1Fox School of Business, Temple University, Philadelphia, USA, E-mail: chaganti@temple.edu
2College of Business and Public Affairs, West Chester University of Pennsylvania, USA
3School of Business, Villanova University, USA, E-mail: patrick.maggitti@villanova.edu
4Management Department, Kean University, E-mail: jablack@kean.edu
**E-mail: mzimmerman@wcupa.edu
* A preliminary version of this paper was presented in November 2011 at the SMS 31st Annual International Conference at Miami, FL. We thank Trevor Hayward and Thomas Craig for their assistance with data collection.
We explore the influences of the demographic characteristics of a firm's top management team (TMT) on the time it takes to complete an initial public offering (time-to-IPO), and the consequences of this decision for the firm's performance. Using data from pre-packaged software industry firms that completed IPOs between 1993 and 1997, we find TMT age, tenure, size, and tenure heterogeneity all increase time-to-IPO. While time-to-IPO has no direct effect on firm performance, it moderates some of the relationship between TMT characteristics and firm performance.
TMT characteristics, Firm performance, Time-to-IPO, Moderating role
