FACTORS OF SUSTAINABLE GROWTH OF RUSSIAN COMPANIES

• Main Authors: E. V. Ryabova, M. A. Samodelkina
• Format: Article
• Language: Russian
• Published: Government of the Russian Federation, Financial University 2018-03-01
• Series: Финансы: теория и практика
• Subjects: sustainable growth; models of sustainable growth; growth factors; growth in sales; non-financial indicators
• Online Access: https://financetp.fa.ru/jour/article/view/619

Topic. The article discusses the growth of the Russian companies, which became today for many of them a priority. The growth of the company is associated with many challenges. Thus it is required to assess many factors that influence company’s growth. However, until now, we have not a unified approach regarding the content of the term “company’s growth”, nor the defining factors of growth. Therefore, it is possible to highlight two outstanding issues in this area. The first is the choice of the indicator, characterizing the growth of the company. The second is the study of the factors that can have sustainable impact on growth. These are the questions we try to answer in this study. The real and sustainable growth of the companies acts in this study as subjects on the example of the 112 largest Russian companies on the Forbes list.Methods. As research methods we used general scientific methods (analysis, synthesis, comparison, graphics), and special ones (statistical analysis methods, the coefficient method).Results. We proved in this study that the composition and the degree of influence of financial and non-financial factors on the real and sustainable growth of the company are different. The financing structure for large companies is not significant factor. Therefore, it not matter what kind of resources the company uses for the growth of its business. The presence of the Board of Directors is an essential condition for the effectiveness of the current activities that impact on actual sales growth. In the strategic plan, the sustainable growth is due to the presence of independent members in the Board of Directors. Investments in long-term assets demonstrated their importance, with a certain time lag, for both the real growth and sustainability of the company.Implementation of the results. The proposed method can be useful for both external and internal analysts developing investment and financial management decisions.