制裁和库存：来自俄罗斯能源公司的证据

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-04-15 DOI:10.1016/j.eneco.2025.108497

Kiet Tuan Duong , Luu Duc Toan Huynh , Quan M.P. Nguyen

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引用次数: 0

摘要

我们研究了俄罗斯能源公司如何应对西方国家及其盟友实施的国际制裁。这些制裁的主要目的是阻止俄罗斯进入全球贸易市场。利用1994年至2022年间13319家俄罗斯公司的样本，我们发现受制裁的俄罗斯能源公司的库存水平明显高于未受制裁的公司。制裁对不同的企业特征有不同的影响。大公司在受到制裁后拥有更多的库存，而高杠杆的公司则显著降低了库存水平。我们还发现，企业库存周转率没有受到显著影响，这可能是因为受制裁的能源公司无法及时销售其产品以应对制裁。

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Sanctions and inventories: Evidence from Russian energy firms

We examine how Russian energy firms respond to international sanctions imposed by Western countries and their allies. The primary aim of these sanctions is to prevent Russia from accessing global trade markets. Using the sample of 13,319 Russian firms from 1994 to 2022, we find that sanctioned Russian energy firms hold significantly higher inventory levels compared to non-sanctioned firms. Sanctions have heterogeneous impacts across different firm characteristics. Large firms hold more inventory after being sanctioned, while highly leveraged firms significantly reduce their inventory levels. We also find that corporate inventory turnover is not significantly impacted, likely because sanctioned energy firms cannot promptly sell their products in response to the sanctions.

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.