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38 T. Heimonen and M. Virtanen Appendix 1 Table A1 Characteristics of different methods Statistical method Assumptions and modelling criteria Evaluation criteria Challenges in interpretation Regression analysis (RA) Dependent Linearity The fit of the model Model specification variable Normality of Explanatory power Characteristics of distribution of error entrepreneurial term market: Log growth Homoskedasticy Confidence interval Discontinuity and unstability Success Equality of variances Multicollinearity Change and dynamism Least square Singularity Operationalisation of modelling variables Logistical regression (LRA) Dependent variable combined growth and success Degrees of freedom Measurement Log linearity A priori probability distribution Model specification The fit of the model Classification and estimation Normality of distribution of error term Equality of variances Classification statistics Power based on probabilities and odd ratios Operationalisation of variables HG +HS = 1 Maximum likelihood modelling Cross validation Measurement NHG + NHS = 0 Degrees of freedom Interpretation of coefficients Discriminant analysis (DA) Dependent variable combined growth and success Multinormal population Equality of variances of groups Linear combinations are compared to crossmatrix of the data HG + HS = 1 The amount of discriminant function (the amount of groups – 1) A priori probability distribution Canonical discriminant function Classification statistics The gap between centroids Model specification Classification and estimation Power based on discriminant function Operationalisation of variables NHG + NHS = 0 Degrees of freedom Cross validation Measurement
Appendix 2 Characteristics of successful gazelles 39 Table A2 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 SI developed by Balanced Consulting Ltd. SI measures financial success of firm. The reason to use this index is the fit of the index with the database that Balanced Consulting Ltd. has also provided, too. In order to find out 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 success index In SI definition the firms are classified in ten different classification point categories according to their financial data. Before using different financial parameters, the financial statements of the firm have been adjusted by using the instructions of international accounting standards of financial statements (IAS) and the instructions of Finnish Advisory Board of Corporate analysis (YTN). IAS have been 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 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. Financial parameters produce classification points which fluctuate from 0 to 10 points. The overall success classification of the firm is received by summarising classification points of the firm (max. 60 points). SI is the relative figure where the minimum is 0 and maximum 100. The key parameters have been calculated by using the following formulas: Inventories + Short term receivables + Liquid assets Current ratio (CR) Short term debts
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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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Appendixes Appendix 2 Construction
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Appendixes Appendix 2 Continued (Co
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not increased compared to Eastern F
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propensity for risk taking (Covin a
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2. Former studies and derivation of
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