Who cares about sanctions? Observations from annual reports of European firms

Denis Davydov, Jukka Sihvonen and Laura Solanko

Post-Soviet Affairs, 2022, vol. 38, issue 3, 222-249

Abstract: 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.

Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://hdl.handle.net/10.1080/1060586X.2022.2049563 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Who cares about sanctions? Observations from annual reports of European firms (2021)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rpsaxx:v:38:y:2022:i:3:p:222-249

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rpsa20

DOI: 10.1080/1060586X.2022.2049563

Access Statistics for this article

Post-Soviet Affairs is currently edited by Timothy Frye

More articles in Post-Soviet Affairs from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().