Влияние санкций на внутреннюю и внешнюю среду компаний: Обзор
Аннотация
Цель нашего исследования —выявить основные научные результаты и перспективные направления, касающиеся санкций против компаний и оценки их эффективности, построения антисанкционной политики. Для достижения данной цели применялась методология текстового анализа и экспертная оценка. Эмпирическая база исследования включала в себя 724 публикаций по тематике санкций за 2014-2024 годы, индексируемые в Scopus. На основе применения методологии текстового анализа(расчет частности слов и словосочетаний, корреляции, проведение тематического анализа при помощи BERTopic) были выделены основные научные направления: внутренняя среда компании, внешняя среда-финансовый и банковский сектор, внешняя среда-торговая политика и иностранные инвестиции. На основе экспертного анализа для каждого направления выделены основные научные идеи и авторы. Данная работа будет полезна исследователям для развития предложенных научных направлений, практикам для формирования антисакнкционной политики в целях нивелирования негативных последствий санкций.
Скачивания
Литература
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
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
Hufbauer G., Schott J., Elliott K. Economic Sanctions Reconsidered. Washington: Peterson Institute; 2009.
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
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
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
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
Korhonen I., Simola H., Solanko L. Sanctions and countersanctions: effects on economy, trade and finance. Focus on European Economic Integration. 2018;3:68-76.
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
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.
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
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.).
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
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
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
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
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
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
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
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
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
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
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
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
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.).
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Brooks R.A. Sanctions and regime type: what works, and when? Security Studies. 2002;11(4):1–50. https://doi.org/10.1080/714005349
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
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
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
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
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
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
Copyright (c) 2025 Национальный исследовательский университет «Высшая школа экономики»

Это произведение доступно по лицензии Creative Commons «Attribution-NonCommercial-NoDerivatives» («Атрибуция — Некоммерческое использование — Без производных произведений») 4.0 Всемирная.