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Faculty & Research

Exit vs. Voice - Luigi Zingales

19 Nov
2020
4:00 pm
Jouy-en-Josas
English

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2020-11-19T16:00:00 2020-11-19T16:00:00 Exit vs. Voice - Luigi Zingales Finance Speaker : Luigi Zingales Videoconference Jouy-en-Josas

Finance

Speaker : Luigi Zingales

Videoconference

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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2020-11-19T16:00:00 2020-11-19T16:00:00 Exit vs. Voice - Luigi Zingales Finance Speaker : Luigi Zingales Videoconference Jouy-en-Josas