Быстрорастущие компании в России: влияние аффилированности на факторы роста
High-growth companies, also known as gazelles, are an important source of economic growth. The development conditions of such companies differ by country. In case of Russia, it is enhanced by a special population structure: about 80% of Russian gazelles are affiliated with business groups. The authors set themselves the task of understanding how dependence or independence of gazelles is related to their chances of becoming fast-growing. The study shows that in Russia the standard factors that determine the likelihood of transition of independent firms to the rapid growth are statistically insignificant for affiliated firms, and even approximately do not explain the process of their transformation into high-growth companies. The authors offer a hypothesis that the most important factors of the transformation of affiliated firms into gazelles should be sought on the demand side (the possibility of growth on intracorporate orders; access to government orders; the availability of technologies that open the ways to unsaturated markets, etc.).
Introduction. The issue of growth is becoming a priority for many companies today. The growth of an enterprise is connected with many difficulties to solve which it is necessary to evaluate a great number of factors influencing it. However until now there has not been formed any approaches to neither the meaning of this term, nor factors determining it. Thus it is possible to single out two unsolved questions on this sphere. The first is connected with the choice of the indicator itself that characterizes the growth of the companies. The second is in grounding the factors that can have a permanent impact on the growth. The authors will try to answer these two questions in the current research.
Actual and sustainable growth of companies is a separate subject of the research on the example of 122 biggest Russian companies from the Forbes list.
Methods. Methods used in the research are general scientific methods of analysis (analysis, synthesis, comparison, graphical) as well as special (statistical methods of analysis, coefficient method).
Results. In this research it is proved that the combination and extent of impact of financial and non-financial factors on actual and sustainable company growth varies. The structure of financing for large companies is an insignificant factor. Therefore, it is not important at the expense of what resources the growth of business takes occurs. The existence of the board of directors is an essential criterion for ensuring the effectiveness of current activities, which affects the actual growth in sales. From the strategic perspective, sustainable growth is influenced by the presence of independent members on the board of directors. Investments in long-term assets have proved to be significant for both actual and sustained growth of the company with a certain time lag.
The sphere of result application. The proposed methodology can be used by both external and internal analysts to develop investment and financial management decisions.
This paper provides a pioneering approach to estimate the relationship between interregional human capital mobility and the occurrence of high-growth firms (HGFs). We construct and employ the dataset on mobility of university graduates from top-100 Russian universities. We find that the relationship between the mobility of high-skilled university graduates and high-growth firms is non-linear and U-shaped: the initial rise in the number of HGFs is due to the relatively low concentration of highly skilled migrants and availability of innovations only for a small number of firms. However, the competition effect strengthens at some point when innovations become available for larger number of firms simultaneously with large inflow of highly skilled university graduates.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.