Finance Research Seminar: "Corporate Performance and Policies Under Scrutiny: Guilty by Association?"
About this seminar
How did Russia’s 2014 annexation affect firms with Russian affiliations? This talk analyses firm performance, financing and market exit risk.
Speaker
Our speaker is Professor Anastasiya Shamshur, Professor of Finance and Accounting at King's College London
Abstract
We examine the impact of Russia’s 2014 annexation of Crimea on firms with Russian affiliations. Using a difference-in-differences design, we document that firms with Russian majority ownership experience notable declines in performance, reflected in lower sales, reduced investment, tighter financing, and increased constraints, while effects for firms with Russian names appear limited. Borrowing from Russian-owned banks is linked to further financial frictions, lowering investment and leverage but also reducing legal distress. Russian-affiliated firms are also more likely to exit the market after the conflict. Overall, the evidence highlights how geopolitical risk influences firm outcomes through both vulnerabilities and selective channels of support.
Attendance
This seminar is open to current students and staff at Newcastle University. Registration is required.