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firms from other firms. The data in Model 2 include 348 observations. The variance of the error term in logistic regression is not constant for all the observations, which in the case of a small sample causes heteroscedasticity and thus loss of efficiency. However, according to Pindyck and Rubinfeld (1976), the presence of heteroscedasticity does not itself result in either biased or inconsistent parameter estimates. Why do firms allocate resources to IPRs if the current products and services are attractive? One possible explanation may be connected with the time span between patent acceptance and commercial breakthrough. In some branches of industry the commercial breakthrough may take several years. Heimonen and Virtanen (2006) pointed out the meaning of time lags through some cases. For example, two Finnish growth companies in the stonework industry, Tulikivi Plc. (Http://www.tulikivi.com) and Nunnauuni Plc. (Http://www.nunnauuni.com), created patents as well as registered design and trade marks in the early and mid-1990s. These elements were related to their main products, soapstone fireplaces and natural stone products. However, the commercial breakthrough of these products including IPRs did not occur until at the beginning of the 2000s. The commercial breakthrough of these firms was not only the result of the long term R&D, but also the current trends in furnishing opened the window of opportunity for their products. The common assumption for specific product success is justified by using market demand as the ultimate explanatory factor. The recent study of Heimonen and Virtanen (2009) pointed out that there may be time lags with the developed technology and its market acceptance. One case from the forestry sector innovations shows that a small Finnish family firm, Pentin Paja Ltd (Http://www.pentinpaja.fi), developed and patented a new energy wood harvesting product as already as the 1980s. However, there were no promising markets for this kind of innovation. The market situation in forestry changed radically at the beginning of the 2000s mainly because of global trends such as environmental protection, climate change and an increased need for renewable energy. These factors have influenced the procurement of new technology products and applications positively. As a summary of the results of the best model it could be stated that the relationship between IPRs, growth and success of the firm has many layers. R&D projects in which IPRs will be developed demand large financial resources and include technology risk in addition to other business risks. As Ruhnka and Young (1988) emphasized, investors are not willing to take technology risks and thus the firms have to use more of their own funds to finance these activities. The use of own funds, e.g. retained earnings, has a direct impact on the capital structure of the firm as well as on the cash flow situation, both of which are included in the success index. Growing
SMEs with IPRs might experience even more financial challenges or pressures than other companies since simultaneous IPR activities and business activities both require plenty of resources.
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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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3 Research methodology The data use
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3 Research methodology 3.4 Models a
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3 Research methodology reliable. Se
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3 Research methodology concluded th
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4 Results, evaluation of the studie
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Page 64 and 65: 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
Page 98 and 99: ___________________________________
Page 100 and 101: propensity for risk taking (Covin a
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 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
Page 126 and 127: Appendix 3. Distribution of personn
Page 128 and 129: 12 Int. J. Business and Globalisati
Page 130 and 131: 14 T. Heimonen and M. Virtanen we u
Page 132 and 133: 16 T. Heimonen and M. Virtanen suff
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416 M. Virtanen and T. Heimonen 6 f
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418 M. Virtanen and T. Heimonen Fig
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422 M. Virtanen and T. Heimonen the
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424 M. Virtanen and T. Heimonen 4.6
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426 M. Virtanen and T. Heimonen exc
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428 M. Virtanen and T. Heimonen Dav
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430 M. Virtanen and T. Heimonen The
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432 M. Virtanen and T. Heimonen Cha
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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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