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ФИО студента
Название работы
Руководитель
Факультет
Программа
Оценка
Год защиты
Геворгян Раффи Варданович
Factors of Sustainable Growth of Small and Medium Retail Companies
Финансы
(Магистратура)
2018
Small and medium sized companies in Russian Federation empirically are having less workshop market and part in GDP then in european countries, but still are playing not less important role for the country. As researches done before this work showed, SMEs are tending to grow during economic increases, when Large firms are tending to show growth during recessions. During last 8 years Russian federation faced two crises in 2009 and 2014. In 2014 Russia faced crises connected with exchange rate and sanctions. One of the industries that was strongly influenced, was the retail.

As company’s growth was chosen the growth in total assets and employment. Observation was done for Russian 8 regions and included data for 6812 small and medium sized firms for 2010-2016 period.

Running 5 scenarios, we found, that higher growth of Total assets bring to lower possibility of companies’ economic instability in Russian Federation, which doesn’t match with results of researches done for the European countries. For the employee’s growth, we faced the fact, that in economic instability of the company in case of crises, average growth of employees is statistically not significant.

We also mentioned, that during our 5 scenarios done, we faced the fact, that results depend on the region the company is located at.

Regression models showed, that growth in total assets is influenced by lagged logarithmic growth size of total assets, Sales and age in Logarithmic view, debt to equity ratio, capital structure and the profitability. For the employment growth, they are the constant, lagged logarithmic growth size of employment, age and GDP, sales of company logarithmic view, profitability. Companies’ age, GDP level are variables that cannot be affected by the company, but other mentioned below variables can easily be manipulated by the company’s management to increase the level of growth rate of the firm (total assets and employment) up to have an effect on economic stability.

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Аннотации всех ВКР в обязательном порядке публикуются в свободном доступе на корпоративном портале НИУ ВШЭ.

Полный текст ВКР размещается в свободном доступе на портале НИУ ВШЭ только при наличии согласия студента – автора (правообладателя) работы либо, в случае выполнения работы коллективом студентов, при наличии согласия всех соавторов (правообладателей) работы. ВКР после размещения на портале НИУ ВШЭ приобретает статус электронной публикации.

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