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Hospitality Firms’ Social Engagements and Corporate Reactions to the Invasion of Ukraine

Cédric Poretti et al.

Cornell Hospitality Quarterly2026https://doi.org/10.1177/19389655261427390article
AJG 2ABDC A
Weight
0.50

Abstract

The literature indicates that firms with strong environmental, social, and governance (ESG) policies often have lower downside risk and enhanced resilience amid turbulence. This research note examines the association of one of hospitality firms’ ESG engagements, namely social ones, with companies’ reactions to the invasion of Ukraine by Russian troops and how stock markets reacted to such actions. Using a sample of 70 hotel and restaurant firms and classifying their anti-war actions based on their intensity, the results indicate that hospitality firms’ social engagement levels were not associated with their propensity to react. However, the effect of a firm’s anti-war actions on 2-month buy-and-hold abnormal returns following the invasion improved as the firm’s social engagement increased, indicating the markets’ positive evaluation of such firms regarding their anti-war actions.

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https://doi.org/https://doi.org/10.1177/19389655261427390

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@article{cédric2026,
  title        = {{Hospitality Firms’ Social Engagements and Corporate Reactions to the Invasion of Ukraine}},
  author       = {Cédric Poretti et al.},
  journal      = {Cornell Hospitality Quarterly},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1177/19389655261427390},
}

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Hospitality Firms’ Social Engagements and Corporate Reactions to the Invasion of Ukraine

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.