演講者簡介 : Professor Briana Chang received her Ph.D. in Economics from Northwestern University in 2012. She is currently an Associate Professor of Finance at the Hong Kong University of Science and Technology. Her research interests are Financial intermediation and Decentralized Markets.
演講摘要 : We develop a general equilibrium model to address the debate on whether exit or engagement by values-driven stakeholders is more effective in mitigating firm harm. Firm and stakeholders from relationships, trading off production complementarities and mitigation costs. Using a novel characterization of the matching equilibrium, we show how a values shock leads stakeholders to either optimally break (exit) or maintain prior relationships (engage). Treated high-productivity stakeholders choose exit, reallocating towards firms that already mitigate, whereas low-productivity stakeholder choose engagement. While exit has limited direct effect compared to engagement, it induces equilibrium reallocation by lower-productivity stakeholders unaffected the shock, which in turn incentivizes new firms to mitigate. A calibration suggests that the aggregate impact of exit has been understated relative to engagement, once spillovers are accounted for.
