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Stability of Financial Markets and Sustainability Post-COVID-19
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Stability of Financial Markets and Sustainability Post-COVID-19

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: closed (16 April 2024) | Viewed by 15903

Special Issue Editors

Dr. Mosab I. Tabash

E-Mail Website
Guest Editor
College of Business, Al Ain University, Al Ain P.O. Box 64141, United Arab Emirates
Interests: finance; Islamic finance; investment; tourism; environmental issues; corporate governance; financial performance; capital structure; SDGS; merges and acqusistions
Special Issues, Collections and Topics in MDPI journals
Dr. Krzysztof Drachal

E-Mail Website
Guest Editor
Faculty of Economic Sciences, University of Warsaw, ul. Długa 44/50, 00-241 Warszawa, Poland
Interests: oil price; bayesian forecasting; dynamic model averaging; forecasting oil price; predicting oil price; spot oil price; time-varying parameters; time-series forecasting; energy economics; finance; econometrics; model averaging
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

While investors often focus on daily headlines about the post-pandemic reopening and economic recovery, it is important to consider the long-term impact of COVID-19. The economic impact of the global spread of COVID-19 has heightened market risk aversion in ways that have not been witnessed since the global financial crisis. Stock markets have declined by over 30%; the implied volatilities of equities and oil have spiked to crisis levels; and credit spreads on non-investment grade debt have widened sharply as investors reduce risks (Iglesias & Rivera-Alonso, 2022; Khan et al., 2022; Kinateder et al., 2021). Research on the influence of the pandemic and finance reveals a relatively low number of investigations related to the stability of financial markets after the outbreak of the COVID-19 pandemic. The concept of financial stability is ambiguous and can be interpreted in many ways, as well as from different perspectives, including from the perspective of infrastructure, institutions, instruments, markets, regulations and financial results. The influence of financial stability can be viewed as the circumstance in which a financial system allows for the efficient transfer of savings into investments without disruptions. Stability can also be defined as the ability of a financial system to resist shocks without compromising the distribution of savings, investments, and payment processing (Jati et al., 2022; Kinateder et al., 2021). Many academics and executives emphasise digital transformation as one of the first defensive steps for assuring sustainability during all major disasters, which include disruptions in communication, supply, and delivery, as well as physical limitations (Shi & Zheng, 2022). Alternative investments, such as cryptocurrencies, are also becoming important area of research in finance (Jati et al., 2022).

This Special Issue will foster and promote state-of-the-art research on the post-COVID-19 stability of financial markets and sustainability, with a focus on the following topics:

  • Stock market stability;
  • Post-COVID-19 stock market performance;
  • Post-COVID-19 bond market performance;
  • Business resilience;
  • Crypto currency bubbles;
  • Digital market efficiency;
  • Global economic recovery stimulus;
  • Roadmap for the post-pandemic era;
  • Sustainable practices in business;
  • Corporate sustainability;
  • Corporate governance towards sustainability.

References

Kinateder, H., Campbell, R., & Choudhury, T. (2021). Safe haven in GFC versus COVID-19: 100 turbulent days in the financial markets. Finance research letters, 43, 101951.

Iglesias, E. M., & Rivera-Alonso, D. (2022). Brent and WTI oil prices volatility during major crises and Covid-19. Journal of Petroleum Science and Engineering, 211, 110182.

Khan, M. H., Ahmed, J., Mughal, M., & Khan, I. H. (2022). Oil price volatility and stock returns: Evidence from three oil‐price wars. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2588

Shi, H., & Zheng, H. (2022). Spillover connection between oil prices, energy risk exposure, and financial stability: implications for the COVID-19 pandemic. Environmental Science and Pollution Research, 1-15.

Jati, W., Rachmawaty, R., Holiawati, H., & Syatoto, I. (2022). Correlation of Financial Innovation, Stock Market, Cryptocurrency on Economic Growth. Economics Development Analysis Journal, 11(3), 329-338.

Dr. Mosab I. Tabash
Dr. Krzysztof Drachal
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • post-pandemic strategies
  • stable financial market
  • corporate governance
  • sustainability
  • digital transformation
  • crypto currencies
  • resilience

Published Papers (5 papers)

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Research

24 pages, 339 KiB  
Article
Pandemics and Stock Price Volatility: A Sectoral Analysis
by Niraj Prasad Koirala and Linus Nyiwul
J. Risk Financial Manag. 2023, 16(11), 467; https://doi.org/10.3390/jrfm16110467 - 28 Oct 2023
Viewed by 1274
Abstract
In this paper, we assess the impacts of the five most recent pandemics on the volatility of stock prices across forty-nine sectors of the economy in the United States. These five most recent pandemics are the 1957–1958 Asian flu, the 1977 Russian flu, [...] Read more.
In this paper, we assess the impacts of the five most recent pandemics on the volatility of stock prices across forty-nine sectors of the economy in the United States. These five most recent pandemics are the 1957–1958 Asian flu, the 1977 Russian flu, SARS-CoV-1, swine flu and COVID-19. Applying the GJR-GARCH model, we find that pandemics other than COVID-19 have heterogeneous impacts on the volatility of stock returns. The results of our analysis indicate that COVID-19 has increased the volatility of stock returns in all sectors. Similarly, stocks in more than seventy percent of sectors in our study declined during the ongoing pandemic, perhaps reflecting the severity of the pandemic. In addition, our results on sectors such as healthcare and natural gas diverge from other literature. The mixed results on SARS-CoV-1 are partially explained by the fact it emerged at a time when stock valuations were particularly pessimistic. In the case of Russian flu, it was relatively short-lived and limited in spread relative to other pandemics in our study. Full article
(This article belongs to the Special Issue Stability of Financial Markets and Sustainability Post-COVID-19)
18 pages, 720 KiB  
Article
Investigating the Nexus between Corporate Governance and Firm Performance in India: Evidence from COVID-19
by Mohd Anas, Ishfaq Gulzar, Mosab I. Tabash, Gayas Ahmad, Wasi Yazdani and Md. Firoz Alam
J. Risk Financial Manag. 2023, 16(7), 307; https://doi.org/10.3390/jrfm16070307 - 25 Jun 2023
Viewed by 1927
Abstract
The COVID-19 pandemic has had a dreadful influence on both economic activities and human life, in view of which management has to play a strategic role to focus on effective board leadership in order to optimize firm performance. The present study analyses the [...] Read more.
The COVID-19 pandemic has had a dreadful influence on both economic activities and human life, in view of which management has to play a strategic role to focus on effective board leadership in order to optimize firm performance. The present study analyses the role of corporate governance practices in determining firm performance during the pandemic. A total of 151 non-financial companies from 11 diversified industries representing the NIFTY200 index for two years, 2019–2020 (pre-COVID-19) and 2020–2021 (duringCOVID-19), were selected. Paired sample t-tests, panel data regression, and one-way ANOVA were used for the analysis. The findings confirm that there is a significant difference between some corporate governance practices (board size, board independence, board’s female proportion, board attendance, and audit committee size) as well as financial performance (Tobin’s Q) before and during the COVID-19 period. The regression results of the full sample show that only board busyness has a positive and significant impact on ROA and Tobin’s Q. However, after splitting the sample year-wise, board size and audit committee meetings positively affected ROA during COVID-19. On the other hand, board independence had a negative influence. Female directors and audit committee meetings positively affected ROA in the pre-COVID-19 period, while board busyness had a negative influence. The results of one-way ANOVA show a substantial difference in the financial performance among industries. Full article
(This article belongs to the Special Issue Stability of Financial Markets and Sustainability Post-COVID-19)
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20 pages, 307 KiB  
Article
Impact of Financial Technology on Improvement of Banks’ Financial Performance
by Hafez Baker, Thair A. Kaddumi, Mahmoud Daoud Nassar and Riham Suleiman Muqattash
J. Risk Financial Manag. 2023, 16(4), 230; https://doi.org/10.3390/jrfm16040230 - 05 Apr 2023
Cited by 4 | Viewed by 7469
Abstract
This study investigates the main financial technologies adopted by banks to improve their financial performance. The study population consists of commercial banks listed on the Amman Stock Exchange and Abu Dhabi Securities Exchange, and includes financial information and data from 2012 to 2020. [...] Read more.
This study investigates the main financial technologies adopted by banks to improve their financial performance. The study population consists of commercial banks listed on the Amman Stock Exchange and Abu Dhabi Securities Exchange, and includes financial information and data from 2012 to 2020. A total of 115 questionnaires, consisting of five questionnaires for each bank, were distributed to the study population in Jordan and the United Arab Emirates. The dependent variable is financial performance, while the independent variable is financial technology (FinTech). Multiple linear regression analysis was conducted to test the hypotheses. The results showed that FinTech has a positive effect on both total deposit and net profits. This study recommends that banks be encouraged to adopt inclusive strategies to attain sustainable development. Full article
(This article belongs to the Special Issue Stability of Financial Markets and Sustainability Post-COVID-19)
16 pages, 496 KiB  
Article
The Impact of ICT on the Profitability of Indian Banks: The Moderating Role of NPA
by Swapnilsingh Thakur, Shailesh Rastogi, Neha Parashar, Pracheta Tejasmayee and Jyoti Mehndiratta Kappal
J. Risk Financial Manag. 2023, 16(4), 211; https://doi.org/10.3390/jrfm16040211 - 24 Mar 2023
Cited by 2 | Viewed by 2642
Abstract
The role of Information and Communications Technology (ICT) cannot be ignored in today’s era of working. Its effects are studied in several sectors by various researchers. This study covers the impact of ICT on the profitability of banks. Thirty-three banks are operating in [...] Read more.
The role of Information and Communications Technology (ICT) cannot be ignored in today’s era of working. Its effects are studied in several sectors by various researchers. This study covers the impact of ICT on the profitability of banks. Thirty-three banks are operating in India. A sample period of 10 years (2010 to 2019) was studied. The study also provides insight into how ICT helps the banks’ profitability during and post-COVID-19. A panel data analysis is performed to estimate the results. This study found that ICT adversely impacts banks’ profitability (NIM) in India in a linear association. However, the quadratic association indicates a positive U-curved relationship between ICT and profitability. In addition, the Net of Non-Performing Assets significantly but negatively impacts the connectivity of ICT and profitability. The findings imply that banks should invest in ICT to maximize the long run. The findings have no significant implication on all stakeholders, including policymakers, shareholders, and managers, to consider implementing ICT tools as an essential factor in enhancing a bank’s profitability in the long run. In addition, the level of otherwise lowered investments in ICT cannot be a fruitful step. The current study augments the existing literature on banking by providing novel evidence on the association of ICT with profitability under the influence of NPA. This study argues for the application of ICT in banks in order to increase their profitability. ICT helps the bank maintain transparency, accountability, and even the reach of financial services increases. This situation again leads to the enhancement of the country’s economy. Full article
(This article belongs to the Special Issue Stability of Financial Markets and Sustainability Post-COVID-19)
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19 pages, 2407 KiB  
Article
Dynamic Conditional Correlation and Volatility Spillover between Conventional and Islamic Stock Markets: Evidence from Developed and Emerging Countries
by Mohammad Sahabuddin, Md. Aminul Islam, Mosab I. Tabash, Md. Kausar Alam, Linda Nalini Daniel and Imad Ibraheem Mostafa
J. Risk Financial Manag. 2023, 16(2), 111; https://doi.org/10.3390/jrfm16020111 - 10 Feb 2023
Cited by 2 | Viewed by 1744
Abstract
This study aims to investigate the dynamic conditional correlation and volatility spillover between the conventional and Islamic stock markets in developed and emerging countries in order to develop better portfolio and asset allocation strategies. We used both multivariate GARCH (MGARCH) and multi-scales-based maximal [...] Read more.
This study aims to investigate the dynamic conditional correlation and volatility spillover between the conventional and Islamic stock markets in developed and emerging countries in order to develop better portfolio and asset allocation strategies. We used both multivariate GARCH (MGARCH) and multi-scales-based maximal overlap discrete wavelet transform (MODWT) approaches to investigate dynamic conditional correlation and volatility spillover between conventional and Islamic stock markets in developed and emerging countries. The results show that conventional and Islamic markets move together in the long run for a specific time horizon and present time-varying volatility and dynamic conditional correlation, while volatility movement changes due to financial catastrophes and market conditions. Further, the findings point out that Chinese conventional and Islamic stock indexes showed higher volatility, whereas Malaysian conventional and Islamic stock indexes showed comparatively lower volatility during the global financial crisis. This study provides fresh insights and practical implications for risk management, asset allocation, and portfolio diversification strategies that evaluate stock market reactions to the crisis in the international avenues of finance literature. Full article
(This article belongs to the Special Issue Stability of Financial Markets and Sustainability Post-COVID-19)
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