested
parties in society can take at least two forms, such as knowledge spillovers and knowledge
trade, and that the former is sometimes preferable to the latter. Contrary to the movement which
19
advocates more applied research and a strong emphasis on technology transfer in universities,
the findings derived from the this study indicate that knowledge spillovers are in fact a
technology transfer mechanism, something that is usually overlooked by the aforementioned
advocates, and is that which renders benefits for private firms when coupled with appropriate
organizational solutions such as SCPs. There would appear to be no contradiction between
untraded publicly funded basic science in the open domain and an efficient knowledge transfer
to make university research-based knowledge a powerful driver of technological innovation
undertaken by private firms. In this respect, this study adds to the growing evidence-driven
literature that questions whether a strong emphasis on selling technology amongst universities
could better serve the interest of economic advancement than their performing the traditional
strategy of revealing technologies and retaining their dominant role in the upstream of the
science, technology and innovation value chain (Mowery et al. 2001, Nelson 2001, Sterckx
2011).
CONCLUSION
These results support the view held in this study that research on SCPs should consider
the innovation-related behavior of the university to which the SCP is affiliated. Given that
SCPs are organizational solutions that are designed to promote knowledge spillovers rather
than knowledge trade, it follows that a university strategy that stresses the untraded free
revealing of academic research has beneficial effects on the SCP tenant firms’ technological
capital accumulation. On the contrary, a university emphasis on the knowledge trade by selling
its research through well-developed TTOs hampers SCPs as regards meeting their objectives
of spreading the university knowledge-based research amongst tenant firms in order for them
to accelerate the process of technological capital accumulation.
20
This study has limitations owing to the secondary databases on which the testing of
hypotheses is based. Despite the advantage of relying on objective information from almost all
the universities and SCPs in Spain, the data imposed unavoidable restrictions such as those
derived from the contemporary cross-sectional design, the limited availability of control
variables, the lack of SCP variables other than patents granted to tenant firms and the crude
measures of some of the variables. Future studies may supplement the data used in this study
with additional secondary databases or even survey information collected from universities,
SCPs and tenant firms.
The findings of the study reported herein should be interpreted by bearing in mind that
the Spanish university system is, in many respects, singular, i.e., the low proportion of private
and polytechnic universities, the atypical profile of private universities, the very early phase
that universities are at in terms of patenting, licensing and spinning off, or the scant valuation
of PhD graduates amongst firms. Given that most of the studies on technology transfer are
based on the US, Central and Nordic European countries and Japan, the results derived from
this study provide a different picture of the phenomenon in comparison to those which can be
found in other studies and should, in this respect, be viewed within the context described.
Future studies may pursue comparisons of multiple countries in order to discern whether
technology transfer is notably conditioned by the features existing in each country.
21
TABLE 1
Open innovation strategies used by universities to manage technological capital
Key
Differences
Revealing
Strategy
Selling
Strategy
Nature of knowledge transfer Knowledge spillovers Knowledge trade
Logic of knowledge transfer Non-pecuniary Pecuniary
Knowledge transfer channels Scientific publications
Research projects
Ph.D. graduates
Contract research
Licensing income
Spinning off
Position on the value chain Upstream Downstream
Organizational arrangements Science parks (SCPs) Technology transfer offices (TTOs)
22
TABLE 2
Descriptive Statistics and Pearson Correlation Coefficients (n=47)
Descriptives Pearson Correlation
Variable Mean SD 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
1. Technological capital accumulation 3.043 3.155 1
2. Private university(1) 0.110 0.312 -.005 1
3. Polytechnic university(1) 0.060 0.247 -.031 -.090 1
4. Academic scientists 02,080.890 01,457.819 .315* -.386** .138 1
5. Competitive basic research funding 13,000.210 11,389.212 .386* -.346* .325* .794** 1
6. Scientific publications 921.880 883.727 .137 -.390* .128 .827** .670** 1
7. PhD graduates 165.560 167.064 .161 -.319+ .147 .890** .726** .776** 1
8. Licensing revenue 052.968 083.331 .060 -.167 .586** .461** .360* .424* .405* 1
9. Contract research income 08,549.510 12,328.976 .040 -.224 .642** .494** .688** .452** .388* .540** 1
10. Technology transfer office size(2) 0.793 0.295 -.057 -.428** .284+ .503** .510** .563** .503** .284+ .371* 1
** p<.01 (two-tailed); * p <.05 (two-tailed); + p <.10 (two-tailed).
(1)Dummy variable (Kendall and Spearman correlation coefficients provide similar results to those shown).
(2) Natural logarithm transformation to correct for skewness.
23
TABLE 3
OLS Regression (Dependent Variable: Technological capital accumulation)
Unstandardized coefficients with
standard errors in parentheses
Effect Variable Model 1
Full Model
Model 3
Best Model
Control
Constant 3.200
(.400)
3.200
(.390)
Private university .285
(.460)
.290
(.449)
Polytechnic university .351
(.653)
.466
(.550)
Academic scientists 1.510
(1.064)
1.664+
(.930)
Revealing strategy
Competitive basic research funding 2.900**
(.888)
2.792**
(.816)
Scientific publications .022
(.865)
PhD graduates -1.878+
(.965)
-1.861*
(.889)
Selling strategy
Licensing revenue .290
(.622)
Contract research income -1.821*
(.737)
-1.773*
(.698)
Technology transfer office size -.908+
(.524)
-.917+
(.498)
Goodness of Fit
R2 adjusted .244 .280
R2 .392 .390
F 02.653* 03.562**
N 047 047
** p <.01; * p <.05; + p <.10
24
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