This paper investigates the effect of targeted economic sanctions by the United States and the European Union on the performance of intra-industry non-sanctioned firms. Using data of non-sanctioned firms listed on the Zimbabwe stock exchange during the period 2009–2018, our regression results show that non-sanctioned firms in the same industry as sanctioned firms perform better than ordinary non-sanctioned firms, signalling the positive competitive effect. A mediating test suggests that sanctions increase the market share of non-sanctioned firms in the same industry as sanctioned firms and subsequently increase their performance.

中文翻译：

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经济制裁对行业内非制裁企业业绩的外部性：来自津巴布韦的证据

本文研究了美国和欧盟的定向经济制裁对行业内非制裁企业业绩的影响。使用津巴布韦证券交易所2009-2018年非制裁企业数据，回归结果表明，与制裁企业同行业的非制裁企业表现优于普通非制裁企业，具有积极的竞争效应. 一项调解测试表明，制裁增加了与受制裁企业在同一行业中未受制裁企业的市场份额，从而提高了它们的业绩。