The Relationship between Boards of Directors and Initial Public Offerings in the Biotechnology Industry
研究了1980-1994年间所有上市生物技术公司，发现董事会成员的专业知识与首次公开募股规模显著正相关，对生物技术企业组建董事会和筹备上市有参考价值。
Utilizing the entire population of public biotechnology firms from 1980-1994, three models were tested to determine If a relationship exists between the size and composition of the board of directors and performance. Results indicate significant positive relationships between director expertise and the size of a firm's initial public offering. Going public during hot markets and larger firms were also related to larger Initial public offerings. These findings will benefit practitioners in the formation of boards within the biotechnology Industry. Managers of firms within the biotechnology industry who are contemplating a public offering will be able to proactively address the composition of their boards.