File Download
There are no files associated with this item.
Supplementary
-
Citations:
- Appears in Collections:
Conference Paper: Sanctions and the Cost of Sanctions: Evidence from the Russo-Ukrainian War
| Title | Sanctions and the Cost of Sanctions: Evidence from the Russo-Ukrainian War |
|---|---|
| Authors | |
| Issue Date | 6-Jul-2023 |
| Abstract | What determines firms' decisions to exit Russia because of the Russo-Ukrainian War and do investors appreciate firms' social image management? Firms that withdraw business from Russia because of the invasion of Ukraine tend to have higher ESG overall scores, especially the ESG social scores and the human rights subscores. However, firms with higher ESG scores take longer to announce their withdrawal and their cutoff from Russia is also the softest. These firms also suffered a 46 bps drop in stock price after they announced the business suspension in Russia, and there is no evidence that they earn a stock market reputation premium relative to firms that refuse to exit. Overall, our evidence supports the reputation concern channel instead of an altruistic motive of withdrawal. |
| Persistent Identifier | http://hdl.handle.net/10722/340486 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Huang, Lei | - |
| dc.contributor.author | Lu, Fangzhou | - |
| dc.contributor.author | Li, Sixuan | - |
| dc.date.accessioned | 2024-03-11T10:44:59Z | - |
| dc.date.available | 2024-03-11T10:44:59Z | - |
| dc.date.issued | 2023-07-06 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/340486 | - |
| dc.description.abstract | <p>What determines firms' decisions to exit Russia because of the Russo-Ukrainian War and do investors appreciate firms' social image management? Firms that withdraw business from Russia because of the invasion of Ukraine tend to have higher ESG overall scores, especially the ESG social scores and the human rights subscores. However, firms with higher ESG scores take longer to announce their withdrawal and their cutoff from Russia is also the softest. These firms also suffered a 46 bps drop in stock price after they announced the business suspension in Russia, and there is no evidence that they earn a stock market reputation premium relative to firms that refuse to exit. Overall, our evidence supports the reputation concern channel instead of an altruistic motive of withdrawal.<br></p> | - |
| dc.language | eng | - |
| dc.relation.ispartof | The 7th Vietnam International Conference in Finance (VICIF-2023) (06/07/2023-07/07/2023, Hanoi, Vietnam) | - |
| dc.title | Sanctions and the Cost of Sanctions: Evidence from the Russo-Ukrainian War | - |
| dc.type | Conference_Paper | - |