Unravelling the effects of Science Parks on the innovation performance of NTBFs

Abstract

In spite of the extensive presence of Science Parks in developed countries, it is still unclear whether they have been successful in fostering the innovation performance of new technology-based firms (NTBFs). The aim of this paper is to help answer exactly this question. Using an unbalanced panel of 7691 observations associated with 1933 Spanish NTBFs (2007–2013), located both on-park and off-park, our empirical results show no evidence of a direct relationship between being located on a Science Park and the innovation performance of the NTBFs. However, our findings reveal that Science Parks play a positive selection role by attracting NTBFs with high technological capabilities (indirect effect). Moreover, our results also indicate that the decision to locate in a Science Park may enhance the innovation performance of NTBFs that collaborate and jointly export (moderating effect). This paper provides new explanations that help provide a better understanding of the effects of Science Parks on innovation performance and also outlines several practical implications.