Use me when you need me: firms¿ co-creation output with universities and the economic cycle

Abstract

In this paper, we explore the impact of the economic cycle on university-industry scientific knowledge co-creation output. According to our university-industry cycle theory, there are reasons to believe that economic growth will either encourage or discourage firms to co-create with universities, but the former is more likely to occur in crises and the latter in expansions. To verify this, we use data on Spanish firms’ co-publications with universities from 2000 to 2016, which includes the Great Recession started in 2008. Our results agree with the theory, so that when the economy grows fast, firms co-publish less with universities and when the economy grows slowly or contracts, firms co-publish more with universities. Policies to promote university-industry scientific knowledge co-creation output could adapt to the phase of the economic cycle.