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430 M. Virtanen and T. Heimonen The content and construction of the SI 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 zero to ten 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 100 (DebtLiquid assets) Debt ratio (DR) Equity Voluntary provision Minority share 100 Earnings before taxes and Interest rate Earnings before taxes (EBIT) Turnover 100 (Equity Pr ovision Minority share) Equity ratio (ER) Balance sheet Advance payment Debt Liquid assests Repayment period (years) Earnings after interest TaxesDepriciation 100 (Earnings Cost of finance) Return on investment (ROI%) Return on investment
Appendix 3 The development of high growth and highly successful SMEs 431 Characteristics of variables of case firms Entrepreneur and experience Management and ownership Blancco Oy Ltd. BP-Asennus Oy Mipro Oy Established with former classmate Entrepreneurship not a major objective of the lead entrepreneur Father, grand-father and great-grand father were entrepreneurs. Management Team 4 members, regular meetings Board 5 members, 4 external Lead entrepreneur owns 41.5% , venture capitalist 23% Finance 0.5 M€ seed funding for data erasure 2000 2001 seed financing spent threat of bankruptcy VC involvement Market The need for data erasure is growing. International competition mainly from US Competitive advantage: listen to customers Firm’s strategic choices Focusing on data erasure (2002) Development of different editions Established with former classmate Experience of failure IT-firm went bankrupt Bought the company from firm broker without own funds Board 3 members, 1 external, regular meetings Lead entrepreneur owns 60% and former classmate 40% Support funding for acquisition, venture capitalist and public financier Highly dependent on subcontracting of 6 large domestic customers Competitive advantage: own service better than local competitors’ service Adaptation to the changing situation Focus on customer relationships Established with former colleague as a limited partnership Change in ownership in the middle of 1990s More than ten years family business Family business MGT discontinued and external reference group activated Public funding at the beginning Retained earnings after change of ownership Small market 4–5 players operating in Finland Competitive advantage: long-term partnerships and framework contracts No debt Focus on projects
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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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___________________________________
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propensity for risk taking (Covin a
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2. Former studies and derivation of
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firm’s annual sales growth (Arund
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H4. Firm success has an impact on t
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other branches in which employment
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and Rao, 2008). Because of the unev
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Table 1. Characteristics of the dat
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firms from other firms. The data in
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Table 2. Logistic Regression analys
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Public R&D funding was shown to inc
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References Achtenhagen, L., Naldi,
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Kanter, R. (1985), “Supporting in
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Appendix 1. Corporate population ch
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Appendix 3. Distribution of personn
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