Who cares about sanctions? Observations from annual reports of European firms
Pysyvä osoite
Kuvaus
© 2022 Taylor & Francis. This is an Accepted Manuscript of an article published by Taylor & Francis in Post-Soviet Affairs on 11 Mar 2022, available online: http://www.tandfonline.com/10.1080/1060586X.2022.2049563
This paper uses textual analysis to examine how European corporations assess sanctions in their annual reports. Using observations from a panel of almost 11,500 corporate annual reports from 2014 to 2017, we document significant cross-country variation in how firms perceive Russia-related sanctions, even after controlling for many firm-level characteristics, sectoral differences, and time trends. The cross-country differences also remain for sentiments about sanctions and contexts in which sanctions are mentioned. We also examine the role of macroeconomic linkages in explaining these differences. We show that Russia’s inward and outward FDI stocks and high levels of imports and exports with Russia explain about half of the cross-country variation, leaving a nontrivial share of variation unexplained.
Emojulkaisu
ISBN
ISSN
1938-2855
1060-586X
1060-586X
Aihealue
Kausijulkaisu
Post-Soviet Affairs
OKM-julkaisutyyppi
A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä