TÁC ĐỘNG CỦA SỰ BÙNG PHÁT COVID-19 ĐẾN LỢI NHUẬN VÀ THANH KHOẢN CỔ PHIẾU CỦA CÁC CÔNG TY PHI TÀI CHÍNH NIÊM YẾT TẠI VIỆT NAM IMPACT OF COVID-19 OUTBREAK ON STOCK'S RETURNS AND LIQUIDITY OF LISTED NON-FINANCIAL COMPANIES IN VIETNAM

IF 1.3 Q3 BUSINESS, FINANCE Journal of Accounting Auditing and Finance Pub Date : 2023-05-15 DOI:10.59006/vnfa-jaa.0420236

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Abstract

The purpose of this paper is to investigate the impact of COVID-19 outbreak on stock’s returns and liquidity of listed non-financial companies in Vietnam. The authors used panel data regression on a dataset of 647 listed non-financial companies in Vietnam from January 30th, 2020 to April 30th, 2022. The regression results show that the daily growth in the total number of confirmed cases caused by COVID-19 have significant negative effects on stock’s returns and liquidity across all companies. The study also found that the COVID-19 lockdown had a significant positive effect on the stock's returns and liquidity of companies. In addition, research results also show that stock’s returns and liquidity are different across market capitalization during the COVID-19 outbreak. From this result, the article has given some policy implications for the government and investors. Keywords: COVID-19, Daily stock returns, Stock’s liquidity. JEL Classification: E00, E19, E29

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COVID-19爆发对越南上市非金融公司利润和流动性的影响COVID-19爆发对越南上市非金融公司股票回报和流动性的影响

本文的目的是研究COVID-19疫情对越南上市非金融公司股票收益和流动性的影响。作者对2020年1月30日至2022年4月30日期间越南647家非金融上市公司的数据集进行了面板数据回归。回归结果显示，新冠肺炎确诊病例总数的每日增长对所有公司的股票收益和流动性都有显著的负向影响。该研究还发现，新冠肺炎封锁对股票回报和公司流动性产生了显着的积极影响。此外，研究结果还表明，新冠肺炎疫情期间，不同市值的股票收益和流动性存在差异。根据这一结果，本文对政府和投资者提出了一些政策启示。关键词:COVID-19，股票日收益，股票流动性JEL分类:E00, E19, E29

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来源期刊

Journal of Accounting Auditing and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

7.10%

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期刊介绍： The Journal of Accounting, Auditing, and Finance (JAAF) is committed to publishing high quality studies in accounting and related fields. Papers on accounting issues relating to developing in other fields such as finance, economics, and operations are also welcome. Empirical, analytical and experimental works of all varieties and paradigms, normative as well as positive, will be considered, provided they significantly contribute to the advancement of our knowledge in accounting. Manuscripts submitted should contain original unpublished research and should not be under consideration for possible publication elsewhere.