How Can a Firm Suppress Shareholders’ Punitive Reaction to Its Disengagement from a Geopolitically Uncertain Market?
研究企业宣布退出地缘政治不确定市场（如俄乌冲突后退出俄罗斯）时，如何通过公告措辞（强调市场活动或社会责任）影响股东反应，发现市场导向措辞能缓解股东负面反应，但社会导向措辞和延迟宣布会削弱这一效果。
Heightened geopolitical tensions have increased firms’ uncertainty about some geographical markets; in response, firms may announce their disengagement from these markets. Such announcements may lower the firm's future revenue and thus elicit negative reactions from shareholders. The authors theorize that managers can frame announcements to impress shareholders and suppress their punitive reactions. In the context of firms’ announcements of disengagement from Russia following its invasion of Ukraine, the authors show that an announcement's market emphasis (i.e., mentions of product-market activities and stakeholders) is positively related to the shareholders’ reaction. Further, the announcement's social emphasis (i.e., mentions of employees, environment, and community) and a delay in announcing the disengagement weakens the market emphasis's positive association with shareholder reactions. This research highlights that linguistic framing in disengagement announcements can shape shareholders’ reactions to such announcements.