دولت و عملکرد فن آوری شرکت های اسپین آف زیراکس

This paper analyses 35 spin-off organizations that arose from the Xerox Corporation. Xerox’s own initial equity position is negatively correlated with the subsequent performance of its spin-offs, but this is due not to their equity per se, but Xerox’s practices in managing its spin-offs. Spin-offs with a higher percentage of venture capital investors on their Boards were associated with higher financial performance, while spin-offs with a Xerox insider as CEO were associated with lower financial performance. Qualitative interview data suggest that Xerox’s practices caused its spin-offs to search locally near Xerox’s own business, while spin-offs governed by outside investors’ practices searched a broader space for commercializing their technologies.