Demir Ender, Danisman Gamze Ozturk
Department of Business Administration, School of Social Sciences, Reykjavik University, Reykjavik, Iceland.
Faculty of Economics, Administrative and Social Sciences, Kadir Has University, Istanbul, Turkey.
Res Int Bus Finance. 2021 Dec;58:101508. doi: 10.1016/j.ribaf.2021.101508. Epub 2021 Aug 10.
This paper examines the impact of bank-specific factors and variations in the context of stringency of government policy responses on bank stock returns because of the COVID-19 pandemic. A sample of 1,927 publicly listed banks from 110 countries is used for the period of the first major wave of COVID-19, that is, January to May 2020. Our findings indicate that stock returns of banks with higher capitalization and deposits, more diversification, lower non-performing loans, and larger size are more resilient to the pandemic. While banks' environment and governance scores do not have a significant impact, higher social and corporate social responsibility strategy scores intensify the negative stock price reaction to COVID-19. We further observe that the pandemic-induced reduction in bank stock prices is mitigated as the strictness of government policy responses increases, mainly through economic responses such as income support, debt and contract relief, and fiscal measures from governments.
本文考察了特定银行因素以及政府政策应对严格程度背景下的变化对因新冠疫情导致的银行股票回报的影响。选取了来自110个国家的1927家公开上市银行作为样本，研究时间段为新冠疫情第一波高峰期，即2020年1月至5月。我们的研究结果表明，资本充足率和存款较高、多元化程度更高、不良贷款较低且规模较大的银行，其股票回报对疫情的抵御能力更强。虽然银行的环境和治理得分没有显著影响，但较高的社会和企业社会责任战略得分会加剧股票价格对新冠疫情的负面反应。我们进一步观察到，随着政府政策应对措施的严格程度提高，疫情导致的银行股价下跌得到缓解，这主要是通过政府的收入支持、债务和合同减免以及财政措施等经济应对手段实现的。
