espEconomy: strategy and practiceEconomy: strategy and practice1997-99672663-550XИнститут экономики10.51176/1997-9967-2023-2-204-219esp-1066Research ArticleФИНАНСЫ И УПРАВЛЕНЧЕСКИЙ УЧЕТ, БУХГАЛТЕРСКИЙ УЧЕТFINANCE AND MANAGEMENT ACCOUNTING, ACCOUNTINGОценка влияния пандемии Covid-19 на Тегеранскую фондовую биржуThe Tehran Stock Exchange Reaction to Covid-19 Outbreak Announcementhttps://orcid.org/0000-0001-6784-3350АлибейгофФ.AlibeigofF.

Алибейгоф Ф. – магистр, ведущий научный сотрудник

бульвар Данешжу, ул. Веленяк, 1983969411, Тегеран

Farnaz Alibeigof – Master in Accounting, Leading Researcher

Daneshjoo Blvd, Velenjak Str., 1983969411, Tehran

fof0627@icloud.comhttps://orcid.org/0000-0003-0767-5193СафарзадеМ. Х.SafarzadehM. H.

Сафарзаде М.Х. – PhD, кафедра бухгалтерского учета, факультет менеджмента и бухгалтерского учета

бульвар Данешжу, ул. Веленяк, 1983969411, Тегеран

Mohammad Hossein Safarzadeh – PhD, Department of Accounting, Faculty of Management and Accounting

Daneshjoo Blvd, Velenjak Str., 1983969411, Tehran

m_safarzadeh@sbu.ac.irУниверситет Шахида БехештиИранShahid Beheshti UniversityIslamic Republic of Iran202330062023182204219Copyright © Алибейгоф Ф., Сафарзаде М., 20232023Алибейгоф Ф., Сафарзаде М.Alibeigof F., Safarzadeh M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://esp.ieconom.kz/jour/article/view/1066

В то время как предыдущие исследования о влиянии Covid-19 на фондовые рынки были сосредоточены на развитых странах, данное научное исследование направлено на исследование влияния пандемии Covid-19 на формирующийся рынок фондовой биржи Ирана. Выборка для исследования включала 245 компаний, котирующихся на Тегеранской фондовой бирже (TФБ). В данном исследовании используются регрессионные модели панельных данных для оценки влияния Covid-19 на доходность акций в период с 12 по 26 февраля 2020. Результаты исследования показали, что объявление о вспышке коронавируса в Иране не вызвало аномального роста фондового рынка. Анализируя влияние пандемии на различные отрасли было отмечено, что другие секторы не проявили необычной реакции на новости, за исключением трех групп банков, металлургических компаний и фармацевтических компаний. Обсуждение и заключение: результаты этого исследования свидетельствуют о низкой рыночной эффективности TФБ. Учитывая, что TФБ зависит от макропеременных в стране, мы обнаружили, что металлургическая промышленность Ирана сближается с мировым рынком металлов. Будущие исследования и последствия: инвесторам следует обратить внимание на международные события, влияющие на металлургическую промышленность, что открывает новые темы для будущих исследований. Для дальнейшего исследования долгосрочного влияния короновируса на рынок капитала в будущих исследованиях предлагается использовать такие модели, как GARCH.

While prior research on the Covid-19 effects on stock markets focused on developed countries, this study aims to examine the impact of Covid-19 on Iran’s emerging and developing market. The study sample comprised 245 companies listed on the Tehran Stock Exchange (TSE). This study uses panel-data regression models to evaluate the influence of the Covid-19 announcement on stock returns from February 12th to February 26th, 2020. The study results indicate that the announcement of the Coronavirus outbreak in Iran had not caused an abnormal return on the TSE. In examining the impact of this event on various industries, we have observed that other sectors did not show abnormal reactions through the news except for the three groups of banks, base metals, and pharmaceutical companies. Discussion and conclusion: the findings of this study suggest the poor market efficiency of TSE. Considering TSE is subject to macro-variables in the country, we have found that the metal industry in Iran converges with the global market of metals. Future research and implication: the investors should pay attention to international events affecting the metal industry, which brings new topics to focus on for future research. To investigate the long-term effect of this event on the capital market, future research is suggested to use models such as GARCH.

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The authors declare that there are no conflicts of interest present.