Science-based Firms Going Public: The Role of Patent Indicators and Top Management Teams |
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| Authors: | Cristina Quintana-García Carlos A Benavides-Velasco Vanesa F Guzmán-Parra |
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| Affiliation: | 1. Facultad de Ciencias Económicas y Empresariales, Dpto. Economía y Administración de Empresas, Universidad de Málaga, Campus El Ejido, Málaga, Spain;2. Dpto. Economía y Administración de Empresas, E.T.S. Ingeniería Industrial, Universidad de Málaga, Campus de Teatinos, Málaga, Spain |
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| Abstract: | This paper examines how specific dimensions related to innovative capabilities influence the economic value of science-based firms when they go public. To test a set of hypotheses, we conduct an empirical research of a sample of dedicated biotechnology firms that completed an initial public offering (IPO) in the USA during 1983–2009. The results indicate that technological diversity, the patent stock’s value and dominant functional diversity in top management teams (TMTs) are positively associated with raising funds through an IPO. However, intrapersonal functional diversity in the TMT does not have a significant effect. |
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| Keywords: | IPO biotechnology sector patents top management |
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