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26 T. Heimonen and M. Virtanen Table 1 Stepwise regression model for growth Dependent variable: Unstandardised coefficients Standardised coefficients Exp. (b) Collinearity statistics log of sales growth Coeff. S.E. Coeff. t Sig. Lower limit Upper limit Tolerance VIF Independent variables Constant 0.579 0.140 4.124 *** 0.307 0.859 Log growth of the number of staff 0.704 0.062 0.500 11.309 *** 0.581 0.826 0.911 1.098 Log company age –0.259 0.053 –0.216 –4.845 *** –0.367 –0.156 0.893 1.120 Log Innovativeness (IPRs) 0.266 0.083 0.138 3.197 *** 0.103 0.431 0.950 1.052 Profitability factor –0.035 0.014 –0.105 –2.453 ** –0.064 –0.007 0.966 1.035 Branch of industry: –0.099 0.034 –0.126 –2.918 *** –0.164 –0.031 0.959 1.043 (other industries vs. trade) Region: (rural area vs. urban area) 0.074 0.036 0.090 2.053 * 0.001 0.143 0.923 1.083 Model summary Number of firms n = 321 (27 missing cases) Stepwise regression 6 Step R 2 0.442 Adjusted R 2 0.431 Std. error of the estimate 0.25670 Change statistics R 2 change 0.007 F change 4.214 df1 1 df2 314 Sig. F change 0.041 Durbin-Watson 1.775 Note: Level of significance *p .05, **p .01, ***p .001
Characteristics of successful gazelles 27 Table 2 Stepwise regression model for success Dependent variable: Unstandardised coefficients Standardised coefficients Exp. (b) Collinearity statistics log of sales growth success Coeff. S.E. Coeff. t Sig. Lower limit Upper limit Tolerance VIF Independent variables Constant 72.607 1.356 53.156 *** 69.939 75.275 Profitability factor 12.969 0.978 0.567 13.267 *** 11.046 14.893 0.989 1.011 Branch of industry: –13.231 2.655 –0.216 –4.984 *** –18.454 –8.008 0.965 1.036 (other industries vs. trade) Number of auxiliary business names –1.098 0.292 –0.163 –3.764 *** –1.673 –0.524 0.968 1.033 Branch of industry: –9.953 3.058 –0.142 –3.255 *** –15.970 –3.936 0.953 1.049 (other industries vs. transportation and telecommunication) Growth of the number of staff –0.044 0.018 –0.109 –2.514 * –0.079 –0.010 0.960 1.042 Model summary Number of firms n = 320 (28 missing cases) Stepwise regression 5 Step R 2 0.432 Adjusted R 2 0.423 Std. error of the estimate 17.474 Change statistics R 2 change 0.011 F change 6.320 df1 1 df2 314 Sig. F change 0.012 Durbin-Watson 2.019 Note: Level of significance *p .05, **p .01, ***p .001
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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
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References Creswell, J. W. (2003).
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References Golafshani, N. (2003). U
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References Leitch, C., Hill, F., an
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References Pellikka, J. and Laurone
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References Storper, M. (1992). The
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Appendixes Overview: Appendix 1: Ke
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Appendixes High growth When examini
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Appendixes profitability, liquidity
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Appendixes Appendix 1 Continued (Ke
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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
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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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418 J. Siikonen et al. Appendix 1 V
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