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Public R&D funding was shown to increase the odds of being classified as an innovative firm. The results confirm the views of Santarelli and Piergiovanni (1996) that both private and public R&D expenditures proves to be positively correlated with the development of product innovations and the development of IPRs. The implications of the study results are important for policy makers since they show that the allocation of resources to R&D will be appropriate strategy for increasing the amount of IPRs. From the perspective of regional policy, however, it should be asked whether this kind of allocation of the resources is proper policy in such areas where receptivity of the local environment does not respond to the objectives of R&D effort. For example, in Finland strategic centres for science, technology and innovation have been established in five clusters. This activity may be well justified in such areas where there are enough high-quality resources to be allocated in R&D activity. However, in rural and remote areas where for example scientific resources are scarce it could be better to concentrate on basic businesses that are succeeding well and creating jobs and prosperity for the region. From regional policy perspective the role of R&D activity should be rethought since the amount of innovation inputs does not inevitably lead to the optimal growth and success. We should think about Acs, Parsons and Tracy’s (2008) conclusion: “Local economic development officials would benefit from recognizing the value of cultivating high growth firms versus trying to increase entrepreneurship overall or trying to attract relocating companies when utilizing their resources”. In regional policy we should take advantage of indigenous assets in different locations. This could be achieved by analysing carefully the population of businesses and determining the high-impact and innovative firms of the region. Moreover, from the perspective of regional development the allocation of inputs in the development of basic business know-how, commercialization and entrepreneurial behaviour may be equally as important as the development projects in high-tech. For venture capitalists and business angels the implications suggest consideration of the time frame of their investment. If they want to take advantage of the introduction of IPRs they should be patient and wait for the benefits of commercial exploitation. On the other hand, opportunities for lower risk could be found in such businesses that search for market innovations and modernize and diversify their activities effectively. Education and training institutions may benefit from the results when planning their courses and activities. Limitations including the small sample size, skewness of the data and the definitions of IPR measures and growth could be pointed out. The approach does not take into account the application or purchase of IPRs developed outside the firm. External ideas and the so-called open-source
innovations are currently becoming increasingly important. One limitation of the study is connected with model specification and the selection of variables. The model does not include any internal decision or relationship variables like strategy, product, policy or development of capabilities and networking (Littunen and Virtanen, 2009). These behavioural variables may interact with the tested variables and thus they could have an impact on both innovativeness and growth, too. Because of the skewness of the distribution the predictive power and reliability may be poor. The reliability of the test was improved by using cross-validation. LRA was estimated ignoring the a priori probability and thereafter matched comparisons (cross-validation) were introduced. Discriminant analysis or different forms of least square analyses could have been used as the method of analysis. However, the assumptions of these methods include several restrictions for the distribution and variance of variables and the error term. LRA was selected since it includes fewer restrictions and will be more effective.
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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 68 and 69: 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 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 114 and 115: firms from other firms. The data in
Page 116 and 117: Table 2. Logistic Regression analys
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
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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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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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