How do the sectoral indices react to COVID-19? Evidence from an emerging economy

The study empirically examines the impact of the COVID-19 on different sectoral indices of the National Stock Exchange (India) using the event study method and a generalised autoregressive conditional heteroskedasticity (GARCH) model. We provide evidence of positive impacts on the auto, oil and gas, healthcare, and pharma sectors. While the bank, financial services, and private bank sectors are the most adversely impacted sectors, the PSU bank, media, and reality sectors are the least impacted, and the rest are moderately impacted sectors. The overall impact of COVID-19 was negative until the implementation of nationwide lockdowns and the announcement of stimulus packages. The GARCH results exhibit more substantial evidence for the negative impact of the pandemic on the FMCG, IT, metal, oil and gas, and PSU bank sectors. We also find a more favourable impact on FMCG, pharma, and healthcare sectors in India.

Do dividend announcements override the pandemic impacts? Evidence from the BSE 500 constituent firms

With a sample of 332 dividend announcements from January 2019 to December 2020, using the event study methodology with the market model, we provide evidence that the dividend announcements failed to influence the stock prices under the pandemic stress. Although the pre-pandemic period announcements significantly impacted the stock returns, the pandemic period dividend announcements failed to generate significant abnormal returns even for an increase in dividend over the previous year. The pre-pandemic period results are consistent with previous literature with significant returns for constant, increase, and decrease in dividends. During the pre-pandemic period, we also find the possibility of information leakage in the Indian stock market as the pre-announcement period is marked with positive significant abnormal returns while the post-announcement period seems to be profit booking. The industry-wise analysis reveals the presence of positive returns in the Information Technology, Media and Telecommunication sector. However, the rest of the results are in line with the previous analysis. The findings suggest that before making such announcements, the companies should wait for the market to recover;else, the positively impacting dividend announcement will fail to influence the stock prices when the market is already under pandemic stress. We conduct the first-ever study to examine the impacts of dividend announcements during a pandemic stress period with also comparing the impacts during the pre-pandemic period. (c) 2021 The Authors. Published by Elsevier B.V. on behalf of College of Management, National Cheng Kung University.

How the global airline industry behaved to restrictions on air travel to India? An event study analysis

We examine the impact of the recent restrictions/bans imposed by several nations on air travel to India in the light of the increasing number of infections amid the second wave of covid-19. We employ the standard event study method on a sample of 34 airline stocks across seven nations to find that the recent restrictions/bans on air travel significantly impact the global airline industry, although the country-specific impacts are not similar. We find that the post-event reaction in all nations has been different from those evidenced during the global pandemic declaration. We are the first to examine these impacts during the current wave of the pandemic. It contributes to the literature on the effects of the pandemic on the global airline industry. Further, it also provides practical explanations to the investors on how the airline stocks react to the persistence of the pandemic. © 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.

Venture capital financing during crises: A bibliometric review

We present the publication trends in the literature on venture capital financing during crises and highlight the top publishing source with the most contributing authors in their affiliated countries using bibliometric and content analysis of 115 documents retrieved from the Scopus database. This study provides insight into the theme with the help of co-occurrence, co-citation, and bibliographic coupling analysis. The authors' keyword co-occurrence analysis shows the spatial links among the articles based on venture capital during the financial crisis and the COVID-19 pandemic. The top productive and influential source is the journal Venture Capital, followed by Small Business Economics and the Journal of Business Venturing. The Journal of Business Venturing is the top journal in terms of citations per document. The United States is the most contributing affiliated country having strong links with several nations. The publications on crisis-led venture capital increased significantly after the financial crisis of 2008.

How the global airline industry behaved to restrictions on air travel to India? An event study analysis

We examine the impact of the recent restrictions/bans imposed by several nations on air travel to India in the light of the increasing number of infections amid the second wave of covid-19. We employ the standard event study method on a sample of 34 airline stocks across seven nations to find that the recent restrictions/bans on air travel significantly impact the global airline industry, although the country-specific impacts are not similar. We find that the post-event reaction in all nations has been different from those evidenced during the global pandemic declaration. We are the first to examine these impacts during the current wave of the pandemic. It contributes to the literature on the effects of the pandemic on the global airline industry. Further, it also provides practical explanations to the investors on how the airline stocks react to the persistence of the pandemic.

Impacts of corporate announcements on stock returns during the global pandemic: evidence from the Indian stock market

Purpose: The authors examine the impacts of corporate announcements on stock returns during the pandemic stress. Design/methodology/approach: The authors employ the event study methodology with the market model on a sample of 90 events (announcement and ex-date). Findings: The authors find that all the corporate announcements do not impact the stock returns in a similar pattern. While the bonus announcement, ex-bonus and ex-split events led to positive significant abnormal returns on the event date, the rights issue and stock-split announcements failed to influence the stock returns. The findings suggest that before making such announcements, the corporates should wait until the market recovers because even the positively impacting events result in negative market responses during pandemic stress. Practical implications: This study will guide the policymakers to stimulate share prices during such pandemics with the help of various corporate announcements. The investors will be assisted in understanding the stock market mechanism and making wise decisions before reacting to corporate actions during a pandemic or emergency period. While the policymakers are concerned with influencing the share prices, the investors are concerned with the composition of the risk-return parameters in their portfolio. This study will act as an essential investment tool for both. Originality/value: To the best of the authors’ knowledge, the authors conduct the first-ever study to examine the impacts of corporate announcements during a pandemic stress period that significantly contributes to the literature. The authors examine the announcement effects in India and accurately anticipate that this study will be a pioneer in this field. This study also paves the way for future researches in this area. © 2022, Dharen Kumar Pandey, Vineeta Kumari and Brajesh Kumar Tiwari.

Assessing behavioral intention toward green hotels during COVID-19 pandemic: the moderating role of environmental concern

Purpose: The study aims to investigate the consumers' behavioral intention toward green hotels. The tendency of individuals to afford green hotels is further escalating with progressing coronavirus disease-2019 (COVID-19) pandemic recurring waves. The increased worry of consumers toward health, hygiene and the climate is acquiring momentum and transforming how consumers traditionally perceive green hotels. Design/methodology/approach: The study has recommended an integrated framework incorporating various research fields as attitude-behavior-context theory, theory of planned behavior (TPB) and moderating influences to study the associations among the antecedents of consumers' behavioral intention toward green hotels. The study comprised the participation of 536 respondents residing in the Delhi and National Capital Region (NCR) of India. The data analysis strategy involved the use of structural equation modeling (SEM) analysis to test the proposed research framework. Findings: The results and findings of the study indicated a significant influence of fear and uncertainty of the COVID-19 pandemic and environmental concern on green trust. The results also revealed the considerable impact of green trust on willingness to pay premium, attitude and subjective norms, which significantly influenced behavioral intention. The analysis also revealed the moderating influence of environmental concern in the relationship of green trust and behavioral intention. Research limitations/implications: The study has recommended significant theoretical. The theorists may use this research framework to analyze better the transforming consumer behavior trends toward green hotels in the ongoing fearful and uncertain COVID-19 pandemic scenario. Practical implications: The study has recommended significant managerial implications. The industry practitioners may also utilize the framework to sustain the hotel business and bring new strategic insights into practice to combat the impact of the pandemic and simultaneously win consumers' trust in green hotels. Originality/value: Although the researchers have previously emphasized consumers' intention toward green practices embraced by hotels, the impact of the COVID-19 pandemic on the green hotel industry gained noticeable attention from researchers. Furthermore, there is a scarcity of literature providing insights on the behavioral dynamism of hotel customers' trust, attitude and willingness to pay for green hotels during the repetitive waves of the COVID-19 pandemic. The study will support the existing literature gap by enlightening the associations among the various antecedents of green hotels' behavioral intention, COVID-19 and environmental concern. © 2022, Rajiv Kumar Dwivedi, Manoj Pandey, Anil Vashisht, Devendra Kumar Pandey and Dharmendra Kumar.

Lockdown, unlock, stock returns, and firm-specific characteristics: the Indian tourism sector during the Covid-19 outbreak

Using the event study methodology, we find that the stock returns of the Indian tourism sector reacted differently to the announcements of nationwide lockdown and the Unlock 1.0. Using the cross-sectional regression, we find liquidity, volatility, solvency, and size as the primary drivers of CARs during the event windows. The findings will empower the decision-making abilities of the investors and firm managers.

Do dividend announcements override the pandemic impacts? Evidence from the BSE 500 constituent firms

With a sample of 332 dividend announcements from January 2019 to December 2020, using the event study methodology with the market model, we provide evidence that the dividend announcements failed to influence the stock prices under the pandemic stress. Although the pre-pandemic period announcements significantly impacted the stock returns, the pandemic period dividend announcements failed to generate significant abnormal returns even for an increase in dividend over the previous year. The pre-pandemic period results are consistent with previous literature with significant returns for constant, increase, and decrease in dividends. During the pre-pandemic period, we also find the possibility of information leakage in the Indian stock market as the pre-announcement period is marked with positive significant abnormal returns while the post-announcement period seems to be profit booking. The industry-wise analysis reveals the presence of positive returns in the Information Technology, Media and Telecommunication sector. However, the rest of the results are in line with the previous analysis. The findings suggest that before making such announcements, the companies should wait for the market to recover;else, the positively impacting dividend announcement will fail to influence the stock prices when the market is already under pandemic stress. We conduct the first-ever study to examine the impacts of dividend announcements during a pandemic stress period with also comparing the impacts during the pre-pandemic period. © 2021 The Authors