University start-ups include faculty and student start-ups. Earlier research on universities' roles in start-ups was focused on faculty. When student start-ups outperform faculty start-ups, the resources affecting these start-ups, and their relationship, should be analyzed. This study investigates the determinants of faculty and student start-ups, comparing key resources and exploring whether faculty start-ups affect student start-ups and vice versa, as well as whether the relevant resources interact, using panel data from 92 Korean universities from 2012 to 2018. Resource variables including labor costs, bonuses, research expenses, laboratory expenses, equipment costs, and technology transfer offices were used as explanatory variables. Additionally, for faculty start-ups, central and local government funds, science citation indices, patents, technology revenues, and student start-ups were used as explanatory variables. For student start-ups, university funding, government funding, start-up clubs, Capstone Design funding, and faculty start-ups were used as explanatory variables. Using these start-ups as endogenous variables in estimations, this study adapts a simultaneous equation model with panel data, analyzing it with three-stage least square regression method. Faculty labor costs and central and local government research funds significantly positively affect faculty start-ups. Support funding, start-up clubs, and technology transfer offices significantly positively affect student start-ups. Results show that faculty start-ups significantly affect student start-ups, but there is no influence from student start-ups on faculty start-ups.
