Technology leaders in case of sanctions and a pandemic: analysis of firms in the «Techsuccess» rating

Technology leaders are at the focus of modern economic research. Studying the patterns of their development is especially important for Russia in the context of sanctions and political tension. The purpose of this work is econometric modeling of the development features of firms-technological leaders, participants in the «Techsuccess» rating. The analysis of the indicators of these enterprises is carried out in dynamics: in the context of sanctions and a pandemic, before and after their participation in the «Techsuccess» rating. Research period: 2016-2020. Research methods: analysis of variance, correlation analysis, regression modeling. Results. We found that firms for which accounting data are available maintain good performance after participating in the «Techsuccess» ranking but have low financial sustainability indicators. Correlation analysis revealed significant positive correlations between the local rating «Export Potential» and financial sustainability. Russian enterprises-technology leaders, which are oriented towards the export of their products, are characterized by higher financial stability. On the contrary, technology leaders oriented towards the Russian market and solving problems of import substitution have lower financial stability and they need government support in this direction. Regression modeling confirmed the conclusions of the correlation analysis about the positive impact of the export orientation of enterprises on their financial stability. It also revealed the positive impact of the Fast-Growing Companies rating and current revenue growth rates on corporate profitability. It is advisable to take these results into account when developing measures to support high-tech business

Keywords: «Techsuccess» rating, financial indicators of enterprises, dynamics, econometric analysis, high-tech industries, export, innovation, technological leadership


  1. Innovation governance: leading the winners/Ed. P. Domadenik, M. Koman, T. Redek. 1st printing. Ljubljana: Časnik Finance, 2019. 256 p.
  2. A. Steiber, S. Alänge, S. Ghosh, D. Goncalves. Digital transformation of industrial firms: an innovation diffusion perspective//European Journal of Innovation Management. 2020. Vol. ahead-of-print. № ahead-of-print.
  3. K. Richardson. Shaping and Making a Future: Iranian American Business and Technology Leaders in Silicon Valley/In: M. Iftikhar, J. Justice, D. Audretsch (eds). Urban Studies and Entrepreneurship. The Urban Book Series. Springer, Cham, 2020. 
  4. A. M. Greshonkov, E. N. Syshchikova, N. V. Kolosova. Support programs for innovative projects to achieve the triad of goals «technological parity – technological leadership –technological breakthrough»//FES: finansy. Ekonomika [FES: finance. Economy]. 2019. Vol. 16. № 11. P. 46-51.  (In Russian.)
  5. V. G. Zinov. The index of specialization by technology areas and the prospects for technological leadership in Russia//Ekonomika nauki [Economics of Science]. 2016. № 2 (2). P. 96-110. (In Russian.)
  6. S. N. Larin, N. M. Baranova. Analysis of the dynamics and structural changes in the development of the leading sectors of the Russian economy caused by the implementation of import substitution strategies//Ekonomika: vchera, segodnya, zavtra [Economy: yesterday, today, tomorrow]. 2019. Vol. 9. № 1-1. P. 411-418. asp?id=37951230.  (In Russian.)
  7. N. A. Yakovenko, A. A. Yakovenko. Forecasting the dynamics and structure of gross domestic product for different strategies of import substitution using the input-output method//Ekonomika i menedzhment sistem upravleniya [Economics and management of control systems]. 2019. № 2. P. 45-58. . (In Russian.)
  8. O. Claudia. Some Insights on the World’s Most Innovative Companies and their Defining Characteristics //Studies in Business and Economics. 2019. № 14 (2). Р. 88-104.
  9. U. Lichtenthaler. The world’s most innovative companies: a meta-ranking//Journal of Strategy and Management. 2018. Vol. 11. № 4. P. 497-511.
  10. H. A. Alhaddi. An Exploratory Paper on Strategy Implementation: Industry Look at Some of the World’s Most Profitable and Most Innovative Companies//Journal of Management and Strategy. 2016. 7 (4).
  11. E. V. Burdenko. Index of global innovators as a characteristic of using the advantages of the knowledge economy//Kreativnaya ekonomika [Creative Economy]. 2017. Vol. 11. № 8. P. 813-824. (In Russian.)
  12. O. A. Eremchenko. Technologically developed company: methodological problems of determining the status//Ekonomika nauki [Economics of Science]. 2018. Vol. 4. № 1. P. 30-46. (In Russian.)
  13. S. A. Anokhin, V. Spitsin, E. Akerman, T. Morgan. Technological leadership and firm performance in Russian industries during crisis//Journal of Business Venturing Insights [Internet]. Elsevier BV; 2021 Jun; 15: e00223.
  14. National rating «TechSuccess». (In Russian.)
  15. Information resource SPARK. (In Russian.)
  16. E. A. Monastyrnyy. Rating «Techuspech» as a tool for analyzing the development processes of a successful high-tech business//Informatsionnye tekhnologii v nauke, upravlenii, sotsial'noy sfere i meditsine: sbornik nauchnykh trudov VI Mezhdunarodnoy konferentsii [Information technologies in science, management, social sphere and medicine: collection of scientific papers of the VI International conference]. Tomsk: TPU Publishing House, 2019. P. 267-270. (In Russian.)
  17. Y. Vaicondam, S. Ramakrishnan. Capital Structure and Profitability Across Malaysian Listed Firms//Advanced Science Letters, 2017, 23 (9). P. 9275-9278.doi:10.1166/asl.2017.10069. 
  1. L. A. Seissian, R. T. Gharios, A. B. Awad. Structural and market-related factors impacting profitability: A cross sectional study of listed companies//Arab Economic and Business Journal [Internet]. Elsevier BV; 2018 Dec; 13 (2). P. 125-33.
  2. V. Spitsin, D. Vukovic, S. Anokhin, L. Spitsina. Company performance and optimal capital structure: evidence of transition economy (Russia)//Journal of Economic Studies [Internet]. Emerald; 2020 May 18; 48 (2). P. 313-32.
  3. V. V. Spitsyn, L. Yu. Spitsyna. Stability, efficiency and efficiency of enterprises of high-tech industries in a crisis: econometric modeling//Vestnik NGUEU [Vestnik NSUEU]. № 2. P. 160-176.  (In Russian.)
  4. D. Marquardt. You should standardize the predictor variables in your regression models//Journal of the American Statistical Association. 1980. № 75. P. 87-91.
  5. A. A. Khalafyan, V. P. Borovikov, G. V. Kalaydina. Teoriya veroyatnostey, matematicheskaya statistika i analiz dannykh: osnovy teorii i praktika na komp'yutere. Statistica. Excel [Probability theory, mathematical statistics and data analysis: fundamentals of theory and practice on a computer. Statistica. Excel]. Moscow: URSS, 2016. 317 p. (In Russian.)
  6. A. A. Mikhal'chuk, A. V. Khizhnyak, V. V. Spitsyn, E. A. Monastyrnyy. Rating «Techuspech» and financial indicators of high-tech business: correlation analysis//Vestnik universiteta [University Bulletin]. 2020. № 11. P. 44-52. . (In Russian.)
  7. P. Davidsson, P. Steffens, J. Fitzsimmons. Growing profitable or growing from profits: putting the horse in front of the cart?//Journal of Business Venturing. 2009. 24 (4). P. 388-406.
  8. J. S. Federico, J. L. Capelleras. The heterogeneous dynamics between growth and profits: the case of young firms//Small Business Economics. 2015. 44 (2). P. 231-253.