High-tech gazelle firms at various stages of evolution: performance and distinctive features
ISSN: 0144-3585
Article publication date: 31 May 2022
Issue publication date: 1 May 2023
Abstract
Purpose
The purpose of this study is the detection and comparison of distinctive features of Gazelle firms (GFs) at three stages evolution outside the typical boundaries.
Design/methodology/approach
The study uses Analysis of Variance and logistic regression to tests the performance of 2427 gazelles for (GFs) a five-year period (2015–2020).
Findings
The study found that GFs prediction probability is low. In their second and third stages of evolution (initial growth and continuing growth), the gazelle growth effects appear. They are more effective in terms of profitability and turnover due to increasing sales and size.
Practical implications
This study shows that stakeholders should give preference to GFs that demonstrate long-term (steady) growth. Such firms are more efficient and financially stable than firms with high short-term growth.
Originality/value
The present study identifies patterns in the generation and development of GFs in high-tech industries outside the typical boundaries.
Keywords
Acknowledgements
This study was supported by TPU development program for the authors from Tomsk Polytechnic University (the research of sectoral differences in the generation of gazelle firms).
This paper has been supported by the RUDN University Strategic Academic Leadership Program (for the author Darko B. Vukovic, in the frame of project No. 22-28-01553 financed by RSF grant – for the research of Russian companies in the period of crisis).
Citation
Spitsin, V., Vukovic, D., Mikhalchuk, A., Spitsina, L. and Novoseltseva, D. (2023), "High-tech gazelle firms at various stages of evolution: performance and distinctive features", Journal of Economic Studies, Vol. 50 No. 4, pp. 674-695. https://doi.org/10.1108/JES-12-2021-0644
Publisher
:Emerald Publishing Limited
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