Choice of Company Growth Strategy: Internal Development Versus M&A

Student: Fedorova Elizaveta

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2016

Company growth constitutes a vast field of study in the managerial and entrepreneurship area. Research on growth has shown large unexplained part of variation in growth rates. This problem can be addressed by studying growth modes. In particular, it is necessary to identify the factors that influence the decision. A number of works exist on this topic, but research in Russia has not been conducted. The aim of this work is to test the significance of different variables on the decision of growth mode among Russian companies. The work uses the regression model based on panel data for 38 Russian public companies for the years 2007-2015. The EBITDA margin and leverage have proved to be significant. Control variables were not significant meaning that further research is necessary.

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