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TABLE 1
Descriptive Statistics
| Variable | Mean | Std. Dev. | Minimum | Maximum |
| IPO Value | 19,332,842.00 | 13,817,891.00 | 1,708,200.00 | 75,977,460.00 |
| % of Equity Offered in IPO | 0.29 | 0.12 | 0.03 | 1 |
| Log(# of Employees) | 1.69 | 0.44 | 0.3 | 3.09 |
| Top 10 Research Institution | 0.34 | 0.48 | 0 | 1 |
| Top 10 MBA Program | 0.31 | 0.47 | 0 | 1 |
| # of Alliances | 2.53 | 2.62 | 0 | 16 |
| New Alliances | 0.27 | 0.44 | 0 | 1 |
| # Articles about Firm | 1.5 | 1.83 | 0 | 11 |
| # Articles about Industry | 890.48 | 407.85 | 79 | 1345 |
| # of Regional Biotechnology Centers | 66.38 | 18.49 | 3 | 81 |
| # of Drugs Approved | 6.68 | 3.6 | 0 | 13 |
FIGURE 1
The Structural Equation Model & Results
Chi-Square = 29.321
Degrees of Freedom = 26
p<0.297
Goodness of Fit Measures
GFI
AGFI Delta-1 Delta-2
Rho-2
0.945
0.905 0.910
0.989 0.984
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