SUSTAINABILITY, EFFECTIVENESS AND EFFICIENCY OF ENTERPRISES IN HIGH-TECH SECTORS IN CRISIS CONDITIONS: ECONOMETRIC MODELLING
V.V. Spitsin1,2, L.Yu. Spitsina1
1National Research Tomsk Polytechnic University, Tomsk, Russian Federation
2Tomsk State University of Control Systems and Radioelectronics, Tomsk, Russian Federation
Keywords: устойчивость, результативность, эффективность, рентабельность, предприятия, высокотехнологичные отрасли, промышленность и услуги, Россия, кризис, эконометрическое моделирование, панельные данные, sustainability, effectiveness, efficiency, profitability, enterprises, high-tech sectors, industry and services, Russia, crisis, econometric modeling, panel data
Abstract
The aim of this work is to model the impact of sustainability and effectiveness on the efficiency of enterprises. The object of the research is the enterprises of high-tech industries and services of Russia. Their efficiency (profitability) is analyzed in the conditions of the crisis period of 2013-2017. The sample includes 1814 enterprises or 9070 observations (1814 enterprises * 5 years). Research methods: regression analysis of panel data, models with random effects. The dependent variable is the net return on assets. Results: we found that effectiveness and sustainability have a highly significant positive impact on the efficiency (profitability) of enterprises in high-tech sectors of Russia in a crisis. Further research revealed a parabolic relationship (inverted U shape) between the share of borrowed capital in the balance sheet and profitability, as well as between the size of the enterprise and profitability. It is shown that enterprises with high stability of revenue dynamics can achieve higher profitability with effective management of the capital structure. Moreover, capital structure management strategies will be different depending on the stability of revenue dynamics. The maximum profitability values are shown by medium-sized enterprises. High revenue stability provides a slower decrease in profitability for large and small enterprises. The obtained patterns can be used by enterprises of high-tech sectors to increase the efficiency of their activities in the conditions of economic instability.
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