Finance Research Seminar – Professor Anastasiya Shamshur

Title:  Corporate Performance and Policies Under Scrutiny: Guilty by Association?

Date: 6 May 2026

Time: 13:00-15:00

Venue: FDC.1.17

If you would like to attend, please register using the following link

Corporate Performance and Policies Under Scrutiny: Guilty by Association?

Speaker:   Professor Anastasiya Shamshur King’s College London

https://www.kcl.ac.uk/people/anastasiya-shamshur

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.