CEO Political Leanings and Store‐Level Economic Activity during the COVID‐19 Crisis: Effects on Shareholder Value and Public Health

Autor:	John M, Bizjak, Swaminathan L, Kalpathy, Vassil T, Mihov, Jue, Ren
Rok vydání:	2022
Předmět:	Economics and Econometrics Accounting Finance
Zdroj:	The Journal of Finance. 77:2949-2986
ISSN:	1540-6261 0022-1082
Popis:	Maintaining economic output during the COVID-19 pandemic results in benefits for firm shareholders but comes at a potential cost to public health. Using store-level data, we examine how a CEO's political leaning impacts this trade-off. We document that firms with a Republican-leaning CEO experience a relative increase in store visits compared to firms with a Democratic-leaning CEO. The increase in store visits is associated with higher sales and positive abnormal stock returns. However, we also document higher COVID-19 transmission rates and more employee safety complaints in communities where establishments with higher store traffic are managed by a Republican-leaning CEO.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::20f6e34a1e0af43972fcc8abb90e42ac https://doi.org/10.1111/jofi.13173 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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