This paper examine the influence of gender diversity in top management teams on the success of the IPO of research-based firms, and how critical indicators of innovation capabilities for those types of firms can mediate the gender effect. We conducted a longitudinal study of a sample of dedicated biotechnology firms that that completed an initial public offering (IPO) in the United States during 1983-2009. This study shows that female executive managers have a negative and significant effect on IPO success, although the effect of innovation capabilities attenuates and causes no significant influence of such type of demographic diversity in management teams.
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