Are non‐economic goals and financial performance friends or foes in hybrid ventures? A duality perspective on academic spin‐offs
研究了179家意大利学术衍生企业中，创始人关注学术目标对财务绩效的影响，发现两者呈倒U型关系，且受学术所有权程度调节，挑战了经济与非经济逻辑必然冲突的固有观念。
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.