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    Financial performance studies of University Spin-Off companies (USOs) in the West Midlands

    Jelfs, Peter (2019) Financial performance studies of University Spin-Off companies (USOs) in the West Midlands. Doctoral thesis, Birkbeck, University of London.

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    Doubts remain over the true success of USOs in the UK, particularly those created outside the elite research universities. This thesis examines the financial performance of USOs generated from universities with a range of research intensities from a single region, the West Midlands, and considers whether observations can be rationalised using the frameworks of signalling and agency theories. While some results are in line with the expectations of the frameworks, others are not and demonstrate the complexity in attempting to explain the data, and the need to consider wider data sets and more explanatory factors. Universities with a strong research pedigree generated the most USOs in line with the theoretical frameworks, with the Russell Group universities dominant in the region. The data relating to survival of USOs is more difficult to rationalise and leads to a tentative conclusion that this is not a useful performance metric. External funding appears to be in line with prior studies e.g. Shane (2004) and the theoretical frameworks in that the total funding obtained by a university is positively correlated to its research strength, although the Russell Group member Warwick shows an exceptionally high level of funding obtained. Finally, the data on exits demonstrates the inability of all universities across the region to generate financially successful exits. In fact, the only financially successful exit was by a USO that had no external funding, demonstrating a lack of commercialisable technology created across the region.


    Item Type: Thesis
    Copyright Holders: The copyright of this thesis rests with the author, who asserts his/her right to be known as such according to the Copyright Designs and Patents Act 1988. No dealing with the thesis contrary to the copyright or moral rights of the author is permitted.
    Depositing User: Acquisitions And Metadata
    Date Deposited: 14 Jan 2020 16:40
    Last Modified: 10 Jun 2021 03:15


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