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dissertation in pdf-format - Aalto-yliopisto

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40 T. Heimonen and M. Virtanen<br />

100 (Debt Liquid<br />

assets)<br />

Debt ratio (DR) <br />

Short term debts<br />

100 Earn<strong>in</strong>gs before taxes and <strong>in</strong>terest rate<br />

Earn<strong>in</strong>gs before taxes (EBIT) <br />

Turnover<br />

100 (Equity + Provision + M<strong>in</strong>ority share)<br />

Equity ratio (ER) <br />

Balance sheet + Advance payment<br />

Debt Liquid assets<br />

Repayment period (years) <br />

Earn<strong>in</strong>gs after <strong>in</strong>terest Taxes + Depreciation<br />

100 (Earn<strong>in</strong>gs + Cost of f<strong>in</strong>ance)<br />

Return on <strong>in</strong>vestment (ROI %) <br />

Return on <strong>in</strong>vestment<br />

Appendix 3<br />

Table A3 Variables used <strong>in</strong> regression equations<br />

Variables<br />

Age of the firm<br />

Amount of auxiliary bus<strong>in</strong>ess names<br />

Amount of personnel<br />

Development expenses<br />

Goodwill value<br />

Growth of the amount of personnel<br />

Growth of the <strong>in</strong>dustry<br />

Growth of the sales turnover<br />

Intangible assets<br />

Other long term expenses<br />

Public R&D fund<strong>in</strong>g<br />

Radical <strong>in</strong>novativeness<br />

Research expenses<br />

Sales turnover<br />

Size of the firm<br />

Success <strong>in</strong>dex<br />

Turnover/employee

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