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Appendix 1. Corporate population characteristics of Finland, Eastern Finland and the Helsinki region in 2002-2005 Region Finland Eastern Finland (Classified as a rural area; Eurostat NUTS criteria) Helsinki Region (Classified as an urban area; Eurostat NUTS criteria) Total amount of firms 236 435 35 056 73 573 Change in the amount of firms 2002-2005 4.3 % 2.7 % 5.4 % Density of population 17.3 inhabitants/ km² 7.8 inhabitants/ km² 222.6 inhabitants/ km² Location of firm Around 60% of Around 70 % of 93 % of firms located firms located in firms located in in towns and 7 % of towns and 40% in towns and 30 % in firms located in countryside sparsely populated areas municipalities Total costs of private and public R&D investments 5648 Million USD 715 Million USD 2372 Million USD The amount of SMEs (size 10-249 employees) 15 672 2 348 4929 (Sources: OECD 2008; Rural Policy Reviews: Finland; Statistics Finland, Business register, (Http://www.stat.fi), Statistical Yearbooks of Finland 2004; 2005; 2006; 2007; Suomen Asiakastieto Oy Voitto+ CD-ROM 2006). Appendix 2. Scoring table of SI Classification points 1 2 3 4 5 6 7 8 9 10 ROI % -1.9 0 1.8 2.7 5.8 8.9 13 16.4 21.9 27.4 EBIT % -6.3 -4.7 -3.1 -1.8 -0.5 0.5 2 3.6 5.2 6.7 Current ratio 0.7 0.9 1 1.1 1.3 1.5 1.7 2 2.2 2.5 Equity ratio 0 7 11 15 22 30 38 45 51 57 Debt ratio 785 536 411 287 191 94 58 21 0 -12 Repayment period 100 60 40 20 12 5 3 1 0.5 0
Success index This study exploits the success index developed by Balanced Consulting Ltd. The success index (SI) measures the financial success of the firm. The reason to use this index is the fit of the index with the database that Balanced Consulting Ltd has also provided. In order to determine the holistic financial success ,not only profitability, but also other aspects such as capital structure and liquidity of the firm should be taken into account. The content and construction of the SI In the SI definition the firms are classified into 10 different classification point categories according to their financial data. Before using different financial parameters, the financial statements of the firm were adjusted by following the instructions of international accounting standards of financial statements (IASs) and the instructions of the Finnish Advisory Board of Corporate analysis (YTN). IAS were used: a to prevent the effect of random capital gains on annual growth and success classification b to increase the reliability of comparisons in different branches of industry c to create more holistic view of the financial success at the firm level The following variables are used in constructing the SI: return on investment, earnings before taxes, current ratio, equity ratio, net gearing, repayment period of liabilities and business growth. The selected financial key figures are not dependent on the branch of industry. The financial parameters produce classification points that fluctuate from 0 to 10 points. The overall success classification of the firm is obtained by summarizing the classification points of the firm (max. 60 points). The SI is the relative figure where the minimum is 0 and the maximum 100. The key parameters were calculated by using the following formulas: Current ratio (CR) = Debt ratio (DR) = Earnings before taxes (EBIT) = Equity ratio (ER) = Repayment period (years) = Return on investment (ROI %) = Inventories + short-term receivables + liquid assets short-term debts 100 x (debt – liquid assets) equity + voluntary provision + minority share 100 x earnings before taxes and interest rate turnover 100 x (equity + provision + minority share) balance sheet + advance payment debt – liquid assets earnings after interest – taxes + depreciation 100 x (earnings + cost of finance) return on investment
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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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References Abetti, P. A. (2001). Ac
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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
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Page 96 and 97: not increased compared to Eastern F
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Page 100 and 101: propensity for risk taking (Covin a
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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 126 and 127: Appendix 3. Distribution of personn
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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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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