Science-based Firms Going Public: The Role of Patent Indicators and Top Management Teams
研究了专利指标和高层管理团队特征如何影响科学型企业（以生物技术公司为例）在首次公开募股中的融资表现，发现技术多样性、专利价值和管理团队职能多样性有正面作用。
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.