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.

中文翻译：

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退出与语音

我们研究了退出（撤资和抵制）和发言（参与）策略在公司产生外部性并且一些代理人关心其决策的社会影响的世界中的相对有效性。我们表明，如果大多数投资者对社会负责，即使是轻微的社会责任，声音也能实现社会最优结果。相比之下，除非每个人都对社会负有重大责任，否则退出不会。如果大多数投资者纯粹是自私的，退出是一种更有效的策略，但通常这两种策略都不能达到最佳效果。我们还表明，退出有时会降低社会福利。