"Public versus Private New Ventures:How Do Clusters, Patents, and R&D Affect Alliance Formation?"

In this study we strive to understand the factors that enable technology new ventures to attract potentially valuable partners. Informed by institutional and signaling theories, we suggest cluster membership legitimizes new ventures while R&D expenditures and patenting activity are interpreted as signals of new venture quality. We also hypothesize the legitimacy and signal effects vary before and after an IPO due to information asymmetry between...