Do Hybrid Goals Pay off? Social and Economic Goals in Academic Spin‐Offs
研究了挪威学术衍生企业追求经济与社会混合目标对其绩效和治理结构的影响，发现混合目标的企业表现优于单一目标企业，且吸引目标一致的多个利益相关者能进一步提升绩效。
Abstract New ventures often pursue both economic and social goals, known as goal hybridity. Yet, we know less about how organizational goal hybridity influences the performance and governance of new ventures. Goal hybridity is common among academic spin‐offs (ASOs) seeking to commercialize scientific research from universities. We hypothesize that ASOs’ goal hybridity influences their subsequent performance and their governance structure. We also hypothesize that ASOs who enrol multiple stakeholders with investment goals aligned with their hybrid goals outperform the ASOs who do not. By combining several data sources, we follow Norwegian ASOs longitudinally and find that goal hybridity explains their subsequent performance differences, such that ASOs relying on both economic and social aspects of their business when formulating their goals outperform those who rely purely on economic or social goals. We also find that ASOs with hybrid goals outperform when they enrol multiple stakeholders who are aligned with their hybrid goals. Our findings have implications for theorizing in hybridity, stakeholder enrolment, and the organizational goals literatures. We also provide a fuller understanding on performance heterogeneity of ASOs, and we offer a set of practice and policy implications to academic entrepreneurship and public‐private partnership literatures.