Spillover Effects of Sanctions on Airlines
研究了制裁对航空公司的溢出效应，发现制裁的负面后果更多流向航空公司而非其他航空相关企业，且对大公司影响更大，不同地区存在显著差异。
To counter the escalating threat of direct conflict with rogue nations, the use of sanctions packages has become a preferred tactical response. However, although targeted, there are significantly elevated spillover effects that can generate sectoral damage. While the literature on sanctions has focused on analyzing the effectiveness and the impact on the sanctioned and sanctioning country, spillover effects have not been addressed in the tourism and travel industry. Based on behavioral decision theory and modern portfolio theory, this study states hypotheses and confronts two potential results derived from each theory regarding the way negative consequences of sanctions spill over into airlines. Using the aviation sanctions packages derived from the Russia-Ukraine war in 2022 in different regions worldwide, the results indicate greater spillovers flow into airlines than other aviation-related corporations, into big firms than small firms, and with significant differential effects on each analyzed region.