War risk, risk aversion motivations, and China's energy investment in Belt and Road countries: evidence from the Russia-Ukraine conflict

This study investigates the impact of the Russia-Ukraine conflict on Chinese enterprises' overseas energy investments, focusing on how geopolitical risks shape investment decisions. Using a Difference-in-Differences (DID) approach and data from 2014 to 2023, the research examines whether the conflict has driven Chinese firms to reallocate energy investments to mitigate disruptions to China's energy supply. The findings reveal a significant increase in China's energy investments in Belt and Road