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• W4224294355 startingPage "3101" @default.
• W4224294355 abstract "We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in a world where companies generate externalities and some agents care about the social impact of their decisions. We show that if the majority of investors are even slightly socially responsible, voice achieves the socially optimal outcome. In contrast, exit does not unless everybody is significantly socially responsible. If the majority of investors are purely selfish, exit is a more effective strategy, but neither strategy generally achieves the first best. We also show that exit can sometimes reduce social welfare." @default.
• W4224294355 created "2022-04-26" @default.
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• W4224294355 date "2022-12-01" @default.
• W4224294355 modified "2023-10-17" @default.
• W4224294355 title "Exit versus Voice" @default.
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• W4224294355 doi "https://doi.org/10.1086/720516" @default.
• W4224294355 hasPublicationYear "2022" @default.
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