Mercs have a 'confidence' rating and I think it's checked each tick. If they decide you're doomed they'll simply start running in a random direction (they lose aggro on all mobs during this so they can't bring a train). More expensive mercs have high confidence. Also, mercs are supposed to take account of CC so if you mezzed 3 mobs they won't consider that as part of the danger.
I don't have much experience on the low end, but J4/J5 mercs are awfully confident and will fight through situation no sane person should believe they've a chance to survive.
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