Measuring intellectual capital and sources of equity financing – value platform perspective within the Finnish biopharmaceutical industry

International Journal of Learning and Intellectual Capital

Volumn 1, Issue 3, 2004, Pages 282-303

  Hermans, Raine ^a   Kulvik, Martti ^b  

^a Elinkeinoelaman Tutkimuslaitos   (Finland)

^b HELSINKI UNIVERSITY CENTRAL HOSPITAL   (Finland)

Author keywords

biotechnology; capital structure; intellectual capital; knowledge management

Indexed keywords

EID: 84888359541     PISSN: 14794853     EISSN: 14794861     Source Type: Journal    
DOI: 10.1504/IJLIC.2004.005705     Document Type: Article

References (24)

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16. Tahvanainen, A.-J. (2003) ‘The capital structure of Finnish biotechnology SMEs – an empirical analysis’, ETLA Discussion Paper, Helsinki: The Research Institute of the Finnish Economy, No. 864, p.62, http://www.etla.fi
17. ETLA is an abbreviation for The Research Institute of the Finnish Economy.
18. Below we use the term SMEs to denote small and medium-sized enterprises. A company is called small or medium-sized if two of the following three conditions are met: the company has a maximum of 250 employees, its turnover does not exceed EUR 40 million and its total assets are less than EUR 27 million.
19. In this paper we will use names for the three categories according to MERITUM Project (2002) Guidelines for Managing and Reporting on Intangibles (Intellectual Capital Report). Fundación Airtel Móvil, Madrid.
20. Nonaka and Takeuchi (1995) define their seminal model in which they interpret how the tacit knowledge is converted to explicit knowledge and back to the tacit knowledge of other individuals and groups. In the present study we do not focus on the so-called SECI model but instead we focus on measuring the intellectual capital of the Finnish biopharmaceutical SMEs and how the revealed intellectual capital is related to different sources of equity financing.
21. Tekes stands for The National Technology Agency of Finland.
22. For an overview of theories on companies’ capital structures see e.g. (Myers, 1984; 2001).
23. Sitra denotes the Finnish National Fund for Research and Development.
24. E.g. Sharma provides a detailed technical presentation of principal component analysis. Sharma, S. (1996) Applied Multivariate Techniques, New York: John Wiley & Sons, Inc.