Analysis of the Russian retail market in conditions of sanctions. The effectiveness of a single retail network. Applying business strategies to improve the current economic situation in the Russian. The influence of management on Russian retailers.
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However, Sellers-Rubio and Mas-Ruiz (2007) note that even large publicly quoted retailers tend to avoid technically complex approaches to performance measurement in favor of regular financial or operating ratios that are more meaningful to investors and stakeholders. Overall, the literature review of existing approaches to performance measurement indicated there is no full agreement on superiority of one over another from practical and theoretical perspectives. While in the foreign scientific literature there are a surprising number of studies using both productivity and efficiency concepts towards retail performance assessment, for Russia, to the best of our knowledge, this is still not the case. In order to gather foreign experience, some major research papers and their results are going to be discussed later in this section. 1.2 Retail Productivity Assessment One of the earliest systematic studies on assessing retailers’ productivity was conducted in 2000 by Gleason and Mathur, research associates from Illinois, USA. As the main purpose of the paper is to establish interrelation between capital structure and firms’ performance with respect to cultural distinctions, the data included information on 198 retailers representing 14 European countries. The cross-cultural specifics of the study demanded the productivity measures to be both financial (return on assets and pretax profit margin) and operational (sales per employee and sales growth). Having first built four corresponding regression models with only capital structure (total debt to total assets ratio) as an independent variable, the authors obtain a surprising result of it positively effecting ROA values. Given its small magnitude, it is fair to assume that European companies fall under the logic of Jensen (1989), who claimed that in some rare cases high leverage might improve firms’ performance by forcing management to either pursue value maximizing strategies or behave carefully in order to avoid debt pressure.
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