Factors of restarting company growth: theoretical approaches and news content analysis
Authors:   National Research Tomsk Polytechnic University, Spitsin Vladislav V. , Ryzhkova Marina V. ,   National Research Tomsk Polytechnic University; National Research Tomsk State University, Leonova Victoria A. ,   National Research Tomsk Polytechnic University, Bragin Alexander D. ,   National Research Tomsk Polytechnic University, Spitsina Lyubov Yu. ,   National Research Tomsk Polytechnic University
Published: October 2024

The aim of this paper is to systematize factors that contribute to a company’s transition to restarting growth after long-term stagnating or falling sales. Based on the systematization of factors for the growth restart documented in the world economic literature and the analysis of the news content from Russian enterprises’ websites and open Internet resources, factors for the restart of growth of Russian enterprises are identified. The research methods include systematization, grouping, calculation of economic coefficients, probabilistic analysis, correlation analysis, comparison of frequencies using the Pearson chi-square test. During the research process, a database of news content was compiled for 139 Russian enterprises that demonstrated rapid, renewable growth in 2016–2021. Based on a literature review and an empirical analysis of news content, five main groups of factors for the restarting growth of a company were identified (organizational factors; technological innovation and improvement of production processes; marketing factors; implementation of large projects; participation in exhibitions/competitions and receiving of awards/medals). The analysis of the news content of Russian enterprises shows that enterprises that have restarted growth most often mention organizational changes in the news agenda, and less often marketing and innovation factors. The correlation and frequency analysis revealed non-trivial relationships between joint mentions of groups of growth factors in firm news. Patterns of frequency of combinations of factors in comparison with cases of their independent manifestation were also revealed. The results of the analysis, systematization and verification of the significance of factors for company’s restarting growth will help investors make decisions about investing in promising enterprises that are capable of transitioning to growth after a long stagnation or decline in sales. The specificity of the data on which the factors are identified (news content) will allow investors to use leading indicators of restarting growth without waiting for the company to publish financial statements. Firstly, a description and comprehensive study of a new concept is carried out – renewed growth of enterprises after long-term stagnation or falling sales. The phenomenon of renewable growth of enterprises has not been comprehensively studied before. In the world literature there are observations of individual examples of similar dynamics at the macro-level and in regional studies. However, at the enterprise level, there are only works that describe individual factors of renewable growth. Secondly, factors of renewable growth described in the world literature are systematized. Thirdly, based on the authors’ approach, a sample of Russian enterprises with renewable growth is formed, growth factors are identified based on the analysis of news content on these enterprises, and their research is carried out using economic and mathematical methods.