University Spillovers: Does the Kind of Science Matter?

This study examines the impact of university spillovers on the locational choice of firm formation. Based on a unique and hand-collected data set of high-technology start-ups publicly listed in Germany, this paper tests the propositions that geographic proximity to the university is influenced by the kind of science and type of knowledge spillover. The results provide evidence that while academic research spillovers by articles and graduates seem to be less important as a location decision in the past, become a significant determinant for young and high-tech firms.