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This study examines the impact of industry-university-research (IUR) cooperation on the financial performance of pharmaceutical enterprises in China. The current literature has primarily focused on the effects of IUR cooperation on innovative performance, often overlooking its financial implications. This research aims to address this gap by analyzing how such collaborations affect financial outcomes.

Using a difference-in-differences (DID) approach, this study analyzes data from publicly listed Chinese pharmaceutical companies between 2011 and 2022. The analysis includes robustness checks and heterogeneity analysis to validate the findings.

Empirical results indicate that IUR cooperation significantly improves the financial performance of pharmaceutical enterprises. Firms engaged in IUR collaborations exhibit a notable improvement in return on assets (ROA) and return on equity (ROE). The research findings confirm that absorptive capacity (internal factors) and the external knowledge resource base (external factors) enhance the positive impact of IUR collaboration on the financial performance of pharmaceutical enterprises. Additionally, the heterogeneity analysis based on regional levels of intellectual property protection demonstrates a stronger positive influence of IUR cooperation on the financial performance of pharmaceutical enterprises in regions with greater levels of intellectual property protection.

This study contributes to the understanding of the financial benefits of IUR cooperation in the biopharmaceutical sector. By highlighting the significance of absorptive capacity, external knowledge resource base and regional intellectual property protection, this study offers valuable insights for policymakers and business leaders aiming to cultivate effective industry–academia collaborations.

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.

The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.

In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.

Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.

The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.

The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.