How do agile and internationally experienced companies respond to sanctions?

Objective: In this article, we show how agility and international experience influence the adjustment strategies that firms adopt when exposed to sanctions. We also assess how these strategies affect firms' financial performance. Research Design & Methods: Quantitative; international e-survey, computer-assisted web interview (CAWI) method, structural equation modelling (SEM), linear regression, clustering; 610 middle-sized companies studied from Poland, US and Germany, data gathered in 2023. Findings: The more agile and internationally experienced the firms, the more proactive measures they use to adapt to sanctions. Proactive adaptation strategies positively impact financial performance. Agility and international experience are mutually reinforcing. Implications & Recommendations: When exposed to the sanctions regime, proactive adaptation strategies increase the likelihood of firms' survival. Meanwhile, agility and international experience reinforce proactivity. Therefore, firms should strengthen both these characteristics as they increase the likelihood of resilience in the face of a crisis. Contribution & Value Added: The article extends understanding of firms' strategic behaviour in the face of a sudden external change/crisis, such as the imposition of sanctions. It shows how intrinsic factors, in this case, agility and international experience, influence the adaptation choice. The results show that agile and internationally experienced companies adopt proactive strategies towards sanctions, which has positive financial consequences. Agility and international expansion serve here as an effective and resilient way of survival during external shocks, such as war.