This study aims to adopt the transaction cost economics, resource-based theory, and social exchange theory to theoretically analyse university-industry knowledge transfer activities and their determinants and consequences. Four mechanisms are identified for university-industry knowledge transfer, namely equity-based transfer, research contract-based transfer, general contract-based transfer, and relation-based transfer. These determinants are examined in three categories, namely, resource factors, resource dependency and complementarities, and transaction cost factors. The sample was gathered from 145 Taiwanese biotechnology firms, and the results indicate that collaboration with a university improves a firm ’s knowledge transfer performance in terms o f knowledge acquisition, knowledge generation, and commercial success. Relation-based transfer and general contract-based transfer are the most effective ways in which to transfer knowledge, and these are followed by research contract-based transfer, and equity-based transfer respectively. Furthermore, the empirical results illustrate that not all types o f resources contribute to university-industry knowledge transfer activities and knowledge transfer performance. A firm’s resources are found to be useful for the formation o f collaboration, and a university’s resources are beneficial for improving knowledge transfer performance, particularly when they have more knowledge resources and organisational resources. Technology transfer office resources and the relationship resources o f universities and firms facilitate an equity-based transfer and improve the performance o f knowledge transfer. Flowever, the greater property-based resources o f a university and a firm do not generate more university-industry knowledge transfer activities and a better knowledge transfer performance. A university’s greater property-based resources can even decrease the knowledge transfer performance. In addition, it was found that knowledge asset specificity and market uncertainty are related to the formation o f a relation-based transfer, general contract-based transfer, and research contract-based transfer. However, resource dependency and resource complementarity do not appear to have an effect on facilitating university-industry knowledge transfer activities and knowledge transfer performance.