António Miguel Martins, Pedro Correia, Ricardo Gouveia
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Conversely, the stock market returns of Russian oil and gas companies, as well as those companies that were “forced” to divest in Russia due to corporate activism, exhibit a negative and statistically significant impact from the conflict. These reactions are reinforced or mitigated by company-specific characteristics such as size, profitability and institutional ownership. Finally, the findings indicate that companies engaged in oil and gas exploration and production report abnormally higher returns compared to firms in the other two subsectors of the industry.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>The effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature.</p><!--/ Abstract__block -->","PeriodicalId":47091,"journal":{"name":"International Journal of Islamic and Middle Eastern Finance and Management","volume":"12 1","pages":""},"PeriodicalIF":2.8000,"publicationDate":"2024-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Heterogeneous stock market impact of Russia–Ukraine War for oil and gas companies\",\"authors\":\"António Miguel Martins, Pedro Correia, Ricardo Gouveia\",\"doi\":\"10.1108/imefm-03-2024-0131\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This paper aims to examine the short-term market impact of the beginning of the military conflict between Russia and Ukraine (24 February 2022), the world’s largest oil and gas companies.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>The authors examine the world’s 100 largest listed oil and gas companies at and around the beginning of the military conflict between Russia and Ukraine using an event study methodology.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The authors observe a positive and statistically significant stock price reaction at and around the military conflict. 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Heterogeneous stock market impact of Russia–Ukraine War for oil and gas companies
Purpose
This paper aims to examine the short-term market impact of the beginning of the military conflict between Russia and Ukraine (24 February 2022), the world’s largest oil and gas companies.
Design/methodology/approach
The authors examine the world’s 100 largest listed oil and gas companies at and around the beginning of the military conflict between Russia and Ukraine using an event study methodology.
Findings
The authors observe a positive and statistically significant stock price reaction at and around the military conflict. These results are consistent with the asset pricing perspective. Conversely, the stock market returns of Russian oil and gas companies, as well as those companies that were “forced” to divest in Russia due to corporate activism, exhibit a negative and statistically significant impact from the conflict. These reactions are reinforced or mitigated by company-specific characteristics such as size, profitability and institutional ownership. Finally, the findings indicate that companies engaged in oil and gas exploration and production report abnormally higher returns compared to firms in the other two subsectors of the industry.
Originality/value
The effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature.
期刊介绍：
The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.
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