The role of academic entrepreneurship in the commercialization of R&D outcomes in Poland

In this paper we try to explore the determinants of corporate decision to commercialize the results of research and development activity (measured by the level of expenditures on development works ‑results of the R&D activity ‑capitalized in the balance sheet), with particular emphasis on the role of scientists in the management or supervisory of the company. We aim to compare determinants of the level of expenses on R&D activity between academic enterprises (managed and/or supervised by academics), and all private companies managed also by people from the outside of academic environment, based on the probit panel data analysis. Our analysis covers several aspects, including impact of researchers (doctors and professors) in management or/and supervisory board, operational risk, growth opportunities, research grants and subsidies and access to financing both internal (cash flow from operational activity, cash holdings) and external (debt including bank loans and borrowings, corporate bonds and share issue), mentioned in different streams of literature. We would also recognize an impact of patents and a localization close to academic centers and scientific institutes on R&D activity conducted by scientists and commercialization of the R&D outcomes through establishing a company as an example of academic entrepreneurship.