Over 750 Companies Have Curtailed Operations in Russia—But Some Remain

Since the invasion of Ukraine began, Professor Sonnenfeld and his team have been tracking the responses of over 1,000 companies, at here.  The website states that “over 600 companies have publicly announced they are voluntarily curtailing operations in Russia to some degree beyond the bare minimum legally required by international sanctions — but some companies have continued to operate in Russia undeterred.”  These corporate reactions seem to raise fundamental questions.  Are they in the best interest of stockholders?  If not, do they represent a stakeholder approach to a social issue?  If so, what caused the stampede, relative to other social issues?  Is it a function of politics?  The severity of the situation, insofar as it involves an actual war?  The immediacy of the situation, suggesting there is a long-term/short-term aspect to the issue?  Is it explainable and defensible, from a stakeholder interest or a shareholder primacy perspective, that some companies ceased business entirely, while others took more measured steps or no steps at all?