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- catalog abstract "This study analyzes how the extraorganizational ties of top managers affect firm behavior and performance at a critical juncture in a young firm's life - the initial public offering (IPO). We employ a typology of social capital, based on IPO team members' previous employment and board memberships, and develop hypotheses about how different types of social capital affect the prominence of the firm's investment bank at the time of its IPO and the size of the IPO. We used archival and qualitative data on the career histories of IPO team members of young firms in the biotechnology industry to examine the role of IPO teams' social capital in forming partnerships with prominent investment banks. In doing so, we consider how top management team-level social capital resulting from the employment histories of the firm's top managers affects the acquisition of organization-level social capital in the form of affiliations with prominent investment banks. We found that the prominence of a firm's investment bank depends upon the IPO team as a whole having substantial amounts of downstream and intra-industry social capital as well as the firm's range of social capital. We also found that the size of the IPO depends on specific types and combinations of an IPO team's social capital and the prominence of the firm's investment bank. We found little evidence that the prominence of the investment bank mediates the relationship between the IPO team's social capital and the size of the IPO. Implications of these findings for research on social networks, top management teams, and intermedia".
- catalog contributor b11415828.
- catalog contributor b11415829.
- catalog contributor b11415830.
- catalog created "c1999.".
- catalog date "1999".
- catalog date "c1999.".
- catalog dateCopyrighted "c1999.".
- catalog description "Includes bibliographical references (p. 52-57).".
- catalog description "This study analyzes how the extraorganizational ties of top managers affect firm behavior and performance at a critical juncture in a young firm's life - the initial public offering (IPO). We employ a typology of social capital, based on IPO team members' previous employment and board memberships, and develop hypotheses about how different types of social capital affect the prominence of the firm's investment bank at the time of its IPO and the size of the IPO. We used archival and qualitative data on the career histories of IPO team members of young firms in the biotechnology industry to examine the role of IPO teams' social capital in forming partnerships with prominent investment banks. In doing so, we consider how top management team-level social capital resulting from the employment histories of the firm's top managers affects the acquisition of organization-level social capital in the form of affiliations with prominent investment banks. We found that the prominence of a firm's investment bank depends upon the IPO team as a whole having substantial amounts of downstream and intra-industry social capital as well as the firm's range of social capital. We also found that the size of the IPO depends on specific types and combinations of an IPO team's social capital and the prominence of the firm's investment bank. We found little evidence that the prominence of the investment bank mediates the relationship between the IPO team's social capital and the size of the IPO. Implications of these findings for research on social networks, top management teams, and intermedia".
- catalog extent "62 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; 00-025.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 00-025".
- catalog issued "1999".
- catalog issued "c1999.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "The effects of IPO team ties on investment bank affiliation and IPO success / Monica C. Higgins, Ranjay Gulati.".
- catalog type "text".