Roles of entrepreneurial orientation and guanxi network with parent university in start-ups’ performance: evidence from university spin-offs in China

The aim of this study is to examine the roles of entrepreneurial orientation (EO) and the guanxinetwork with parent university (GNPU) in the creation of university spin-offs (USOs). Thestudy replicates and extends previous research on academic entrepreneurship by providingan empirical analysis using data from 140 USOs in China. The empirical results indicatethat three dimensions of EO (innovativeness: IN; proactiveness: PR; and risk-taking: RT)and GNPU have positive effects on the financial performance (FP); PR, RT, and GNPUhave positive effects on non-financial performance (NFP) of USOs. In the context ofmoderating effects, this study finds that only GNPU positively moderates the relationshipsbetween IN and FP as well as between PR and NFP, failing to find others. Generallyspeaking, EO is an important strategic asset and GNPU is an important organisationalresource that underpin the establishment of USOs. In addition, we also provide someimportant theoretical and practical implications for scholars, practitioners, and policy-makers