Human and financial capital as determinants of biopharmaceutical IPO de-listings |
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Authors: | David R Williams |
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Institution: | Health Care Management Program, Department of Nutrition and Health Care Management, College of Health Sciences, Appalachian State University, Boone, NC 28608, United States |
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Abstract: | The present study combines human capital theory with work on IPOs related to sources of financial capital of recent, publicly traded biopharmaceutical firms and relates this to the de-listing of these firms. The study follows the generally accepted view that more or better quality human capital is a positive factor in individual and firm performance to develop the hypotheses, positing a negative relationship between these factors and IPO de-listing. The results show that to a limited extent firms having CEOs with more or better human capital and strategic alliance partners are associated with biopharmaceutical IPOs’ de-listing. The study further finds that de-listing in this industry is due primarily to acquisitions (and not financial distress) and that the findings differ based upon whether examining financial distress or acquisition de-listings. The study draws upon the IPO motivation literature to help explain the results. |
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Keywords: | Human capital Financial capital Initial public offerings Strategic alliances |
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