The Effect of University Science on Corporate Innovation

• 成果类型: Article; Early Access
• 署名作者: Arora, Ashish; Belenzon, Sharon; Cioaca, Larisa; Sheer, Lia; Zhang, Hansen
• 署名单位: Duke University; National Bureau of Economic Research; Tulane University; Tel Aviv University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2024.05723
• 发表日期: 2026
• 关键词: university science; university publications; PhD graduates; university patents; Corporate innovation

摘要

We study how three components of university science-university publications, PhD graduates, and university patents-influence both upstream and downstream innovation in U.S. publicly traded firms that conduct R&D. To measure the relevance of university science to corporate innovation activity, we use machine-learning algorithms and bibliometric data to link university publications, PhD dissertations, and university patents to corporate publications and patents. Identification exploits firm-specific exposure to shifts in federal agency R&D budgets. We find that university science affects corporate innovation primarily through PhD graduates and university patents: PhD graduates raise firm innovation, whereas university patents substitute for corporate patents and lower the need for internal research. In contrast, university publications elicit little direct contemporaneous response on average; however, this pattern varies substantially across sectors and firm capabilities, with stronger complementarities in the life sciences and among firms operating near the technology frontier. Because established firms account for more than three-quarters of all business R&D, understanding how their innovation responds to university publications, PhD graduates, and university patents is central to assessing the broader impact of university science on corporate innovation.