The impact of firm-specific capabilities on the amount of capital raised in an initial public offering: Evidence from the biotechnology industry

Journal of Business Venturing

Volumn 12, Issue 1, 1997, Pages 31-46

  Deeds, David L ^a   Decarolis, Dona ^b   Coombs, Joseph E ^a  

^a TEMPLE UNIVERSITY   (United States)

^b DREXEL UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0030642463     PISSN: 08839026     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0883-9026(97)84970-1     Document Type: Article

References (62)

1. Akerlof, G. 1970. The market for "lemons:" Qualitative uncertainty and the market mechanism. Quarterly Journal of Economics 89:488-500.
2. Aldrich, H.E. 1979. Organizations and Environments. Englewood Cliffs, NJ: Prentice-Hall.
3. Almeida, P., and Kogut, B. 1994. Technology and geography: The localization of knowledge and the mobility of patent holders. Working paper. Philadelphia, PA: The Wharton School of Business.
4. Andrews, K.R. 1972. The Concept of Corporate Strategy. Homewood, IL: Richard Irwin.
5. Arkebauer, J.B. 1991. Cashing Out. New York: Harper Business.
6. Brock, G. 1975. The U.S. Computer Industry. Cambridge, MA: Ballinger.
7. Burrill, S.G., and Lee, K.B. 1992. Biotech 92: Promise to Reality. San Francisco: Ernst & Young.
8. Burrill, S.G., and Lee, K.B. 1993. Biotech 93: Accelerating Commercialization. San Francisco: Ernst & Young.
9. Burrill, S.G., and Lee, K.B. 1994. Biotech 94: Accelerating Commercialization. San Francisco: Ernst & Young.
10. Child, J. 1972. Organizations, structure, environment and performance: The role of strategic choice. Sociology 6:2-21.
11. Cohen, W., and Levinthal, D. 1990. Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly 35:128-152.
12. Comanor, W.S. 1965. Reseach and technical change in the pharmaceutical industry. Review of Economics and Statistics 47:182-190.
13. Dasgupta, P., and David, P. 1994. Toward a new economics of science. Research Policy 23:487-521.
14. Deeds, D.L., and Hill, C.W. 1996. Strategic alliances and the rate of new product development: An empirical study of entrepreneurial biotechnology firms. Journal of Business Venturing, in press.
15. Downes, D.H., and Heinkel, R. 1982. Signaling and the valuation of unseasoned new issues. Journal of Finance 37(1):1-10.
16. Fama, E.F. 1976. Foundations of Finance. New York: Basic Books.
17. Franklin, J.J., and Johnston, R. 1988. Cocitation bibliometrics as a tool of S&T and R&D management: Issues, applications and developments. In A.F.J. van Raan, ed., The Handbook of Quantitative Studies of Science and Technology. Amsterdam: North Holland.
18. Garfield, E. 1979. Citation Indexing. New York: John Wiley & Sons.
19. Garfield, E. 1955. Citation indexes for science. Science 122:108-111.
20. Grabowski, H., and Vernon, J. 1990. A new look at the returns and risks to pharmaceutical R & D. Management Science 36:804-821.
21. Graves, S., and Langowitz, N. 1993. Innovative productivity and returns to scale in the pharmaceutical industry. Strategic Management Journal 14:593-605.
22. Hannan, M.T., and Freeman, J.H. 1977. The population ecology of organizations. American Journal of Sociology 82:929-964.
23. Healey, P., Rothman, H., and Hock, P.K. 1986. An experiment in science mapping for research planning. Research Policy 15(5):233-252.
24. Ibbotson, R.G., and Jaffe, J.J. 1975. "Hot issue" markets. Journal of Finance 30:1027-1042.
25. Jaffe, A., Trajtenberg, M., and Henderson, R. 1990. Geographic localization of knowledge spillovers as evidenced by patent citations. Quarterly Journal of Economics 108(3):577-598.
26. Jones, R.G. 1979. Analyzing initial and growth financing for small business. Management Accounting 30-38.
27. Krugman, P. 1991. Geography and Trade. Cambridge, MA: MIT Press.
28. Leland, H.E., and Pyle, D.H. 1977. Informational asymmetries, financial structure, and financial intermediation. Journal of Finance 32:371-387.
29. Mansfield, E. 1977. Research and Innovation in the Modern Corporation. New York: W.W. Norton.
30. Mansfield, E. 1988. The speed and cost of industrial innovation in Japan and the United States: External vs. internal technology. Management Science 34(10):1157-1168.
31. March, J., and Simon, H. 1958. Organizations. New York: Wiley.
32. Marshall, A. 1920. Industry and Trade. London: Macmillan.
33. McGuinness, P. 1993. The market valuation of initial public offerings in Hong Kong. Applied Financial Economics 3:267-281.
34. Mombers, C., von Heeringer, A., van Venetie, R., and le Pair, C. 1985. Displaying strengths and weakensses in national R&D performance through document cocitation. Scientometrics 7:341-356.
35. Narin. F., and Rozek, R. 1988. Bibliometric analysis of U.S. pharmaceutical industry research performance. Research Policy 17(3):139-154.
36. Pakes, A. 1985. Patents, R&D, and the stock market rate of return. Journal of Political Economy 93:390-409.
37. Peck, M. 1962. Inventions in the postwar aluminum industry. In R.R. Nelson, ed., The Rate and Direction of Inventive Activity. Princeton, NJ: Princeton University Press.
38. Peterson, R., Kozmetsky, G., and Ridgway, N. 1983. Perceived causes of small businesss failures: A research note. American Journal of Small Business 8:15-19.
39. Pisano, G. 1994. Knowledge, integration and the locus of learning: An empirical analysis of process development. Strategic Management Journal 15:85-100.
40. Rappaport, A. 1981. Selecting strategies that create shareholder value. Harvard Business Review 59(3):139-149.
41. Ritter, J.A. 1984. The "hot issue" market of 1980. Journal of Business 57:215-240.
42. Rogers, E., and Larsen, J. 1984. Silicon Valley Fever. New York: Basic Books.
43. Rosenberg, N., and Steinmuller, W.E. 1988. Why are Americans such poor imitators? American Economic Review 78(2):229-234.
44. Ross, S. 1977. The determination of finacial structure: The incentive signalling approach. Bell Journal of Economics 8:23-40.
45. Sapienza, A. 1989. R&D collaboration as a global competitive tactic-biotechnology and the ethical pharmaceutical industry. R&D Management 19(4):285-295.
46. Saxenian, A. Fall 1990. Regional networks and the resurgence of Silicon Valley. California Management Review 89-113.
47. Scherer, F.M. 1980. Industrial Market Structure and Economic Performance. Boston: Houghton-Mifflin.
48. Small, H.G., and Griffith, B.C. 1974. The structure of scientific literature. I: Identifying and graphing specialities. Science Studies 4.
49. Spence, M. 1973. Job market signalling. Journal of Quarterly Economics 87:355-379.
50. Sutton, D.P., and Benedetto, M.W. 1988. Initial Public Offerings: A Strategic Planner For Raising Equity Capital. Chicago: Probus Publishing.
51. Terpstra, D., and Olson, P. Spring 1993. Entrepreneurial start-up and growth: A classifiction of problems. Entrepreneurship Theory and Practice 5-18.
52. Titman, S., and Trueman, B. 1986. Information quality and the valuation of new issues. Journal of Accounting and Economics 8:159-172.
53. Trueman, B. 1986. The relationship between the level of capital expenditures and firm value. Journal of Financial and Quantitative Analysis 21:115-129.
54. Van Auken, H., and Carter, R. 1988. Capital acquisition in smaller firms. Journal of Small Business Management 27:1-9.
55. Van Auken, H., and Doran, M. 1990. Small business capitalization patterns. Journal of Applied Business Research 5:15-29.
56. Van der Eerden, C., and Saelens, F.H. 1991. The use of science and technology indicators in strategic planning. Long Range Planning 24(3):18-25.
57. Vernon, J.M., and Gusen, P. 1974. Technical change and firm size: The pharmaceutical industry. Review of Economics and Statistics 56:294-302.
58. Vinkler, P. 1986. Management systems for a scientific research institute based on the assessment of scientific publications. Research Policy 15(2):77-87.
59. Wallmark, J.T., McQueen, D.H., and Sedig, K.G. 1988. Measurement of output from university research: A case study. IEEE Transactions on Engineering Management 35(3):175-180.
60. Weiss, M. 1988. Going Public. Philadelphia: Liberty House.
61. Wucinich, W. 1979. How to finance a small business. Management Accounting 30-38.
62. Zucker, L., Brewer, M., and Darby, M. 1994. Intellectual Capital and the Birth of US Biotechnology Enterprises. Los Angeles, CA: University of California Press.