Corporate activism during the 2022 Russian invasion of Ukraine

Mina Glambosky and Stanley Peterburgsky

Economics Letters, 2022, vol. 217, issue C

Abstract: We examine the market’s reaction to corporate activism in the context of the 2022 Russian invasion of Ukraine. We document a negative reaction to the announcement of divestment from Russia. The results are particularly pronounced for firms fully withdrawing from the country. However, evidence suggests that companies recover their initial losses over the following two weeks. We also find that corporate activists that act early (“leaders”) experience event-window stock price declines while those that act late (“followers”) do not.

Keywords: Corporate activism; Ukraine war; Ukraine invasion (search for similar items in EconPapers)
JEL-codes: G14 G30 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:217:y:2022:i:c:s0165176522002099

DOI: 10.1016/j.econlet.2022.110650

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