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September 10, 2025Asian Journal of Accounting ResearchOpen Access

Government responses to COVID-19 and market reactions to dividend announcements in ASEAN-5 countries

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Authors

RYRizky YudaruddinDLDadang LesmanaRZRozaimah Zainudin

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Overview

Event study analyzes market reactions to dividend announcements in ASEAN-5, showing that government responses to COVID-19 negatively affected outcomes.

Key Points

  • Government responses to COVID-19 negatively impacted market reactions to dividend announcements.
  • The strongest market response was observed in Thailand and Indonesia, particularly during lockdowns.
  • Larger, more profitable, and lower-leverage companies experienced more significant negative market reactions.
  • The study employs an event study method and regression analysis on 5,648 dividend announcements across ASEAN-5.

Cite This Study

Yudaruddin et al. (2025) studied this question.

synapsesocial.com/papers/68c1925e9b7b07f3a061712dhttps://doi.org/10.1108/ajar-10-2024-0447
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  4. 4Analysis of Investor Reactions Comparison to Covid-19 Developments in ASEAN Capital Market2024
  5. 5How do stock markets react to dividend announcements during the COVID-19 pandemic? Evidence from the GCC markets2024 · 24 citations