Denis Davydov (Hanken School of Economics) - War, Ethics, and Business Strategy: Outcomes of European Firms’ Responses in Russia

BOFIT seminars

BOFIT Seminar - Denis Davydov (Hanken School of Economics) - War, Ethics, and Business Strategy: Outcomes of European Firms’ Responses in Russia

Co-authors: Shaker Ahmed (University of Surrey) and Laura Solanko (BOFIT)

Abstract
Since the imposition of increasingly tight economic sanctions on Russia, a large body of literature has focused on the sanctions’ effects on targeted firms or on the immediate market reactions on Western firms. Far less is known about foreign companies with subsidiaries in Russia. All foreign companies had to decide whether to leave or continue operations, and a large number of European companies decided to leave the Russian market.  However, surprisingly little is still known on how these strategic decisions affected corporate performance. Our study strives to fill in this gap by examining listed European companies that had direct presence in the Russian market prior to February 2022. Using data on non-financial companies spanning the period of 2010-2024 we examine how the performance of firms with direct exposure to the Russian market differed before and after 2021.

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