We examine the share price reaction of 1281 firms with Russian operations when they announce their decision to leave or stay in the Russian market following the outbreak of the armed conflict between Russia and Ukraine on February 24, 2022. We observe positive stock returns to leave decisions (+0.67 % during the three days surrounding the announcement), but do not find any significant reaction for stay decisions. We provide evidence that leave decisions are announced earlier if the initial share price reaction to the outbreak of the armed conflict was more pronounced, indicating that investors may appreciate a clear commitment to exit the Russian market. The results do not indicate that firm decisions (leave or stay) are based on previous stock returns, but we find that firms with larger negative returns at the beginning of the conflict obtain more positive returns around the firms' decision announcements. Finally, we show that firms that change their initial decision are more likely to opt to leave the Russian market than to stay.

我们研究了 2022 年 2 月 24 日俄罗斯和乌克兰之间爆发武装冲突后，1281 家在俄罗斯开展业务的公司宣布决定离开或留在俄罗斯市场时的股价反应。我们观察到离开决定的股票回报率为正（在公告发布的三天内增加了 0.67%），但没有发现中止决定有任何重大反应。我们提供的证据表明，如果股价对武装冲突爆发的最初反应更加明显，脱欧决定就会提前宣布，这表明投资者可能会欣赏退出俄罗斯市场的明确承诺。结果并不表明公司决策（离开或留下）是基于之前的股票收益，但我们发现在冲突开始时负收益较大的公司在公司决策公告前后获得了更多的正收益。最后，我们表明，改变最初决定的公司更有可能选择离开俄罗斯市场，而不是留下来。