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

SSRN, ISSN: 1556-5068
2020
  • 23
    Citations
  • 6,180
    Usage
  • 11
    Captures
  • 1
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Citations
    23
    • Citation Indexes
      23
  • Usage
    6,180
    • Abstract Views
      5,129
    • Downloads
      1,051
  • Captures
    11
  • Mentions
    1
    • Blog Mentions
      1
      • Blog
        1
  • Ratings
    • Download Rank
      42,906

Article Description

Maintaining economic output during COVID-19 pandemic can result in benefits for a firm’s shareholders but comes at a potential cost to public health. Using novel retail store-level data, we examine how a CEO’s political leanings, measured by political donations, impacts this tradeoff. We document that firms with Republican-leaning CEOs experience a relative increase in store visits compared to firms with Democrat-leaning CEOs. The increase in store visits is associated with 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 Republican-leaning CEOs.

Bibliographic Details

John M. Bizjak; Swaminathan L. Kalpathy; Vassil T. Mihov; Jue Ren

Elsevier BV

Multidisciplinary; CEO; Coronavirus; COVID-19; Political Donations; Political Partisanship; SARS-CoV-2; Shareholder Value; Social Distancing

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