Top management team tenure and technological inventions at post-IPO biotechnology firms Academic Article uri icon


  • We examine how top management teams (TMTs) facilitate invention performance. We test our hypotheses with a sample of 185 biotech firms that issued initial public offerings (IPOs) between 1980 and 1997. We predict that the percentage of founders on TMT has an inverted U-shaped relationship with invention performance. Average intrafirm tenure will be negatively associated with invention performance and average TMT member experiences from competitors or outside the industry will be positively associated with invention performance. Finally, contextual factors such as firm size and firm age moderate the impact of TMT experiences on invention performance. 2011 Elsevier Inc.

published proceedings

  • Journal of Business Research

author list (cited authors)

  • Liu, K., Li, J., Hesterly, W., & Cannella, A.

citation count

  • 39

complete list of authors

  • Liu, Kun||Li, Jun||Hesterly, William||Cannella, Albert

publication date

  • September 2012