University spillovers and new business location in high-technology sectors: Spanish evidence
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This paper examines the relationship between knowledge spillovers from universities and new business location in high-technology sectors. We focus on the contribution to new business formation through spillovers stemming from three main university outputs: knowledge-based graduates, research activities, and technological knowledge. We construct a new dataset with information on 604 companies and 63 universities in Spain and group the data across 36 geographical areas from 2001 to 2004 (144 observations). After controlling for several traditional cost factors and agglomeration characteristics, we find that university spillovers are relevant in explaining the location of new businesses in high-technology sectors in Spain. Further, our analysis draws attention to the relevance of graduates as the main source of spillovers, while research activities and university technology do not have significant effects.
KeywordsUniversity spillovers Scientific knowledge Technological knowledge Business location
JEL ClassificationsC29 L26 M13 O18 O33
This research is supported by a grant from the Ministerio de Educación y Ciencia (SEJ2005-08972/ECON) and the Junta de Andalucía (P06-SEJ-02087 and P08-SEJ-03981). Earlier drafts were presented at the 11th European Network on Industrial Policy (EUNIP), San Sebastian (Spain), 10–12 September 2008, and EuroMOT 2008 (International Association for Management of Technology), Nice (France), September 17–19, 2008. The authors express their thanks to colleagues at these conferences for their helpful suggestions. The authors are also very grateful to an anonymous reviewer for constructive and insightful comments on earlier versions of this paper.
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