How university-industry collaboration influences technological catch-up by latecomer firms: a perspective of knowledge-based theory

Purpose The technological catch-up of latecomer firms contributes to breaking industry monopolies and enhancing resource allocation efficiency. This paper aims to explore the impact of university-industry collaboration (UIC) on latecomer firms' technological catch-up and its underlying mechanisms. Design/methodology/approach Based on the knowledge-based theory, this paper uses matched data from Chinese listed companies and patent information for the period 2007–2022 as the research sample, and constructs a theoretical framework explaining how the UIC affects the technological catch-up of latecomer firms. It also focuses on discussing the heterogeneous impacts of financing constraints, environmental uncertainty and market competition. Findings The results show that the UIC helps latecomer firms catch up in technology both domestically and globally, and this conclusion remains valid after rigorous robustness testing. The internal mechanism is that UIC can enhance the knowledge diversification and acquisition efficiency of the firms' knowledge bases, which in turn promotes their technological catch-up. Heterogeneity research finds that when firms face with stronger financing constraints, greater environmental uncertainty and fiercer market competition, the UIC plays a more significant role in promoting the technological catch-up. Originality/value This paper expands the research perspective of the existing literature on the path of technological catch-up in firms, and highlights the important role of the collaboration between basic research and applied research in technological catch-up.