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Developing high-tech industries and services in Russia in times of crisis: Panel data analysis for 2013–2017

Vol. 18, Iss. 8, AUGUST 2019

Received: 27 February 2019

Received in revised form: 12 March 2019

Accepted: 3 April 2019

Available online: 30 August 2019

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: C10, D22, O12, O14, O33

Pages: 1394–1411

https://doi.org/10.24891/ea.18.8.1394

Spitsyn V.V. National Research Tomsk Polytechnic University (TPU), Tomsk, Russian Federation
spitsin_vv@mail.ru

https://orcid.org/0000-0002-8360-7590

Mikhal'chuk A.A. National Research Tomsk Polytechnic University (TPU), Tomsk, Russian Federation
aamih@tpu.ru

https://orcid.org/0000-0001-8100-7076

Trifonov A.Yu. National Research Tomsk Polytechnic University (TPU), Tomsk, Russian Federation
atrifonov@tpu.ru

https://orcid.org/0000-0001-6959-4183

Bulykina A.A. National Research Tomsk Polytechnic University (TPU), Tomsk, Russian Federation
anastasiya.bulykina@mail.ru

https://orcid.org/0000-0001-5220-0803

Subject The article investigates the main indicators of high-tech industries and services in Russia in unfavorable external environment and under economic sanctions.
Objectives The aim is to identify patterns and trends in the development of high-tech industries and services in Russia during the crisis period.
Methods We analyzed consolidated financial statements of enterprises, performed a variance analysis of their indicators, studied the panel data on business samples for 2013–2017.
Results We established a number of patterns of high-tech enterprise behavior in times of crisis, i.e. higher-than-anticipated growth of asset, change in asset structure, increase in financial stability. Despite the fact that in some years of the crisis, the high-tech industries showed a decline in revenue, taking into account the inflation, in 2017, these problems were overcome in many industries under consideration. We revealed that high-tech industries showed the best results of development during crisis. Two of them demonstrated high growth rates, namely the drug and aircraft production. Revenue growth in the sample of service industries was negligible. At the same time, we unveiled problems related to development of telecommunications sector (substantial decline in revenue).
Conclusions The study confirms the success of incentives for developing the certain high-tech industries. However, we identified a problem of reducing the share of fixed assets in most industries. This requires additional incentives for the high-tech industrial enterprises and service sector.

Keywords: high-tech industry, knowledge-intensive service, innovative economy, panel data

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