This paper aims to provide new insights into the analysis of National Innovation Systems (NIS). Whereas the common approach is to analyze specific parts or a defined set of actors and their interactions, this paper attempts to take a more systemic approach by analyzing results of 13 surveys...

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...