PANDEMİ DÖNEMİ BORSA ETKİNLİĞİ ve BİBLİYOMETRİK ANALİZİ

Öz

Dünyada, Covid-19 pandemi dönemi ile global ölçekte ortaya çıkan ve ekonomiler açısından olağanüstü hal oluşturan bir panik havası meydana gelmiştir. Bu sancılı sürecin yönetiminde devletler ve yatırımcılar açısından atılan adımlarda korku ve panik havası yaşanmıştır. Korku piyasasının tepkilerini ve insan yaşamına doğrudan etkisini ise borsa yatırımcısının kararları ve türev piyasalarda işlem yapan küçük ya da büyük ölçekli yatırımcıların kararları ile doğrudan finansal sistemlere yansıtabildikleri gözlemlenmiştir. Amaç: Bu çalışmada yatırımcıların kararları, hisse senedi tercihleri, borsa üzerindeki işlemleri konu alan ve Covid-19 sürecinde devletlerin teşviklerini inceleyen çalışmalar araştırma konusu olarak ele alınacaktır. Metodoloji: Literatürde yer alan çalışmaların hangi boyutları ile ele alındığı R Biblioshiny Programı ve VOSviewer programı aracılığıyla görsel haritalama teknikleri ile derlenmiş ve Covid-19’un hangi alanlarda daha çok çalışıldığı, hangi ülkeler, yazarlar, kelime grupları ile bir çalışma ortaya koydukları bibliyometrik analizler aracılığıyla bu çalışmada incelenmiştir Bulgular: Covid-19’un neden olduğu pandemi döneminde 2020-2021 yılları arasında borsa etkinliği ve yatırımcı davranışlarını ele alındığı 100 öncü çalışma incelenmiştir. Bu çalışmalarda korku ve tedirginliğin tüm sektörleri etkilediği bu durumun bir anomali olarak algılandığı görülmektedir. Kelime analizinde en sık rastlanılan araştırma konuları Covid-19, borsa, oynaklık, bulaşma, yayılma, hisse senedi piyasası, belirsizlik, ekonomik politikalar, koronavirüs olmuştur. VOSviewer programının çıktılarına göre en fazla çalışmanın yapıldığı ülkeler Çin, Fransa, Tunus, ABD, Hindistan’dır. Yoğunluk haritasına göre Hindistan, Malezya ve Türkiye’de çalışmaların sayısı giderek artmaktadır. Tematik haritalamada Covid-19’un oldukça çalışılmış ve iç bağları kuvvetli temalar arasına girdiği tespit edilmiştir. Özgünlük: Literatürde Covid-19’un borsa etkinliği ve yatırımcı kararları üzerindeki etkilerini bibliyometrik analiz yoluyla incelendiği çalışma sayısı oldukça azdır. Kelime analizleri, temel tanımlayıcı istatistik bulguları, tematik haritalama, yoğunluk ve bağlantı haritalarından elde edilen bulguların pandemi gibi olağanüstü durumların iyi bir şekilde analiz edilmesi yatırımcı davranışlarının ve beklentilerinin öngörülmesi ve yönetilmesi açısından önemli bir fırsat vermektedir. Bu çalışma ile literatürdeki ilerleme ve çalışma eğilimleri ortaya konularak yeni araştırmalar için yol haritası oluşturması, üretilecek politikalar için katkı sağlaması beklenmektedir.

Anahtar Kelimeler

• Covid-19
• Pandemi
• Borsa
• Bibliyometrik Analiz
• Biblioshiny
• VOSviewer Gelecek Öngörü.

STOCK MARKET EFFICIENCY AND BIBLIOMETRIC ANALYSIS IN THE PANDEMIC PERIOD

Abstract

ABSTRACT There has been an atmosphere of panic in the world that has arisen on a global scale with the Covid-19 pandemic period, which has created a state of emergency for economies. There has been an atmosphere of fear and panic at the steps taken by states and investors in the management of this painful process. It has been observed that they can directly reflect the reactions of the fear market and its direct impact on human life into the financial systems through the decisions of the stock market investor and the decisions of small or large-scale investors trading in derivatives markets. Purpose: studies on investors' decisions, stock preferences, transactions on the stock market and studying the incentives of states in the Covid-19 process will be considered as research topics. Methodology: Of the studies in the literature through visual mapping techniques and that aspects are discussed with some programs to be compiled with Covid-19. Areas in which more work, which countries, writers and word groups with a study through bibliometric analysis put forward in this study will be examined. Findings: During the pandemic period caused by Covid-19, 100 pioneering studies on stock market activity and investor behavior between 2020-2021 were examined. In these studies, it is seen that fear and uneasiness affect all sectors and this situation is perceived as an anomaly. The most common research topics in word analysis were Covid-19, stock market, volatility, contagion, spillover, stock market, uncertainty, economic policies, coronavirus. According to the outputs of the VOSviewer program, the countries where most studies were conducted are China, France, Tunisia, USA, and India. According to the density map, the number of studies in India, Malaysia and Turkey is increasing. In thematic mapping, it has been determined that Covid-19 is among the themes that have been studied extensively and have strong internal ties. Originality: The number of studies in which the effects of Covid-19 on stock market activity and investor decisions have been examined through bibliometric analysis is quite small in the literature. A good analysis of extraordinary situations, such as word analyses, basic descriptive statistical findings, thematic mapping, density and connection maps, as well as pandemic, provides an important opportunity to predict and manage investor behavior and expectations. With this study, progress and study trends in the literature are revealed and it is expected to create a roadmap for new research and contribute to the policies to be produced.

Keywords

• Covid-19
• Pandemics
• Stock Market
• Bibliometric Analysis
• Biblioshiny
• VOSviewer
• Further Outlook.

References

1. KAYNAKÇA Alam, M. M., Wei, H., & Wahid, A. N. (2021). COVID‐19 outbreak and sectoral performance of the Australian stock market: An event study analysis. Australian economic papers, 60(3), 482-495. doi: 10.1111/1467-8454.12215
2. Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal Of Behavioral And Experimental Finance, 27, 100326.
3. Aria, M., & Cuccurullo, C. (2017). “Bibliometrix: An R-tool for comprehensive science mapping analysis”. Journal of Informetrics, 11(4), 959-975.
4. Arslan, H., & Bashir, M. (2021). Contemporary research on spillover effects of COVID-19 in stock markets. A systematic and bibliometric review. The 3rd International Electronic Conference on Environmental Research and Public Health —Public Health Issues in the Context of the COVID-19 Pandemic session Health Economics. 11 January 2021 by MDPI.
5. Baker, S. R. , Bloom, N. , Davis, S. J. , Kost, K. , Sammon, M. & Viratyosin, T. (2020). The unprecedented stock market reaction to COVID‐19 (NBER Working Paper No. 26945). National Bureau of Economic Research. https://www.nber.org/papers/w26945
6. Buszko, M., Orzeszko, W., & Stawarz, M. (2021). COVID-19 pandemic and stability of stock market—A Sectoral Approach. Plos One, 16(5), e0250938. Cahlik, T. (2000). “Comparison of the maps of science”. Scientometrics, 49(3), 372-387
7. Callon, M., Courtial, J. P., Turner, W. A., & Bauin, S. (1983). “From translations to problematic networks: An introduction to co-word analysis”. Social Science Information, 22(2), 191-235.
8. Chowdhury, E. K., Khan, I. I., & Dhar, B. K. (2021). Catastrophic impact of Covid‐19 on the global stock markets and economic activities. Business and Society Review, 1-24.

9. Cobo, M. J., López‐Herrera, A. G., Herrera‐Viedma, E., & Herrera, F. (2011). “Science mapping software tools: Review, analysis, and cooperative study among tools”. Journal of the American Society for information Science and Technology, 62(7), 1382-1402.
10. Courtial, J., Cahlik, T., & Callon, M. (1994). “A model for social interaction between cognition and action through a key-word simulation of knowledge growth”. Scientometrics, 31(2), 173-192.
11. Crane D., “Invisible colleges. Diffusion of knowledge in scientific communities”. Chicago and London, University of Chicago Press, 1972, 1-213.
12. Donthu, N., Kumar, S., & Pattnaik, D. (2020). “Forty-five years of journal of business research: a bibliometric analysis”. Journal of Business Research, 109, 1-14.
13. Flórez-Martínez, D. H., Contreras-Pedraza, C. A., & Rodríguez, J. (2020). “A systematic analysis of non-centrifugal sugar cane processing: Research and new trends”. Trends in Food Science & Technology, Vol.107, pp 415-428, https://doi.org/10.1016/j.tifs.2020.11.011.
14. Golmohammadi, S., & Fazelabdolabadi, B. (2021). COVID-19: A Game-changer to Equity Markets?. Journal of Human, Earth, and Future, 2(1), 46-81.
15. Ivanov, D. (2020). Predicting the impacts of epidemic outbreaks on global supply chains: A simulation-based analysis on the coronavirus outbreak (COVID-19/SARS-CoV-2) case. Transportation Research Part E: Logistics and Transportation Review, 136, 101922.
16. Liu, H., Manzoor, A., Wang, C., Zhang, L., & Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 2800.
17. Martínez-López, F.J., Merigó, J.M., Valenzuela-Fernández, L. and Nicolás, C. (2018), "Fifty years of the European Journal of Marketing: a bibliometric analysis", European Journal of Marketing, Vol. 52 No. 1/2, pp. 439-468. https://doi.org/10.1108/EJM-11-2017-0853.
18. Rogers, G., Szomszor, M., & Adams, J. (2020). “Sample size in bibliometric analysis”. Scientometrics, 125(1), 777-794.
19. Seglen, P. O. (1994). “Causal relationship between article citedness and journal impact”. Journal of the American Society for Information Science, 45(1), 1-11.
20. Small, H. (1997). “Update on science mapping: Creating large document spaces”. Scientometrics, 38(2), 275-293.
21. Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691.
22. Turner, W. A., & Rojouan, F. (1991). “Evaluating input/output relationships in a regional research network using co-word analysis”. Scientometrics, 22(1), 139–154. doi:10.1007/bf02019279
23. Van Eck, N. J., & Waltman, L. (2017). “Citation-based clustering of publications using CitNetExplorer and VOSviewer”. Scientometrics, 111(2), 1053-1070.
24. Vasileiou, E. (2021). Behavioral finance and market efficiency in the time of the COVID-19 pandemic: does fear drive the market?. International Review of Applied Economics, 35(2), 224-241.
25. Verma, S., & Gustafsson, A. (2020). Investigating the emerging COVID-19 research trends in the field of business and management: A bibliometric analysis approach. Journal of Business Research, 118, 253-261.
26. Waltman, L., Van Eck, N. J., & Noyons, E. C. M. (2010). “A unified approach to mapping and clustering of bibliometric networks”. Journal of Informetrics, 4(4), 629–635. doi:10.1016/j.joi.2010.07.002