The effect of science and technology parks on tenant firms: a literature review

Abstract

Science and technology parks (STPs) are non-spontaneous agglomerations aimed at encouraging the formation and growth of on-site technology and knowledge-based firms. STPs have diffused worldwide, attracting significant, and often public, investment. However, there are contrasting evidence and insights on the effectiveness of these local development, technology and innovation policy tools. This paper provides a comprehensive and systematic review of the STP literature (221 papers, 1987–2021), focusing especially on quantitative papers aimed at assessing the park effect on tenant’s performance. We perform an in-depth quantitative analyses, which allows us to go beyond the inconclusiveness reported in previous review papers, showing that the likelihood of finding positive STP effects increases considerably with sample size. We discuss the limitations of this literature and offer some suggestions for future research.