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Academic Entrepreneurship

Translating Discoveries to the Marketplace

Edited by Phillip H. Phan

Academic entrepreneurship is a multifactorial and multidimensional phenomenon. This book presents research featuring aspects of academic entrepreneurship at the regional, institutional, and organizational levels of analysis. Phillip H. Phan and the authors illustrate that the more interesting aspects of this subject are in the ‘tails of the distribution,’ where counter-intuitive findings from the data call simple theories into question and inspire a vigorous discussion of alternatives.
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Phillip H. Phan

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Phillip H. Phan

University venture funds invest in seed and early stages of university startups and can serve a variety of institutional and social goals. While Phan finds evidence of their establishment and intent, he warns that we know little about university venture funds. Accordingly, the topic represents an exciting, although challenging, area of research.
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Edited by Gideon D. Markman and Phillip H. Phan

Research on general market entry usually focuses on large enterprises. Often, however, small entrants can alter the competitive dynamics of an industry. This volume brings together the most prominent thought leaders and the best research on the asymmetric entrant-incumbent dynamics. The ideas presented offer a more nuanced perspective on how, when, where and with what consequences small, single-product firms enter markets that are dominated by large, multiproduct and multimarket incumbents.
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Phillip H. Phan and Gideon D. Markman

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Phillip H. Phan, Gideon Markman and David Balkin

This study explores the impact of ownership and control on research expenditure intensity, patenting and new product introductions over a five-year period for 86 publicly listed pharmaceutical firms. Consistent with normative agency theory predictions, we find that the presence of block private and institutional shareholders – controlling for firm size and prior performance – is positively associated with innovation activity and its outcomes. We find that chief executive officer duality was positively related to R & D expenditures, and that insider-dominated boards were positively related to new product introductions. In the literature, there is a sense that management-dominated boards can lead to value destruction because decision control and management are combined. But when long-term irreversible investments of capital are required to drive innovation, the ability for managers to keep investing may spell the difference between success and failure. Combining decision control and management can sometimes have positive effects. Management-dominated board may, in specific circumstances, support more risk-taking and innovation. Therefore, ‘best practice’ recommendations for ‘independent (that is, outsider-dominated) boards’ should be reconsidered for firms engaged in high-risk innovation activities with uncertain outcomes.