The association between governance mechanisms and engagement in commercialisation and entrepreneurship of Romanian public research institutes.

This study investigates the connection between the governance structure of a public research institute (PRI) and its inclination towards entrepreneurship and patenting, in the form of spin-offs and granted patents, in Romania, an emerging economy. Employing a combination of negative binomial and Firth logistic regressions, the research examines the links between the composition of the board of directors (BD) and PRI's knowledge and technology transfer (KTT) and entrepreneurial efforts over a period of eleven years (2012-2022). The results show that gender diversity in the BD does not impact the establishment of new firms and patenting. Moreover, the likelihood of spin-off creation in female-led PRIs is lower than in male-led ones, while the general director's gender has minimal impact on the patenting process. On the other hand, BD diversity in terms of external directors, namely the industry representatives, strongly influences the entrepreneurial orientation of the PRI. The same connection is shown with the existence of technology transfer offices. Scientific excellence is slightly complementary with patenting. Finally, geographic location has a weak mixed effect on the creation of spin-offs and patenting. Our paper contributes to the industrial organisational literature, which has not paid enough attention to the role of research institutes in science commercialisation, especially in emerging economies.