+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
Russian version 

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Economic Analysis: Theory and Practice
 

Accounting and analytical support for investment attractiveness evaluation of high-growth companies

Vol. 22, Iss. 4, APRIL 2023

Received: 2 March 2023

Received in revised form: 10 March 2023

Accepted: 19 March 2023

Available online: 27 April 2023

Subject Heading: INVESTMENT ANALYSIS

JEL Classification: C13, C51, G12

Pages: 672691

https://doi.org/10.24891/ea.22.4.672

Ekaterina Yu. VORONOVA Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation
voronovaeu@inno.mgimo.ru

https://orcid.org/0000-0003-3176-0128

Yuliya A. LUKINA Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation
starovaya.yu.a@my.mgimo.ru

https://orcid.org/0000-0002-7398-777X

Subject. The article addresses analytical support for assessing the investment attractiveness of fast-growing companies as a driver of economic growth of the national economy.
Objectives. The purpose is to identify optimal investment objects among fast-growing companies through the tools of economic analysis.
Methods. The study employs general scientific methods of research, like analysis, comparison, interpretation, and economic and statistical methods.
Results. The paper defines the concept of a "fast-growing company", considers the evolution of this economic phenomenon and key works of domestic and foreign scientists that popularized the term, underpins the importance of fast-growing companies for increasing the economic growth rates of an individual State. We reviewed the key challenges faced by fast-growing companies in conditions of global economic uncertainty caused by political instability, described the tools used by advanced companies to mitigate economic risks within their adaptive development strategy. In the context of the analysis of investment attractiveness, we focused on the dynamics of three groups of indicators: profitability, financial stability and efficiency.
Conclusions. Based on analyzed coefficients, we conclude that there are certain internal difficulties in some fast-growing companies, which reduce their investment appeal. The assigned rating of a fast-growing company does not always imply the most profitable and efficient business model. To determine the investment attractiveness of companies, additional research would be needed.

Keywords: fast-growing company, financial statements, investment assessment, economic uncertainty

References:

  1. Yudanov A.Yu. [Fast Growing Firms ("Gazelles") and the Evolution of Russian Economy]. Voprosy Ekonomiki, 2007, no. 2, pp. 85100. (In Russ.) URL: Link
  2. Kirillov Yu.G., Konovalov I.A., Enza E.K. [Fast-growing companies: Growth quality and regional dimension]. Ekonomika, predprinimatel'stvo i pravo = Journal of Economics, Entrepreneurship and Law, 2022, vol. 12, no. 1, pp. 103118. URL: Link (In Russ.)
  3. Dzyubenko I.B. [Determinants of the creation and development of the fastest growing technology companies]. Ekonomicheskie nauki, 2020, no. 193. (In Russ.) URL: Link
  4. Birch D.L. The Job Generation Process. M.I.T. Program on Neighborhood and Regional Change. Cambridge, Mass., 1979. URL: Link
  5. Birch D.L. Who Creates Jobs? National Affairs, 1981, Fall issue. URL: Link
  6. Yudanov A.Yu. [Firmgazelle: Nonstandard approaches to organizational variations]. Menedzhment i biznesadministrirovanie = Management and Business Administration, 2012, no. 3, pp. 152168. (In Russ.)
  7. Yudanov A.Yu., Yakovlev A.A. [Unorthodox fastgrowing firms (gazelles) and Norths limited access order]. Voprosy Ekonomiki, 2018, no. 3, pp. 80101. (In Russ.) URL: Link
  8. Polunin Yu.A., Yudanov A.Yu. [Russias highgrowth companies: Tested through depression]. Mir novoi ekonomiki = The World of New Economy, 2016, no. 2, pp. 103112. URL: Link (In Russ.)
  9. Baranova E.I. [Patterns and evolution stages of the Russian high-growth firms]. Vestnik Evraziiskoi nauki, 2019, vol. 11, no. 1. (In Russ.) URL: Link
  10. Naumova K.A. [High-growth firms in industry as a driver of Russian economic growth]. Nauchnye trudy Vol'nogo ekonomicheskogo obshchestva Rossii = Scientific Works of the Free Economic Society of Russia, 2020, vol. 224, no. 4, pp. 464480. URL: Link (In Russ.)
  11. Sorokin D.A. [Financial model and evaluation of the effectiveness of fast-growing companies in Russia]. Vestnik Chelyabinskogo gosudarstvennogo universiteta = CSU Bulletin, 2017, no. 14, pp. 8692. URL: Link (In Russ.)
  12. Demir R., Wennberg K., McKelvie A. The Strategic Management of HighGrowth Firms: A Review and Theoretical Conceptualization. Long Range Planning, 2017, vol. 50, iss. 4, pp. 431456. URL: Link
  13. Queirós M., Braga V., Correia A. Crosscountry Analysis to HighGrowth Business: Unveiling Its Determinants. Journal of Innovation and Knowledge, 2019, vol. 4, iss. 3, pp. 146153. URL: Link
  14. Medovnikov D.S., Rozmirovich S.D., Oganesyan T.K. et al. Rossiiskie bystrorastushchie kompanii: Razmer populyatsii, innovatsionnost', otnoshenie k gospodderzhke [Russian fast-growing companies: Population size, focus on innovation, attitude to State support]. Moscow, NRU HSE Publ., 2021, 104 p.
  15. Druzhilovskaya T.Yu., Druzhilovskaya E.S. [Improvement of the Statement of Financial Results as an Information Base for Strategic Decision Making]. Uchet. Analiz. Audit = Accounting. Analysis. Auditing, 2021, vol. 8, no. 4, pp. 6979. URL: Link (In Russ.)
  16. Efimova O.V. [Formation of information on cash flows for the purpose of investment decisions]. Vestnik Voronezhskogo gosudarstvennogo universiteta. Seriya: Ekonomika i upravlenie = Proceedings of Voronezh State University. Series: Economics and Management, 2020, no. 2, pp. 116130. URL: Link (In Russ.)
  17. Belozertseva I.B. [The role of financial statements in the analysis of the investment attractiveness of an organization]. Transportnoe delo Rossii = Transport Business in Russia, 2020, no. 6, pp. 1920. (In Russ.)
  18. Uzdenova M.A., Gazieva L.R. [Assessment the investment attractiveness of an enterprise using indicators of financial (accounting) reports]. Estestvennogumanitarnye issledovaniya = Natural-Humanitarian Studies, 2021, no. 35(3), pp. 305309. URL: Link (In Russ.)
  19. Voronova E.Yu., Lukina Yu.A. [Financial statements of companies as an object of investment valuation in the context of global economic uncertainty]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2022, vol. 25, iss. 10, pp. 11551178. (In Russ.) URL: Link

View all articles of issue

 

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

Journal current issue

Vol. 22, Iss. 5
May 2023

Archive