Stock Market Response to the Russia-Ukraine War: Evidence from an Emerging Market

IF 1.2 Q4 BUSINESS

Journal of East-West Business Pub Date : 2023-05-10 DOI:10.1080/10669868.2023.2210121

E. Keleş

引用次数: 1

Abstract

Abstract This study examines the role of financial factors contributing to firms’ resilience during the Russia-Ukraine war. Event study results show a significant adverse reaction, which started before the official war announcement and grew over time. Further, cross-sectional analyses uncover that the negative effect is mitigated for larger and more profitable firms but amplified for high market-cap firms with high cash and debt-holding; both effects are more pronounced for non-financial companies. This study contributes by exploring Turkey as a unique emerging market setting due to its significant geopolitical position, strategic trade, and business partnership with the European Union and Russia.

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股市对俄乌战争的反应:来自新兴市场的证据

摘要本研究考察了在俄乌战争期间，金融因素对企业韧性的影响。事件研究结果显示，一种严重的不良反应发生在正式宣战之前，并随着时间的推移而加剧。此外，横截面分析发现，对于规模更大、利润更高的公司，负面影响有所减轻，但对于持有大量现金和债务的高市值公司，负面效应有所放大；这两种影响对非金融企业来说更为明显。这项研究有助于探索土耳其作为一个独特的新兴市场环境，因为它具有重要的地缘政治地位、战略贸易以及与欧盟和俄罗斯的商业伙伴关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of East-West Business BUSINESS-

CiteScore

2.10

自引率

26.70%

发文量

期刊介绍： Journal of East-West Business is a quarterly journal that deals with contemporary and emerging aspects of business studies, strategies, development, and practice as they relate to the Russian Federation, the new republics of the Commonwealth of Independent States, and Eastern/Central Europe-and business relationships with other countries of the world. The Journal of East-West Business is international in scope and treats business issues from comparative, cross-cultural, and cross-national perspectives. The journal features an Editorial Advisory Board that represents the Russian Federation, Eastern/Central European, and Baltic states in this new business arena.