Internal funding, debt and external equity: which of these effectively improve the growth of university spin-offs?
by Christian Corsi; Antonio Prencipe
International Journal of Entrepreneurial Venturing (IJEV), Vol. 10, No. 6, 2018

Abstract: The paper aims to explore the impact of different financing sources on the growth of university spin-offs (USOs). It hypothesises that both internal finance and debt finance have little to no positive effect on the growth of USOs. Whereas, equity finance is expected to have a stronger positive impact, especially in the form of private equity/venture capital. A panel sample of 621 Italian USOs was investigated over the 2004-2013 period. The results show a small positive impact from internal funding on USOs growth. Debt funding seems to have no impact, while external equity finance has a weak role, even when obtained from venture capital/private equity. The findings provide evidence that the USOs have financial constraints limiting their growth.

Online publication date: Fri, 21-Sep-2018

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Entrepreneurial Venturing (IJEV):
Login with your Inderscience username and password:

    Username:        Password:         

Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email