substitutability than it really has. This is so either because managers are biased and perceive the good in this way, or because firms …

responsibility (ECSR). We consider a mixed oligopoly under cross-ownership between the private firms and compare three cases of … find that private managers always undertake ECSR, whereas public managers do so when there is severe environmental damage …. We also find that the ECSR incentives for welfare-weighted public managers are always lower than for their profit …