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COVID-19 Pandemic: Impact of Lockdown on Firm-Level Returns in India

In: Financial Transformations Beyond the COVID-19 Health Crisis

Author

Listed:
  • Nidhi Kaicker
  • Radhika Aggarwal
  • Raghav Gaiha

Abstract

The present study is an important contribution to the sparse literature on the relationship between COVID-19 and stock market returns in India. It relies on a rigorous time-series analysis using firm-level data on a sample of 779 companies in India during the period March 13, 2020, till September 30, 2020. A panel data model is used to assess the impact of the COVID-19 pandemic on firm-level returns. The sectoral analysis provides empirical evidence on the sectors that have been worst and/or least affected as well as the degree of impact. The study also assesses the changing relationship between the pandemic and firm-level returns during the various lockdowns announced by the government of India. Some reflections are also offered on the post-pandemic scenario and policy measures that aid revival, drawing upon a few influential studies.

Suggested Citation

  • Nidhi Kaicker & Radhika Aggarwal & Raghav Gaiha, 2022. "COVID-19 Pandemic: Impact of Lockdown on Firm-Level Returns in India," World Scientific Book Chapters, in: Sabri Boubaker & Duc Khuong Nguyen (ed.), Financial Transformations Beyond the COVID-19 Health Crisis, chapter 20, pages 583-613, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800610781_0020
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    Keywords

    COVID19; Pandemic; Pandemic Outbreak; Health Crisis; Economics; Macroeconomics; Finance; Sustainable Finance; Financial Crisis; Financial Integration; Economic Integration; Global Financial Crisis; Financial Institutions; Corporate Finance; Corporate Governance; Board of Directors; ESG; Corporate Social Responsibility; Sustainable Finance; Stock Markets; Financial Markets; Stock Market Behaviour; Firm Liquidity; Emerging Markets; China; Financial Institutions; Money; Banks; Banking System; Banking Sector; Business Groups; Resilience; Safe Heaven; Gold; Oil; Peer-to-Peer Lending Market; Foreign Trading; Stock Market Volatility; Extreme Events;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G3 - Financial Economics - - Corporate Finance and Governance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation

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