This study investigated how consumers and company employees differ in their perceptions of boycotts based on the co-orientation model. Regarding the reasons of boycotts, consumers take both consumer damage cases and unethical conduct equally seriously, while company employees take consumer damage cases more seriously than unethical conduct. Consumer perceptions of the necessity for boycotts was higher than company employees, while employees were more aware of the negative impact of boycotts than consumers. Based on the co-orientation model, we examined how consumers and employees estimate differences in their perceptions of boycotts. The results showed that consumers and company employees are not accurately aware of each other’s perceptions. Lastly, logistic regressions were conducted to identify the factors affecting three types of participation: online opinion expression, personal non-purchasing, and persuading other people to join the boycotts. The results showed that male consumers are more likely to participate in online opinion expression; consumer perceptions of effectiveness of boycotts and the perceived severity of consumer damage increase the likelihood of participation in online opinion expression. Consumer perceptions of the necessity of boycotts and their opinion leadership increased the likelihood of non-purchasing. Finally, consumers with higher opinion leadership and female consumers were more likely to encourage others to take part in boycotts. In addition, consumers are more likely to persuade others to join the boycotts if they have stronger beliefs that companies will not seriously consider consumer problems.