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(1.) "Cognitive conflict occurs when top management team members consider a number of strategic alternatives from a variety of diverse perspectives" (Ensley et al., 2002, p. 369).

Monica A. Zimmerman is Associate Professor at Temple University, Fox School of Business and Management, Strategic Management Department.

Please send correspondence to: Monica Zimmerman Treichel, tel.: (215) 204-1692; fax: (215) 204-8029; e-mail: monica.treichel@temple.edu Table 1 Descriptive Statistics

Mean SD 1 2 IPO value (1) 24.52 27.29 1.00 Year of IPO (2) 3.12 1.04 .17 * 1.00 Hot market (3) .31 .46 .03 .07 Firm age (4) 7.34 4.63 .15 * .00 TMT size (5) 6.53 2.29 .32 * .11 Equity raised (6) .25 .13 -.15 * -.18 * Prior sales (7) 25.03 70.42 .47 ** .05 Team tenure (8) .96 1.28 -.06 .08 Underwriter reputation (9) 6.40 3.54 .32 ** -.01 VC backing (10) .12 .32 .14 -.03 Founder experience (11) .40 .26 -.04 -.04 Entrepreneurial experience (12) .23 .27 -.08 .09 Functional heterogeneity (13) .69 .14 .25 ** -.07 Educational heterogeneity (44) .31 .32 .11 .12 Age heterogeneity (15) .15 .05 -.06 -.15 Tenure heterogeneity (16) .74 .34 .08 -.01

3 4 5 6 IPO value (1) Year of IPO (2) Hot market (3) 1.00 Firm age (4) -.07 1.00 TMT size (5) .03 .20 ** 1.00 Equity raised (6) .01 -.07 -.33 ** 1.00 Prior sales (7) -.06 .17 * .11 -.13 Team tenure (8) .09 .21 ** -.27 ** -.17 * Underwriter reputation (9) -.01 .11 .42 * .55 ** VC backing (10) .03 -.06 .04 * -.17 Founder experience (11) -.06 -.07 -.11 -.09 Entrepreneurial experience (12) .05 -.22 ** -.15 .03 Functional heterogeneity (13) -.02 .08 .42 ** -.16 * Educational heterogeneity (44) -.08 .12 .05 -.05 Age heterogeneity (15) -.03 -.01 -.05 .04 Tenure heterogeneity (16) -.07 .16 * .22 ** -.09

7 8 9 10 IPO value (1) Year of IPO (2) Hot market (3) Firm age (4) TMT size (5) Equity raised (6) Prior sales (7) 1.00 Team tenure (8) .02 1.00 Underwriter reputation (9) .17 * -.24 ** 1.00 VC backing (10) -.02 -.09 .15 1.00 Founder experience (11) -.14 .19 * .00 .03 Entrepreneurial experience (12) .01 .07 -.14 -.06 Functional heterogeneity (13) .08 -.31 ** .27 ** .04 Educational heterogeneity (44) -.01 .03 -.05 .03 Age heterogeneity (15) -.05 .00 -.17 * -.17 * Tenure heterogeneity (16) .03 -.48 ** .28 ** .02

11 12 13 14 IPO value (1) Year of IPO (2) Hot market (3) Firm age (4) TMT size (5) Equity raised (6) Prior sales (7) Team tenure (8) Underwriter reputation (9) VC backing (10) Founder experience (11) 1.00 Entrepreneurial experience (12) .23 ** 1.00 Functional heterogeneity (13) -.19 * -.17 * 1.00 Educational heterogeneity (44) .16 * .02 -.02 1.00 Age heterogeneity (15) .01 .12 .01 .06 Tenure heterogeneity (16) -.15 -.10 .31 -.10

15 16 IPO value (1) Year of IPO (2) Hot market (3) Firm age (4) TMT size (5) Equity raised (6) Prior sales (7) Team tenure (8) Underwriter reputation (9) VC backing (10) Founder experience (11) Entrepreneurial experience (12) Functional heterogeneity (13) Educational heterogeneity (44) Age heterogeneity (15) 1.00 Tenure heterogeneity (16) -.03 1.00 N = 172; * p < .05: ** p < .01 SD, standard deviation; IPO, initial public offering; VC, venture capital; TMT, top management team. Table 2 Hierarchical Regression Analysis Results Variables Model 1 Model 2 Year of IPO .17 ** .17 ** Hot market .11 * .12 * Firm age -.04 -.06 TMT size .12 * .06 Equity raised .19 * .15 * Prior sales .38 *** .39 *** Team tenure -.13 * .10 * Underwriter reputation .40 *** .03 VC backing .12 * .02 Founder experience .03 .17 ** Funtional heterogeneity -.00 .11 * Educational heterogeneity -.06 Age heterogeneity -.02 Tenure heterogeneity .533 .569 [R.sup.2] .501 .526 Adjusted [R.sup.2] .04 F 16.320 *** 19.443 *