Impact of firm-specific and industry-specific risks on repformance of Russian brewery organizations

Abstract

Importance: a number of objective processes in the Russian economy, in particu-lar, the transition of Russia from the model of consumption of alcoholic products of the "northern" type to the "Central European", which contributes to the for-mation of a sustainable foundation for the development and competitiveness of brewing organizations of the Russian Federation. Purpose: statistical analysis of the impact of risk factors common to brewing in-dustry organizations of the Russian Federation influencing firms performance us-ing based on open data sources. Research Design: a methodical approach to analysis consists of three steps. At the first stage, we estimate factor loadings according to risk indicators for each brewing organization. At the second stage we estimate the parameters of the dependencies of performance on factor loadings for each moment of time. At the third stage, we estimate the contribution of common risk factors to the performance indicators for brewing organizations. The article covers the period from 2002 to 2020. 1,783 brewing organizations took part in the study period. Organizations selected for the analysis have been operating continuously for more than 10 years. Results: we have found that exposure to risk factors varies greatly depending on the size of the brewery. We also researched that there is a positive contribution to the formation of performance for the factors of export and currency risks. Among the factors of a significant negative impact there are factors of excise risk, the risk of developing disorders caused by alcohol consumption, as well as the risk of mor-tality caused by alcohol consumption. These effects mostly appear in the study of large brewing organizations.