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Are non‐economic goals and financial performance friends or foes in hybrid ventures? A duality perspective on academic spin‐offs.

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Authors: Minola, Tommaso1 (AUTHOR) tommaso.minola@unibg.it, Hahn, Davide1 (AUTHOR), Criaco, Giuseppe2 (AUTHOR), Pittino, Daniel3,4 (AUTHOR), Visintin, Francesca4 (AUTHOR)
Source: Strategic Entrepreneurship Journal. Jun2026, Vol. 20 Issue 2, p199-223. 25p.
Subject Terms: *Financial performance, *Academic-industrial collaboration, *Organizational behavior, *Commercialization, *Stock ownership, *Business enterprises, Intrinsic motivation
Abstract: Research Summary: This study draws on the behavioral theory of the firm and a duality perspective to investigate the impact of founders' focus on academic goals on the financial performance of academic spin‐offs (ASOs)—a specific type of hybrid venture. We theorize that such relationship follows an inverse U‐shaped curve and is moderated by the degree of academic ownership. These hypotheses are tested using a sample of 179 Italian ASOs. Our findings indicate that when academic ownership is low, the relationship displays an inverted U‐shape. Moreover, as academic ownership increases, the relationship flattens and eventually shifts to a U‐shape. These results challenge the prevailing notion of inherent conflicts between economic and non‐economic logics in hybrid ventures, demonstrating when focusing on non‐economic (e.g., academic) goals enhances financial outcomes. Managerial Summary: Academic spin‐offs (ASOs) play a pivotal role in science commercialization and often pursue academic goals due to their academic origins. However, the extent to which founders' focus on academic goals benefits or hinders ASOs' financial performance has remained largely underexamined. In this study of 179 Italian ASOs, we investigate the relationship between a focus on academic goals and firm performance. Our findings reveal that at lower levels of academic ownership, a moderate focus on academic goals is optimal for ASOs' financial performance. Conversely, at higher levels of academic ownership, either a low or high focus on academic goals proves optimal for financial performance. These insights can help practitioners improve ASO performance by aligning goal and ownership structures. [ABSTRACT FROM AUTHOR]
Database: Entrepreneurial Studies Source
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PubType: Academic Journal
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  Data: <searchLink fieldCode="AR" term="%22Minola%2C+Tommaso%22">Minola, Tommaso</searchLink><relatesTo>1</relatesTo> (AUTHOR)<i> tommaso.minola@unibg.it</i><br /><searchLink fieldCode="AR" term="%22Hahn%2C+Davide%22">Hahn, Davide</searchLink><relatesTo>1</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Criaco%2C+Giuseppe%22">Criaco, Giuseppe</searchLink><relatesTo>2</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Pittino%2C+Daniel%22">Pittino, Daniel</searchLink><relatesTo>3,4</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Visintin%2C+Francesca%22">Visintin, Francesca</searchLink><relatesTo>4</relatesTo> (AUTHOR)
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  Data: <searchLink fieldCode="JN" term="%22Strategic+Entrepreneurship+Journal%22">Strategic Entrepreneurship Journal</searchLink>. Jun2026, Vol. 20 Issue 2, p199-223. 25p.
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  Data: *<searchLink fieldCode="DE" term="%22Financial+performance%22">Financial performance</searchLink><br />*<searchLink fieldCode="DE" term="%22Academic-industrial+collaboration%22">Academic-industrial collaboration</searchLink><br />*<searchLink fieldCode="DE" term="%22Organizational+behavior%22">Organizational behavior</searchLink><br />*<searchLink fieldCode="DE" term="%22Commercialization%22">Commercialization</searchLink><br />*<searchLink fieldCode="DE" term="%22Stock+ownership%22">Stock ownership</searchLink><br />*<searchLink fieldCode="DE" term="%22Business+enterprises%22">Business enterprises</searchLink><br /><searchLink fieldCode="DE" term="%22Intrinsic+motivation%22">Intrinsic motivation</searchLink>
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  Label: Abstract
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  Data: Research Summary: This study draws on the behavioral theory of the firm and a duality perspective to investigate the impact of founders' focus on academic goals on the financial performance of academic spin‐offs (ASOs)—a specific type of hybrid venture. We theorize that such relationship follows an inverse U‐shaped curve and is moderated by the degree of academic ownership. These hypotheses are tested using a sample of 179 Italian ASOs. Our findings indicate that when academic ownership is low, the relationship displays an inverted U‐shape. Moreover, as academic ownership increases, the relationship flattens and eventually shifts to a U‐shape. These results challenge the prevailing notion of inherent conflicts between economic and non‐economic logics in hybrid ventures, demonstrating when focusing on non‐economic (e.g., academic) goals enhances financial outcomes. Managerial Summary: Academic spin‐offs (ASOs) play a pivotal role in science commercialization and often pursue academic goals due to their academic origins. However, the extent to which founders' focus on academic goals benefits or hinders ASOs' financial performance has remained largely underexamined. In this study of 179 Italian ASOs, we investigate the relationship between a focus on academic goals and firm performance. Our findings reveal that at lower levels of academic ownership, a moderate focus on academic goals is optimal for ASOs' financial performance. Conversely, at higher levels of academic ownership, either a low or high focus on academic goals proves optimal for financial performance. These insights can help practitioners improve ASO performance by aligning goal and ownership structures. [ABSTRACT FROM AUTHOR]
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        Value: 10.1002/sej.1529
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      – Code: eng
        Text: English
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        PageCount: 25
        StartPage: 199
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      – SubjectFull: Financial performance
        Type: general
      – SubjectFull: Academic-industrial collaboration
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      – SubjectFull: Organizational behavior
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      – SubjectFull: Stock ownership
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      – SubjectFull: Business enterprises
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      – SubjectFull: Intrinsic motivation
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      – TitleFull: Are non‐economic goals and financial performance friends or foes in hybrid ventures? A duality perspective on academic spin‐offs.
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            NameFull: Minola, Tommaso
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            NameFull: Hahn, Davide
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            NameFull: Criaco, Giuseppe
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              Text: Jun2026
              Type: published
              Y: 2026
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