A microscopic theory is used to study the dynamical properties of semiconductor quantum dot based nanocavity laser systems. The carrier kinetics and photon populations are determined using a fully quantum mechanical treatment of the light‐matter coupling.In this work, we investigate the dependency of the modulation response in such devices on the number of emitters coupled to the cavity mode. (© 2011 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)