When doing the right thing doesn't pay: Impact of corporate decisions on Russian market participation in the wake of the Ukraine-Russia war

被引：8

作者：

French, Joseph J. ^{[1
]}

Gurdgiev, Constantin ^{[1
]}

Shin, Seungho ^{[2
]}

机构：

[1] Univ Northern Colorado, Monfort Coll Business, Greeley, CO 80639 USA

[2] Loras Coll, Francis J Noonan Sch Business, Dubuque, IA USA

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

关键词：

Event study; Abnormal returns; ESG; Governance; Geopolitical risk; War; Ukraine-Russia war; Sanctions; GOVERNANCE;

D O I：

10.1016/j.frl.2023.104468

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates how the stock returns of firms that took corporate action against Russia following the onset of Ukraine-Russian war were impacted. We use traditional event-study methodologies to analyze the data. The findings indicate that the firms that opted to act against Russia in the wake of the onset of Ukraine-Russian war experienced a downward trend in cumulative abnormal returns (CARs) on average. Furthermore, we find that the stronger the action taken against Russia the more negative the average CARs. These findings are contrary to the idea that investors reward strong firm-level ESG actions and are robust to the choice of firms and event windows.

引用

页数：6