Firm reaction to geopolitical crises: Evidence from the Russia‐Ukraine conflict
研究了标普500公司在俄乌冲突期间的公告，发现现金充裕的企业更可能宣布撤出或暂停在俄业务，且反应更快；现金也影响捐赠公告的速度，但投资者对这类公告反应负面。
Abstract This paper investigates corporate announcements related to the Russia‐Ukraine conflict of S&P 500 firms. We observe that firms withdrawing from Russia or suspending operations possess higher cash levels. Additionally, firms with more cash seem to announce withdrawals or suspensions more promptly. These findings suggest that cash levels are pivotal in how firms respond to geopolitical events. While cash does not seem influential when firms announce donations due to the conflict, it does affect the speed of such announcements. Social media also appears to play a significant role. Examining investor reactions to donation or withdrawal/suspension announcements, we report negative returns surrounding these announcements. Our paper underscores the critical role of cash reserves (i.e., financial flexibility) in shaping firm reactions to geopolitical events.