This paper tries to assess the research performance of excellent research groups during the period 1998-2002 in Valencia, a peripheral Spanish region with low-level absorptive capacity. For that purpose, we use a range of qualitative and quantitative indicators to provide a reliable estimate of the contribution to scientific progress and regional scope made by different research groups. In general, we have found that research groups have diversified their performance with different and non-systematic behaviour, according to different research incentives. This later finding shows an important influence on the performance of industry-university collaboration, R&D and innovation activities.