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This study examines the impact of the Russia–Ukraine war on the constituent firms of the leading stock market indices of the G7 countries to provide insights into the vulnerability of firms to war events.

This study employs the event study method on a sample of 531 firms covering the period from 02 March 2021 to 08 March 2022 and conducts a cross-sectional analysis of cumulative abnormal returns and country- and firm-specific variables.

Risk exposure and trade dependence trigger invasion-generated negative abnormal returns. The authors demonstrate that stock prices are fragile to geopolitical risks and trade dependence. Consistent with previous literature, the authors find evidence of a size anomaly and high risk associated with a higher book-to-market ratio.

This study has implications for policymakers identifying the firm-specific variables driving event-induced returns. While providing insights into the geographical diversification of funds, this study shows the heterogeneous characteristics of firms operating in these countries.

Previous studies on the Russia–Ukraine war have been limited to analyzing the behavior of leading stock market indices without examining firm-level variations triggered by the war. This study fills this gap and contributes to the growing literature on the Russia–Ukraine crisis in two ways: first, it provides firm-level evidence from the G7 countries in addition to how global stock market indices have reacted to the invasion and second, it uses cross-sectional analysis to provide evidence of the characteristics that make firms resilient to wars.

1. We are the first to report firm-level evidence of the Russia–Ukraine war effects

2. Firms in France and the United States are unaffected

3. Stock prices are fragile to geopolitical risks and considerable dependence on trade

4. Higher book-to-market exposes the firms to the risk of exogenous shocks

5. Smaller firms outperform large firms in the G7 stock markets

We are the first to report firm-level evidence of the Russia–Ukraine war effects

Firms in France and the United States are unaffected

Stock prices are fragile to geopolitical risks and considerable dependence on trade

Higher book-to-market exposes the firms to the risk of exogenous shocks

Smaller firms outperform large firms in the G7 stock markets

The aim of our study is to explore the nexus between the gender composition of board and firm financial performance. We use the data of 114 listed banks from 10 Asian emerging economies. Data were extracted from the DataStream for the year 2012–2021. We apply fixed effect model to analyze the data. In addition, we use generalized method of moments (GMM) to verify our main findings. We find that both proxies of board gender composition which are the proportion of female board members and the percentage of female executives on the board have a significant impact on banks' financial performance. Findings suggest that female representation on board provides more insights of monitoring and optimal advisory capabilities and, therefore, gender-diversified board enhances firm performance. Females are more active in business matters and take more interests to fulfill their responsibilities. The results of our study provide useful signals for corporate and regulatory policymakers. Board gender disparities between enterprises should be better understood by all stakeholders to have the optimal combination of board members that ultimately lead to better performance of the firm.