FEATURES OF THE BEHAVIOR OF HIGH-GROWTH RUSSIAN FIRMS IN PANDEMIC

Abstract

The coronavirus pandemic and the resulting economic crisis have had a significant impact on the Russian and global economies. The changed conditions under which businesses will have to operate in the coming years require new approaches to overcome the effects of the pandemic. Russian companies showed completely different reactions to the crisis, and some of them managed to maintain high growth rates even against the backdrop of a sharp decline in economic activity. The article examines the impact of the pandemic on the behavior of ordinary and highgrowth firms. The purpose of the article is to identify the behavior of high-growth firms in a pandemic. The objects of analysis are the companies of the annual rating of fast-growing companies in Russia in 2021, compiled by RBC. Based on the analysis of open sources of information, the features of the reactions of high-growth firms in the context of a pandemic and post-pandemic economic recovery are revealed. The key features of HGF’s behavior are digitalization and active transition to online; customer focus; stimulation of demand; retaining the staff; launch of new products and directions; Social responsibility. Particular attention is paid to significant differences in the behavior of gazelles and ordinary companies in communications with consumers, personnel policy issues, entering new markets and the implementation of social guarantees. The most common responses to the pandemic by conventional companies have been cost optimization, part-time work and staff cuts, limited assortment, and cuts in social programs. In the context of economic shocks, the importance of state support not only for the most affected companies, but also for those who are able to ensure the growth and recovery of the national economy, is significantly increasing. The identified features can be taken into account when developing measures of state support for high-growth firms.