Many of a business’ stakeholders—its customers, employees, and shareholders, for instance—may advocate for it to make decisions with something other than the profit motive in mind. But does this include decisions in response to geopolitics? And how would the cost of cutting ties with a company whose actions they disapproved of affect the choices of these various stakeholders?

Chicago Booth’s Luigi Zingales, Harvard’s Oliver Hart, and MIT’s David Thesmar explored people’s willingness to demand “private sanctions” during the early months of the Russian invasion of Ukraine, when many Western-based international companies felt pressure to leave Russia.

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