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Firm performance under military occupation: The case of Ukrainian firms
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DOI：10.1016/j.econmod.2026.107713.png)
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Abstract
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• Event-study evidence on effects of military occupation using Orbis firm data. • Short-term occupation: modest, insignificant losses followed by recovery. • Long-term occupation: large and persistent losses with little evidence of recovery. • Employment dynamics mirror sales, while capital relatively less affected. • Key mechanisms: local demand and supply chain disruptions, institutional uncertainty.
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