A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
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Topic
CEO Political Leanings and Store‐level Economic Activity During the Covid‐19 Crisis: Effects on Shareholder Value and Public Health
Resource type
Authors/contributors
- Bizjak, John M. (Author)
- Kalpathy, Swaminathan L. (Author)
- Mihov, Vassil T. (Author)
- Ren, Jue (Author)
Title
CEO Political Leanings and Store‐level Economic Activity During the Covid‐19 Crisis: Effects on Shareholder Value and Public Health
Abstract
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.
Publication
The Journal of Finance
Volume
77
Issue
5
Pages
2949-2986
Date
2022
Citation
Bizjak, J. M., Kalpathy, S. L., Mihov, V. T., & Ren, J. (2022). CEO Political Leanings and Store‐level Economic Activity During the Covid‐19 Crisis: Effects on Shareholder Value and Public Health. The Journal of Finance, 77, 2949–2986.
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