COVID-19危机期间首席执行官的政治倾向和门店级经济活动:对股东价值和公共卫生的影响

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE Journal of Finance Pub Date : 2022-08-09 DOI:10.1111/jofi.13173

JOHN M. BIZJAK, SWAMINATHAN L. KALPATHY, VASSIL T. MIHOV, JUE REN

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摘要

在2019冠状病毒病大流行期间保持经济产出会给公司股东带来好处，但会给公共卫生带来潜在成本。利用门店层面的数据，我们考察了CEO的政治倾向如何影响这种权衡。我们证明，与倾向民主党的CEO相比，倾向共和党的CEO的公司店铺访问量相对增加。商店访问量的增加与更高的销售额和积极的异常库存回报有关。然而，我们也记录了在由共和党倾向的首席执行官管理的店面客流量较大的社区中，更高的COVID-19传播率和更多的员工安全投诉。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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

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.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

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期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.

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