International Strategy and Market Performance in New Biotechnology Firms by Coombs Joseph E.;

Author:Coombs, Joseph E.;
Language: eng
Format: epub
ISBN: 1619373
Publisher: Taylor & Francis Group

Independent Variables

R&D expenditures. The change in R&D expenditures as a percentage of total expenditures from year t to year t+1.

Patents. The change in the number of patents registered by the firm from year t to year t+1.

Industry hot spot. Firm location is a five item factor measured as the sum of the z-scores of five variables: Ln (grant value), Ln (number of grants), competitors, medical schools and graduate science departments. The variable is measured as the change from year t to year t+1. Grant value is measured as the total value of NIH grants for the year of a firm’s IPO and the preceding nine years to universities which are in the top 100 recipients in terms of dollar value of NIH grants in each year and in each firm’s SMA. It is also measured for each year following the firm’s IPO up to 1995. The number of grants is measured as the total number of NIH grants for the year of a firm’s IPO and the preceding nine years to universities which are in the top 100 recipients in terms of dollar value of NIH grants in each year and in each firm’s SMA. It is also measured for each year following the firm’s IPO up to 1995. Competitors is measured as the percentage of the total population biotechnology companies operating within each firm’s SMA. Medical schools is measured as the number of the top 100 ranked medical schools in each firm’s SMA for the year of each firm’s IPO. It is also measured for each year following the firm’s IPO up to 1995. Science departments is measured as the number of universities with ranked graduate science departments in each firm’s SMA for the year of each firm’s IPO. It is also measured for each year following the firm’s IPO up to 1995. Results of the varimax rotated principal component analysis are presented in Table 5. The table shows one factor with an eigenvalue greater than 1.0 and an alpha above the conventional cutoff of 0.50.

TMT international experience. The change of the percentage of the TMT with international experience from year t to year t+1.

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