This study examines the impact of CEO political support on the market valuation of Russell 3000 firms following the 2024 U.S. presidential election. Using event study methodology and federal donations data, we find that both the relative share and absolute amount of CEO donations to the Republican Party positively relate to abnormal stock returns post-election, while Democratic support results in significant penalties. Specifically, firms with Republican-leaning CEO experience 3.5 percentage points higher cumulative abnormal returns than firms with Democratic-leaning CEO five days after the election. Our findings suggest that investors anticipate economic benefits and risks for firms based on their CEOs’ political alignment with the Trump administration. By focusing on CEO donations and continuous measures of political support, this study provides novel insights into the financial implications of corporate political behavior, highlighting the importance of personal loyalty in a polarized environment.

中文翻译：

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首席执行官捐款如何推动股价：来自特朗普 2024 年大选的证据

本研究探讨了 CEO 的政治支持对 2024 年美国总统大选后罗素 3000 指数成分股公司市场估值的影响。使用事件研究方法和联邦捐款数据，我们发现 CEO 向共和党捐款的相对份额和绝对金额都与选举后的异常股票回报呈正相关，而民主党的支持会导致重大处罚。具体来说，在选举 5 天后，共和党倾向 CEO 的公司比 CEO 倾向的公司累积异常回报率高 3.5 个百分点。我们的研究结果表明，投资者根据其首席执行官与特朗普政府的政治一致性来预测企业的经济利益和风险。通过关注 CEO 捐款和持续的政治支持措施，本研究为公司政治行为的财务影响提供了新的见解，强调了个人忠诚度在两极分化环境中的重要性。