Technical Efficiency of High-Technology Industries in the Crisis: Evidence from Russia

Spitsin, Vladislav; Михальчук, А. А.; Vuković, Darko; Spitsina, Lubov

doi:10.1007/s13132-021-00877-9

Cited by 4 publications

(3 citation statements)

References 45 publications

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“…Scholars frequently associate rapid growth with new ventures, noting that growth typically slows over time, potentially leading to prolonged periods of subdued dynamics, stagnation, or declines in sales and production (Evans 1987). The extensive literature on fast-growing firms, particularly gazelles (Coad and Srhoj 2019;Grover Goswami et al 2019;Spitsin et al 2023aSpitsin et al , 2023b, offers an in-depth exploration of growth factors across diverse geographical regions and economic sectors. Gazelle companies are commonly identified among younger enterprises (Henrekson and Johansson 2010), with research focusing on how certain factors, such as venture capital, may enhance growth trajectories, leading to significant liquidity events like initial public offerings (Aldrich and Ruef 2018).…”

Section: High-growth Firmsmentioning

confidence: 99%

“…However, we moderate these criteria to reflect the economic disturbances of 2020 due to the COVID-19 pandemic. Drawing upon the criteria and growth types outlined by Spitsin et al (2023aSpitsin et al ( , 2023b, our investigation encompasses two types of post-stagnation growth:…”

Section: Data and Samplementioning

confidence: 99%

“…We did not find any advantages for firms with state participation, as well as for firms in the extractive industries. Many scholars have documented the benefits of the high-tech sector in times of crisis (Evans and Garnsey 2009;Decker et al 2016;Haltiwanger et al 2014;Spitsin et al 2023a). We have not identified any advantages for the entire high-tech sector.…”

Section: Theoretical Contributionmentioning

confidence: 99%

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Pathways to Prosperity: Navigating Post-Stagnation Growth and Revitalizing Business

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et al. 2024

Economies

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This study examines the ways in which firms recover from stagnation or sales decline, with a focus on two key aspects: traditional high-growth companies and growth restarts within the framework of organizational life cycle theory. Analyzing a dataset of 1883 Russian firms from 2013 to 2021, this research employs logistic regression to identify factors that promote growth. These factors include the youth of the firm, investment intensity, and significant sales drops during periods of stagnation. The study introduces a new economic category, termed ‘restarting growth’, which signifies a firm’s sustained expansion following an extended period of stagnation. This category is crucial for identifying factors that increase the likelihood of a company transitioning to growth after prolonged stagnation or production downturn. The findings of this study reveal that firms that are younger, invest more intensively in fixed capital, and have experienced a larger sales drop during a period of stagnation are more likely to transition to growth. These results are juxtaposed with the growth factors characteristic of traditional high-growth companies, as well as with the theoretical approaches explaining growth restarts within the framework of organizational life cycle theory. Such distinctions are pivotal both for academic understanding and practical applications in discerning how companies rebound from crises. Moreover, the research identifies several highly significant factors—indicators that can assist investors in selecting promising firms for financing.

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