Private politics are often introduced by market participants in the absence of public regulation. But when is private … politics enough, efficient, or better than administratively costly public regulation? We present a novel framework in which we … can study the interaction between regulation, self-regulation by the firm, and boycotts by the activists in a dynamic game …

should be evaluated relatively using extra-financial ratings. In summary, our findings advocate for a unified regulation …

requiring a higher CSR level by regulation while preserving competition always gives higher within-market welfare. …