HIGH-GROWTH FIRMS IN THE PANDEMIC CRISIS: A REVIEW OF CURRENT RESEARCHES
Abstract
The crisis caused by the coronavirus pandemic has had a spontaneous negative impact on the global economy. In conditions of turbulence, uncertainty, economic downturn or recession, the need for sources of growth becomes more acute. High-growth firms (gazelles) are such kind of sources. Gazelles generate disproportionately higher employment growth. They cause the growth of their and related industries due to unique competencies, nonstandard business solutions and propensity to innovate. The purpose of the review is to systematize current researches in 2020—2022, to identify the key success factors for high-growth firms that emerged during the global pandemic crisis. In contradistinction
to normal firms, gazelles show higher rates of revenue and employment growth during the pandemic years (2020 and 2021). It has been established that gazelles continue to play an important role in the economy, including in its post-pandemic recovery. Accelerated digitalization, innovation, investment activity, developed anti-crisis management and planning, corporate culture and concern for employees, communications have become success factors for high-growth firms during the pandemic. Particular attention is paid to the personality of the entrepreneur in the anticrisis management of gazelles. These trends in the behavior of gazelles and the factors of their success during the pandemic can form the basis for the formation of industrial policy programs in terms of supporting of high-growth firms, as well as creating a practice of knowledge succession in the business community.
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