{"title":"股市对俄乌战争的反应:来自新兴市场的证据","authors":"E. Keleş","doi":"10.1080/10669868.2023.2210121","DOIUrl":null,"url":null,"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.","PeriodicalId":44266,"journal":{"name":"Journal of East-West Business","volume":"29 1","pages":"307 - 322"},"PeriodicalIF":1.2000,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Stock Market Response to the Russia-Ukraine War: Evidence from an Emerging Market\",\"authors\":\"E. Keleş\",\"doi\":\"10.1080/10669868.2023.2210121\",\"DOIUrl\":null,\"url\":null,\"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.\",\"PeriodicalId\":44266,\"journal\":{\"name\":\"Journal of East-West Business\",\"volume\":\"29 1\",\"pages\":\"307 - 322\"},\"PeriodicalIF\":1.2000,\"publicationDate\":\"2023-05-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of East-West Business\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/10669868.2023.2210121\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of East-West Business","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/10669868.2023.2210121","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS","Score":null,"Total":0}
Stock Market Response to the Russia-Ukraine War: Evidence from an Emerging Market
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.
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.
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