Regression results of different distance.

The spillover effect of university-based agricultural research and development (R&D) has been recognized as a crucial factor contributing to the enhanced performance of the agricultural industry. Nonetheless, the psychological impact of organizational inertia on individuals and groups may shape the influence of such spillovers for agribusiness firms. To date, there has been limited exploration of the interplay between university agricultural R&D spillovers and agribusiness firms. Utilizing panel data from Chinese listed agribusiness firms between 2009 and 2019, our empirical investigation reveals a negative short-term relationship between university agricultural R&D spillovers and agribusiness firm performance due to the similarity in knowledge backgrounds. In the short term, organizational inertia, stemming from familiar and parallel knowledge, renders university agricultural R&D spillovers unfavorable to agribusiness firm performance, thereby reducing their value to the enterprises. Conversely, the long-term influence of university agricultural R&D spillovers on agricultural enterprise performance is positive, as organizational inertia dissipates over time. Additionally, our findings indicate that university non-agricultural R&D spillovers serve to positively moderate the relationship between agricultural R&D spillovers and agribusiness firm performance in the short term, while exerting a negative moderating effect in the long term. Lastly, our analysis reveals a negative correlation between the effect of university agricultural R&D spillovers and the geographical distance between agribusiness firms and universities. This suggests that proximity to academic institutions may play a role in shaping the impact of R&D spillovers on agribusiness performance. In summary, our study highlights the complex dynamics between university agricultural R&D spillovers and agribusiness firm performance, revealing both short-term and long-term effects. We also underscore the importance of considering the influence of organizational inertia and the moderating role of non-agricultural R&D spillovers. Understanding these relationships is crucial for informing strategic decisions and fostering innovation within the agricultural industry.

以高校为依托的农业研发（R&D）外溢效应，被公认为推动农业产业绩效提升的关键因素。然而，组织惰性对个体与群体产生的心理影响，可能会重塑农业企业所受此类研发外溢的作用效果。截至目前，学界针对高校农业研发外溢与农业企业之间的交互作用的研究仍较为匮乏。本研究基于2009-2019年中国上市农业企业的面板数据开展实证分析，结果显示：由于知识背景的相似性，高校农业研发外溢与农业企业绩效之间在短期内呈现负向关联。短期内，源自熟悉性与同质化知识的组织惰性，会使得高校农业研发外溢对农业企业绩效产生抑制作用，进而降低该外溢效应对企业的价值贡献。反之，随着时间推移组织惰性逐渐消解，高校农业研发外溢对农业企业绩效的长期影响则为正向。此外，研究结果表明：高校非农业研发外溢在短期内对农业研发外溢与农业企业绩效之间的关联具有正向调节作用，而在长期则会产生负向调节效应。最后，本研究分析发现，高校农业研发外溢的效应强度与农业企业和高校之间的地理距离呈负相关。这意味着，与学术机构的地理邻近性可能会影响研发外溢对农业企业绩效的作用效果。综上，本研究揭示了高校农业研发外溢与农业企业绩效之间的复杂动态关联，同时展现了其短期与长期的差异化影响；我们亦强调了考量组织惰性的作用，以及非农业研发外溢调节效应的重要性。厘清此类关联，对于为农业产业战略决策提供依据、推动产业内创新发展均具有重要意义。