DOING GOOD OR DOING BUSINESS? Surviving and Thriving after Crises
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2025-07-07
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en
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Geopolitical crises like the Russia-Ukraine war reshape the global landscape, leading firms to face
heightened stakeholder pressure and complex strategic choices. This study examines the effect of
Corporate Political Activity (CPA) and Corporate Social Responsibility (CSR) on strategic decisions
of S&P 500 firms during the Russia-Ukraine war, focusing on decisions to dig in, buy time, scale
back, suspend or withdraw from Russia. Using a sample of 251 S&P 500 firms from 2022, the
analysis found that firms engaging in CPA and CSR are more likely to adopt intermediate strategies,
like suspending or scaling back operations, rather than fully exiting or maintaining business as usual.
Firm size moderates these relationships, suggesting that larger firms that engage in CPA and CSR are
more likely to maintain operations in Russia. These findings advance stakeholder theory and nonmarket
strategy literature by showing how firms use CSR and CPA to balance stakeholder demands
and maintain flexibility during crises
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Faculteit der Managementwetenschappen