Finance Research Seminar by Prof. Anastasiya Shamshur

The distinguished speaker is Prof. Anastasiya Shamshur who is a Professor of Finance and Accounting at King's Business School (King’s College London). Prior to her appointment at King’s, she was a Professor of Finance at the University of Kent and a Lecturer/Senior Lecturer at the University of East Anglia.

Prof. Shamshur holds a PhD in Economics from CERGE-EI Prague. Her research focuses on a firm's decision-making processes broadly defined with a particular interest in capital structure decisions, ownership structure, M&As and banking.

She has published her research in very top journals such as the Journal of International Business Studies, the Strategic Management Journal, the Journal of Financial and Quantitative Analysis, the Journal of Corporate Finance, and the Journal of Banking and Finance.

For this seminar, Prof. Shamshur will present a paper titled "Corporate Performance and Policies Under Scrutiny: Guilty by Association?”

Abstract

In this paper, we examine the impact of Russia’s 2014 annexation of Crimea on firm performance in Ukraine, focusing on firms with Russian affiliations. Using a difference-in-differences approach, we find that firms with Russian majority ownership experienced a significant decline in performance compared to those without Russian ties. This decline stems from reduced sales, lower investment, restricted access to financing, and increased financial constraints. Notably, we differentiate between firms with visible Russian affiliations, such as Russian names, and those with Russian majority ownership. Our results show that deeper financial connections, rather than mere visibility, drive the negative impact. Firms with Russian ownership were also more likely to exit the market following the conflict. These findings provide important insights into how geopolitical risks affect corporate performance and firm strategic decisions.