Response of Financial Markets to COVID-19 Pandemic: A Review of Literature on Stock Markets

Bayu Arie Fianto (Department of Islamic Economics, Faculty of Economic and Business, Universitas Airlangga, Surabaya,)
Masagus M. Ridhwan (Bank Indonesia Institute, Bank Indonesia, Jakarta,)
Syed Alamdar Ali Shah (Department of Islamic Economics, Faculty of Economic and Business, Universitas Airlangga, Surabaya,)
Muhammad Faris (Department of Neurosurgery, Faculty of Medicine, Universitas Airlangga, Surabaya,)
Rafiatul Adlin Hj Mohd Ruslan (Universiti Teknologi MARA, Puncak Alam, Selangor,)

Emerging Science Journal
Vol 7 (2023): Special Issue "COVID-19: Emerging Research"

The objective of this research is to consolidate the literature published on the COVID-19 crisis impact on global stock markets to gain managerial implications from the crisis. It performs a thematic bibliometric review of the literature published in Scopus-ranked journals since the beginning of the pandemic using FCWI, Piecharts, and VOSViewer. It identifies the most under-researched regions and eight emerging sub-themes. The research finds that the benchmark theme is market behavior during the COVID-19 crisis, whereas an emerging benchmark theme is the markets after the COVID-19 crisis. The holistic view of the literature supporting eight sub-themes suggests that the government's role is of utmost importance to handle the impact of the COVID-19 crisis, which should be industry-specific. It identifies that all eight sub-themes of the research are the future research directions in all and specifically in the South American, African, South East Asian, and Oceania regions till the crisis continues. Doi: 10.28991/ESJ-2023-SPER-03 Full Text: PDF