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propensity for risk taking (Covin and Slevin, 1998). There is some empirical evidence that an increase in annual sales growth may boost the propensity to create innovations from patents, too (Arundel and Kabla, 1998). These findings could indicate that location may affect the innovativeness of the growing firm. The relationship between size, innovations and performance has long been debated in former studies. Many empirical studies test Schumpeterian hypothesis that large firms tend to have a resource advantage to develop and commercialize new technology compared with small ones. Small firms are widely regarded as promoters of economic growth (Westhead and Storey, 1994). These firms are considered to be capable of creating, transferring and exploiting innovations (Autio, 1998; Fontes, 1997; Kuratko and Hodgetts, 2001). In addition, it is believed that innovative growth- oriented small firms have a strong positive effect on employment (Storey, 1994). However, prior empirical studies have focused mainly quantitatively on innovations in large firms (Gudmunson et al., 2003; Woodcock et al., 2000). Only a few studies have investigated the IPRs and research and development (R&D) activities of growth SMEs (Autio, 2009). Life-cycle theories link age to the innovation activity and growth characteristics of the firm. Basic assumption of the life-cycle theories is that the development of new and young firms is based on innovation (Churchill, 2000; Daviddson and Delmar, 1997; Scott and Bruce, 1987). The life-cycle theories also include the connection between age and size referred to as liabilities of ‘smallness’ and ‘inexperience’ (Wright et al., 2007). This could imply that both age and size have an influence on innovativeness of growing firms. The impact of innovations on economic performance is highly uncertain (Bhide, 2000; Coad and Rao, 2008). Risky behaviour including both growth and R&D activities simultaneously may lead to high variance in short-term income (Bhide, 2000). These arguments and prior empirical findings emphasize that financial success may affect innovativeness. Firms might experience even more financial challenges or pressures during their simultaneous IPR efforts and high growth period than other firms since the generation of both IPRs and high growth require plenty of resources (Markides, 1998; Moskowitz and Vissing-Jørgensen, 2002). Public research and development funding is one of the most influential instruments for supporting and increasing innovation and the generation of intellectual property rights in firms (Santarelli and Piergiovanni, 1996). Based on this statement and empirical finding it could be argued that public R&D funding also has a positive influence on the overall development of growing firms. This study contributes to the prevailing discussions by analysing the factors that affect the innovativeness of growing SMEs. The following questions are examined:
1. How does location affect innovativeness? 2. What is the impact of firm size and age on innovativeness? 3. How does success affect innovativeness? 4. What is the impact of public R&D funding on innovativeness? Since there is no all-embracing or clear-cut theory base (Gibb and Davies, 1990; Storey, 1994) for example, the resource-munificence, regional competitiveness and life-cycle theories are used to build the framework. In addition to these theories former empirical studies on innovations, growth and performance are used to support the derivation of hypotheses. In order to answer these questions five hypothesis are derived and tested using logistic regression analysis. IPRs are used as a proxy of innovations since they could be seen as an objective measure for innovative activity (McGahan and Silverman, 2001). The paper proceeds as follows: first I will examine some former studies from which the research questions and hypothesis are derived; thereafter, the data and methodology will be explained; then the results will be analysed and interpreted; and finally the conclusions and implications will be presented together with the limitations of the study.
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Aalto University publication series
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Author Tomi Heimonen Name of the do
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Acknowledgements This dissertation
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CONTENTS PART 1: Overview of the di
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List of Articles This thesis is bas
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1 Introduction Some scholars claim
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1 Introduction In addition, the dur
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1 Introduction Figure 1: Framework
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1 Introduction factors that affect
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1 Introduction 1.4 Key concepts and
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2 Literature review and conceptual
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3 Research methodology Constructivi
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3 Research methodology and the meth
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Page 56 and 57: 3 Research methodology concluded th
Page 58 and 59: 4 Results, evaluation of the studie
Page 70 and 71: References Abetti, P. A. (2001). Ac
Page 72 and 73: References Bhide, A. (2000). The or
Page 74 and 75: References Creswell, J. W. (2003).
Page 76 and 77: References Golafshani, N. (2003). U
Page 78 and 79: References Leitch, C., Hill, F., an
Page 80 and 81: References Pellikka, J. and Laurone
Page 82 and 83: References Storper, M. (1992). The
Page 84 and 85: Appendixes Overview: Appendix 1: Ke
Page 86 and 87: Appendixes High growth When examini
Page 88 and 89: Appendixes profitability, liquidity
Page 90 and 91: Appendixes Appendix 1 Continued (Ke
Page 92 and 93: Appendixes Appendix 2 Construction
Page 94 and 95: Appendixes Appendix 2 Continued (Co
Page 96 and 97: not increased compared to Eastern F
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Page 102 and 103: 2. Former studies and derivation of
Page 104 and 105: firm’s annual sales growth (Arund
Page 106 and 107: H4. Firm success has an impact on t
Page 108 and 109: other branches in which employment
Page 110 and 111: and Rao, 2008). Because of the unev
Page 112 and 113: Table 1. Characteristics of the dat
Page 114 and 115: firms from other firms. The data in
Page 116 and 117: Table 2. Logistic Regression analys
Page 118 and 119: Public R&D funding was shown to inc
Page 120 and 121: References Achtenhagen, L., Naldi,
Page 122 and 123: Kanter, R. (1985), “Supporting in
Page 124 and 125: Appendix 1. Corporate population ch
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Page 128 and 129: 12 Int. J. Business and Globalisati
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392 Int. J. Entrepreneurial Venturi
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394 J. Siikonen et al. firms’ gro
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396 J. Siikonen et al. generally re
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398 J. Siikonen et al. determinants
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400 J. Siikonen et al. 3.1 National
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402 J. Siikonen et al. 2 the firm
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404 J. Siikonen et al. 4 Results 4.
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406 J. Siikonen et al. innovation a
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408 J. Siikonen et al. the responde
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410 J. Siikonen et al. activities i
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412 J. Siikonen et al. Eastern Finl
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414 J. Siikonen et al. Delmar, F.,
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416 J. Siikonen et al. Oerlemans, L
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418 J. Siikonen et al. Appendix 1 V
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