  Does academic engagement accelerate or crowd out the commercialization of
university knowledge? Research on this topic seldom considers the impact of the
institutional environment, especially when a formal institution for encouraging
the commercial activities of scholars has not yet been established. This study
investigates this question in the context of China, which is in the
institutional transition stage. Based on a survey of scholars from Shanghai
Maritime University, we demonstrate that academic engagement has a positive
impact on commercialization and that this impact is greater for risk-averse
scholars than for other risk-seeking scholars. Our results suggest that in an
institutional transition environment, the government should consider
encouraging academic engagement to stimulate the commercialization activities
of conservative scholars.
