The Effects of the War on Ukraine on Global Corporate Investment

Scottish Journal of Political Economy 2026

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Authors: Dario Caldara, Mike McHenry, Matteo Iacoviello, Immo Schott
DOI: 10.1111/sjpe.70063
Cited by: 1
References: 13

Abstract

ABSTRACT We study the investment effects of the Russia–Ukraine war using a novel, text‐based measure of firm‐level exposure derived from earnings call transcripts. Combining this measure with financial statement data for over 6500 firms across 50 countries, we show that exposure to the conflict led to sizable and persistent declines in corporate investment. Firms that discussed the war in early 2022 invested significantly less than otherwise similar firms. The results hold across multiple empirical strategies and highlight the role of geopolitical risk in shaping firm behavior during global crises.

Fields of Study & Subjects

Environmental and Biological Research in Conflict Zones COVID-19 Pandemic Impacts Economic Sanctions and International Relations

Publication details

Journal / source
Scottish Journal of Political Economy
Publisher
Wiley
Volume
73
Issue
3
Publication date
20 April 2026
Language
EN