Exit vs. Voice

We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in promoting socially desirable outcomes in companies. We show that in a competitive world exit is less effective than voice in pushing firms to act in a socially responsible manner. Furthermore, we demonstrate that individual incentives to join an exit strategy are not necessarily aligned with social incentives, whereas they are when well-diversified investors are allowed to express their voice. We discuss what social and legal considerations might sometimes make exit preferable to voice

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Year of publication:	2020
Authors:	Broccardo, Eleonora
Other Persons:	Hart, Oliver D. (contributor) ; Zingales, Luigi (contributor)
Publisher:	[2020]: [S.l.] : SSRN
Subject:	Corporate Social Responsibility \| Corporate social responsibility \| Desinvestition \| Disinvestment \| Protestbewegung \| Protest movement

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