2025 年 55 巻 1 号 p. 85-104
The exact mechanisms by which the pandemic has affected stock markets have largely remained unexplored, especially in countries that have an effective COVID-19 strategy but lack strong corporate governance mechanisms. Using daily data of COVID-19 confirmed cases and stock market returns and trading volume turnover of 795 listed firms in Vietnam from January until November 2020, we documented that COVID-19 negatively impacts stock return and stock turnover. We also found that female executive directors exhibited some moderating effects on stock turnover. Other corporate governance attributes such as female CEO/chairman/board of directors/executive directors/supervisory board and different types of ownership have insignificant moderating effects on stock return. These results imply that although having an effective COVID-19 strategy, COVID-19 continues to affect the stock market. In addition, gender equality in Vietnam has improved, but the roles of women in firms should be enhanced to contribute better to the development of the stock market.
JEL Classification:G10, G14, G30, R11, R51
