The Influence of Top Management Team Heterogeneity on the Capital Raised through an Initial Public Offering
研究了初创公司高管团队在职能和教育背景上的异质性如何向投资者传递信号，从而影响IPO筹集的资本金额。
A significant body of research exists on the top management teams (TMTs) of established firms and specifically on the heterogeneity of TMTs of established firms. Little research exists, however, on the heterogeneity of TMTs of firms in the early stages of their existence. In this study, I examine the relationship among TMT heterogeneity and the capital raised by the firm through its initial public offering (IPO). I argue that TMT heterogeneity provides a signal to potential investors about the quality of the IPO and hence is associated with greater capital accumulations. My findings suggest that heterogeneity in the TMT's functional background and educational background is associated with greater capital raised through an IPO.