Impact of Sanctions on the Internal and External Environment of Companies: Review

Elena Fedorova (), Alexandr Nevredinov (), Lyudmila Chernikova () and Lyubov Khrustova ()
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Elena Fedorova: Financial University under the Government of the Russian Federation (Russia)
Alexandr Nevredinov: Bauman Moscow State Technical University (Russia)
Lyudmila Chernikova: Financial University under the Government of the Russian Federation (Russia)
Lyubov Khrustova: Financial University under the Government of the Russian Federation (Russia)

Journal of Corporate Finance Research, 2025, vol. 19, issue 1, 115-125

Abstract: The purpose of our study is to identify the main scientific results and promising areas related to sanctions against companies, assessment of their effectiveness, and creation of an anti-sanctions policy. To achieve this goal, we used the text analysis methodology and expert assessment. The empirical base of the study included 724 publications about sanctions for 2014–2024, indexed in Scopus. Based on the text analysis methodology (calculating the frequency of words and phrases, correlations, conducting a thematic analysis using BERTopic), the main scientific areas were identified: a company’s internal environment, external environment – the financial and banking sector, and external environment – trade policy and foreign investment. To test model quality, we analyzed their Coherence Score and Divergence, the topics do not overlap and have sufficient internal coherence. Based on expert analysis, the main scientific ideas and authors were identified for each direction. The articles highlight Russia’s potential key partners, in particular China, and researchers attempt to predict long-term effects of sanctions or to assess the actual impact that they have already exerted. This work will be useful for researchers in the development of the proposed scientific directions, and for practitioners in formulatinganti-sanction policies to mitigate the negative consequences of sanctions.

Keywords: sanctions; impact of sanctions; sanctions and economy; text analysis; review article (search for similar items in EconPapers)
JEL-codes: G18 G28 G32 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:hig:jcorpf:v:13:y:2025:i:1:p:115-125

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