Self Regulation vs. Governmental Regulation

Do you believe self regulation is more or less effective than governmental regulatory agencies? Why?

In terms of self regulation, I really think that it depends on the circumstance. Matters that involve legality and strict laws that help keep things safe, especially for the general public, should be both self regulated by organizations and by the government. However, there will always be loopholes for organizations to exploit within government regulation. Self regulation is at the discretion of the company itself, and is therefore more accurate. Yet of course, there will always be a need for governments to regulate things, in order to keep things just.