A number of theories have been proposed to explain why firms hedge. Unfortunately, these theories are hard to test: While we might observe the hedges, it is hard to answer the question of “why” hedging occurs. Our paper addresses the “why” by directly questioning the managers that make...

Introduction -- Cold politics, hot economics -- Multinational firms and political crisis -- Exit : managing crisis by finding the door -- Voice : diplomacy from the private sector -- Loyalty without solidarity -- Conclusion -- Interview appendix -- Index.