The role of the university in the 21st century is rapidly changing, reflecting a growing interest in the commercialisation of university knowledge among scholars and policymakers. University spin-offs (USOs) represent one mechanism for commercialising knowledge that are attracting considerable...

Despite their increasing importance in innovation, employment creation and economic growth, there is a dearth of theory-driven research on the financing and capital structure of new technology-based firms (NTBFs). Hogan and Hutson (2005a) advance the High-Technology Pecking Order Hypothesis...