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Effects on Risk Taking Resulting from Limiting the Value at Risk or the Lower Partial Moment One
(1997)
On the Compatibility of Value at Risk, Other Risk Concepts, and Expected Utility Maximization
(1996)
Despite increasing scholarly interest in commercialisation and university-industry linkages (UIL), a number of gaps remain in the theoretical development of this area. In particular, researchers have not yet been able to identify whether critical success factors for commercialisation change at various stages of partnership evolution. That means, as UILs increase in commitment and joint activities, how do we best manage and foster these developing partnerships at various stages of the development? The research study draws on relationship marketing theory, which shows a developing stream of research into changes of relationship characteristics and performance throughout relationship development. The qualitative phase of this study consisted of a series of semi-structured in-depth interviews with members of industry and academia in Australia and Germany/Netherlands who are involved in UILs. Some interviews were conducted face-to-face, others by phone. Over the course of an hour, participants were questioned about their involvement and experience with UILs, with a particular focus on relationship evolution. All UILs are different, uniting a range of individuals from different backgrounds and organisations, with varying skills, needs and objectives. While each UIL thus should be considered on its own, the results clearly indicate that (1) relationships evolve over time and that (2) a number of key factors appear as relevant across a cross-section of linkages. The research identified three UIL phases as well as a pre- and post-linkage stage, each characterised by a distinct measure of success. As illustrated in the model on the following page, while each of these phases had different drivers of success, common threads emerged, similarly in Australia and Germany. In particular, communication, trust, personal relationships, understanding and meeting expectations (delivery) emerged as critical throughout a linkage lifecycle, yet in different forms. It should be noted, however, that relationships do not evolve linearly. Rather, dissolution or positive divergence, for example due to a lack of immediate projects or other relevant activities, may arise at any time and may entail a re-evaluation of various aspects of the UIL and its future.