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.

中文翻译：

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COVID-19 危机期间 CEO 的政治倾向和商店层面的经济活动：对股东价值和公共卫生的影响

在 COVID-19 大流行期间保持经济产出可以为公司股东带来好处，但会给公共卫生带来潜在成本。使用商店级别的数据，我们研究了 CEO 的政治倾向如何影响这种权衡。我们记录了与具有民主党倾向 CEO 的公司相比，具有共和党倾向 CEO 的公司的商店访问量相对增加。商店访问量的增加与更高的销售额和正的异常库存回报有关。但是，我们还记录了在商店流量较高的场所由倾向于共和党的 CEO 管理的社区中更高的 COVID-19 传播率和更多的员工安全投诉。