Who cares about sanctions? Observations from annual reports of European firms
Journal: Post-Soviet Affairs
Year: 2022

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 sanct