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

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Economic Analysis: Theory and Practice
 

Analysis of public, private and foreign-owned enterprises: Assessment of efficiency and sustainability

Vol. 23, Iss. 4, APRIL 2024

Received: 21 March 2024

Received in revised form: 27 March 2024

Accepted: 3 April 2024

Available online: 26 April 2024

Subject Heading: THEORY OF ECONOMIC ANALYSIS

JEL Classification: D23

Pages: 625–650

https://doi.org/10.24891/ea.23.4.625

Vera G. KOGDENKO National Research Nuclear University MEPhI, Moscow, Russian Federation
kogdenko7@mail.ru

https://orcid.org/0000-0001-9732-1174

Subject. The article addresses the efficiency and sustainability of public, private, and foreign-owned enterprises.
Objectives. The aim is to develop and test a methodology for analyzing the said enterprises.
Methods. The study rests on general scientific principles and research methods, like abstraction, generalization of approaches to the analysis of enterprises of different forms of business ownership.
Results. I developed a methodology, which includes three stages. First, estimating the share of enterprises of different forms of ownership in total assets, revenue, and profit, and analyzing the sectoral and regional sample structure and enterprise size. Second, assessing the short-term and long-term efficiency, with analysis of profitability indicators, long-term dynamics, and investment activity. Finally, analyzing the adaptability of enterprises of different forms of ownership to changed conditions, and evaluating the indicators of financial stability, riskness, and dynamics for 2022.
Conclusions. I tested the methodology on data from large Russian consolidated businesses (a total of 593 enterprises for 2018–2022). The calculations and analysis showed that private business prevails in assets, revenue, and net profit. For State-owned enterprises, the most significant industry is oil and gas production, for foreign-owned ones – production and distribution of electricity, gas and water, for private enterprises – retail trade. Higher profitability is typical for foreign and private enterprises. The analysis of adaptability to current conditions showed that revenue growth rate in 2022 did not decrease vs. the annual average for all groups of enterprises, however, profit and profitability indicators deteriorated. In general, large consolidated public, private, and foreign-owned business demonstrated a relatively high degree of stability in 2022 with a decrease in profit and profitability, and now it continues investment activity.

Keywords: economic analysis, public, private, foreign ownership

References:

  1. Rossiiskaya ekonomika v 2022 godu. Tendentsii i perspektivy [Russian economy in 2022. Trends and prospects. Iss. 44]. Ed. by A.L. Kudrin, V.A. Mau, A.D. Radygin, S.G. Sinel'nikov-Murylev. Moscow, Gaidar Institute Publ., 2023, 556 p.
  2. Bataeva B.S., Gainullina N.R. [Is the level of State ownership in the Russian economy growing?]. Imushchestvennye otnosheniya v Rossiiskoi Federatsii = Property Relations in the Russian Federation, 2021, no. 7, pp. 7–14. URL: Link (In Russ.)
  3. Vedev A.L., Tuzov K.A., Eremkin V.A. [High risks and weak pace of economic growth: Russia macroeconomic forecast for the medium term]. Voprosy Ekonomiki, 2024, no. 2, pp. 5–22. (In Russ.) URL: Link
  4. Komolov O.O. [Deglobalization: New Trends and Challenges in World Economy]. Vestnik Rossiiskogo ekonomicheskogo universiteta imeni G.V. Plekhanova = Vestnik of the Plekhanov Russian University of Economics, 2021, vol. 18, no. 2, pp. 34–47. (In Russ.) URL: Link
  5. Gurkov I.B., Filinov I.B., Saidov Z.B. [Strategic Dilemmas of Western Corporations in Russia]. Ekonomicheskaya nauka sovremennoi Rossii = Economics of Contemporary Russia, 2023, no. 3, pp. 89–101. (In Russ.) URL: Link-89-101
  6. Nepp A.N. [Is it worth limiting the ownership and investment of foreign companies? (Stock market case)]. Voprosy Ekonomiki, 2023, no. 3, pp. 40–62. (In Russ.) URL: Link
  7. Bulatov A.S. [New trends in capital flows in the world and Russia]. Voprosy Ekonomiki, 2023, no. 9, pp. 65–83. (In Russ.) URL: Link
  8. Maevskii V.I., Malkov S.Yu., Rubinshtein A.A. [Macroeconomic conditions of Russia’s transition to high growth rates: China’s experience]. Voprosy Ekonomiki, 2023, no. 10, pp. 98-123. (In Russ.) URL: Link
  9. Aktual'nye problemy strategicheskogo upravleniya sotsial'no-ekonomicheskim razvitiem: monografiya [Current problems of strategic management of socio-economic development: a monograph]. Ed. by A.P. Sysoev, M.S. Khalikov, V.K. Koval'chuk. Moscow, Nauka Publ., 2021, 322 p.
  10. Sprenger C. [State Ownership in the Russian Economy. Part 2. Governance Problems and Performance Effects]. Zhurnal Novoi ekonomicheskoi assotsiatsii = Journal of the New Economic Association, 2010, no. 7, pp. 90–110. URL: Link (In Russ.)
  11. Abramov A.E., Radygin A.D., Chernova M.I., Entov R.M. [State ownership and efficiency characteristics]. Voprosy Ekonomiki, 2017, no. 4, pp. 5–37. (In Russ.) URL: Link
  12. Balabin A.A. [About market capitalization of oil and gas companies]. EKO = ECO, 2020, no. 12, pp. 84–99. URL: Link (In Russ.)
  13. Ankudinov A.B., Bataeva B.S. [Capital structure and market capitalization: Empirical analysis of Russian public companies]. Upravlenets, 2021, vol. 12, no. 2, pp. 35–45. (In Russ.) URL: Link
  14. Glukhova M.I. [Public corporations and the problem of economic efficiency]. Uchenye zapiski Rossiiskoi akademii predprinimatel'stva = Scientific Notes of the Russian Academy of Entrepreneurship, 2015, no. 46, pp. 24–31. URL: Link (In Russ.)
  15. Zel'dner A.G., Osipov V.S. [The Role of State Corporations in the Innovation Process]. Problemy teorii i praktiki upravleniya = Theoretical and Practical Aspects of Management, 2020, no. 4, pp. 6–16. (In Russ.)
  16. Sukhanova N.V., Sysoev A.P. [State corporations and their role in the innovative development of the Russian economy]. Kreativnaya ekonomika = Journal of Creative Economy, 2015, vol. 9, no. 7, pp. 861–872. URL: Link gosudarstvennye-korporatsii-i-ih-rol-v-innovatsionnom-razvitii-rossiyskoy-ekonomiki?ysclid=lue9ankiy6441199437 (In Russ.)
  17. Zvyagintsev P.S. [State ownership as a driver of the development of Russia’s innovative economy]. Vestnik Instituta ekonomiki Rossiiskoi akademii nauk = Bulletin of the Institute of Economics of the Russian Academy of Sciences, 2020, no. 3, pp. 111–128. (In Russ.) URL: Link
  18. Sprenger C. [State Ownership in the Russian Economy. Part 1. Its Magnitude and Sectoral Distribution]. Zhurnal Novoi ekonomicheskoi assotsiatsii = Journal of the New Economic Association, 2010, no. 6, pp. 120–140. URL: Link (In Russ.)
  19. Kokorina O.A. [Specifics of State corporations]. Vestnik Chelyabinskogo gosudarstvennogo universiteta. Ekonomicheskie nauki = Bulletin of Chelyabinsk State University. Economic Sciences, 2009, no. 1, pp. 123–126. URL: Link (In Russ.)
  20. Kuz'mina L.A. [Evolution of аn Economic Role of the State and its Reflection in Economic Theories]. Ekonomicheskii zhurnal = Economic Journal, 2019, no. 1, pp. 92–106. URL: Link (In Russ.)
  21. Zel'dner A.G., Osipov V.S., Sil'vestrov S.N. [Development of Dual Technologies and Diffusion of Innovations of Military Sectors of the Economy into Civilian Ones: Potential of State Corporations and Conditions for its Implementation]. Rossiiskii ekonomicheskii zhurnal = Russian Economics Journal, 2021, no. 4, pp. 52–61. (In Russ.) URL: Link
  22. Moskovtseva L.V., Kisova A.E., Mitrofanova O.N. [The role of foreign investment in the sustainable development of the Russian economy]. Ekonomika, predprinimatel'stvo i pravo = Journal of Economics, Entrepreneurship and Law, 2022, vol. 12, no. 10, pp. 2795–2806. (In Russ.) URL: Link
  23. Slavyanov A.S. [Foreign direct investment as a factor of irreversible processes in the economic systems of the period of transformation]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2011, no. 25, pp. 32–39. URL: Link (In Russ.)
  24. Slavyanov A.S. [Foreign capital in Russia and problems of investment process management]. Kontrolling = Controlling, 2021, no. 2, pp. 50–55. (In Russ.)
  25. Trifonov A.Yu., Mikhal'chuk A.A., Ryzhkova M.V. et al. [Technical Efficiency of Russian Metallurgical Enterprises in Russian and Foreign Ownership in 2012–2016]. Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika = Tomsk State University Journal of Economics, 2018, no. 44, pp. 283–304. (In Russ.) URL: Link

View all articles of issue

 

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

Journal current issue

Vol. 23, Iss. 4
April 2024

Archive