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Welcome to Revise and Resubmit 🎙️✨
Today, we set sail on a story of profit, power, and peril. Short waves. Long tides. A calm sea, then a storm. 🌊🚢👑
Our paper: “Connected to a Sinking Ship? Firm Performance in a Besieged Autocracy” by Christopher A. Hartwell. Published online August 28, 2025, in the prestigious Journal of Management—an FT50 journal—by SAGE Publications. 🏛️📈💼
This isn’t just history. It’s a blueprint for risk. For reward. For reckoning.
Nineteenth-century tsarist Russia. A full-service steamship firm—Kavkaz i Merkurii (Caucasus and Mercury), known as OKiM—ties itself to the throne. They don’t dabble in politics; they dock there. They invite officials aboard. Even royalty. 👑🖋️
Violence rises. Markets shiver. The firm leans in. And the numbers talk. Event studies whisper what the crowd felt. GARCH models reveal what the market remembered. Spikes. Slumps. Volatility that lingers like fog over water. 📊📉🌫️
Some shocks pay. Fast-suppressed violence? New contracts. Shareholders nod.
Other shocks bite. Military demands under market rates? Investors frown. Regime-threatening unrest? Long-run uncertainty surges. The line between state and enterprise blurs; the balance sheet pays the price. ⚔️💸📉
This is authoritarian capitalism: survive by proximity, thrive by connection, risk becoming ballast. Simple sentence. Complex reality. One firm. Many lessons. 🔗⚖️
Before we dive deeper:
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Huge thanks to the author, Christopher A. Hartwell, and to SAGE Publications for this remarkable contribution in the esteemed FT50 Journal of Management. 🙏🏽📚
So tell me—if the safest harbor belongs to the state, when does a lifeline become an anchor? ⛓️❓
Reference
Hartwell, C. A. (2025). Connected to a Sinking Ship? Firm Performance in a Besieged Autocracy. Journal of Management, 0(0). https://doi.org/10.1177/01492063251359201
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