Researchers from the School of Finance have published a study on inclusive growth in Russian companies, based on the metallurgical sector, has been published in the International Journal of Financial Studies

In May 2026, the International Journal of Financial Studies released the article “Inclusive Growth of Russian Companies as a Driver of Socio-Economic Development: Insights from the Metallurgical Sector”.

The paper was prepared by a team from the HSE School of Finance: Irina Ivashkovskaya, Associate Professor Sergey Grishunin, Associate Professor Elena Makeeva and Research Intern Egor Pashkov.

Using publicly available financial and non-financial reports from 2021 to 2024, the authors constructed a composite index of inclusive growth that combines strategic resilience and business model potential. The analysis of the largest Russian metals and mining companies revealed considerable heterogeneity: higher index scores were associated with stronger resilience and stable operating performance. At the same time, between 2022 and 2024, growing resilience was coupled with declining business model potential, pointing to a trade-off between short-term stabilization and long-term inclusive growth under geopolitical stress.

The findings suggest that in a sanctions-driven economy, firm-level inclusive growth is being redefined – prioritizing employment and production stability over long-term innovation and governance improvements. The proposed index can serve as a reliable analytical tool to assess companies’ adaptation to structural shocks and to inform managerial and policy decisions in emerging markets.

The article can be accessed at the link.