The ideological recipe: CEO politics as the secret ingredient in boosting restaurant market value through promotions
基于1990至2022年美国1061次餐厅促销活动数据，发现促销能提升餐厅市场价值，且由自由派CEO领导的餐厅增值更多，为理解CEO政治意识形态对企业财务表现的影响提供了新视角。
Based on upper echelons theory, the objective of this article is to analyze the influence of CEO political ideology on the effect of promotional activities on the market value of restaurants. Using a sample of 1061 promotional activities conducted by major U.S. restaurants between 1990 and 2022, the empirical application shows that not only do restaurants’ promotional activities result in an increase in their market value—contrary to the negative effects found in the literature—but those restaurants led by liberal CEOs (versus conservative CEOs) experience a greater increment in said market value. These results and the relationships among CEO’s political ideology, promotional actions, and market value bring about several theoretical implications, integrating theories from political psychology into financial market theories.