The analysis of technical efficiency of Russian retail companies in 2019–2023
DOI:
https://doi.org/10.22394/1993-7601-2026-82-26-46Keywords:
анализ эффективности, анализ стохастической границы, гетерогенность, панельная регрессия, розничная торговляAbstract
This paper studies the technical efficiency of Russian retail companies from 2019 to 2023 using stochastic frontier analysis (SFA) with the Battese and Coelli (1995) model. The authors employ a translogarithmic production function for estimations. The dependent variable is company revenue, and the production factors are the average number of employees, fixed assets, and assets less fixed assets, along with year-specific dummies. We model the mean distribution of the inefficiency component as a function of company age, total assets, and the regional Herfindahl–Hirschman index, calculated using a sample from the SPARK database. The results of our analysis show that labor makes the largest contribution to revenue growth, with increasing returns to scale, albeit close to constant. Revenue increased annually throughout the period under study. Average technical efficiency in the industry exhibits an inverted-U-shaped relationship with firm age and size. Technical efficiency declined significantly during the pandemic but showed steady growth in subsequent years.Agencies
The study was carried out as part of the HSE University Fundamental Research Program (HSE-BR-2025-001), and was performed using the HSE University Supercomputer Complex.Downloads
References
Бахтин К. (2009). Оценка и сравнение технической эффективности российских промышленных и торговых компаний. Препринт # BSP/2009/102R. М.: Российская экономическая школа.
Бессонова Е. В. (2007). Оценка эффективности производства российских промышленных предприятий. Прикладная эконометрика, 6 (2), 13–35.
Головань С. В. (2006). Факторы, влияющие на эффективность российских банков. Прикладная эконометрика, 2 (2), 3–17.
Ипатова И. Б., Пересецкий А. А. (2013). Техническая эффективность предприятий отрасли производства резиновых и пластмассовых изделий. Прикладная эконометрика, 32 (4), 71–92.
Краснопеева Н. А., Назруллаева Е. Ю., Пересецкий А. А., Щетинин Е. И. (2016). Экспортировать или нет? Экспортный статус и техническая эффективность российских предприятий. Вопросы экономики, 7, 123–146. DOI: 10.32609/0042-8736-2016-7-123-146.
Малахов Д. И., Пильник Н. П. (2013). Методы оценки показателя эффективности в моделях стохастической производственной границы. Экономический журнал Высшей школы экономики, 4, 660–686.
Пересецкий А. А. (2009). Техническая эффективность банков. Россия и Казахстан. Финансы и бизнес, 1, 41–53.
Спицын В. И., Спицына Л. Ю., Грибанова Е. Б. (2021). Моделирование влияния возраста на техническую эффективность в разрезе отраслей и временных периодов. Вестник университета, 10, 59–68. DOI: 10.26425/1816-4277-2021-10-59-68.
Федорова E. А., Коркмазова Б. К., Муратов М. А. (2015). Оценка эффективности компаний с прямыми иностранными инвестициями: отраслевые особенности в РФ. Пространственная экономика, 2, 47–63. DOI: 10.14530/se.2015.2.047-063.
Цветкова А. Н. (2021). Динамика технической эффективности российских предприятий в 2013–2018 годах. Прикладная эконометрика, 63, 91–116. DOI: 10.22394/1993-7601-2021-63-91-116.
Afriat S. (1972). Efficiency estimation of production function. International Economic Review, 13 (3), 568–598. DOI: 10.2307/2525845.
Aigner D., Lovell C., Schmidt P. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Economics, 6, 21–37. DOI: 10.1016/0304-4076(77)90052-5.
Battese G., Coelli T. (1988). Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data. Journal of Econometrics, 38 (3), 387–399. DOI: 10.1016/0304-4076(88)90053-X.
Battese G., Coelli T. (1992). Frontier production functions, technical efficiency and panel data: With application to paddy farmers in India. Journal of Productivity Analysis, 3, 153–169. DOI: 10.1007/BF00158774.
Battese G., Coelli T. (1995). A model for technical inefficiency effects in a stochastic frontier production function for panel data. Empirical Economics, 20, 325–332. DOI: 10.1007/BF01205442.
Barros C. (2005). Efficiency in hypermarket retailing: A stochastic frontier model. International Review of Retail Distribution and Consumer Research, 15 (2), 171–189. DOI: 10.1080/09593960500049381.
Belotti F., Daidone S., Ilardi G., Atella V. (2013). Stochastic frontier analysis using stata. The Stata Journal, 13 (4), 719–758. DOI: 10.1177/1536867X1301300404.
Berger A., Mester L. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking & Finance, 21 (7), 895–947. DOI: 10.1016/S0378-4266(97)00010-1.
Bhandari A., Maiti P. (2007). Efficiency of Indian manufacturing firms: Textile industry as a case study. International Journal of Business and Economics, 6 (1), 71–88.
Bogetić Ž., Olusi O. (2013). Drivers of firm-level productivity in Russia's manufacturing sector. Policy Research Working Paper, 6572. World Bank, Washington.
Breivik J., Larsen N., Thyholdt S., Myrland Ø. (2023). Measuring inventory turnover efficiency using stochastic frontier analysis: Building materials and hardware retail chains in Norway. International Journal of Systems Science: Operation & Logistics, 10, 1, 1–20. DOI: 10.1080/23302674.2021.1964635.
Cheruiyot K. (2017). Determinants of technical efficiency in Kenyan manufacturing sector. African Development Review, 29 (1), 44–55. DOI: 10.1111/1467-8268.12237.
De Jorge J., Suarez C. (2007). Efficiency measures for Spanish retailing firms in a regulated market. Journal of Economic Development, 32 (1), 35–47.
De Jorge Moreno J., Rojas Carrasco O. (2014). Evolution of efficiency and its determinants in the retail sector in Spain: New evidence. Journal of Business Economics and Management, 16 (1), 244–260. DOI: 10.3846/16111699.2012.732958.
De Jorge Moreno J., Rojas Carrasco O. (2015). Technical efficiency and its determinants factors in Spanish textiles industry (2002–2009). Journal of Economic Studies, 42 (3), 346–357. DOI: 10.1108/JES-06-2013-0085.
Greene W. (2005). Fixed and random effects in stochastic frontier models. Journal of Productivity Analysis, 23 (1), 7–32. DOI: 10.1007/s11123-004-8545-1.
Greene W. (2008). The measurement of productive efficiency and productivity growth. Oxford University Press.
Greene W. (2016). LIMDEP Version 13. Econometric modelling guide. Econometric Software, Inc. https://pages.stern.nyu.edu/~wgreene/DiscreteChoice/Software/manual/LIMDEP%2011%20Econometric%20Modeling%20Guide.pdf.
Kim H., Ho Ryu M., Lee D., Kim J. (2022). Should a small-sized store have both online and offline channels? An efficiency analysis of the O2O platform strategy. Journal of Retailing and Consumer Services, 64, 102823. DOI: 10.1016/j.jretconser.2021.102823.
Jovanovic B. (1982). Selection and the evolution of industry. Econometrica, 50 (3), 649–670.
Ko K., Chang M., Bae E.-S., Kim D. (2017). Efficiency analysis of retail chain stores in Korea. Sustainability, 9 (9), 16–29. DOI: 10.3390/su9091629.
Kumbhakar S., Peresetsky А. (2013). Cost efficiency of Kazakhstan and Russian banks: Results from competing panel data models. Macroeconomics and Finance in Emerging Market Economies, 88–113. DOI: 10.1080/17520843.2012.727444.
Lemi A., Wright I. (2020). Exports, foreign ownership, and firm-level efficiency in Ethiopia and Kenya: An application of the stochastic frontier model. Empirical Economics, 58 (2), 669–698. DOI: 10.1007/s00181-018-1521-9.
Meeusen W., Van Den Broeck J. (1977). Efficiency estimation from Cobb-Douglas production functions with composed error. International Economic Review, 18, 435–444. DOI: 10.2307/2525757.
Mengistae T. (1996). Age-size effects in productive efficiency: A second test of the passive learning model. CSAE Working Paper Series 1996–02. University of Oxford.
Perrigot R., Barros C. (2008). Technical efficiency of French retailers. Journal of Retailing and Consumer Services, 15, 296–305. DOI: 10.1016/J.JRETCONSER.2007.06.003.
Rogova E., Blinova A. (2018). The technical efficiency of Russian retail companies: An empirical analysis. Zeszyty Naukowe, 5 (977), 171–185. DOI: 10.15678/ZNUEK.2018.0977.0511.
Sellers-Rubio R., Más-Ruiz F. J. (2009). Technical efficiency in the retail food Industry: The influence of inventory management, wage levels, and age of the firm. European Journal of Marketing, 43 (5–6), 652–669. DOI: 10.1108/03090560910946981.
Wang H.-J., Schmidt P. (2002). One-step and two-step estimation of the effects of exogenous variables on technical efficiency levels. Journal of Productivity Analysis, 18, 129–144. DOI: 10.1023/A:1016565719882.
Afriat S. (1972). Efficiency estimation of production function. International Economic Review, 13 (3), 568–598. DOI: 10.2307/2525845.
Aigner D., Lovell C., Schmidt P. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Economics, 6, 21–37. DOI: 10.1016/0304-4076(77)90052-5.
Battese G., Coelli T. (1988). Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data. Journal of Econometrics, 38 (3), 387–399. DOI: 10.1016/0304-4076(88)90053-X.
Battese G., Coelli T. (1992). Frontier production functions, technical efficiency and panel data: With application to paddy farmers in India. Journal of Productivity Analysis, 3, 153–169. DOI: 10.1007/BF00158774.
Battese G., Coelli T. (1995). A model for technical inefficiency effects in a stochastic frontier production function for panel data. Empirical Economics, 20, 325–332. DOI: 10.1007/BF01205442.
Barros C. (2005). Efficiency in hypermarket retailing: A stochastic frontier model. International Review of Retail Distribution and Consumer Research, 15 (2), 171–189. DOI: 10.1080/09593960500049381.
Belotti F., Daidone S., Ilardi G., Atella V. (2013). Stochastic frontier analysis using stata. The Stata Journal, 13 (4), 719–758. DOI: 10.1177/1536867X1301300404.
Berger A., Mester L. (1997). Inside the black box: What explains differences in the efficiencies of financial institutions? Journal of Banking & Finance, 21 (7), 895–947. DOI: 10.1016/S0378-4266(97)00010-1.
Bhandari A., Maiti P. (2007). Efficiency of Indian manufacturing firms: Textile industry as a case study. International Journal of Business and Economics, 6 (1), 71–88.
Bogetić Ž., Olusi O. (2013). Drivers of firm-level productivity in Russia's manufacturing sector. Policy Research Working Paper, 6572. World Bank, Washington.
Breivik J., Larsen N., Thyholdt S., Myrland Ø. (2023). Measuring inventory turnover efficiency using stochastic frontier analysis: Building materials and hardware retail chains in Norway. International Journal of Systems Science: Operation & Logistics, 10, 1, 1–20. DOI: 10.1080/23302674.2021.1964635.
Cheruiyot K. (2017). Determinants of technical efficiency in Kenyan manufacturing sector. African Development Review, 29 (1), 44–55. DOI: 10.1111/1467-8268.12237.
De Jorge J., Suarez C. (2007). Efficiency measures for Spanish retailing firms in a regulated market. Journal of Economic Development, 32 (1), 35–47.
De Jorge Moreno J., Rojas Carrasco O. (2014). Evolution of efficiency and its determinants in the retail sector in Spain: New evidence. Journal of Business Economics and Management, 16 (1), 244–260. DOI: 10.3846/16111699.2012.732958.
De Jorge Moreno J., Rojas Carrasco O. (2015). Technical efficiency and its determinants factors in Spanish textiles industry (2002–2009). Journal of Economic Studies, 42 (3), 346–357. DOI: 10.1108/JES-06-2013-0085.
Greene W. (2005). Fixed and random effects in stochastic frontier models. Journal of Productivity Analysis, 23 (1), 7–32. DOI: 10.1007/s11123-004-8545-1.
Greene W. (2008). The measurement of productive efficiency and productivity growth. Oxford University Press.
Greene W. (2016). LIMDEP Version 13. Econometric modelling guide. Econometric Software, Inc. https://pages.stern.nyu.edu/~wgreene/DiscreteChoice/Software/manual/LIMDEP%2011%20Econometric%20Modeling%20Guide.pdf.
Kim H., Ho Ryu M., Lee D., Kim J. (2022). Should a small-sized store have both online and offline channels? An efficiency analysis of the O2O platform strategy. Journal of Retailing and Consumer Services, 64, 102823. DOI: 10.1016/j.jretconser.2021.102823.
Jovanovic B. (1982). Selection and the evolution of industry. Econometrica, 50 (3), 649–670.
Ko K., Chang M., Bae E.-S., Kim D. (2017). Efficiency analysis of retail chain stores in Korea. Sustainability, 9 (9), 16–29. DOI: 10.3390/su9091629.
Kumbhakar S., Peresetsky А. (2013). Cost efficiency of Kazakhstan and Russian banks: Results from competing panel data models. Macroeconomics and Finance in Emerging Market Economies, 88–113. DOI: 10.1080/17520843.2012.727444.
Lemi A., Wright I. (2020). Exports, foreign ownership, and firm-level efficiency in Ethiopia and Kenya: An application of the stochastic frontier model. Empirical Economics, 58 (2), 669–698. DOI: 10.1007/s00181-018-1521-9.
Meeusen W., Van Den Broeck J. (1977). Efficiency estimation from Cobb-Douglas production functions with composed error. International Economic Review, 18, 435–444. DOI: 10.2307/2525757.
Mengistae T. (1996). Age-size effects in productive efficiency: A second test of the passive learning model. CSAE Working Paper Series 1996–02. University of Oxford.
Perrigot R., Barros C. (2008). Technical efficiency of French retailers. Journal of Retailing and Consumer Services, 15, 296–305. DOI: 10.1016/J.JRETCONSER.2007.06.003.
Rogova E., Blinova A. (2018). The technical efficiency of Russian retail companies: An empirical analysis. Zeszyty Naukowe, 5 (977), 171–185. DOI: 10.15678/ZNUEK.2018.0977.0511.
Sellers-Rubio R., Más-Ruiz F. J. (2009). Technical efficiency in the retail food Industry: The influence of inventory management, wage levels, and age of the firm. European Journal of Marketing, 43 (5–6), 652–669. DOI: 10.1108/03090560910946981.
Wang H.-J., Schmidt P. (2002). One-step and two-step estimation of the effects of exogenous variables on technical efficiency levels. Journal of Productivity Analysis, 18, 129–144. DOI: 10.1023/A:1016565719882.
