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EXPRESS: How Can a Firm Suppress Shareholders’ Punitive Reaction to Its Disengagement from a Geopolitically Uncertain Market?
Journal of Marketing ( IF 11.5 ) Pub Date : 2025-05-30 , DOI: 10.1177/00222429251349386
Vivek Astvansh, Kamran Eshghi, Hesam Shahriari, Wei Shi
Journal of Marketing ( IF 11.5 ) Pub Date : 2025-05-30 , DOI: 10.1177/00222429251349386
Vivek Astvansh, Kamran Eshghi, Hesam Shahriari, Wei Shi
Increased geopolitical tensions have raised 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 managers can frame announcements to impress shareholders and suppress their punitive reactions. Specifically, 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.
中文翻译:
EXPRESS:公司如何抑制股东对其脱离地缘政治不确定市场的惩罚性反应?
地缘政治紧张局势加剧,增加了企业对某些地域市场的不确定性;作为回应,公司可能会宣布退出这些市场。此类公告可能会降低公司的未来收入,从而引起股东的负面反应。作者理论上,经理们可以制定公告来打动股东并抑制他们的惩罚性反应。具体来说,在公司宣布在俄罗斯入侵乌克兰后退出俄罗斯的背景下,作者表明公告的市场重点(即提及产品市场活动和利益相关者)与股东的反应呈正相关。此外,该公告的社会重点(即提及员工、环境和社区)和延迟宣布脱离接触削弱了市场重点与股东反应的正相关。本研究强调,离职公告中的语言框架可以影响股东对此类公告的反应。
更新日期:2025-05-30
中文翻译:

EXPRESS:公司如何抑制股东对其脱离地缘政治不确定市场的惩罚性反应?
地缘政治紧张局势加剧,增加了企业对某些地域市场的不确定性;作为回应,公司可能会宣布退出这些市场。此类公告可能会降低公司的未来收入,从而引起股东的负面反应。作者理论上,经理们可以制定公告来打动股东并抑制他们的惩罚性反应。具体来说,在公司宣布在俄罗斯入侵乌克兰后退出俄罗斯的背景下,作者表明公告的市场重点(即提及产品市场活动和利益相关者)与股东的反应呈正相关。此外,该公告的社会重点(即提及员工、环境和社区)和延迟宣布脱离接触削弱了市场重点与股东反应的正相关。本研究强调,离职公告中的语言框架可以影响股东对此类公告的反应。