IDEAS home Printed from https://ideas.repec.org/a/spr/jknowl/v14y2023i1d10.1007_s13132-021-00877-9.html
   My bibliography  Save this article

Technical Efficiency of High-Technology Industries in the Crisis: Evidence from Russia

Author

Listed:
  • V.V. Spitsin

    (National Research Tomsk Polytechnic University
    Tomsk State University of Control)

  • A. Mikhalchuk

    (National Research Tomsk Polytechnic University)

  • Darko B. Vukovic

    (Peoples’ Friendship University of Russia (RUDN University)
    Geographical Institute “Jovan Cvijic” SASA)

  • L.Y. Spitsina

    (National Research Tomsk Polytechnic University)

Abstract

The aim of the paper is to study the statics and dynamics of the technical efficiency of enterprises, in the context of high-technology industries and with further detailing by territory of location of enterprises (regions-agglomeration centers; other regions) and the size of enterprises (large, medium, and small). We considered the case of Russia a large country with a transition economy. We applied the following methods: the Data Envelopment Analysis for calculating technical efficiency, the methods for calculating the Malmquist productivity index and its components, ANOVA, and Tobit regression models. The sample consisted of 1150 companies. The study period is 2013–2017. We found that the most high-technology industries are characterized by the negative impact of the crisis on technical efficiency. We also found that enterprises located in regions-agglomeration centers are characterized by higher TE values in three of the four studied sectors (except for pharmaceutical industry). Tobit regression showed that large enterprises, enterprises located in agglomeration centers, and enterprises using borrowed capital receive benefits in terms of technical efficiency. By adding moderators to the Tobit model, we revealed that the positive impact of leverage on technical efficiency is enhanced for large businesses and businesses located in the agglomeration centers. We also found less positive influence of financial leverage on technical efficiency in the period of crisis.

Suggested Citation

  • V.V. Spitsin & A. Mikhalchuk & Darko B. Vukovic & L.Y. Spitsina, 2023. "Technical Efficiency of High-Technology Industries in the Crisis: Evidence from Russia," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(1), pages 200-225, March.
    • Handle: RePEc:spr:jknowl:v:14:y:2023:i:1:d:10.1007_s13132-021-00877-9
    DOI: 10.1007/s13132-021-00877-9
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s13132-021-00877-9
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s13132-021-00877-9?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Catherine J. Morrison Paul & Warren E. Johnston & Gerald A. G. Frengley, 2000. "Efficiency in New Zealand Sheep and Beef Farming: The Impacts of Regulatory Reform," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 325-337, May.
    2. Vladislav Spitsin & Marina Ryzhkova & Darko Vukovic & Sergey Anokhin, 2020. "Companies profitability under economic instability: evidence from the manufacturing industry in Russia," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-20, December.
    3. Yiorgos Gadanakis & Gianluca Stefani & Ginerva Virginia Lombardi & Marco Tiberti, 2019. "The impact of financial leverage on farm technical efficiency during periods of price instability," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 80(1), pages 1-21, October.
    4. Berger, Allen N. & Bonaccorsi di Patti, Emilia, 2006. "Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry," Journal of Banking & Finance, Elsevier, vol. 30(4), pages 1065-1102, April.
    5. Le, Viet & Vu, Xuan-Binh (Benjamin) & Nghiem, Son, 2018. "Technical efficiency of small and medium manufacturing firms in Vietnam: A stochastic meta-frontier analysis," Economic Analysis and Policy, Elsevier, vol. 59(C), pages 84-91.
    6. Muller, Emmanuel & Doloreux, David, 2009. "What we should know about knowledge-intensive business services," Technology in Society, Elsevier, vol. 31(1), pages 64-72.
    7. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    8. Darko Vukovic & Vladislav Ugolnikov & Moinak Maiti, 2020. "Analyst says a lot, but should you listen? Evidence from Russia," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 47(4), pages 729-745, March.
    9. Decker, Ryan A. & Haltiwanger, John & Jarmin, Ron S. & Miranda, Javier, 2016. "Where has all the skewness gone? The decline in high-growth (young) firms in the U.S," European Economic Review, Elsevier, vol. 86(C), pages 4-23.
    10. Li, Lan-bing & Liu, Bing-lian & Liu, Wei-lin & Chiu, Yung-Ho, 2017. "Efficiency evaluation of the regional high-tech industry in China: A new framework based on meta-frontier dynamic DEA analysis," Socio-Economic Planning Sciences, Elsevier, vol. 60(C), pages 24-33.
    11. Cristian Busu & Mihail Busu, 2017. "The Role of Knowledge Intensive Business Services on Romania’s Economic Revival and Modernization at the Regional Level," Sustainability, MDPI, vol. 9(4), pages 1-15, March.
    12. Olof Sivertsson & Joakim Tell, 2015. "Barriers to Business Model Innovation in Swedish Agriculture," Sustainability, MDPI, vol. 7(2), pages 1-13, February.
    13. Page, John Jr., 1984. "Firm size and technical efficiency : Applications of production frontiers to Indian survey data," Journal of Development Economics, Elsevier, vol. 16(1-2), pages 129-152.
    14. Vladislav Spitsin & Darko Vukovic & Sergey Anokhin & Lubov Spitsina, 2020. "Company performance and optimal capital structure: evidence of transition economy (Russia)," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 48(2), pages 313-332, May.
    15. R. D. Banker & A. Charnes & W. W. Cooper, 1984. "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis," Management Science, INFORMS, vol. 30(9), pages 1078-1092, September.
    16. Mitra, Arup, 1999. "Agglomeration Economies as Manifested in Technical Efficiency at the Firm Level," Journal of Urban Economics, Elsevier, vol. 45(3), pages 490-500, May.
    17. Margaritis, Dimitris & Psillaki, Maria, 2010. "Capital structure, equity ownership and firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 621-632, March.
    18. Chavas, Jean-Paul & Aliber, Michael, 1993. "An Analysis Of Economic Efficiency In Agriculture: A Nonparametric Approach," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(1), pages 1-16, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Xiaojian Hu & Gang Yao & Taiyun Zhou, 2022. "Does ownership structure affect the optimal capital structure? A PSTR model for China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2458-2480, April.
    2. Yongqi Feng & Haolin Zhang & Yung-ho Chiu & Tzu-Han Chang, 2021. "Innovation efficiency and the impact of the institutional quality: a cross-country analysis using the two-stage meta-frontier dynamic network DEA model," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(4), pages 3091-3129, April.
    3. Stefani, Gianluca & Gadanakis, Yiorgos & Lombardi, Ginevra Virginia & Tiberti, Marco, 2017. "The impact of financial leverage on farms capacity to react in market shocks," 2017 International Congress, August 28-September 1, 2017, Parma, Italy 261156, European Association of Agricultural Economists.
    4. Wijesiri, Mahinda & Yaron, Jacob & Meoli, Michele, 2017. "Assessing the financial and outreach efficiency of microfinance institutions: Do age and size matter?," Journal of Multinational Financial Management, Elsevier, vol. 40(C), pages 63-76.
    5. Vincent Mok & Godfrey Yeung & Zhaozhou Han & Zongzhang Li, 2010. "Export orientation and technical efficiency: clothing firms in China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 31(7), pages 453-463.
    6. Burki, Abid A. & Terrell, Dek, 1998. "Measuring production efficiency of small firms in Pakistan," World Development, Elsevier, vol. 26(1), pages 155-169, January.
    7. Ying Li & Yung-Ho Chiu & Liang Chun Lu, 2018. "Regional Energy, CO 2 , and Economic and Air Quality Index Performances in China: A Meta-Frontier Approach," Energies, MDPI, vol. 11(8), pages 1-20, August.
    8. Lin, Tzu-Yu & Chiu, Sheng-Hsiung & Yang, Hai-Lan, 2022. "Performance evaluation for regional innovation systems development in China based on the two-stage SBM-DNDEA model," Socio-Economic Planning Sciences, Elsevier, vol. 80(C).
    9. Isidoro GUZMÁN & Narciso ARCAS, 2008. "The Usefulness Of Accounting Information In The Measurement Of Technical Efficiency In Agricultural Cooperatives," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 79(1), pages 107-131, March.
    10. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2012. "Bank supervision, regulation, and efficiency: Evidence from the European Union," Journal of Financial Stability, Elsevier, vol. 8(4), pages 292-302.
    11. Hande ERDOGAN AKTAN & Pinar KAYA SAMUT, 2013. "Analysis of the Ef f iciency Determinants of Turkey’s Agriculture Sector by Two-Stage Data Envelopment Analysis (DEA)," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 13(1), pages 21-28.
    12. Ikram Ullah Khan & Sadaqat Ali & Habib Nawaz Khan, 2018. "Market Concentration, Risk-taking, and Efficiency of Commercial Banks in Pakistan: An Application of the Two-Stage Double Bootstrap DEA," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 10(2), pages 65-96, June.
    13. Dimitrios Giokas & Nicolaos Eriotis & Ioannis Dokas, 2015. "Efficiency and productivity of the food and beverage listed firms in the pre-recession and recessionary periods in Greece," Applied Economics, Taylor & Francis Journals, vol. 47(19), pages 1927-1941, April.
    14. Sabri Boubaker & Riadh Manita & Salma Mefteh-Wali, 2022. "Foreign currency hedging and firm productive efficiency," Annals of Operations Research, Springer, vol. 313(2), pages 833-854, June.
    15. Zeng, Shihong & Jiang, Chunxia & Ma, Chen & Su, Bin, 2018. "Investment efficiency of the new energy industry in China," Energy Economics, Elsevier, vol. 70(C), pages 536-544.
    16. Kanter, Christopher A. & Hueth, Brent & Gould, Brian W., 2013. "A Comparative Efficiency Analysis of Cooperative and Non-cooperative Dairy Manufacturing Firms," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150497, Agricultural and Applied Economics Association.
    17. Resende, Marcelo, 2008. "Efficiency measurement and regulation in US telecommunications: A robustness analysis," International Journal of Production Economics, Elsevier, vol. 114(1), pages 205-218, July.
    18. Wang, Wei-Kang & Lu, Wen-Min & Lin, Yi-Ling, 2012. "Does corporate governance play an important role in BHC performance? Evidence from the U.S," Economic Modelling, Elsevier, vol. 29(3), pages 751-760.
    19. Wijesiri, Mahinda & Yaron, Jacob & Meoli, Michele, 2015. "Performance of microfinance institutions in achieving the poverty outreach and financial sustainability: When age and size matter?," MPRA Paper 69821, University Library of Munich, Germany.
    20. Mohammad Nourani & Irene Wei Kiong Ting & Wen-Min Lu & Qian Long Kweh, 2019. "Capital Structure And Dynamic Performance: Evidence From Asean-5 Banks," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(03), pages 495-516, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:jknowl:v:14:y:2023:i:1:d:10.1007_s13132-021-00877-9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.