This study focused on two primary areas: 1. To determine what can be learned from biotech and drug development companies that suffered from financial problems and ultimately failed at the beginning of the 21st century. 2. To determine how intellectual capital developed in accordance with such...

The contributions of entry and exit of firms to aggregate productivity growth are well-established in the literature. However, the impact of industry switching of firms on productivity remains overlooked. The purpose of this report is to shed new light on the role of industry switching as a form...

This study examines mergers and acquisitions and their economic impact on companies. The study examined which companies in Finland become the targets of acquisitions, how the economic activities of the target companies develop after the change of ownership and whether there is a difference...

According to a company survey, global value chains are changing. Even though big changes were expected during the Covid period, the actual changes were quite small at the time. Instead, after the early 2022, more obvious change has already been in the sourcing of materials and parts. They are...

This report examines the resilience of firms during crises from two perspectives: their ability to resist crises and their capacity to recover. The findings reveal that innovative firms are less likely to cease operations than other firms and are more likely to recover faster. The study further...

This report examines the development and composition of Finland's international trade in services compared to other countries. The findings reveal a substantial growth in Finland's service exports, though at a slower pace than the EU average. Different countries have specialized in various types...

The new era of geopolitics and geoeconomy significantly alters the economic landscape and the operating environment. It is already clear that industrial policies and barriers to international trade increasingly influence the location of investment decisions. These trends challenge the...

This report summarizes 39 detailed ETLA case studies of global value chains (GVCs). The findings suggest that the value added in global value chains is less tied to their tangible aspects than what conventional wisdom suggests. Intangible aspects of GVCs tend to be more important, but their poor...

We study how Foreign Direct Investment (FDI) measures gross fixed capital formation in foreign-owned companies. Our data include firm-level information on FDI inflows and real investment (Gross Fixed Capital Formation) by foreign-owned companies located in Finland. Our results suggest that the...

There are almost 200,000 enterprises operating in the Finnish service sector, combined. However, not all of the service industries are the same. Some services have become independent of geographical locations, meaning that they can be exported, much like physical products. Other services still...