Corporate shutdowns in the time of Covid-19
研究了标普500企业在疫情初期关闭总部的决策因素，发现远程办公适应性、当地居家令和政治倾向是关键驱动，而财务灵活性和CEO特征影响不显著。
This study examines the factors driving corporate headquarters shutdown decisions among S&P 500 firms during the early months of the Covid-19 pandemic. Using mobile phone data to estimate shutdown timing, we find that financial flexibility and CEO characteristics, such as pay duration, overconfidence, power, age or gender, do not influence shutdown decisions. Instead, work-from-home adaptability, local shelter-in-place mandates, and political alignment emerge as critical drivers. Democratic-leaning firms, particularly those led by Democratic-leaning CEOs, shut down significantly earlier than their counterparts. These findings highlight the importance of political and regulatory dynamics in shaping corporate responses during crises.