Table 2.
Summary of the literature review.
| Author (s) | Study area | Methodology |
|---|---|---|
| Golubeva [7] | Effect of the pandemic on three levels such as overall firm level, financial aspect and country level | Statistical analysis |
| Rao et al. [47] | Performance assessment of NIFTY 50 (India) stocks and 10 sectoral indices based on daily data vis-à-vis COVID-19 reported cases and deaths (Period: March 2020 to November 2020) | Panel regression |
| Mazur et al. [48] | Stock price volatility and revenue shock for S&P 500 stocks | Event study |
| Kumar and Kumara [49] | Performance of NIFTY 50 (India) before and after the pandemic (Period: January, April & June 2020) | Descriptive analysis and time series modeling |
| Sun et al. [50] | Investigation on investors’ sentiments and stock market reaction in terms of price movement and volatility in Chinese market (Period: 25th July 2019 to 31st March 2020) | Event study and panel regression |
| Agustin [51] | Performance of the Islamic stocks listed under the Indonesia Stock Exchange using daily stock prices (period: December 2019 to November 2020) | Panel regression |
| Bing [52] | Relationship between the retail investor’s behavior and their ability to forecast the market during the COVID-19 in Chinese stock market (Period: January 2019 to March 2020) | Bivariate Vector Auto Regression Model |
| Kusumahadi and Permana [53] | The impact of COVID-19 on the volatility of stock returns of 15 countries using daily data from January 2019 to June 2020 | Generalised Autoregressive Conditional Heteroskedasticity Regression |
| Yong et al. [54] | Analyze the stock volatility and performance before and during the COVID-19 pandemic using the daily closing prices of indices for FTSE Malaysia KLCI Index and FTSE Straits Time Index. (period: July 2019 to August 2020 ) | Time series analysis using GARCH models |
| Lee et al. [55] | The relationship between the COVID-19 outbreak, macroeconomic variables (exchange rate, interest rate, market returns), and hospitality industry returns in China (Period: January 13, 2020, to May 11, 2020) | SVAR framework |
| Bora and Basistha [56] | The impact of COVID-19 on volatility and returns earned at the daily stock prices listed on Nifty 50 and Sensex in India (Period: pre-COVID phase: September 3, 2019, to January 29, 2020 and COVID phase: January 30, 2020, to July 7, 2020) | Generalised Auto Regression Conditional Heteroscedasticity Model |
| Verma et al. [57] | Short-the term impact of the pandemic on NIFTY 50 in India using constant return, market, and adjusted market models | Event study |
| Mittal and Sharma [58] | Impact of COVID-19 on Indian Healthcare and Pharma stock returns using daily closing price of the stocks listed on BSE, India (Period: May 15, 2019 – to April 24, 2020). | Event study |
| Utomo and Hanggraeni [59] | impact of COVID-19 spread, mortalities, and the lockdown policies on the stock returns of 272 firms listed on the Indonesian Stock Exchange (March 2, 2020 to November 27, 2020) | Fixed Effects Panel Data Regression |
| Herwany et al. [60] | Impact of COVID-19 on different sectors and market returns of the Indonesian Stock Exchange (phase 1: January 20, 2020, to February 28, 2020; phase 2: March 3, 2020, to April 15, 2020) | Event Study Method and OLS Regression |
| Verma et al. [61] | Various economic variables like- GDP, Stock Performance, Crude Oil, Gold, Silver, Natural Gas, and 20 years of Treasury Bills of the top 10 economies | Statistical and time series analysis |
| Ren et al. [62] | Chinese stock market performance | Difference-in-difference model |
| Rahman et al. [63] | Stock market response to the COVID-19 in four South Asian Countries, Bangladesh, India, Pakistan, and Sri Lanka. | Dumitrescu and Hurlin panel Granger non-causality test and pairwise Granger Causality test |
| Behera et al. [64] | Impact of immunization on the mortality rate and the performance of the Indian stock market (February 2021 to July 2021). | Exploratory Data Analysis |
| Naik et al. [65] | Trading behavior of Institutional Investors, both foreign and domestic affects the market volatility (Indian Equity and Debt market) from January 2020 to July 2020 | EGARCH model |
| Scherf et al. [66] | Effect of the news of national lockdown restriction on stock exchange | Event study |
| Shen et al. [67] | Forecasting of financial performance of selected Chinese companies across the sectors and discern the firm level impact. | difference-in-difference approach |
| Hu and Zhang [68] | Effect of COVID-19 on overall firm performance such as return on assets in near and mid-term. | Statistical analysis |
| Chu et al. [69] | Analysis of resilience of firm performance and sustain return across the geographical areas | Statistical analysis |
| Størdal et al. [70] | Performance of the forest product companies during the early phases of the pandemic. | Event study |
| Clampit et al. [71] | Comparative analysis of sales growth of 128 US manufacturing firms considering both pre and post COVID-19 phases. | Ordinary least squares (OLS) regression approach |