Even with globalization, industrial clusters are maintaining their importance in today's economy. With the decomposition of production we find that clusters are becoming focused on specific industries and stages of production. This paper analyzes two peripheral Western countries, Finland and...

This study sets out to inspect empirically whether existing theory in Geographical Economics (GE) is able to provide a rationale for the controversial and much debated structure of the highly knowledge- and research-intensive biotechnology industry in Finland. In addition to providing evidence...

This paper portrays the characteristics of Finnish biotechnology SMEs that have their origin in academic research conducted in universities or other comparable research institutions. The portrayal facilitates the positioning of these firms within the sector as a whole and, even more importantly,...

This study analyzes the question how the intellectual capital (IC) of a company affects its financial capital structure. To this end we consecutively apply the methods of factor and regression analyses on a sample of 65 small and medium sized Finnish biotechnology companies. Based on the results...

This empirical study tests three different theoretical frameworks of capital structure choice on a cross-sectional data of 59 Finnish biotechnology SMEs. The theoretical approaches comprehend principal-agent, asymmetric information and trade-off theories. The purpose of the paper is to trial the...

ETLA, the Research Institute of the Finnish Economy, conducted surveys at the end of 2004 and at the beginning of 2002 on the enterprises listed in the Index of Biotechnology Companies in the Finnish Bioindustries organization. The surveys provide data on financial accounting, R&D activities,...