COVID-19 Pandemisine Karşı Pay Piyasa Tepkileri Üzerinde Mikro Faktörlerin Rolü: BİST Sınai Endeksinden Bulgular

Abstract

Bu çalışma, BIST Sınai endeksi payları örnekleminde pay getirilerinin Dünya Sağlık Örgütü (DSÖ) tarafından COVID-19’un pandemi olarak ilan edilmesine karşı nasıl tepki verdiklerini ve mikro faktörlerin pay piyasa tepkileri üzerinde nasıl rol oynadığını incelemektedir. Pay piyasa tepkilerinin ölçülmesinde olay analizi yöntemiyle hesaplanan anormal getiriler kullanılmıştır. Olay analizi sonuçları COVID-19’un pandemi olarak ilan edilmesinin negatif ve anlamlı anormal getirilere yol açtığını göstermiştir. Tüm değişkenlere göre sıralı portföyler negatif anormal getirilere sahiplerdir. Ayrıca bağımsız örneklem t-testi sonuçları daha küçük, daha düşük kurumsal yatırımcı sahipliği oranına, daha düşük nakit oranına ve daha düşük aktif karlılığa sahip firmaların paylarının ve daha yüksek kendine özgü oynaklığa sahip payların COVID-19 pandemisi karşısında anlamlı şekilde daha düşük kümülatif anormal getirilere sahip olduklarını ortaya koymaktadır. Çok değişkenli regresyon bulguları, büyüklük, kurumsal yatırımcı oranı, nakit oranı ve aktif karlılık değişkenlerinin kümülatif anormal getirileri olumlu etkilediğini göstermektedir. Bu çalışma COVID-19’un pay anormal getirileri üzerindeki mikro heterojen etkilerine ilişkin değerli çıkarımlar sunmaktadır.

Keywords

• COVID-19
• BIST Sınai Endeksi
• Olay Analizi
• Anormal Getiriler

The Role of Micro Factors in Stock Market Reactions to the COVID-19 Pandemic: Evidence from the BIST Industrials Index

Abstract

This paper investigates how stock returns react to the declaration of COVID-19 as a pandemic by the World Health Organization (WHO) and how micro factors play a role in the stock market reactions in the sample of the BIST Industrials Index stocks. The abnormal returns calculated by the event study methodology are used to measure the stock market reactions. The event study results indicate that the declaration of COVID-19 as a pandemic led to significant negative abnormal returns. All variable-sorted portfolios have negative abnormal returns. In addition, the results of the independent sample t-test reveal that stocks of firms with smaller size, lower institutional shareholding ratio, lower cash ratio and lower return on assets, and stocks with higher idiosyncratic volatility have significantly lower cumulative abnormal returns in response to the COVID-19 pandemic. The multivariate regression results show that the variables of size, institutional shareholding ratio, cash ratio, and return on assets positively affect the cumulative abnormal returns. This study provides valuable insights into the micro-heterogeneous effects of the COVID- 19 on abnormal stock returns.

Keywords

• COVID-19
• The BIST Industrials Index
• Event Study
• Abnormal Returns

References

1. Aggarwal, R., Erel, I., Ferreira, M. and Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-181. https://doi.org/10.1016/j.jfineco.2010.10.018
2. Aggarwal, S., Nawn, S. and Dugar, A. (2021). What caused global stock market meltdown during the COVID pandemic–Lockdown stringency or investor panic?. Finance Research Letters, 38, 101827. https://doi.org/10.1016/j.frl.2020.101827
3. Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38, 101699. https://doi.org/10.1016/j.frl.2020.101699
4. Alfaro, L., Chari, A., Greenland, A. N. and Schott, P. K. (2020). Aggregate and firm-level stock returns during pandemics, in real time (NBER Working Paper No. 26950). Retrieved from http://www.nber.org/papers/w26950
5. Ashraf, B. N. (2020a). Stock markets’ reaction to COVID-19: Cases or fatalities?. Research in International Business and Finance, 54, 101249. https://doi.org/10.1016/j.ribaf.2020.101249
6. Ashraf, B. N. (2020b). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 100371. https://doi.org/10.1016/j.jbef.2020.100371
7. Ashraf, B. N. (2021). Stock markets’ reaction to Covid-19: Moderating role of national culture. Finance Research Letters, 41, 101857. https://doi.org/10.1016/j.frl.2020.101857
8. Atıcı Ustalar, S. ve Şanlısoy, S. (2021). Covid-19 Küresel Salgınının hisse senedi piyasası oynaklığı üzerindeki etkisi: BIST100 uygulaması. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14(4), 1143-1158. https://doi.org/10.25287/ohuiibf.827464

9. Attiah, E. (2019). The role of manufacturing and service sectors in economic growth: an empirical study of developing countries. European Research Studies Journal, 22(1), 112-127. https://doi.org/10.35808/ersj/1411
10. Bai, L., Wei, Y., Wei, G., Li, X. and Zhang, S. (2021). Infectious disease pandemic and permanent volatility of international stock markets: A long-term perspective. Finance Research Letters, 40, 101709. https://doi.org/10.1016/j.frl.2020.101709
11. Baig, A. S., Butt, H. A., Haroon, O. and Rizvi, S. A. R. (2021). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, 38, 101701. https://doi.org/10.1016/j.frl.2020.101701
12. Boehmer, E., Masumeci, J. and Poulsen, A. B. (1991). Event-study methodology under conditions of event-induced variance. Journal of Financial Economics, 30(2), 253-272. https://doi.org/10.1016/0304-405X(91)90032-F
13. Bonadio, B., Huo, Z., Levchenko, A. A. and Pandalai-Nayar, N. (2021). Global supply chains in the pandemic. Journal of international economics, 133, 103534. https://doi.org/10.1016/j.jinteco.2021.103534
14. Borsa İstanbul. (2025a). BIST Sınai Endeksi. Erişim adresi: https://borsaistanbul.com/tr/endeks-detay/156/bist-sinai (Erişim tarihi: 06/04/2025)
15. Borsa İstanbul. (2025b). BIST TUM Endeksi. Erişim adresi: https://www.borsaistanbul.com/tr/endeks-detay/18/bist-tum (Erişim tarihi: 06/04/2025)
16. Bostan, F. ve Karadağ, M. (2023). Covid-19 pandemi krizinin Türkiye ekonomisi üzerine sektörel etkileri: BIST sektör endeksleri örneği. Doğuş Üniversitesi Dergisi, 24(2), 497-512. https://doi.org/10.31671/doujournal.1249334
17. Brinca, P., Duarte, J. B. and Faria-e-Castro, M. (2021). Measuring labor supply and demand shocks during COVID-19. European Economic Review, 139, 103901. https://doi.org/10.1016/j.euroecorev.2021.103901
18. Brown, S. J. and Warner, J. B. (1980). Measuring security price performance. Journal of Financial Economics, 8(3), 205-258. https://doi.org/10.1016/0304-405X(80)90002-1
19. Brown, S. J. and Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3-31. https://doi.org/10.1016/0304-405X(85)90042-X
20. Bulut, E., Akbulut Bekar, S. and Çizgici Akyüz, G. (2021). Media-Coverage-Related Investor Sentiment during the COVID-19 Pandemic. Ege Academic Review, 21(4), 357-372. https://doi.org/10.21121/eab.1015661
21. Cai, M. and Luo, J. (2020). Influence of COVID-19 on Manufacturing Industry and Corresponding Countermeasures from Supply Chain Perspective. Journal of Shanghai Jiaotong University (Science), 25(4), 409–416. https://doi.org/10.1007/s12204-020-2206-z
22. Cepoi, C. O. (2020). Asymmetric dependence between stock market returns and news during COVID-19 financial turmoil. Finance Research Letters, 36, 101658. https://doi.org/10.1016/j.frl.2020.101658
23. Chang, C. C. and Yang, H. (2022). The role of cash holdings during financial crises. Pacific-Basin Finance Journal, 72, 101733. https://doi.org/10.1016/j.pacfin.2022.101733
24. Chang, C. P., Feng, G. F. and Zheng, M. (2021). Government fighting pandemic, stock market return, and COVID-19 virus outbreak. Emerging Markets Finance and Trade, 57(8), 2389-2406. https://doi.org/10.1080/1540496X.2021.1873129
25. Chebbi, K., Ammer, M. A. and Hameed, A. (2021). The COVID-19 pandemic and stock liquidity: Evidence from S&P 500. The Quarterly Review of Economics and Finance, 81, 134-142. https://doi.org/10.1016/j.qref.2021.05.008
26. Chundakkadan, R. and Nedumparambil, E. (2022). In search of COVID-19 and stock market behavior. Global Finance Journal, 54, 100639. https://doi.org/10.1016/j.gfj.2021.100639
27. Del Lo, G., Basséne, T. and Séne, B. (2022). COVID-19 And the african financial markets: Less infection, less economic impact?. Finance Research Letters, 45, 102148. https://doi.org/10.1016/j.frl.2021.102148
28. Del Rio-Chanona, R. M., Mealy, P., Pichler, A., Lafond, F. and Farmer, J. D. (2020). Supply and demand shocks in the COVID-19 pandemic: An industry and occupation perspective. Oxford Review of Economic Policy, 36(Supplement_1), S94-S137. https://doi.org/10.1093/oxrep/graa033
29. Demirgüç-Kunt, A., Peria, M. S. M. and Tressel, T. (2020). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms?. Journal of Corporate Finance, 60, 101514. https://doi.org/10.1016/j.jcorpfin.2019.101514
30. Deng, T., Xu, T. and Lee, Y. J. (2022). Policy responses to COVID-19 and stock market reactions-An international evidence. Journal of Economics and Business, 119, 106043. https://doi.org/10.1016/j.jeconbus.2021.106043
31. Ding, W., Levine, R., Lin, C. and Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802-830. https://doi.org/10.1016/j.jfineco.2021.03.005
32. Doğan, M. A. and Teklie, D. K. (2024). Türkiye Stock Market in the Shadow of COVID-19 Pandemic: A QARDL Approach. Fiscaoeconomia, 8(1), 362-384. https://doi.org/10.25295/fsecon.1317679
33. Elgin, C. ve Yalaman, A. (2020). Covid-19 salgınının yol açtığı ekonomik krize karşı açıklanan ekonomik teşvik paketleri. Ö.F. Çolak (Ed.), Salgın ekonomisi içinde (s. 393-414). Ankara: Efil Yayınevi.
34. Engelhardt, N., Krause, M., Neukirchen, D. and Posch, P. N. (2021). Trust and stock market volatility during the COVID-19 crisis. Finance Research Letters, 38, 101873. https://doi.org/10.1016/j.frl.2020.101873
35. Erdem, O. (2020). Freedom and stock market performance during Covid-19 outbreak. Finance Research Letters, 36, 101671. https://doi.org/10.1016/j.frl.2020.101671
36. Erdoğan, S., Gedikli, A. and Çevik, E. İ. (2020). The effects of the covid-19 pandemic on conventional and Islamic stock markets in Turkey. Bilimname, 2020(42), 89-110. https://doi.org/10.28949/bilimname.799413
37. Fama, E. F. and French, K. R. (1995). Size and book‐to‐market factors in earnings and returns. The Journal of Finance, 50(1), 131-155. https://doi.org/10.1111/j.1540-6261.1995.tb05169.x
38. Fama, E. F. and French, K. R. (1996). Multifactor explanations of asset pricing anomalies. The Journal of Finance, 51(1), 55-84. https://doi.org/10.1111/j.1540-6261.1996.tb05202.x
39. Fama, E. F. and French, K. R. (1998). Value versus growth: The international evidence. The Journal of Finance, 53(6), 1975-1999. https://doi.org/10.1111/0022-1082.00080
40. Fama, E. F., Fisher, L., Jensen, M. C. and Roll, R. (1969). The adjustment of stock prices to new information. International Economic Review, 10(1), 1-21. https://doi.org/10.2307/2525569
41. Fernandez-Perez, A., Gilbert, A., Indriawan, I. and Nguyen, N. H. (2021). COVID-19 pandemic and stock market response: A culture effect. Journal of Behavioral and Experimental Finance, 29, 100454. https://doi.org/10.1016/j.jbef.2020.100454
42. Goolsbee, A. and Syverson, C. (2021). Fear, lockdown, and diversion: Comparing drivers of pandemic economic decline 2020. Journal of public economics, 193, 104311. https://doi.org/10.1016/j.jpubeco.2020.104311
43. Gujarati, D. N. and Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill International Edition. New York: McGraw-Hill.
44. Gupta, V., Santosh, K. C., Arora, R., Ciano, T., Kalid, K. S. and Mohan, S. (2022). Socioeconomic impact due to COVID-19: An empirical assessment. Information Processing and Management, 59(2), 102810. https://doi.org/10.1016/j.ipm.2021.102810
45. Harjoto, M. A., Rossi, F., Lee, R. and Sergi, B. S. (2021). How do equity markets react to COVID-19? Evidence from emerging and developed countries. Journal of Economics and Business, 115, 105966. https://doi.org/10.1016/j.jeconbus.2020.105966
46. Haroon, O. and Rizvi, S. A. R. (2020a). Flatten the curve and stock market liquidity–an inquiry into emerging economies. Emerging Markets Finance and Trade, 56(10), 2151-2161. https://doi.org/10.1080/1540496X.2020.1784716
47. Haroon, O. and Rizvi, S. A. R. (2020b). COVID-19: Media coverage and financial markets behavior—A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27, 100343. https://doi.org/10.1016/j.jbef.2020.100343
48. Has, B. ve Çınar, S. (2022). Türkiye’de İmalat Sanayi ve Ekonomik Büyüme İlişkisi. Bucak İşletme Fakültesi Dergisi, 5(1), 7-22. https://doi.org/10.38057/bifd.999364
49. Heyden, K. J. and Heyden, T. (2021). Market reactions to the arrival and containment of COVID-19: An event study. Finance Research Letters, 38, 101745. https://doi.org/10.1016/j.frl.2020.101745
50. Hoffmann, A. O., Post, T. and Pennings, J. M. (2013). Individual investor perceptions and behavior during the financial crisis. Journal of Banking & Finance, 37(1), 60-74. https://doi.org/10.1016/j.jbankfin.2012.08.007
51. Huynh, N., Dao, A. and Nguyen, D. (2021a). Openness, economic uncertainty, government responses, and international financial market performance during the coronavirus pandemic. Journal of Behavioral and Experimental Finance, 31, 100536. https://doi.org/10.1016/j.jbef.2021.100536
52. Huynh, T. L. D., Foglia, M., Nasir, M. A. and Angelini, E. (2021b). Feverish sentiment and global equity markets during the COVID-19 pandemic. Journal of Economic Behavior & Organization, 188, 1088-1108. https://doi.org/10.1016/j.jebo.2021.06.016
53. Iyke, B. N. and Maheepala, M. M. J. D. (2022). Conventional monetary policy, COVID-19, and stock markets in emerging economies. Pacific-Basin Finance Journal, 76, 101883. https://doi.org/10.1016/j.pacfin.2022.101883
54. Kandil Göker, İ. E., Eren, B. S. and Karaca, S. S. (2020). The impact of the COVID-19 (coronavirus) on the Borsa İstanbul sector index returns: An event study. Gaziantep University Journal of Social Sciences, 19(COVID-19 Special Issue), 14-41. https://doi.org/10.21547/jss.731980
55. Kaplan, G., Moll, B. and Violante, G. L. (2020). The great lockdown and the big stimulus: Tracing the pandemic possibility frontier for the US (NBER Working Paper No. 27794). Retrieved from http://www.nber.org/papers/w27794
56. Kazancoglu, Y., Ekinci, E., Mangla, S. K., Sezer, M. D. and Ozbiltekin-Pala, M. (2023). Impact of epidemic outbreaks (COVID-19) on global supply chains: A case of trade between Turkey and China. Socio-Economic Planning Sciences, 85(August 2021), 101494. https://doi.org/10.1016/j.seps.2022.101494
57. Keleş, E. (2020). Covid-19 ve Bist-30 Endeksi üzerine kısa dönemli etkileri. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 42(1), 91-105. https://doi.org/10.14780/muiibd.763962
58. Kılıç, Y. (2020). Borsa İstanbul’da COVID-19 (koronavirüs) etkisi. JOEEP: Journal of Emerging Economies and Policy, 5(1), 66-77. Erişim adresi: https://dergipark.org.tr/en/pub/joeep
59. Koçak, E., Dogru, T., Shehzad, K. and Bulut, U. (2022). The economic implications of the COVID-19 outbreak on tourism industry: Empirical evidence from Turkey. Tourism Economics, 29(3), 742-758. https://doi.org/10.1177/13548166211067188
60. Lin, P. Z. and Meissner, C. M. (2021). Persistent pandemics. Economics & Human Biology, 43, 101044. https://doi.org/10.1016/j.ehb.2021.101044
61. Liu, H., Yi, X. and Yin, L. (2021). The impact of operating flexibility on firms’ performance during the COVID-19 outbreak: Evidence from China. Finance Research Letters, 38, 101808. https://doi.org/10.1016/j.frl.2020.101808
62. Lyócsa, Š., Baumöhl, E., Výrost, T. and Molnár, P. (2020). Fear of the coronavirus and the stock markets. Finance Research Letters, 36, 101735. https://doi.org/10.1016/j.frl.2020.101735
63. MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13-39. Retrieved from https://www.jstor.org/
64. Mazur, M., Dang, M. and Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690. https://doi.org/10.1016/j.frl.2020.101690
65. Naidu, D. and Ranjeeni, K. (2021). Effect of coronavirus fear on the performance of Australian stock returns: Evidence from an event study. Pacific-Basin Finance Journal, 66, 101520. https://doi.org/10.1016/j.pacfin.2021.101520
66. Narayan, P. K., Phan, D. H. B. and Liu, G. (2021). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
67. Nguyen, N. H. and Shiu, C. Y. (2022). Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom. Journal of Multinational Financial Management, 64, 100732. https://doi.org/10.1016/j.mulfin.2022.100732
68. Olivia, S., Gibson, J. and Nasrudin, R. A. (2020). Indonesia in the Time of Covid-19. Bulletin of Indonesian economic studies, 56(2), 143-174. https://doi.org/10.1080/00074918.2020.1798581
69. Opler, T. C. and Titman, S. (1994). Financial distress and corporate performance. The Journal of Finance, 49(3), 1015-1040. https://doi.org/10.1111/j.1540-6261.1994.tb00086.x
70. Oreiro, J. L., da Silva, K. M. and Dávila-Fernández, M. J. (2020). A New Developmentalist model of structural change, economic growth and middle-income traps. Structural Change and Economic Dynamics, 55, 26–38. https://doi.org/10.1016/j.strueco.2020.07.008
71. Ölmez, U. ve Ekinci, A. A. (2020). Koronavirüs (Covid-19) salgınının hisse senedi piyasasına etkisi: Bist 100 örneği. Ekonomi Politika ve Finans Araştırmaları Dergisi, 5(Özel Sayı), 225-239. https://doi.org/10.30784/epfad.811636
72. Öner, M. and Aybars, A. (2021). How Borsa Istanbul (BIST) reacts to the novel Coronavirus: The COVID-19 case. Journal of Research in Business, 6(1), 69-79. https://doi.org/10.29228/jrb.4
73. Öztürk, Ö., Şişman, M. Y., Uslu, H. and Çıtak, F. (2020). Effect of COVID-19 outbreak on Turkish stock market: A sectoral-level analysis. Hitit University Journal of Social Sciences Institute, 13(1), 56-68. https://doi.org/10.17218/hititsosbil.728146
74. Padungsaksawasdi, C. and Treepongkaruna, S. (2021). Chasing for information during the COVID-19 panic: The role of Google search on global stock market. Cogent Economics & Finance, 9(1), 1930669. https://doi.org/10.1080/23322039.2021.1930669
75. Puhr, H. and Müllner, J. (2022). Foreign to all but fluent in many: The effect of multinationality on shock resilience. Journal of World Business, 57(6), 101370. https://doi.org/10.1016/j.jwb.2022.101370
76. Rahman, M. L. and Al Mamun, M. A. (2021). How resilient are the Asia Pacific financial markets against a global pandemic?. Pacific-Basin Finance Journal, 69, 101656. https://doi.org/10.1016/j.pacfin.2021.101656
77. Rahman, M. L., Amin, A. and Al Mamun, M. A. (2021). The COVID-19 outbreak and stock market reactions: Evidence from Australia. Finance Research Letters, 38, 101832. https://doi.org/10.1016/j.frl.2020.101832
78. Ramelli, S. and Wagner, A. F. (2020). Feverish stock price reactions to COVID-19. The Review of Corporate Finance Studies, 9(3), 622-655. https://doi.org/10.1093/rcfs/cfaa012
79. Shear, F., Ashraf, B. N. and Sadaqat, M. (2020). Are investors’ attention and uncertainty aversion the risk factors for stock markets? International evidence from the COVID-19 crisis. Risks, 9(1), 2. https://doi.org/10.3390/risks9010002
80. Shu, M., Song, R. and Zhu, W. (2021). The ‘COVID’crash of the 2020 US Stock market. The North American Journal of Economics and Finance, 58, 101497. https://doi.org/10.1016/j.najef.2021.101497
81. Smales, L. A. (2021). Investor attention and global market returns during the COVID-19 crisis. International Review of Financial Analysis, 73, 101616. https://doi.org/10.1016/j.irfa.2020.101616
82. Tan, Ö. F. (2021). The impact of news about pandemic on Borsa Istanbul during the COVID-19 financial turmoil. Türkiye İletişim Araştırmaları Dergisi, (37), 109-124. https://doi.org/10.17829/turcom.859299
83. Tan, Ö. F., Cavlak, H., Cebeci, Y. and Güneş, N. (2022). The impact of government interventions during the COVID-19 turmoil on Borsa Istanbul. Gazi İktisat ve İşletme Dergisi, 8(1), 35-46. https://doi.org/10.30855/gjeb.2022.8.1.003
84. Topcu, M. and Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691. https://doi.org/10.1016/j.frl.2020.101691
85. Tursun, M. (2022). COVID-19 sürecinde kısmi ve tam kapanma kararlarının pay senedi getirilerine etkisi: Borsa İstanbul’da sektörel bazlı bir analiz. Muhasebe Bilim Dünyası Dergisi, 24(COVID-19 Özel Sayısı), 211-229. https://doi.org/10.31460/mbdd.1060929
86. Türkiye İstatistik Kurumu. (2020). Sanayi Üretim Endeksi, Nisan 2020. Erişim adresi: https://data.tuik.gov.tr/Bulten/Index?p=Sanayi-Uretim-Endeksi-Nisan-2020-33799 (Erişim tarihi: 27/06/2025)
87. Türkiye İstatistik Kurumu. (2024). Yıllık Gayri Safi Yurtiçi Hasıla, 2023. Erişim adresi: https://data.tuik.gov.tr/Bulten/Index?p=Yillik-Gayrisafi-Yurt-Ici-Hasila-2023-53450 (Erişim tarihi: 01/07/2025)
88. Türkiye İstatistik Kurumu. (2025). Dış Ticaret İstatistikleri, Mayıs 2025. Erişim adresi: https://data.tuik.gov.tr/Bulten/Index?p=Dis-Ticaret-Istatistikleri-Mayis-2025-53903 (Erişim tarihi: 01/07/2025)
89. Uğurlu, A. A. ve Tuncer, İ. (2017). Türkiye’de Sanayi ve Hizmet Sektörlerinin Büyüme ve İstihdama Katkıları: Girdi-Çıktı Analizi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 32(1), 131-165. https://doi.org/10.24988/deuiibf.2017321549
90. Vo, X. V. (2016). Does institutional ownership increase stock return volatility? Evidence from Vietnam. International Review of Financial Analysis, 45, 54-61. https://doi.org/10.1016/j.irfa.2016.02.006
91. World Health Organization. (2020). WHO Director-General’s opening remarks at the media briefing on COVID-19. Retrieved from https://www.who.int/director-general/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19---11-march-2020
92. Xia, Y., Qiao, Z. and Xie, G. (2022). Corporate resilience to the COVID-19 pandemic: The role of digital finance. Pacific-Basin Finance Journal, 74, 101791. https://doi.org/10.1016/j.pacfin.2022.101791
93. Xiong, H., Wu, Z., Hou, F. and Zhang, J. (2020). Which firm-specific characteristics affect the market reaction of Chinese listed companies to the COVID-19 pandemic?. Emerging Markets Finance and Trade, 56(10), 2231-2242. https://doi.org/10.1080/1540496X.2020.1787151
94. Yıldız Contuk, F. (2021). Covid-19'un Borsa İstanbul üzerindeki etkisi: Bir ARDL sınır testi modeli. Muhasebe ve Finansman Dergisi, (89), 101-112. https://doi.org/10.25095/mufad.852088
95. Zaremba, A., Aharon, D. Y., Demir, E., Kizys, R. and Zawadka, D. (2021). COVID-19, government policy responses, and stock market liquidity around the world: A note. Research in International Business and Finance, 56, 101359. https://doi.org/10.1016/j.ribaf.2020.101359
96. Zaremba, A., Kizys, R., Aharon, D. Y. and Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35, 101597. https://doi.org/10.1016/j.frl.2020.101597
97. Zhang, D., Hu, M. and Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528
98. Zhang, L. (2005). The value premium. The Journal of Finance, 60(1), 67-103. https://doi.org/10.1111/j.1540-6261.2005.00725.x