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

封面

如何引用文章

全文:

详细

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 formulating anti-sanction policies to mitigate the negative consequences of sanctions.

作者简介

Elena Fedorova

Financial University under the Government of the Russian Federation

编辑信件的主要联系方式.
Email: EAFedorova@fa.ru
ORCID iD: 0000-0002-3381-6116

Doctor of Economics, Professor at the Department of Corporate Finance and Corporate Management

俄罗斯联邦, Moscow

Alexandr Nevredinov

Bauman Moscow State Technical University

Email: a.r.nevredinov@gmail.com
ORCID iD: 0000-0003-3826-1305

Assistant at the Department of Business Informatics

俄罗斯联邦, Moscow

Lyudmila Chernikova

Financial University under the Government of the Russian Federation

Email: lichernikova@fa.ru
ORCID iD: 0000-0003-4743-5506

Doctor of Economics, Head of the Department of Corporate Finance and Corporate Management

俄罗斯联邦, Moscow

Lyubov Khrustova

Financial University under the Government of the Russian Federation

Email: Lehrustova@fa.ru
ORCID iD: 0000-0002-0884-2734

Candidate of Economic Sciences, Associate Professor at the Department of Financial Markets and Financial Engineering

俄罗斯联邦, Moscow

参考

  1. Dang Q., Rammal H., Ghauri P., et al. ‘Caught in the middle’: Effects on and reactions of Vietnamese timber exporters in the context of US-China economic sanctions. Journal of World Business. 2024;59:101583. https://doi.org/10.1016/j.jwb.2024.101583
  2. Meyer K.E., Fang T., Panibratov A.Y., et al. International business under sanctions. Journal of World Business. 2023;58(2):101426. https://doi.org/10.1016/j.jwb.2023.101426
  3. Hufbauer G., Schott J., Elliott K. Economic Sanctions Reconsidered. Washington: Peterson Institute; 2009.
  4. Isachenko T., Medvedkova I. Reorientation of trade between the European Union and the Russian Federation under sanctions. St Petersburg University Journal of Economic Studies = Vestnik Sankt-Peterburgskogo universiteta. Ehkonomika. 2024;40(2):248–272. (In Russ.) https://doi.org/10.21638/spbu05.2024.206
  5. Kaempfer W., Lowenberg, A. The political economy of economic sanctions. Handbook of Defense Economics. 2007;2:867-911. https://doi.org/10.1016/S1574-0013(06)02027-8
  6. Lam S.L. Economic sanctions and the success of foreign policy goals: a critical evaluation. Japan and the World Economy. 1990;2(3):239-248. https://doi.org/10.1016/0922-1425(90)90003-B
  7. Neuenkirch M., Neumeier F. The impact of UN and US economic sanctions on GDP growth. European Journal of Political Economy. 2015;40(Part A):110-125. https://doi.org/10.1016/j.ejpoleco.2015.09.001
  8. Korhonen I., Simola H., Solanko L. Sanctions and countersanctions: effects on economy, trade and finance. Focus on European Economic Integration. 2018;3:68-76.
  9. Smorodinskaya N.V., Katukov D.D. Russia under sanctions: limits of adaptation. Vestnik Instituta ehkonomiki Rossiiskoi akademii nauk. 2022;(6):52-67. (In Russ.) https://doi.org/10.52180/2073-6487_2022_6_52_67
  10. Kholodilin K.A., Netšunajev A. Crimea and punishment: the impact of sanctions on Russian economy and economies of the euro area. Baltic Journal of Economics. 2019;19:39-51.
  11. Klinova M.V., Sidorova E.A. Economic sanctions of the West against Russia: development of the situation. Studies on Russian Economic Development. 2019;30:355-364. https://doi.org/10.1134/S1075700719030079
  12. Timofeev I. Why Sanctions Fail: The Case of Unilateral and International Sanctions Against North Korea. International Organisations Research Journal = Vestnik mezhdunarodnykh organizatsii. 2025;20(1). (in Russ.).
  13. Sutikno. A Bibliometric Analysis of Global Research on United Nations Security Council Sanctions (1990-2023). Heliyon. 2024;10:e30203. https://doi.org/10.1016/j.heliyon.2024.e30203
  14. Panibratov A. Sanctions, cooperation, and innovation: Insights into Russian economy and implications for Russian firms. BRICS Journal of Economics. 2021;2(3):4-26. https://doi.org/10.38050/2712-7508-2021-3-1
  15. Kozhanov N. Sanctions and the Socio-Economic Roots of Iran’s Domestic Instability (2010–2020). In: Issaev L., Korotayev A., eds. New Wave of Revolutions in the MENA Region. Perspectives on Development in the Middle East and North Africa (MENA) Region. Springer, Cham; 2022. https://doi.org/10.1007/978-3-031-15135-4_10
  16. Holliday I. Doing Business with Rights Violating Regimes Corporate Social Responsibility and Myanmar’s Military Junta. Journal of Business Ethics. 2005;61(4):329-342. https://doi.org/10.1007/s10551-005-8178-y
  17. Zhu J., Jia F., Wu H. Bankruptcy costs, economic policy uncertainty, and FDI entry and exit. Review of International Economics. 2019;27(4):1063-1080. https://doi.org/10.1111/roie.12412
  18. Aliasghar O., Rose E.L. Adjustment strategies for firms affected by international sanctions. Multinational Business Review. 2023;31(4):586-601. https://doi.org/10.1108/MBR-07-2022-0105
  19. Khoury T.A., Peng M.W. Does institutional reform of intellectual property rights lead to more inbound FDI? Evidence from Latin America and the Caribbean. Journal of World Business. 2011;46(3):337-345. https://doi.org/10.1016/j.jwb.2010.07.015
  20. Latukha M., Alon I., Vaiman V. The effect of sanctions on macro talent management: The case of Russia. Journal of World Business. 2024;59(5):101570. https://doi.org/10.1016/j.jwb.2024.101570
  21. Dastgerdi H., Yusof Z., Shahbaz M. Nexus between economic sanctions and inflation: a case study in Iran. Applied Economics. 2018;50(49):5316-5334. https://doi.org/10.1080/00036846.2018.1486988
  22. Gutmann J., Langer P., Neuenkirch M. International Sanctions and Emigration. Journal of Economic Behavior & Organization. 2024;226:106709. https://doi.org/10.1016/j.jebo.2024.106709
  23. Thein H.H., Grosman A., Sosnovskikh S., et al. Should we stay or should we exit? Dilemmas faced by multinationals under sanctioned regimes. Journal of World Business. 2024;59(6):101585. https://doi.org/10.1016/j.jwb.2024.101585
  24. Bruno R.L., Crescenzi R., Estrin S., et al. Multinationals, innovation, and institutional context: IPR protection and distance effects. Journal of International Business Studies. 2022;53(9):1945-1970. https://doi.org/10.1057/s41267-021-00452-z
  25. Savchenkov К.A., Verbitsky S.V., Lobanov A.V. Review of the impact of foreign sanctions on Russian shipbuilding. Transactions of the Krylov State Research Centre = Trudy Krylovskogo gosudarstvennogo nauchnogo tsentra. 2024;3(409):145-160 (in Russ.).
  26. Cherednichenko L.G., Novikova E.S., Golubtsova E.V. Financial Policy of Government support for semiconductors Industry Globally and in Russia under sanctions. Finance: Theory and Practice = Finansy: teoriya i praktika. 2023;27(5):30-42. (In Russ.) https://doi.org/10.26794/2587-5671-2023-27-5-30-42
  27. Kanzychakov S.V., Azev V.A., Zakharov S.I., et al. Adaptation of activities of coal-mining company’s personnel to external challenges. Ugol’. 2024;(1):32-36. (In Russ.). https://doi.org/10.18796/0041-5790-2024-1-32-36
  28. Chatkina E., Kazakova N.A. Risk Factor Analysis and Sustainability Assessment of AIC Development under Sanctions. Finance: Theory and Practice = Finansy: teoriya i praktika. 2024;28(2):166-177. (In Russ.) https://doi.org/10.26794/2587-5671-2024-28-2-166-177
  29. Tosun O., Eshraghi A., Vigne S. Firms Entangled in Geopolitical Conflicts: Evidence from the Russia-Ukraine War. Journal of International Money and Finance. 2024;147:103137. https://doi.org/10.1016/j.jimonfin.2024.103137
  30. Barnard H., Luiz J. The South African economic elite and ownership changes in foreign multinationals’ assets during and after Apartheid-era sanctions. Journal of World Business. 2024;59(5):101555. https://doi.org/10.1016/j.jwb.2024.101555
  31. Ciravegna L., Ahlstrom D., Michailova S., et al. Exogenous shocks and MNEs: Learning from pandemics, conflicts, and other major disruptions. Journal of World Business. 2023;58(6):101487. https://doi.org/10.1016/j.jwb.2023.101487
  32. Hofer A. The EU’s ‘massive and targeted’ sanctions in response to Russian aggression, a contradiction in terms. Cambridge Yearbook of European Legal Studies. 2023;25:19–39. https://doi.org/10.1017/cel.2023.9
  33. Beddewela E., Fairbrass J. Seeking Legitimacy Through CSR: Institutional Pressures and Corporate Responses of Multinationals in Sri Lanka. Journal of Business Ethics. 2016;136(3):503-522. https://doi.org/10.1007/s10551-014-2478-z
  34. Meyer K., Estrin S. It’s Hard to Say Goodbye: Managing Disengagement during Political Disruptions. AIB Insights. 2023;23(2). https://doi.org/10.46697/001c.72023
  35. Kim O. The impact of economic sanctions on audit pricing. Journal of Contemporary Accounting & Economics. 2021;17(2):100257. https://doi.org/10.1016/j.jcae.2021.100257
  36. Kannadhasan M., Das D. Do Asian emerging stock markets react to international economic policy uncertainty and geopolitical risk alike? A quantile regression approach. Finance Research Letters. 2020;34:101276. https://doi.org/10.1016/j.frl.2019.08.024
  37. Yuan Y., Wang H., Wang T. Investigating the dynamics of crisis transmission channels: A comparative analysis. Journal of International Money and Finance. 2023;135:102857. https://doi.org/10.1016/j.jimonfin.2023.102857
  38. Caplan B. How does war shock the economy? Journal of International Money and Finance. 2002;21(2):145-162. https://doi.org/10.1016/S0261-5606(01)00046-8
  39. Glambosky M., Peterburgsky S. Corporate activism during the 2022 Russian invasion of Ukraine. Economics Letters. 2022;217(C):110650. https://doi.org/10.1016/j.econlet.2022.110650
  40. Celık S. The more contagion effect on emerging markets: The evidence of DCC-GARCH model. Economic Modelling. 2012;29(5):1946-1959. https://doi.org/10.1016/j.econmod.2012.06.011
  41. Gentile M., Giordano L. Financial Contagion during the Lehman Brothers Default and Sovereign Debt Crisis An Empirical Analysis on Euro Area Bond and Equity Markets. Journal of Financial Management Market and Institutions. 2014;1(2):197-224. https://doi.org/10.12831/75570
  42. Castagneto-Gissey G., Nivorozhkin E. No contagion from Russia toward global equity markets after the 2014 international sanctions. Economic Analysis and Policy. 2016;52:79-98. https://doi.org/10.1016/j.eap.2016.08.006
  43. Ankudinov A., Ibragimov R., Lebedev O. Sanctions and the Russian stock market. Research in International Business and Finance. 2017;40:150-162. https://doi.org/10.1016/j.ribaf.2017.01.005
  44. Tee C.-M., Wong W.-Y., Hooy C.-W. Financial sanctions and global stock market reaction: Evidence from the Russia-Ukraine conflict. Finance Research Letters. 2023;58(PB):104398. https://doi.org/10.1016/j.frl.2023.104398
  45. Drott C., Goldbach S., Nitsch V. The effects of sanctions on Russian banks in TARGET2 transactions data. Journal of Economic Behavior & Organization. 2024;219:38-51. https://doi.org/10.1016/j.jebo.2023.12.030
  46. Bianchi J., Sosa-Padilla C. On wars, sanctions, and sovereign default. Journal of Monetary Economics. 2024;141:62-70. https://doi.org/10.1016/j.jmoneco.2023.10.011
  47. Pak O., Kretzschmar G.L. Western sanctions—Only half the challenge to Russia’s economic union. Research in International Business and Finance. 2016;38:577-592. https://doi.org/10.1016/j.ribaf.2016.07.009
  48. Zhao J., Miao J. Is Bitcoin used to evade financial sanction? Finance Research Letters, Elsevier. 2023;55(PB):104005. https://doi.org/10.1016/j.frl.2023.104005
  49. Dreger C., Kholodilin K.A., Ulbricht D., et al. Between the Hammer and the Anvil: The Impact of Economic Sanctions and Oil Prices on Russia’s Ruble. Journal of Comparative Economics. 2016;44(2):295-308. https://doi.org/10.1016/j.jce.2015.12.010
  50. Dong Y., Li C. Economic sanction games among the US, the EU and Russia: Payoffs and potential effects. Economic Modelling. 2018;73:117-128. https://doi.org/10.1016/j.econmod.2018.03.006
  51. Bělín M., Hanousek J. Which sanctions matter? analysis of the EU/russian sanctions of 2014. Journal of Comparative Economics. 2021;49(1):244-257. https://doi.org/10.1016/j.jce.2020.07.001
  52. Kaempfer W.H., Lowenberg A.D. Unilateral versus multilateral international sanctions: a public choice perspective. International Studies Quarterly. 1999;43(1):37-58. URL: https://www.jstor.org/stable/2600964 Accessed on 04.12.2024
  53. Drezner D.W. Bargaining, enforcement, and multilateral sanctions: when is cooperation ounterproductive? International Organization. 2000;54(1):73-102. https://doi.org/10.1162/002081800551127
  54. Kaempfer W.H., Lowenberg A.D. The theory of international economic sanctions: apublic choice approach. American Economic Review. 1988;78(4):786-793. URL: https://www.jstor.org/stable/1811175 Accessed on 04.12.2024
  55. Brooks R.A. Sanctions and regime type: what works, and when? Security Studies. 2002;11(4):1–50. https://doi.org/10.1080/714005349
  56. Hosoe N. The cost of war: Impact of sanctions on Russia following the invasion of Ukraine. Journal of Policy Modeling. 2023;45(2):305-319. https://doi.org/10.1016/j.jpolmod.2023.04.001
  57. Nguyen T.T., Do M.H. Impact of economic sanctions and counter-sanctions on the Russian Federation’s trade. Economic Analysis and Policy. 2021;71:267-278. https://doi.org/10.1016/j.eap.2021.05.004
  58. Golikova V., Kuznetsov B. Perception of risks associated with economic sanctions: the case of Russian manufacturing. Post-Soviet Affairs. 2017;33(1):49-62. https://doi.org/10.1080/1060586X.2016.1195094
  59. Klinova M., Sidorova E. Economic Sanctions and EU-Russia Economic Relations. Voprosy Ekonomiki. 2014;(12):67-79. (In Russ.) https://doi.org/10.32609/0042-8736-2014-12-67-79
  60. Connolly R. Financial constraints on the modernization of the Russian economy. Eurasian Geography and Economics. 2011;52(3):428–459. https://doi.org/10.2747/1539-7216.52.3.428
  61. Korosteleva J. The implications of Russia’s invasion of Ukraine for the EU energy market and businesses. British Journal of Management. 2022;33(4):1678-1682. https://doi.org/10.1111/1467-8551.12654

补充文件

附件文件
动作
1. JATS XML
下载

版权所有 © Fedorova E., Nevredinov A., Chernikova L., Khrustova L., 2025

Creative Commons License
此作品已接受知识共享署名-非商业性使用 4.0国际许可协议的许可。