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| Tekijä: | Higgins, M. C. Gulati, R. |
| Otsikko: | Stacking the deck: the effects of top management backgrounds on investor decisions |
| Lehti: | Strategic Management Journal
2006 : JAN, VOL. 27:1, p. 1 25 |
| Asiasana: | executives management investors |
| Vapaa asiasana: | public offering IPO |
| Kieli: | eng |
| Tiivistelmä: | When young firms are going public, they have to gain legitimacy in their industries and convince the investors to invest. This is rather difficult because young firms have only limited track records. The authors consider how knowledge about firms going through an initial public offering (IPO) may influence the decisions of investors. Drawing on recent research on upper echelons and signaling theory, the authors propose that the characteristics of firms top management team can affect the investors decisions. A typology of organizational legitimacy signals is presented in the article in order to elaborate on the authors hypotheses. Data was gathered among top management teams of biotech companies and the results show how investor decisions are influenced by the extent to which the top management team has connected with prominent downstream organizations, with a wide range of organizations and by the role experience of Chief Scientific Officer. Through the assessment of these effects the authors conclude that they are not mediated by the prestige of a firms lead underwriter. |
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