Hyytinen – Mika Pajarinen G OF TECHNOLOGY - INTENSIVE SMALL BUSINESSES : Evidence on the Uniqueness of the ICT Industry


Using recently collected data on Finnish small businesses, we provide evidence that the debt capacity of growth options, defined as the amount of debt that firms optimally raise for an incremental project, is negative, especially in the information and communications technology (ICT) sector. We relate the finding to the R&D projects that small ICT firms… (More)


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