The role of ESG in the decision to stay or leave the market of an invading country: The case of Russia
研究了俄乌冲突期间企业是否留在俄罗斯市场的决策，发现ESG评分越低越可能维持运营，而高评分企业在完全退出后股市负面反应较小。
We study firms’ decisions to stay or leave the Russian market amid the invasion of Ukraine. Lower ESG scores increase the likelihood of keeping the Russian operations unchanged. Higher scores lead to less negative stock market reactions following complete exits.