Embracing an entrepreneurial ecosystem: an analysis of the governance of research joint ventures
In this paper, we examine how one important type of relationship, research joint ventures (RJVs), is governed within the context of an entrepreneurial ecosystem. Based on agency theory, we investigate the relationship between the governance structure of an RJV and the likelihood that the venture will embrace elements of its research-based ecosystem, that is, the likelihood that the RJV will invite a university to become a research member of the venture. Using data from the National Research Joint Venture Database, we find that when the governance structure of the RJV affords the organizer/leader and research director (the principal) the ability to exert control over the activities of the other members of the RJV (the agents), universities are less likely to be invited to participate as a research member.
Keywords
Research joint venture R&D Technology Entrepreneurship Innovation Agency theory