Analisis Dampak Covid-19 pada Pasar Saham di Negara Berkembang : Peran Moderasi Budaya Nasional

Deskripsi

This paper investigates the effect of daily growth of confirmed cases of Covid-19 on stock market returns with the moderating role of national culture (Uncertainty Avoidance, Individualism, Collectivism, and Long-term Orientation/Future Orientation). The sample includes 22 emerging countries in the world, for the period from the first day of confirmed cases of Covid-19 in that country until one year later (2020-2021). The test was carried out using the random-effect method. The results show that the daily growth of confirmed cases of Covid-19 has a negative and significant effect on stock market returns. The role of uncertainty avoidance is considered negative and significant, Collectivism is considered significant and positive, while individualism, Long-term Orientation/Future Orientation are considered insignificant to the relationship between the growth of daily confirmed cases of Covid-19 and stock market returns..Ada Tabel