Capital Market Reaction to the Announcement of the Russian Invasion to Ukraine (Case Study on Energy Industry Companies in ASEAN)
Journal: International Journal of Business and Applied Economics
Year: 2023

This study aims to determine and test the reaction of the capital market to geopolitical events. The invasion was carried out by Russia into Ukraine on 24 February 2022. The variables tested were abnormal returns before and after the events in energy industry companies in ASEAN. This study uses a different test (paired sample Wilcoxon signed ranked test) to determine the movement of the average abnormal return 11 days before and after the invasion occurred on 24 February 2022. The results obtain