CEU Electronic Theses and Dissertations, 2023
| Author | Naumov, Sviatoslav |
|---|---|
| Title | Exit The Russian Market. What Determines The Behavior Of Transnational Corporations? |
| Summary | Many transnational corporations decided to leave the Russian market after the beginning of the Russian full-scale invasion of Ukraine. This phenomenon is among the few cases of corporations’ mass political actions that are available for research. However, the reaction was not homogeneous, as some corporations were not ready to cut ties with Russia. This study seeks to find factors that determine such variability, empirically test several hypotheses, and identify factors that have a significant influence on withdrawal probability. I argue that ownership structure and the presence of institutional investors in it positively affect the likelihood of divestment. The methods used in the analysis include logistic regressions, OLS regressions, and Bayesian multi-level logistic regressions. The present research contributes to the literature by introducing institutional investors' ownership of a company as a key factor influencing leaving decisions. Moreover, it tests the influence of corporations’ revenue exposure in Russia, arriving at a surprising conclusion regarding the positive correlation between this variable and withdrawal. This fact contradicts pure shareholderism, supporting stakeholderism as a more trustworthy framework for analyzing corporate behavior. |
| Supervisor | Folsz Attila |
| Department | Political Science MA |
| Full text | https://www.etd.ceu.edu/2023/naumov_sviatoslav.pdf |
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