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ERIC Number: EJ922277
Record Type: Journal
Publication Date: 2011-Apr
Pages: 13
Abstractor: As Provided
Reference Count: 46
ISSN: ISSN-0950-4222
Corporate Governance Models as a Bridge for Linking Academic and Non-Academic Entrepreneurs: The Case of Italian Spin-Offs
Parente, Roberto; Feola, Rosangela; Petrone, Michele
Industry and Higher Education, v25 n2 p119-131 Apr 2011
This paper reports an investigation of governance issues in Italian academic spin-offs that arise from the need to balance the powers of two categories of partner: academic inventors and external investors (such as established companies and venture capital funds). The relationship between inventors and external investors, jointly pursuing a research-based entrepreneurial opportunity, provides an interesting case for the application of the agency theory construct to define adequate corporate governance procedures. The paper has two main objectives: to analyse the governance models adopted by academic spin-offs and to ascertain whether the very nature of entrepreneurial opportunity, and the associated uncertainties that a new venture faces, influence the choice of the governance model adopted. A sample group of 30 Italian academic spin-offs is analysed and three different governance models, inventor-led spin-offs, mixed-led spin-offs and investor-led spin-offs, are defined. (Contains 1 note and 2 tables.)
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Publication Type: Journal Articles; Reports - Evaluative; Tests/Questionnaires
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Italy