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2 Literature review and conceptual framework aspects of growing ventures more fully. Thematic items derived from theory and previous studies included in the content analysis of high growth and highly successful case firms included characteristics of entrepreneurs, management, ownership, markets and customers, strategies, financial parameters and future challenges. In addition, challenges associated with the use of regression, logistic regression and discriminant analyses in growth and success studies were addressed. Finally, as mentioned above, it is widely believed that public support can promote the creation and exploitation of innovation, partly because small firms lack some of the diverse resources required to foster innovation and growth simultaneously. However, it is also believed that regional publicly offered innovation support services do not fully meet the needs or requirements of these ventures, but there has been little research on the kind of support that is needed and how it should be provided. Therefore, attempts were made: to identify high growth industry branches and the kinds of innovations that may promote high growth in these sectors; to assess the needs for innovation and support services; and to evaluate the services currently available (and their shortcomings). The conceptual framework of the studies is presented in Figure 3. Figure 3: Conceptual framework of the studies 34
3 Research methodology 3.1 Methodology applied in the studies The purpose of the presented research was to obtain holistic, in-depth understanding of the characteristics of innovative, high growth and highly successful SMEs, using a mixed approach, involving both qualitative and quantitative analysis of the data. This methodological choice is in line with recent theories of knowledge production and understanding of the entrepreneurship, innovation and performance of businesses. Leitch et al. (2010) pointed out that entrepreneurial actions and business performance are complex phenomena that require rich, elaborate and wide analysis. Hence, methodological heterogeneity is required to address the complexity and capture a richer body of knowledge and understanding of high performance entrepreneurship (Bygrave, 2006; Leitch et al., 2010). Creswell (2003) stated that the initiating points of knowledge claims are the paradigms, philosophical assumptions, epistemologies, ontologies and research methodologies held, conceived or made by researchers when they start a project. Philosophically, researchers make claims about what knowledge is (ontology), how we know it (epistemology), the incorporated values (axiology) and the kinds of processes or opportunities available for studying it (methodology). However, in discussion of mixed methods research, epistemological and ontological issues have been marginalized to a significant degree as pragmatism has emerged as a major orientation for combining qualitative and quantitative research (Bryman, 2007). The basic assumptions about knowledge claims underlying this dissertation (and the studies it is based upon) are rooted in pragmatism. Other philosophical bases for the knowledge claims that could have been adopted include post-positivism, constructivism or advocacy/participatory approaches. Post-positivism refers to a view of research that emerged following critiques of positivism, challenging the traditional notion of absolute truth of knowledge and recognizing that we cannot be positive (absolutely certain) about our knowledge claims, especially when studying the behaviour and actions of humans, because of our inherent biases. 35
Page 3 and 4: Aalto University publication series
Page 5: Author Tomi Heimonen Name of the do
Page 9 and 10: Acknowledgements This dissertation
Page 11 and 12: CONTENTS PART 1: Overview of the di
Page 13: List of Articles This thesis is bas
Page 16 and 17: 1 Introduction Some scholars claim
Page 18 and 19: 1 Introduction In addition, the dur
Page 20 and 21: 1 Introduction Figure 1: Framework
Page 22 and 23: 1 Introduction factors that affect
Page 24 and 25: 1 Introduction 1.4 Key concepts and
Page 26 and 27: 2 Literature review and conceptual
Page 46 and 47: 3 Research methodology Constructivi
Page 48 and 49: 3 Research methodology and the meth
Page 50 and 51: 3 Research methodology The data use
Page 52 and 53: 3 Research methodology 3.4 Models a
Page 54 and 55: 3 Research methodology reliable. Se
Page 56 and 57: 3 Research methodology concluded th
Page 58 and 59: 4 Results, evaluation of the studie
Page 70 and 71: References Abetti, P. A. (2001). Ac
Page 72 and 73: 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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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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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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12 Int. J. Business and Globalisati
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14 T. Heimonen and M. Virtanen we u
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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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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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