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This study examines the role of financial factors contributing to firms’ resilience during the Russia-Ukraine war. Event study results show a significant adverse reaction, which started before the official war announcement and grew over time. Further, cross-sectional analyses uncover that the negative effect is mitigated for larger and more profitable firms but amplified for high market-cap firms with high cash and debt-holding; both effects are more pronounced for non-financial companies. This study contributes by exploring Turkey as a unique emerging market setting due to its significant geopolitical position, strategic trade, and business partnership with the European Union and Russia.
Emrah Keleş (Wed,) studied this question.
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