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Inter-state war dynamics and investment: Insights from the Russia- Ukraine war

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  • Nowinska, Agnieszka
  • Roslyng Olesen, Thomas

Abstract

The Russia-Ukraine war beginning in February 2022 has led to renewed scholarly interest in how inter-state war affects managerial decisions. Focusing on the Russia-Ukraine case, we study how (1) perceived investment outlook and (2) an escalation in hostilities may impact the willingness of firms to continue investing in a country engaged in inter-state war. We find that firms are willing to continue investing—some regardless of the investment outlook and despite weak institutions--even as war escalates. We also find that willingness to continue investing is driven by a mix of profit-seeking behavior and altruistic motives. This study contributes to the literature on the drivers of corporate investment and how they are affected by the dynamics of inter-state war. Our findings can help managers make investment decisions that can benefit their firms and also benefit countries in times of war.

Suggested Citation

  • Nowinska, Agnieszka & Roslyng Olesen, Thomas, 2025. "Inter-state war dynamics and investment: Insights from the Russia- Ukraine war," Journal of Business Research, Elsevier, vol. 186(C).
    • Handle: RePEc:eee:jbrese:v:186:y:2025:i:c:s0148296324004156
    DOI: 10.1016/j.jbusres.2024.114911
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