Capacidades de investigación y directivas: señales informativas en la salida a bolsa de las empresas de base tecnológica

This study is aimed at exploring the effect of research and managerial capabilities of technology-based firms on the capital guaranteed from their initial public offerings. Based on the dynamic capabilities perspective, we formulate a set of hypotheses that suggest that patent value, technological diversity and functional diversity of top management teams are information signals to potential investors and positively influence the valuation of firms going public. A longitudinal empirical research of a sample of dedicated biotechnology firms that went public in the United States provides support for such arguments.