Corporate Decision-Making in Geopolitical Crises: The Role of ESG Policies During the Russia-Ukraine Conflict
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Date
2023
Department
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Mcode
Degree programme
Rahoitus
Language
en
Pages
25
Series
Abstract
I analyze the impact of Environmental, Social, and Governance (ESG) policies on multinational companies’ decision-making during the Russia-Ukraine conflict and the following stock market reactions. I present evidence that higher ESG scores significantly influence firms to discontinue operations in Russia, whereas Human Rights Scores do not. I also show that complete withdrawals from Russia experience a favorable market reaction, though these reactions are moderated for firms with higher ESG and Human Rights Scores.Description
Thesis advisor
Kokkonen, JoniKeywords
ESG, stock market reaction, geopolitical crisis, Russia, Ukraine