+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

The impact of company's industry affiliation on sustainable growth management

Vol. 22, Iss. 2, FEBRUARY 2023

Received: 29 June 2020

Received in revised form: 16 July 2020

Accepted: 30 July 2020

Available online: 28 February 2023


JEL Classification: D20, D92, D99

Pages: 382–398


Irina N. DOME Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation

ORCID id: not available

Subject. The concept of sustainable growth is gaining special significance, because the sales growth as the main source of potential development has become inaccessible for a number of businesses.
Objectives. The study aims at establishing the influence of company's industry affiliation on the balance between sustainable and real growth, and at verifying the hypothesis about the impact of the industry factor on the management of sustainable growth.
Methods. The study rests on the systems approach and employs general and special scientific empirical and theoretical methods, like comparison, detailing, measurement, analysis, synthesis, formalization, deduction and induction.
Results. I consider samplings of companies operating in three different industries, i.e. pharmaceutical, chemical and textile. Initially, I determine the balance between real and sustainable growth rates and the main trends by industry. The paper unveils companies that are in the least stable position, describes the performed additional analysis of the influence of industry factors on sustainable growth, and offers directions for overcoming negative trends.
Conclusions. Industry affiliation influences the management of sustainable growth, primarily through the supply-demand balance in the relevant market. When making operational and financial decisions, companies should consider the industry affiliation as one of the most important factors.

Keywords: sustainable growth, real growth


  1. Afanas'eva A.N. [Analyzing the efficiency of equity and debt capital utilization. Extended DuPont model]. Upravlenie ekonomicheskimi sistemami, 2012, no. 8, pp. 1–12. (In Russ.) URL: Link
  2. Dome I.N. [Vectors of the medical industry development in the Russian Federation]. Aktual'nye problemy i perspektivy razvitiya ekonomiki: rossiiskii i zarubezhnyi opyt, 2020, no. 2, pp. 25–31. (In Russ.)
  3. Ivashkovskaya I.V., Konstantinov G.N., Filonovich S.R. [Formation of a Corporation in the context of the organization's life cycle]. Rossiiskii zhurnal menedzhmenta = Russian Management Journal, 2004, no. 2, pp. 19–34. URL: Link (In Russ.)
  4. Ivashkovskaya I.V. Finansovye izmereniya korporativnykh strategii. Steikkholderskii podkhod: monografiya [Financial measurement of corporate strategies. A steakholder approach: a monograph]. Moscow, INFRA-M Publ., 2013, 320 p.
  5. Limitovskii M.A. [Sustainable growth of the company and the leverage effect]. Rossiiskii zhurnal menedzhmenta = Russian Management Journal, 2010, no. 3, pp. 115–123. URL: Link (In Russ.)
  6. Laskina L.Yu., Vlasova M.S. [The rate of sustainable growth as component of financial stability]. Ekonomika i ekonomicheskii menedzhment = Economics and Economic Management, 2013, no. 2, pp. 19–23. URL: Link (In Russ.)
  7. Makarov A.S., Ryabova E.V., Khvostova I.E. Problemy sovershenstvovaniya finansovykh metodov i modelei obespecheniya ustoichivogo razvitiya kompanii: monografiya [Problems related to improvement of financial methods and models for company’s sustainable development: a monograph]. Moscow, INFRA-M Publ., 2019, 175 p.
  8. Matnenko N.N., Shlobina A.M. [Selecting criteria for modeling the sustainable growth of companies]. Molodoi uchenyi = Young Scientist, 2018, no. 29, pp. 71–74. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 22, Iss. 2
February 2023