Stagnation and renewable growth of enterprises: an empirical analysis by sectors of the Russian economy

Abstract

An unfavorable external environment requires an emphasis shift in economic researches of enterprise development from factors and mechanisms of growth to the analysis of stagnation processes and the search for mechanisms to enter the path of growth after stagnation. The purpose of this work is to study the intensity of the processes of stagnation and subsequent renewable growth of enterprises in the context of a wide range of sectors of the Russian economy. Signs of stagnation or drop in sales are revealed for 2013–2017, renewable growth – within 4 years after the stagnation period. The research methods are the calculation of economic coefficients and the identification of differences between them using methods of mathematical statistics. It was found that in an unfavorable external environment, significant proportion of Russian enterprises showed signs of stagnation or drop in sales. Certain advantages are shown by high-tech industries, in which the intensity of business stagnation was lower. The most acute period of the crisis was the period 2013–2016. In 2017, there was an adaptation of business to unfavorable environmental conditions, and the share of stagnating enterprises decreased significantly. Calculations showed that the share of enterprises demonstrating long-term renewable growth was at a low level. It reduces their attractiveness to private investors. The “age” factor can be recommended as a significant criterion for investors when choosing firms for financing: young enterprises are less susceptible to stagnation and more likely to enter the path of growth after stagnation.