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Ownership and Financial Structure of Biotechnology SMEs: Evidence from Finland

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  • Hermans, Raine
  • Tahvanainen, Antti-Jussi

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  • Hermans, Raine & Tahvanainen, Antti-Jussi, 2002. "Ownership and Financial Structure of Biotechnology SMEs: Evidence from Finland," Discussion Papers 835, The Research Institute of the Finnish Economy.
    • Handle: RePEc:rif:dpaper:835
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    4. Bradley, Michael & Jarrell, Gregg A & Kim, E Han, 1984. "On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, American Finance Association, vol. 39(3), pages 857-878, July.
    5. Schienstock, Gerd & Tulkki, Pasi, 2001. "The Fourth Pillar? An Assessment of the Situation of the Finnish Biotechnology," Small Business Economics, Springer, vol. 17(1-2), pages 105-122, Aug.-Sept.
    6. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    7. Berger, Allen N & Udell, Gregory F, 1995. "Relationship Lending and Lines of Credit in Small Firm Finance," The Journal of Business, University of Chicago Press, vol. 68(3), pages 351-381, July.
    8. Lerner, Josh & Shane, Hilary & Tsai, Alexander, 2003. "Do equity financing cycles matter? evidence from biotechnology alliances," Journal of Financial Economics, Elsevier, vol. 67(3), pages 411-446, March.
    9. James S. Ang & Rebel A. Cole & James Wuh Lin, 2000. "Agency Costs and Ownership Structure," Journal of Finance, American Finance Association, vol. 55(1), pages 81-106, February.
    10. Klette, Tor Jakob & Moen, Jarle & Griliches, Zvi, 2000. "Do subsidies to commercial R&D reduce market failures? Microeconometric evaluation studies1," Research Policy, Elsevier, vol. 29(4-5), pages 471-495, April.
    11. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    12. Garner, Jacqueline L. & Nam, Jouahn & Ottoo, Richard E., 2002. "Determinants of corporate growth opportunities of emerging firms," Journal of Economics and Business, Elsevier, vol. 54(1), pages 73-93.
    13. Klette, T.J. & Moen, J. & Griliches, Z., 1999. "Do Subsidies to Commercial R&D Reduce Market Failures? Microeconometric Evaluation Studies," Papers 16/99, Norwegian School of Economics and Business Administration-.
    14. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    15. Bergstrom, Clas & Rydqvist, Kristian, 1990. "The determinants of corporate ownership : An empirical study on Swedish data," Journal of Banking & Finance, Elsevier, vol. 14(2-3), pages 237-253, August.
    16. Stewart C. Myers, 2001. "Capital Structure," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 81-102, Spring.
    17. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    18. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    19. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    20. Bhagat, Sanjai & Welch, Ivo, 1995. "Corporate research & development investments international comparisons," Journal of Accounting and Economics, Elsevier, vol. 19(2-3), pages 443-470, April.
    21. Hyytinen, Ari & Pajarinen, Mika, 2002. "Small Business Finance in Finland. A Descriptive Study," Discussion Papers 812, The Research Institute of the Finnish Economy.
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    Cited by:

    1. Smita Srinivas & Kimmo Viljamaa, 2008. "Emergence of Economic Institutions: Analysing the Third Role of Universities in Turku, Finland," Regional Studies, Taylor & Francis Journals, vol. 42(3), pages 323-341, April.
    2. Nikulainen, Tuomo & Tahvanainen, Antti-Jussi & Kulvik, Martti, 2012. "Expectations, Reality and Performance in the Finnish Biotechnology Business," Discussion Papers 1286, The Research Institute of the Finnish Economy.
    3. Tahvanainen, Antti-Jussi, 2004. "Academic Spin-offs in Finnish Biotechnology," Discussion Papers 900, The Research Institute of the Finnish Economy.
    4. Antti-Jussi Tahvanainen, 2004. "Growth Inhibitors Of Entrepreneurial Academic Spin-Offs: The Case Of Finnish Biotechnology," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 1(04), pages 455-475.
    5. Tahvanainen, Antti-Jussi, 2003. "The Capital Structure of Finnish Biotechnology SMEs - An empirical analysisi," Discussion Papers 864, The Research Institute of the Finnish Economy.

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