A literature review of the effect of science and technology parks on firm performance: A new model of value creation through social capital

Science and technology parks provide modern infrastructural mechanisms for transferring academic research findings, generating knowledge spillovers, and catalyzing regional and national economic growth. Therefore, these parks enable the flow of knowledge, ease access to valuable resources and innovations, and foster cooperation among tenants. Reviewing previous literature we found that the effect of science park infrastructure on the performance of related firms has not conclusive findings and this divergence can be interpreted as main studies are not including the value generated through interorganizational social interactions. This study uses the concept of social capital to analyze how science and technology parks facilitate the generation of goodwill and resources that firms gain from their relationships with other economic agents in the park. Within this theoretical approach the paper proposes a model for understanding how science and technology parks create a valuable infrastructure for generating such social benefits. Finally, the paper suggests a theoretical model to examine sources, substance, contingencies, and value creation at the firm level.