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DOES COVID-19 CHLLENGED THE VOLATILITY OF THE SUSTAINABLE STOCK MARKET? AN EXAMINATION OF ASIAN MARKET
DOES COVID-19 CHLLENGED THE VOLATILITY OF THE SUSTAINABLE STOCK MARKET? AN EXAMINATION OF ASIAN MARKET
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Date
2023
Authors
Susilo Nur Aji Cokro Darsono, Thang Le Dinh, Nguyen Trong Than, Tran Thai Ha Nguyen, Wing Keung Wong , Jenho Peter Ou.
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Research Projects
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Abstract
"The coronavirus outbreak at the end of 2019 hit many aspects of the financial sector, especially the
stock market. This research examines the impacts of the COVID-19 pandemic, exchange rates, gold
price, and the Brent oil price on the volatility of the Sustainable Stock Market in Asia. A quantitative
research method is applied using average monthly panel data from March 2020 to April 2022, covering
the COVID-19 pandemic period. We employ panel regressions and apply Feasible Generalized Least
Square (FGLS) in the analysis, which also serves as a robustness check. This study contributes to the
literature by examining the variables significantly impacting sustainable investing, particularly in the
sustainable stock market. Empirical results find that COVID-19, gold price and the exchange rate have
negatively affected sustainable stock market volatility, while the Brent oil price has a positive impact
on the volatility of the sustainable stock market. This study's recommendations infer that both
investors and managers should consider the increase of COVID-19 cases and frequency-varying
exchange rates to the USD on the Asian sustainable stock market volatility."
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Keywords
sustainable stock market,
COVID-19 pandemic,
Feasible Generalized Least Square (FGLS),
stock market lolatility,
Asian market