CURRICULUM VITAE & LIST OF PUBLICATIONS NAME Minna

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CURRICULUM VITAE &
LIST OF PUBLICATIONS
11th of November, 2013
NAME
Minna Martikainen-Peltola
DATE OF BIRTH 30 July, 1969, Finland
EDUCATION
1998 D. Sc. (Econ.) in Accounting and Finance, University of Vaasa, Finland
1996 Lic. Sc. (Econ.) in Accounting and Finance, University of Vaasa, Finland
1994 M. Sc. (Econ.), Accounting and Finance, University of Vaasa, Finland
PROFESSIONAL EXPERIENCE
Academic Career
Since 8/2013 –
Professor of Financial Accounting, Hanken School of Economics, Finland
8/2012 to 8/2013
Professor of Financial Accounting (Tenured, Associate), Aalto University School of
Business, Finland
6/2012 to present
Adjunct Professor, Lappeenranta University of Technology, Corporate Finance and
Financial Accounting
2009 to 7/2012
Professor, Corporate Finance and Financial Accounting, School of Business, Lappeenranta University of Technology, Finland
2005 to 2009
Professor (fixed term), Corporate Finance and Financial Accounting, School of Business, Lappeenranta University of Technology, Finland
2004 to present
Adjunct Professor, University of Vaasa, Corporate Finance and Investments
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2001 to 2005
Principal lecturer, Finance and Risk Management, Laurea University of Applied Sciences, Espoo, Finland
1999 – 2001
Director, Finance Institute, LTT Research Ltd, Helsinki School of Economics, Finland
1996 to 1998
Project Researcher, Academy of Finland, Project in the University of Vaasa, Finland
7/1996 to 7/1997
Visiting Research Associate, Louisiana State University, Baton Rouge, Louisiana,
USA
1/1995 to 5/1995
Visiting Scholar, Louisiana State University, Baton Rouge, Louisiana, USA
1994 to 1995
Researcher, Department of Accounting and Finance, University of Vaasa, Finland
1993 to 1994
Assistant, Department of Accounting and Finance, University of Vaasa, Finland
TEACHING
Awards and qualifications
Nomination “Woman of the Year 2011”, by American Biographical Institute
Nomination “Who is Who in the World”, year 2010
Sefek Ltd: Proecomomica award for talented and practical book in field of economy
for the book: “Ammattimainen sijoittaminen” 2002
Osuuspankki foundation: Prize of the best licentiate dissertation in Business Economics 1995 - 1996 from licentiate thesis: "Accounting losses and earnings response coefficients: The impact of leverage and growth opportunities"
Research supervision
Ph.D. theses supervision
Advisor to Ph.D. candidate Juha Soininen (to be defended 9/2013), “Relation of Entrepreneurial Orientation to Firm Growth”, shared supervision with professor Kaisu
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Puumalainen
Advisor to Ph.D. Elena Fedorova (Defended 1/2013 in Lappeenranta Univeristy of
Technology, shared supervision with professor Mika Vaihekoski)
Advisor to Ph.D Sanna Hämäläinen (Defended 2011 in Lappeenranta University of
Technology, solely supervised by Minna Martikainen)
Advisor to Ph.D Helena Sjögren, (Defended 2010 in Lappeenranta Univeristy of
Technology, shared Supervision together with Professor Matti Niemi)
Research supervision in process
Advisor to Ph.D. candidate Jyri Kinnunen (to be defended 2013), shared supervision
with professor Jussi Nikkinen from University of Vaasa
Ph.D. Student Opponent in the Defence
Examiner and Opponent to Ph.D. Huang Chunyang in Aalto University, Helsinki School
of Economics (now at Sun Yat-Sen University)
M.Sc. theses supervision
Advisor to 98 Finance M.Sc. theses in University of Vaasa and in Lappeenranta University of Technology
B.Sc. theses: Advisor to 150 Finance B.Sc. theses
Courses taught
M. Sc.:
Theory of Investments, University of Vaasa (3x)
Corporate Finance, Lappeenranta University of Technology (3x)
Theory of Corporate Finance, Lappeenranta University of Technology (4x)
Empirical Research in Accounting and Finance (2x)
International Financial Management, Lappeenranta University of Technology (2x)
Valuation of Business in Different Set of Juridical Arrangements, Lappeenranta
University of Technology (3x)
International Accounting and Analysis (2x)
B. Sc.:
Principles in Accounting, Aalto University (2x, one course in Finnish, the same course in
English, Fall 2012)
Principles of Corporate Finance, University of Vaasa (2x)
Principles of Financial Statement Analysis, University of Vaasa (2x)
Financial Analysis and Valuation of firms, Laurea University of Applied Sciences (3x)
Financial Markets, Laurea University of Applied Sciences (2x)
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Executive Education:
Helsinki School of Economics Executive Education open enrollment programs
(1999 – 2000) (Raheko, JOKO)
Set of short lectures to corporate customers in Lappeenranta University of
Technology during years of 2006 – 2011.
SERVICE AND PROFESSIONAL ACTIVITIES
Main academic responsibilities
Vice Rector for International Affairs, Lappeenranta University of Technology, Finland,
1.1.2010 – 31.7.2012
Head of Degree Programme, Lappeenranta University of Technology, School of Business. 1.8.2008 – 31.12.2009
Academic Director of International Master Program in Strategic Finance 1.1.2011 –
31.7.2012, Lappeenranta University of Technology
Program Director of International Master Program in Strategic Finance 1.1.2009 –
31.7. 2010, Lappeenranta University of Technology
Program Director of MITIM (Master’s degree program in international technology and
innovation management, double degree program in cross-cultural business, partners
Lappeenranta University of Technology and St. Petersburg State University Graduate
School of Management) 9.12.2005 – 31.12.2009
Other professional responsibilities
KEVA, Investment committee board member, 2013 Accounting Board, operating under the structures of Ministry of Employment and the
Economy, Member (substitute), 2013 - 2015.
Auditing Board of Finnish Government, operating under the structures of Ministry of
Employment and the Economy, Member (substitute), 2013 - 2015.
State Pension Fund, Board Member, 3/2012 –
Auditing Board of the Central Chamber of Commerce of Finland, Full member, 2010 2012.
Local Government Pensions Institution, Full member of the investment advisory
board, 2009 - 2010
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Auditing Board of the Central Chamber of Commerce of Finland, Member (substitute),
2007 - 2009.
Local Government Pensions Institution, Member (substitute) of the investment advisory board, The Local Government Pensions Institution, 5 / 2005 - 2009
Espoo Chamber of Commerce, Member of the SME committee, 10 / 2003 – 12 / 2005
The Federation of Finnish Enterprises in Espoo Office, Member of the advisory board
of board of directors, 2 / 2004 – 12 / 2005
Investment Services Examinations of the Federation of Finnish Financial Services,
member of the examination board, 1999 2002
CIM Finance and Research, Senior Advisor, Helsinki, Finland (5/2002 – 12 / 2003)
MINT Concepts Group Ltd, Senior Advisor, (12 / 2003 – )
LTT Research Ltd, Helsinki School of Economics, Senior Adviser, Finland (2001 –
2004)
Vaasa Shareholders’ Association r.y., President, 1994 – 1998 (about 150 members)
Reviewer for academic positions
Expert assessing applications for the position for two (2) Senior Lecturer / Associate
Professor in Business Administration, with a specialisation in Finance, School of
Business, Stockholm University. (Ref no. 612-2448-10). January 2011 – April 2011.
Organizing
Member of the organizing committee and one of the 3 main organizers, 3rd EU Russia Innovation Forum, Lappeenranta, June 2012.
Member of the organizing committee, 2nd EU Russia Innovation Forum, Lappeenranta, May 2011.
Member of the organizing committee, 1st EU Russia Innovation Forum, Lappeenranta, May 2010.
European Financial Management Association 2003, Member of the Organization
Committee
26th Annual Meeting of European Finance Association, 1999, Coordinator
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5th Annual Conference on Multinational Financial Society, Helsinki, Finland, Member
of the organization committee. June 1988.
Session Chair
Multinational Finance Society Annual Meeting (1998, 2011)
European Financial Management Association 2003 Annual Meeting, Finland
FMA European Conference 2005, Italy
European Accounting Association 2006, Ireland
Reviewer for Conferences
European Finance Association 1999, Finland
European Financial Management Association 2003 Annual Meeting, Finland
Referee in Academic Journals
European Finance Journal, International Review of Financial Analysis, Annals of Finance, Multinational Finance Journal , Finnish Journal of Business Economics ,
Member of the editorial board of International Journal of Business Innovation and Research (IJBIR), Journal of Banking and Finance
Presentations
Nordic Academic of Management (2013)
European Accounting Association (2002, 2004, 2006, 2009)
European Finance Association, Doctoral Tutorial, (1995)
European Financial Management Association (2008)
Financial Management Association (1996)
Financial Management Association, European Conference (2002, 2005)
Multinational Finance Society (1995,1996, 1998, 1999, 2002, 2009, 2011),
Review of Accounting Studies Conference, (2002)
RENT Conference of Research in Entrepreneurship and Small Business (2004, 2009
4th International Workshop of Accounting and Regulation (2007)
16th International Working Seminar of Production Economics (2010)
XIII HSE International Academic Conference on Economic and Social Development,
Moscow, Russia (2012), 22nd Nordic Academy of Management Conference (2013)
Discussions
European Accounting Association (2004, 2006)
European Financial Management Association (2008)
Financial Management Association, European Conference (2002, 2005)
Multinational Finance Society (1998, 1999, 2002, 2009, 2011),
RENT Conference of Research in Entrepreneurship and Small Business (2004, 2009
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16th International Working Seminar of Production Economics (2010)
Finnish Graduate School of Finance (several)
Doctoral Tutorial in Accounting in Finland (several)
Committees
International
Chair of the Steering Group, Northern Dimension Institute, June 2012 –
Vice Chair of the Steering Group, Northern Dimension Institute, June 2010 – 2012
National
Graduate School of Finance, Finland, Member of the Board, 2009 –
The Finnish Doctoral Program in Business Studies, Member of the Board, 2009 Representative of LUT in the Group of Responsible of Student Election into Finnish
Business Schools
Member of the National Working Group planning for Electrical Application System for All
Finnish Higher Education Institutions (Universities and Universities of Applied Sciences,
KSHJ –group in Finnish)
Lappeenranta University of Technology (LUT)
Member of the Management Group LUT
Member of the Faculty council in LUT School of Business
Member of the LUT Group of Managers of Degree Programmes, 2008 – 2009
Member of the Program committee of MSF Master of Science Program in LUT (2009
– 2012)
Member of the Program committee of MITIM Master of Science Program in LUT
(2005 – 2009)
Helsinki School of Economics, LTT-Research Ltd
Member of the Management Group, 1999-2001
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LANGUAGE SKILLS
Finnish
English
Swedish
Russian
Mother language
Fluent
Working knowledge
Working knowledge
Research Projects
Co-leader in Lappeenranta University of Technology (LUT) in the research project
funded by the Academy of Finland. The project “Effects of global integration process
on emerging markets” The project consortium with University of Vaasa 2006 – 2010
Project leader in Lappeenranta University of Technology in the research project funded by the Academy of Finland. The project “How are Companies Surviving a Financial
Crisis? Corporate Risk Management and Financial Vulnerability” The project consortium with Hanken and University of Vaasa, 2010 – 2013
PUBLICATIONS
A. Refereed journal articles
Martikainen Minna, Jussi Nikkinen, Mohammed Omran and Kashif Saleem (2013). Oil
Risk and Asset Returns: Evidence from Emerging Markets of the Middle East. Forthcoming Emerging Markets Finance and Trade. (ISI 1,19 (2012), JUFO 1)
Martikainen Minna & Jussi Nikkinen & Kashif Saleem (2013). Transmission Of The
Subprime Crisis: Evidence From Industrial And Financial Sectors Of BRIC Countries.
Journal of Applied Business Research, Vol 29, No 5. (JUFO 1)
Soininen Juha, Minna Martikainen, Kaisu Puumalainen and Kalevi Kyläheiko (2012)
Entrepreneurial Orientation: Growth and Profitability of Finnish Small and MediumSized Enterprises. International Journal of Production Economics, Vol 140, pp 614 621. (ISI 2,081 (2012), JUFO 2)
Mats Hansson, Eva Liljeblom, and Minna Martikainen (2011) Corporate Governance
and Profitability in Family SMEs. European Journal of Finance. Vol. 17, pp 391 - 408.
(ISI 0,519 (2011), JUFO 1)
Martikainen, Minna, Jussi Nikkinen and Sami Vähämaa (2009). Production functions
and productivity of family firms: evidence from the S&P 500. The Quarterly Review of
Economics and Finance, Volume 49, Issue 2, May 2009, Pages 295-307 The 24th
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most cited article published in the Quarterly Review of Economics and Finance since
2007. (ABS 2)
Junttila, Juha & Kallunki, Juha-Pekka & Aki Kärjä & Minna Martikainen (2005). Stock
market response to analysts’ perceptions and earnings in technology -intensive environment. International Review of Financial Analysis, Vol 14. (JUFO 1)
Kallunki, Juha-Pekka & Pasi Karjalainen & Minna Martikainen (2005). Investments in
Human Capital in Different Institutional Environments. Advances in International Accounting 18.
Kallunki, Juha-Pekka & Minna Martikainen & Henrik Nilsson (2004). Analyst Profession, Accounting Earnings and Stock Returns: Swedish Evidence. The Finnish Journal of Business Economics, Vol. 4/2004. (JUFO 1)
Ertimur, Yonca & Joshua Livnat & Minna Martikainen (2003). ‘Differential Market Reactions to Revenue and Expense Surprices’. Review of Accountig Studies. Vol 8, pp.
185 – 211, Fall 2003. (ISI 1,364 (2012), JUFO 2)
Kallunki, Juha-Pekka and Minna Martikainen (2003). Earnings management as a predictor of future profitability of Finnish firms. European Accounting Review, 12:2, pp.
311 - 325. (ISI 1,15 (2012), JUFO 2)
Article ”Kallunki, Juha-Pekka and Minna Martikainen (1999). Do firms use industrywide targets when managing earnings? Finnish Evidence. International Journal of
Accounting, 34:2, pp 249 - 259.” published in book “Developments in Country Studies
in International Accounting – (Europe 2003)” by Sally Aisbitt and Lisa Evans. Edward
Elgar Publishing Ltd. Northampton, UK.
Kallunki, Juha-Pekka and Minna Martikainen (1999). Do firms use industry-wide targets when managing earnings? Finnish Evidence. International Journal of Accounting,
34:2, pp 249 - 259. (JUFO 1, ABS 3)
Martikainen, Minna (1999). Lectio: Accounting losses, investors’ growth expectations
and the association between stock returns and accounting earnings. Finnish Journal
of Business Economics.
Kallunki, Juha-Pekka, Minna Martikainen and Teppo Martikainen (1998). Accounting
income, income components and market-to-book equity ratios. International Journal
of Accounting, 33:3, pp. 359 – 375.
Martikainen, Minna (1998). The information content of losses around earnings announcements in the Finnish stock market. Applied Economics Letters, 5, pp. 343 346
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Kallunki, Juha-Pekka, Minna Martikainen, Teppo Martikainen and Paavo Yli-Olli
(1997). The Finnish stock market: An investigation for some empirical evidence and
its practical relevance. Finnish Journal of Business Economics, 46:4, pp. 474 – 496.
Martikainen, Minna (1997). Accounting losses and investors’ growth opportunities.
International Review of Financial Analysis, 6:2, pp. 97 – 105.
Martikainen, Minna (1997). Accounting losses and earnings response coefficients:
The impact of leverage and growth opportunities. Journal of Business Finance and
Accounting, 24:2, pp. 277 - 291.
B. Work in Progress
“Reliability of Earnings Figures and Conservatism in Transitional Economies” with
Sanna Hämäläinen.
”The effect of investment environment on the interaction between conditional conservatism and market-to-book ratio” with Sanna Hämäläinen
“Managers’ investment planning and controlling behavior in small and medium sized
enterprises” With Jussi Nikkinen and Michael Graham
“Family ownership, owner involvement and performance of small and medium sized
enterprises” with Jussi Nikkinen and Sheraz Ahmed
“Growth strategies and capital structures of small and medium-sized enterprises” with
Jussi Nikkinen
“Transmission of the subprime crisis: Evidence from industrial and financial sector of
BRIC countries” with Jussi Nikkinen and Kashif Saleem
C. Books and Other Publications:
Minna Martikainen and Ilkka Pöyhönen (2010). Promising challenges for Finnish
economy – Russian market and Northern Dimension, Baltic Rim Economies, Issue
no. 1, 19 February 2010
Martikainen Teppo and Minna Martikainen (2002, 2008, 2010). Rahoituksen perusteet. (Principles of Finance, written in Finnish). WSOY
Kallunki, Juha-Pekka, Minna Martikainen and Jaakko Niemelä (2002, 2008). Ammat-
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timainen sijoittaminen. (To Invest in Securities in Professional Way, written in Finnish)
Kauppakaari
Kiander Jaakko, Minna Martikainen, Timo Pihkala and Iikko B. Voipio (2006). Yritysten toimintaympäristö: kyselytutkimuksen tuloksia vuosilta 2002 - 2006. Government
Institute for Economic Research (Valtion taloudellinen tutkimuskeskus), Nord Print
Ltd., Helsinki (witten in Finnish).
Martikainen, Minna and Jussi Nikkinen (2004). Suomalaisten pk – yritysten menestyminen ja kasvu: kasvun determinantit, innovatiivisuus ja eri yritysrakenteet. Suomen
yrittäjät ry:n julkaisusarjassa / In a publication series of Federation of Finnish Enterprises.
Kiander Jaakko, Minna Martikainen and Iikko B. Voipio (2004). Yrittäjyyden tila 2002 2004. Government Institute for Economic Research (Valtion taloudellinen tutkimuskeskus), Nord Print Ltd., Helsinki (witten in Finnish).
Kiander Jaakko, Minna Martikainen, Jukka Ojasalo, Katri Ojasalo and Iikko B. Voipio
(2002). Hallituksen yrittäjyyshankkeen arviointi. Kauppa- ja teollisuusministeriö,
3/2002 (witten in Finnish).
D. Professional Magazines:
Article “Kasvua Riskinottohalukkuudella (Entreneurial orientation creating growth)” by
Minna Martikainen, Kaisu Puumalainen and Juha Soininen. Ekonomi –magazine.
2/2011.
Article “Neuvontapalveluista yrityksen kumppani” by Virve Airola in Hyvä Yritys Magazine 4 / 2004. The contents offerend by Martikainen, Minna and Jussi Nikkinen
(2004). Suomalaisten pk – yritysten menestyminen ja kasvu: kasvun determinantit,
innovatiivisuus ja eri yritysrakenteet. Suomen yrittäjät ry:n julkaisusarjassa / In a publication series of Federation of Finnish Enterprises.
Kallunki, Juha-Pekka, Minna Martikainen and Teppo Martikainen (1997). Tilinpäätökset kertovat kasvumahdollisuuksista. Tilisanomat 17:5, 58 – 64.
E. OTHER PROFESSIONAL ACTIVITIES, PUBLICITY
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Interview in Tekniikka ja Talous; Firms are tip toeing to Russian market, 17.8.2012, by
Helena Rautio
Interview; YLE2 TV News, Local; 14.6.2012; “EU Russia Innovation Foorum in Lappeenranta Creating Contacts”, 2 minutes
Comment, Kauppalehti 4.11.2011. Epävarmuus on pahinta myrkkyä taloudelle. Uncertainty is the poison for the economy.
Interview in Madatum Life syksy 2 / 2011: “Pietarin Portti” (A Gate of St Petersburg),
by Martti Kiuru.
Interview in Taloustaito 12.10.2011: “Epävarmuus ajaa etsimään turvaa” (“Unsecurity
drives investors to seek security”), by Ulla Simola.
Interview in Kauppalehti 29.9.2011: ”Onko tämä vitsi?” (”Is this a joke?”), Interview
about Tobin tax for financial market participants, by Cilla Bhose.
Interview, Helsingin Sanomat; 23.9.2011: “Yliopistojen maksukokeilu nosti opiskelijoiden tasoa” (The semesterfee trial upgraded the quality of students).
Comment, Helsingin Sanomat; 22.9.2011: “Ulkomaalaisten opiskelijoiden osuus on
Suomessa yhä pieni” (the fraction of international students in Finland is still small).
Interview; YLE2 TV News, Local; 15.9.2011; “International Students in Lappeenranta;
The semesterfee trial has started in Lappeenranta University of Technology”.
Interview; YLE2 TV News, Local; 15.9.2011; “What should regular persons do to prevent financial crisis”.
Interview; YLE Local Radio: Etelä-Karjalanradio; 15.9.2011; “Financial Markets getting unstable due to crisis in Greece”
Comment in MTV3 national news, 23.4.2011. Issue: “Suomalaiskorkeakoulu nousi
tyytyväisyyskyselyn ykköseksi / Finnish University gained no 1 position in International Student Barometer”.
Comment in YLE national TV1 news, 1.12.2010. Issue: Russian Bauman University
visiting in Finland to view Finnish innovation system.
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Interview in Pörssisäätiö internet publication, 28.10.2010, “Minna Martikainen sijoittaa
kotimarkkinoille” ie. ”Minna Martikainen is investing in domestic firms“, by Satu Alavalkama.
Interview in Tekniikka&Talous, 17.9.2010, “Venäjällä ei pidä tehdä politiikkaa” ie. ”You
should not politicize issues related to Russia “, by Raili Leino.
Interview in Pörssisäätiö internet publication, 4.3.2010, “Korkotaso suosii nyt osakesijoituksia” ie. ”Equity investments are currently exceeding Interest rates“, by Juha Europaeus.
Comment in Kauppalehti, 4.3.2010, ”Asiantuntijat puolustavat osinkosignaalia” ie.
”Professionals are on the favor of devidends”, by Nina Broström.
Interview in Pörssisäätiö internet publication, 21.12.2009, “Globaali hajautus voi onnistua kotiosakkeillakin” ie. ”Global diversification can also be done by using domestic
shares”, by Matti Valli
Interview in Pörssisäätiö internet publication, 1.12.2005, “Kotitalouksien rahat poikimaan” ie. ”Private funds need to be invested to stock market”, by Matti Valli
Interview in Arvopaperilehti, 10/2009, Suosi suomalaista by Seppo Määttänen
Comment in local news paper: Etelä-Saimaa: 18.11.2009, “Rahoitusprofessori opastaa isänmaalliseen sijoittamiseen”, by Heikki Sopanen
Comment in local news paper: Etelä-Saimaa: 28.1.2009, “Vientiyrityksille tuli merkittävää kilpailutukea (Remarkable support to exporting businesses)”, by Jyrki Nuottimäki
Comment in local newspaper: Etelä-Saimaa: 25.1.2009, “ Where is money hiding at
the moment”, by Heikki Sairanen
Interview in YLE Ajantasa –radioprogram 29.12.2008. Issue: Ethics in financial markets, investors in financial crisis.
Interview in YLEykkösaamu program 17.10.2008. Issue: Global Financial Market Crisis: effect to consumers. Making a special note that consumers already now have
plenty of mortgage loan and consumption loans.
Comment in YLE local TV news, 14.10.2008. Issue: Global Financial Market Crisis
and its effects to local firms.
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Konf esitykset tarkemmin, töiden raportointia varaten
Martikainen, M. publicerade artikeln. ”Martikainen, M., J. Nikkinen & S. Ahmed (2013). Active
Involvement of Owners Creating the Profitability in Family Firms” , i Proceedings of the 22 Nordic
Academy of Management Conference.
Tutkimusprojektit
Martikainen har tillsammans med J. Nikkinen från Vasa Universitet, S. Ahmed från Villmanstrand
Tekniska Universitet, JC. Lin från Louisiana State University en forskningsprojektet ”SMEs,
ownership and profitability during financial crisis”.
Martikainen har tillsammans med Sanna Hämäläinen från Villmanstrand Tekniska Universitet en
forskningsprojektet ”Earnings Figures and Conservatism in Transitional Economies”.
Martikainen har tillsammans med J. Nikkinen från Vasa Universitet, M. Graham från Stockholm
Universitet en forskningsprojektet ” Managers’ investment planning and controlling behavior in
small and medium sized enterprises”.
Martikainen har tillsammans med J. Nikkinen från Vasa Universitet, K. Saleem från Villmanstrand Tekniska Universitet, M. Omran från Egyptian Exchange (EGX) en forskningsprojektet ”
Oil risk and asset returns in MENA region: evidence from oil producing countries”.
1.1.1 Martikainen har tillsammans med JP. Kallunki från Uleåborg Universitet & J. Kinnunen
från Villmanstrand Tekniska Universitet & H. Nilsson från Stockholm School of Economics påbörjat forskningsprojektet ” Insider Trading and Corporate Insiders’ Adverse Personal Traits”
Martikainen har tillsammans med K. Kyläheiko & J. Soininen från Villmanstrand Tekniska Universitet & E. Roemer HRW University of Applied Sciences & J. Freiling från Bremen University
påbörjat forskningsprojektet ”Entrepeneurial Orientation creaging success in European
Countries”.