This study provides a detailed analysis of the impact of financial sanctions on publicly traded companies. We consider the effect of imposing and lifting sanctions on the target country’s traded equities and examine the differences in the reaction of politically connected firms and those without such connections. The paper focuses on Iran due to (1) its sizable financial markets, (2) imposition of sanctions of varying severity and duration on private and state-owned companies, (3) the significant presence of politically connected firms in the stock market, and (4) the unique event of the 2015 nuclear deal, resulting in fairly rapid lifting of a sizable portion of imposed sanctions. We find that sanctions affect politically connected firms more than ordinary firms, have lasting negative effects on profitability ratios, and that politically connected firms stock prices bounce back more slowly after removal of sanctions. Firms targeted by financial sanctions decrease their leverage and increase their cash holding to manage their perceived increase in risk profile.

本研究详细分析了金融制裁对上市公司的影响。我们考虑了对目标国家交易的股票实施和解除制裁的影响，并研究了政治关联公司和没有这种关联的公司的反应差异。本文重点关注伊朗，因为 (1) 其金融市场规模庞大，(2) 对私营和国有公司实施了不同程度和持续时间的制裁，(3) 股票市场上有大量政治关联公司，以及(4) 2015 年核协议的独特事件，导致相当大一部分实施的制裁相当迅速地解除。我们发现制裁对政治关联公司的影响大于对普通公司的影响，对盈利比率具有持久的负面影响，取消制裁后，与政治相关的公司股价反弹得更慢。受到金融制裁的公司降低了杠杆率并增加了现金持有量，以管理他们感知到的风险状况增加。