Paper title: Performance of the foreign-owned firms in Ukraine during the full-scale invasion
Authors: 
Pavlo Illiashenko - Department of Economics and Finance, TalTech
Roman Kornyliuk - Kyiv National Economic University, YouControl
Anna Kornyliuk - Kyiv National Economic University, Institute of Analytics and Advocacy
 

Abstract:

This study investigates the financial performance of foreign-owned firms in Ukraine amidst the severe economic disruption caused by the full-scale invasion. Utilizing a comprehensive dataset of approximately 40 000 firms with ultimate owners from 33 European countries, sourced from YouControl, we address a critical nuance in foreign ownership research. Our primary contribution lies in the development and application of a novel strategy to differentiate between 'truly' foreign-owned firms, genuinely controlled by foreign entities, and 'pseudo' foreign-owned firms—those registered abroad but ultimately beneficially owned by Ukrainian nationals. By dissecting these distinct ownership structures, this research aims to provide a more accurate assessment of how foreign affiliation influences firm resilience during wartime disruptions.

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