Subject. We investigate the balance of enterprise development in the aviation, trade, and metallurgical industry for 2007–2019. Objectives. The aim is to analyze the sustainability of enterprise development in the said industries, identify factors, having an adverse impact on the balanced development of companies, subject to industry specifics, and ways to achieve the sustainable development of these companies. Methods. The balanced growth model (SGR) and general scientific and statistical methods to analyze economic processes serve as the methodological basis of the study. Results. We analyzed the sustainability of 13 companies on the basis of the balanced growth model. The sample includes companies operating in the aviation, trade, and metallurgy industry. The paper reveals factors that have a negative impact on balanced development, subject to industry specifics, and shows directions of achieving sustainable development of enterprises included in the analysis. Conclusions. The growth of aviation companies is not sustainable, due to losses in certain periods and a high level of dividend payments. To achieve a balanced growth, it is necessary to optimize the price and dividend policy, and reduce costs. The main problems of trading companies stem from a decrease in the level of net profit and incurred losses. The major internal factors, adversely impacting upon sustainable development of metallurgical enterprises, are unreasonably low or high-risk financial leverage, and low profitability or loss-making activities. To neutralize the negative impact of identified problems, it is important to form an optimal capital structure and develop an effective cost management system.
Keywords: sustainable growth model, capital structure, asset turnover, return on sales, industry specifics
Rogova M.V., Kasperovich S.A. [Model for managing balanced growth as a tool for ensuring sustainable development of industrial enterprises]. Trudy BGTU. Ser. 5: Ekonomika i upravlenie = Proceedings of BSTU. Series 5: Economics and Management, 2017, no. 1, pp. 235–239. URL: Link (In Russ.)
Biryukova V.V. [Balanced growth of the oil industry as a factor in the balanced development of the theory and practice]. Naukovedenie, 2016, vol. 8, no. 1. (In Russ.) URL: Link
Biryukova V.V. [Management of the balanced development of the enterprises of oil industry. Vestnik SibADI = The Russian Automobile and Highway Industry Journal, 2016, no. 1, pp. 87–94. URL: Link (In Russ.)
Tonkikh A.S., Ostal'tsev A.S., Ostal'tsev I.S. [The modeling of enterprise economic growth: The preconditions for alternative models elaboration]. Upravlenie ekonomicheskimi sistemami, 2012, no. 9. (In Russ.) URL: Link
Kisor M. Jr. The Financial Aspects of Growth. Financial Analysts Journal, 1964, vol. 20, iss. 2, pp. 46–51. URL: Link
Yakimova V.A. [Prospective analysis of the financial situation of the capital-intensive enterprises on the basis model of sustainable growth rate]. Korporativnye finansy, 2013, no. 1. (In Russ.) URL: Link
Lerner E.M. A Theory of Financial Analysis. New York, Harcourt, Brace & World, Inc., 1966, 281 p.
Trachenko M.B., Kozhechkina E.V. [A factor analysis of the Russian oil and gas sector development based on the sustainable growth rate (SGR) model]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2016, no. 1, pp. 131–142. URL: Link (In Russ.)
Higgins R.C. How Much Growth Can a Firm Afford? Financial Management, 1977, vol. 6, iss. 3, pp. 7–16.
Dokukina A.A., Pukhova E.K. [Tools and methods of a successful development of a company]. Chelovecheskii kapital i professional'noe obrazovanie = Human Capital and Professional Education, 2014, no. 2, pp. 77–82. URL: Link (In Russ.)
Bogatko A.N. [Methodology of Precision Financial and Production Management of Balanced Development of Industrial Corporations]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2017, no. 2, pp. 47–58. URL: Link (In Russ.)
Skobeev M.I., Zemnukhova E.A. [Analysis of the Development of Oil and Gas Companies in Russia Based on Sustainable Growth Rate Model (SGR)]. Interekspo Geo-Sibir' = Interexpo Geo-Siberia, 2019, vol. 2, iss. 5, pp. 222–231. URL: Link (In Russ.)