Social and Behavioral Sciences Commons^™

Determinants Of New Technology-Based Firms’ Performance In Catch-Up Regions: Evidence From The U.S. Biopharmaceutical And It Service Industries, Wenbin Xiao

Public Management and Policy Dissertations

This study investigates the impacts of regional characteristics on the early-stage performance of New Technology-Based Firms (NTBFs) in catch-up regions where a mature industrial cluster has yet to be formed. It hypothesized that the average NTBF performance in a region is a function of its scientist job market conditions, cultural diversity, venture capital, academic research, industrial structure, and local entrepreneurial climate. Using the events of Initial Public Offerings (IPO) and Merger & Acquisitions (M&A) as an indicator of early-stage success of NTBFs, this study constructs a set of Zero-Inflated-Negative-Binomial (ZINB) models to predict the spatial distribution of such events in …