Do Economic Sanctions Work? Evidence from the Russia‐Ukraine Conflict

This study examines the impact of sanctions on Russian firms and strategies these adopt to counter effects targeted sanctions. We utilize institutional theory explain how shape their strategic responses as they balance pressures from home environment vis-à-vis sanctioning countries. gather longitudinal data that faced foreign start invasion Crimea in 2014 until 2020. Our empirical analyses indicate do not have a persistent negative effect economic performance firms. discuss findings with help series illustrative examples specific actions undertook response conclude while create symbolic meaning relations financial friction for firms, use variety adaptation negate