Background: In 2022, Russia invaded Ukraine and put the world into a state of geopolitical crisis, leading to severe negative spillover effects on the global economy. Corporations were compelled to respond to the geopolitical crisis, while some were indirectly exposed to the war and others directly affected, all corporations had to decide on their strategic actions. Thus, questions arise how and why corporations acted as they did.

Purpose: The purpose of this study is to explore how corporations react to a geopolitical crisis, and further explain how they make their strategic decisions. The study adopts a contingency perspective to identify the fundamental basis upon which strategic decisions were made. Additionally, the study tests whether stakeholders’ influences can explain the corporations’ decisions.

Method: This study employs a quantitative methodology with a deductive approach in an exploratory and positivistic paradigm. This is done to examine the relationship between corporations’ exposure to Russia, stakeholders’ influences, and strategic decisions regarding the Russia-Ukraine war. Data were gathered from annual reports and various databases, and analyzed using Spearman correlation matrix and linear regression models.

Conclusion: The findings show that corporations act differently depending on their contingencies in reaction to a geopolitical crisis. Furthermore, stakeholders influence the strategic decisions in corporations indirectly affected by the geopolitical crisis, however, their influence is diminished in corporations directly impacted. While some stakeholder influences were found on the strategic decisions made by the most severely impacted corporations, other factors seem to ultimately determine the strategic decisions in the directly impacted corporations.