Response of Financial Markets to COVID-19 Pandemic: A Review of Literature on Stock Markets

Bayu Arie Fianto, Masagus M. Ridhwan, Syed Alamdar Ali Shah, Muhammad Faris, Rafiatul Adlin Hj Mohd Ruslan

Research output: Contribution to journalReview articlepeer-review

3 Citations (Scopus)


The objective of this research is to consolidate the literature published on the COVID-19 crisis impact on global stock markets to gain managerial implications from the crisis. It performs a thematic bibliometric review of the literature published in Scopus-ranked journals since the beginning of the pandemic using FCWI, Piecharts, and VOSViewer. It identifies the most under-researched regions and eight emerging sub-themes. The research finds that the benchmark theme is market behavior during the COVID-19 crisis, whereas an emerging benchmark theme is the markets after the COVID-19 crisis. The holistic view of the literature supporting eight sub-themes suggests that the government's role is of utmost importance to handle the impact of the COVID-19 crisis, which should be industry-specific. It identifies that all eight sub-themes of the research are the future research directions in all and specifically in the South American, African, South East Asian, and Oceania regions till the crisis continues.

Original languageEnglish
Pages (from-to)29-54
Number of pages26
JournalEmerging Science Journal
Issue numberSpecial Issue
Publication statusPublished - 2023


  • COVID-19 Crisis
  • Economic Growth
  • Managerial Implication
  • Stock Markets
  • Thematic & Bibiometric Analysis


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