主题：Exit, Voice, and Polarization
主讲人：Nicola Persico 美国西北大学
主持人：杨仁琨 暨南大学
时间：2026年6月25日（周四）上午10:00-11:30
地点：暨南大学石牌校区经济学院大楼（中惠楼）102室
摘要
This paper develops a theory of corporate ESG choice under investor polarization by comparing the governance effects of “exit” and “voice.” Building on Hirschman’s framework, the authors model investors who differ in their moral preferences over ESG policies and examine how these preferences shape corporate outcomes under alternative governance mechanisms. When governance operates through voice—either democratic voting or shareholder voting—equilibrium ESG policies reflect the preferences of the dominant investor group and therefore tend to be polarized or extreme. By contrast, when firms maximize stock value and respond primarily to investor exit, equilibrium ESG policies are moderate because firms must appeal simultaneously to investors with heterogeneous preferences. The model further shows that combining exit and voice through one-share-one-vote governance with endogenous ownership can generate multiple self-confirming equilibria, each associated with polarized outcomes. These results have important implications for debates over shareholder democracy and corporate governance.
主讲人简介
Nicola Persico 教授于1996年获美国西北大学经济学博士学位，现为西北大学凯洛格商学院John L. and Helen Kellogg讲席教授。曾任教于加州大学洛杉矶分校（1996-1997）、宾夕法尼亚大学（1997-2006）、纽约大学（2006-2011）。曾任RAND Journal of Economics主编（2020-2023）、Journal of Law, Economics, and Organization联合主编（2017-2020）、Theoretical Economics联合主编（2011-2015）、Econometrica副主编（2009-2011）、American Economic Review编委（2009-2011）、Journal of the European Economic Association副主编（2009-2011）、International Economic Review编委（2001-2006）。研究领域包括微观经济理论、法经济学、政治经济学与劳动经济学。论文发表于Econometrica, The American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, American Economic Journal: Microeconomics, The Economic Journal, Journal of the European Economic Association, Journal of Labor Economics, Games and Economic Behavior等期刊。
校对 | 杨仁琨
责编 | 彭毅
初审 | 李仲达
终审发布 | 何凌云
（来源：暨南大学经济学院微信公众号）
