The impact of COVID-19 pandemic on financial performance: Comparison between Egyptian SMEs Tamayoz and EGX30 index

Main Article Content

Sherif Ismail El-Halaby
Hebatallah Ahmed Soliman
Hussien Mohsen Ahmed

Abstract

Most SMEs experience economic collapse and even insolvency due to a lack of sufficient governmental support, particularly those working in growing nations like Egypt with a heavy focus on SMEs’ growth and political and economic instability. As a result, this paper seeks first to measure the consequences of COVID-19 on financial performance (FP) by comparing small and medium enterprises (SMEs) with listed corporations in the Egyptian Stock Exchange (EGX). Second, we examine the impact of governmental interventions on this association. Our sample includes 26 SMEs in the Tamayoz EGX and the highest 30 firms listed in the EGX30. We applied pooled ordinary least square regression, paired sample test, and Barron and Kenny’s test. We used daily stock market returns from January 2020 to November 2020. The proliferation of COVID-19 has an influence on stock prices in both the EGX30 and Tamayoz stock indexes. We furthermore find a partial mediation of income support, facial-covering, school closures, and restrictions on international movements on the linkage between COVID-19 and FP for SMEs. The stock prices listed in EGX30 seem more sensitive to governmental interventions than Tamayoz EGX. The findings confirm governmental interventions would have a significant role in the firm’s FP during the COVID-19 pandemic.

Article Details

How to Cite
Sherif Ismail El-Halaby, Hebatallah Ahmed Soliman, & Hussien Mohsen Ahmed. (2023). The impact of COVID-19 pandemic on financial performance: Comparison between Egyptian SMEs Tamayoz and EGX30 index. Asian Academy of Management Journal, 28(2), 371–419. https://doi.org/10.21315/aamj2023.28.2.13
Section
Original Articles

References

Abu Hatab, A., Lagerkvist, C. -J., & Esmat, A. (2020). Risk perception and determinants in small- and medium-sized agri-food enterprises amidst the COVID-19 pandemic: Evidence from Egypt. Agribusiness, 37(1), 187–212. https://doi.org/10.1002/agr.21676212

Abdelrhim M., & Elsayed A. (2020). The effect of COVID-19 spread on Egyptian stock market sectors. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.3608734

Adam, T. (2020). How coronavirus almost brought down the global financial system. https://www.theguardian.com/business/2020/apr/14/how-coronavirus-almost-brought-down-the-global-financial-system

Alegado. S. (2020). Global cost of coronavirus may reach $4.1 Trillion, ADB says. Bloomberg. https://www.bloomberg.com/news/articles/2020-04-03/global-cost-of-coronavirus-could-reach-4-1-trillion-adb-says?srnd=premium-europe)

African Development Bank. (2016). Addressing informality in Egypt [Working paper- North Africa policy series]. https://www.afdb.org/en/news-and-events/ addressing-afdinformality-in-egypt-15567

Ahmar, S., & Del Val, B. (2020). Sutte ARIMA: Short term forecasting method, a case: COVID-19 and stock market in Spain. Science of the Total Environment, 729, 138883. https://doi.org/10.1016/j.scitotenv.2020.138883

Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhamadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market return. Journal of Behavioral and Experimental Finance, 27, 100326. https://doi.org/10.1016/j.jbef.2020.100326

Alber, N. (2020). The effect of coronavirus spread on stock markets: The case of the worst 6 countries. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.3578080

Albulescu, C. (2020a). Coronavirus and oil price crash. SSRN. https://doi.org/10.48550/arXiv.2003.06184

Albulescu, C. (2020b). Do COVID-19, and crude oil prices drive the US economic policy uncertainty. SSRN. http://dx.doi.org/10.2139/ssrn.3555192

Albulescu, C. (2020c). Coronavirus and financial volatility: 40 days of fasting and fear, 10.2139/ssrn.3550630

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

Alfaro, L., Chari, A., Greenland A., & Schott, K. (2020). Aggregate and firm level stock returns during pandemics in real time, working paper, national bureau of economic research (Working paper 26950). https://doi.org/10.3386/w26950

Al-Omoush, K. S., Simón-Moya, V., & Sendra-García, J. (2020). The impact of social capital and collaborative knowledge creation on e-business proactiveness and organizational agility in responding to the COVID-19 crisis. Journal of Innovation & Knowledge, 5(4), 279–288. https://doi.org/10.1016/j.jik.2020.10.002

Ali, M., Alam, N., & Rizvi, R. (2020). Coronavirus (COVID-19) - an epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 100341 https://doi.org/10.1016/j.jbef.2020.100341

Asgary A., Ozdemir A., & Ozyurek H. (2020). Small and medium enterprises and global risks: evidence from manufacturing SMEs in Turkey. International Journal of Disaster Risk Science, 11(1), 59–73. https://doi.org/10.1007/s13753-020-00247-0

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

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

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

Auzzir, Z., Haigh, R., & Amaratunga, D. (2018). Impacts of disaster to SMEs in Malaysia. Procedia Engineering, 212, 1131–1138. https://doi.org/10.1016/j.proeng.2018.01.146

Ayadi, R., Sessa, E., El Said, H., Ahmed, R.H., Alshyab, N., Sandri, S., & Ferchichi, M. (2017). Micro, small and medium sized enterprises development in Egypt, Jordan, Morocco and Tunisia: Structure obstacles and policies. Euro-Mediterranean Network for Economic Studies, 3, 1–88. https://euromed-economists.org/?wpdmdl=2398

Azrak, T., Saiti, B., Kutan, A., & Engku Ali, E. R. A. (2021). Does information disclosure reduce stock price volatility? A comparison of Islamic and conventional banks in Gulf countries. International Journal of Emerging Markets, 16(8), 1769–1792. https://doi.org/10.1108/IJOEM-06-2019-0466

Bakas, D., & Triantafyllou, A. (2020). Commodity price volatility and the economic uncertainty of pandemics. Economics Letters, 193, 109283. https://doi.org/10.1016/j.econlet.2020.109283

Baldwin, R., & Weder B. (2020). Economics in the time of COVID-19. CEPR Press. https://cepr.org/system/files/publication-files/60120-economics_in_the_time_of_covid_19.pdf

Barberis, N. (2011). Psychology and the Financial Crisis of 2007-2008. SRRN. Available at https://ssrn.com/abstract=1742463 or http://dx.doi.org/10.2139/ssrn.1742463

Barberis, N., Shleifer, A., & Vishny, R. (1998). A model of investor sentiment. Journal of Financial Economics, 49(3), 307–343. https://doi.org/10.1016/S0304-405X(98)00027-0

Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51, 1173–1182. https://doi.org/10.1037//0022-3514.51.6.1173

Bartik, A., Bertrand M., Cullen Z., Glaeser E., Luca M., & Stanton C. (2020). How are small businesses adjusting to COVID-19? Early evidence from a survey (Working Paper 26989). https://doi.org/10.3386/w26989

Bary, A. (2019). SMEs sector: A key driver to the Egyptian economic development. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.3334845

Beck, T., Flynn B., & Homanen, M. (2020). COVID-19 in emerging markets: firms-survey evidence. https://voxeu.org/article/covid-19-emerging-markets-firm-survey-evidence

Bennett, K., & Phillipson J. (2004). A plague upon their houses: Revelations of the foot and mouth disease epidemic for business households. Sociologia Ruralis, 44(3), 261–284. https://doi.org/10.1111/j.1467-9523.2004.00275.x

Beraha, I., & Duricin S. (2020). The impact of COVID-19 crisis on medium sized enterprises in Serbia. Economic Analysis, 53(1), 14–27. https://doi.org/10.28934/ea.20.53.1.pp14-27

Beutels, P., Jia, N., Zhou, Q. –Y., Smith, R., Cao, W. –C., & de Vlas, S. J. (2009). The economic impact of SARS in Beijing, China. Tropical Medicine and International Health, 14(1), 85–91. https://doi.org/10.1111/j.1365-3156.2008.02210.x

Bikas, E., Jureviciene, D., Dubinskas P., & Novickyte, L. (2013). Behavioral finance: The emergence and development trends. Procedia - Social and Behavioral Science, 82, 870–876. https://doi.org/10.1016/j.sbspro.2013.06.363

Breisinger, C., Abdelatif, A., Raouf, M., Wiebelt, M. (2020). COVID-19 and the Egyptian economy: Estimating the impacts of expected reductions in tourism, Suez Canal revenues and remittances, international food policy research institute London. MENA Policy Note. https://doi.org/10.2499/p15738coll2.133663

Central Agency For Public Mobilization and Statistics (CAPMAS). (2018). Statistical yearbook, Egypt. www.capmas.gov.eg/Pages/Static_Pages.aspx?page_id=5034

Cardona-Arenas, C. D., & Serna-Gomez, H. M. (2020). COVID-19 and oil prices: Effects on the Colombian peso exchange rate. SSRN Electronic Journal. https://dx.doi.org/10.2139/ssrn.3567942

Central Bank of Jordan. (2017). Annual reports. www.bankofjordan.com/page/annualreport

Centers for Disease Control and Prevention. (2021). https://wwwnc.cdc.gov/travel/notices/covid-4/coronavirus-egypt

Chang, C. -L., & McAleer, M. (2020). Alternative global health security indexes for risk analysis of COVID-19. International Journal of Environmental Research and Public Health, 17(9), 3161. https://doi.org/10.3390/ijerph17093161

Chen, M. -H., Jang, S. C., & Kim, W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: An event study approach. International Journal of Hospitality Management, 26, 200–212. https://doi.org/10.1016%2Fj.ijhm.2005.11.004

Chen, M. H., Demir, E., García-Gómez, C. D., & Zaremba, A. (2020). The impact of policy responses to COVID-19 on US travel and leisure companies. Annals of Tourism Research Empirical Insights, 1(1), 100003. https://doi.org/10.1016/j.annale.2020.100003

Global Communities. (2020). COVID-19 impact on performance of micro and small business in Egypt. https://www.globalcommunities.org/covid-19-egypt

Corbet, S., Hou, Y., Hu, Y., Lucey, B., & Oxley L. (2020). Aye corona! The contagion effects of being named corona during the COVID-19 pandemic. Finance Research Letters, 38, 101591. https://doi.org/10.1016/j.frl.2020.101591

Daniel, K., Hirshleifer, D., & Subrahmanyam, A. (1998). Investor psychology and security market under and over reaction. Journal of Finance, 53(6), 1839–1885. https://www.jstor.org/stable/117455

De Bondt, W., Muradoglu, G., Shefrin, H., & Staikouras, K. (2008). Behavioral finance: Quo Vadis? Journal of Applied Finance, 18(2), 7–21. https://ssrn.com/abstract=2698614

Del Giudice, A., & Paltrinieri, A. (2017). The impact of the Arab spring and the Ebola outbreak on African equity mutual fund investor decisions. Research in International Business & Finance, 41, 600–612. https://doi.org/10.1016/j.ribaf.2017.05.004

Dimitriou, D., Kenourgios, D., & Simos, T. (2013). Global financial crisis and emerging stock market contagion: A multivariate FIAPARCH-DCC approach. International Review of Financial Analysis, 30, 46–56. https://doi.org/10.1016/j.irfa.2013.05.008

Dooley, M., & Hutchison, M. (2009). Transmission of the US subprime crisis to emerging markets: Evidence on the decoupling-recoupling hypothesis. Journal of International Money and Finance, 28(8), 1331–1349. https://doi.org/10.1016/j.jimonfin.2009.08.004

Eggers, F. (2020). Masters of disasters? Challenges and opportunities for SMEs in times of crisis. Journal of Business Research, 116, 199–208. https://doi.org/10.1016/j.jbusres.2020.05.025

Egyptian Stock Exchange (EGX) (2021). The Egyptian exchange. https://www.egx.com.eg/ar/Indices.aspx

El-Khishin, S. (2020). Countermeasures for the COVID-19 outbreak in Egypt. ERF Policy Brief No. 51. https://erf.org.eg/app/uploads/2020/08/1598691267_437_382248_pb51_sarakhishin.pdf

Elseoud, A., Sayed, M., Kreishan, M., & Ali, M. (2019). The reality of SMEs in Arab nations: Experience of Egypt, Jordan, and Bahrain. Journal of Islamic Financial Studies, 5(2), 110–126. https://journal.uob.edu.bh/handle/123456789/3747

Erdem, O. (2020). Freedom and stock market performance during COVID-19 outbreak. Finance Research Letters, 36, 101671. https://doi.org/10.1016%2Fj.frl.2020.101671

Fakhry, B. (2016). A literature review of behavioral finance. Journal of Economics Library, 3(3), 1–9. http://www.kspjournals.org/index.php/JEL/article/view/929

Fama, E. F. (1965). The behavior of stock-market prices. Journal of Business, 38(1), 35–105. https://www.jstor.org/stable/2350752

Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy (Working Paper No. WP-1240-E). http://dx.doi.org/10.2139/ssrn.3557504

Fleming, J., Kirby, C., Ostdiek B. (2006). Information, trading, and volatility: Evidence from weather sensitive markets. Journal of Finance, 61, 2899–2929. https://doi.org/10.1111/j.1540-6261.2006.01007.x

Funk, S., Gilad, E., Watkins, C., & Jansen, V. A. A. (2009). The spread of awareness and its impact on epidemic outbreaks. Proceedings of the National Academy of Sciences of The United States of America, 106(16), 687–6877. https://doi.org/10.1073/pnas.0810762106

Gupta, G., Moyera, C. A., & Stern, D. T. (2005). The economic impact of quarantine: SARS in Toronto as a case study. Journal of Infection, 50, 386–393. https://doi.org/10.1016%2Fj.jinf.2004.08.006

Hale, T., Angrist, N., Goldszmidt, R., Kira, B., Petherick, A., Philips, T.,…Tatlow, H. (2021). A global panel database of pandemic policies (Oxford COVID-19 Government Response Tracker). Nature Human Behaviour, 5, 529–538. https://doi.org/10.1038/s41562-021-01079-8

Haroon, O., & Rizvi R. (2020). 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

Hassanein, A., & Hussainey, K. (2015). Is forward looking financial disclosure really informative? Evidence from UK narrative statements. International Review of Financial Analysis, 41, 52–61. https://doi.org/10.1016/j.irfa.2015.05.025

Hassanein, A., Zalata, A., & Hussainey, K. (2019). Do forward looking narratives affect investors’ valuation of UK FTSE all-shares firms? Review of Quantitative Finance and Accounting, 52(2), 493–519. https://doi.org/10.1007/s11156-018-0717-6

Hong, H., & Stein, C. (1999). A unified theory of under reaction, momentum trading, and over reaction in asset markets. Journal of Finance, 45(6), 2143–2184. https://www.jstor.org/stable/797990

Hsu, H. H. (2012). The acceptance of Moodle: An empirical study based on UTAUT. Creative Education, 3, 44–46. https://doi.org/10.4236/ce.2012.38b010

Ichev, R., & Marinč, M. (2018). Stock prices and geographic proximity of information: evidence from the Ebola outbreak. International Review of Financial Analysis, 56, 153–166. https://doi.org/10.1016/j.irfa.2017.12.004

International Trade Centre. (2016). Egypt: Company perspectives – An ITC series on non-tariff measures. https://intracen.org/resources/publications/egypt-company-perspectives-an-itc-series-on-non-tariff-measures

International Trade Centre. (2020). Annual report 2020 pivoting with purpose. Geneva. https://intracen.org/file/annualreport2020enpdf-1

Konstantinidis, A., Katarachia, A., Borovas, G., & Voutsa M. (2012). From efficient market hypothesis to behavioural finance: Can behavioural finance be the new dominant model for investing. Scientific Bulletin - Economic Sciences, 11(2), 16–26. http://economic.upit.ro/repec/pdf/2012_2_2.pdf

Kourtidies, D., Sevic, Z., & Chatzoglou, P. (2011). Investors’ trading Activity: A behavioral perspective and empirical results. Journal of Socio-Economics, 40(5), 548–557. https://doi.org/10.1016/j.socec.2011.04.008

Leduc, S., & Liu, Z. (2020). The uncertainty channel of the coronavirus. FRBSF Economic Letters, 7(5), 1–5.

Lee, Y. M. K., Jais, M., & Chan, C. –W. (2020). Impact of Covid-19: Evidence from Malaysian stock market. International Journal of Bussiness & Society, 21(2), 607–628. http://dx.doi.org/10.33736/ijbs.3274.2020

Lee, W. Y., Jang, C. X., & Indro, D. C. (2002). Stock market volatility, excess returns and the role of investor sentiment. Journal of Banking & Finance, 26(12), 2277–2299. https://doi.org/10.1016/S0378-4266(01)00202-3

Liu, Y., Manzoor, A., Wang, C. Y., Zhang, L., & Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock market response. International Journal of Environmental Research & Public Health, 17(8), 2800. https://doi.org/10.3390/ijerph17082800

Lone, S. A., & Ahmad, A. (2020). COVID-19 pandemic, an African perspective. Emerging Microbes & Infections, 9(1), 1372–1378. https://doi.org/10.1080/22221751.2020.1775132

López-Cabarcos, M. Á, Ribeiro-Soriano, D., & Piñeiro-Chousa, J. (2020). All that glitters is not gold. The rise of gaming in the COVID-19 pandemic. Journal of Innovation & Knowledge, 5(4), 289–296. https://doi.org/10.1016/j.jik.2020.10.004

Lyócsa, S., Baumohl, E., Výrost, T., & 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

Mandel, A., & Veetil, V. (2020). The economic cost of COVID lockdowns: An out-of- equilibrium analysis. Economics of Disasters and Climate Change, 4, 431–451. https://doi.org/10.1007/s41885-020-00066-z

Mabrouk, M., Atallah, S., Kamel, S., El Battouty, S., Lehr, D., Elnaggar, Y., & Abdel- Latif, A. (2020). Rethinking Egypt’s economy policy. https://www.mei.edu/publications/rethinking-egypts-economy

Macciocchi, D., Lanini, S., Vairo, F., Zumla, A., Figueiredo, L. T. M., Lauria, F. N.,… Ippolito, G. (2016). Short term economic impact of the Zika virus outbreak. New Microbiologica, 39(4), 287–289.

Machmuddah, Z., Utomo, S. D., Suhartono, E., Ali, S., & Ghulam, W. A. (2020). Stock market reaction to COVID-19: Evidence in customer goods sector with the implication for open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 99. https://doi.org/10.3390/joitmc6040099

Mazur, M., Dang, M., & Vega, M. (2020). COVID-19 and the March 2020 stock market crash. Evidence from S&P 1500. Finance Research Letters, 38, 101690. https://doi.org/10.1016/j.frl.2020.101690

McAleer, M. (2020). Prevention is better than the cure: risk management of COVID-19. Journal of Risk and Financial Management, 13(3/46), 1–5. http://dx.doi.org/10.3390/jrfm13030046

McTier, B., Tse, Y., & Wald, K. (2013). Do stock markets catch the flu? The Journal of Financial and Quantitative Analysis, 48(3), 979–1000. https://www.jstor.org/stable/43303828

Mishra, A. K., Rath, B. N., & Dash, A. K. (2020). Does the Indian financial market Nosedive because of the COVID-19 outbreak, in comparison to after demonetization and GST? Emerging Markets Finance and Trade, 56(10), 2162–2180. https://doi.org/10.1080/1540496X.2020.1785425

Neaime, S. (2012). The global financial crisis, financial linkages and correlations in returns and volatilities in emerging MENA stock markets. Emerging Markets Review, 13(3), 268–282. https://doi.org/10.1016/j.ememar.2012.01.006

Nia, M. (2020). The effect of corona outbreak on the Indonesian stock market. American Journal of Humanities and Social Sciences Research, 4(3), 358–370. https://www.ajhssr.com/wp-content/uploads/2020/03/ZU2043358370.pdf

Nippani, S., & Washer, K. M. (2004). SARS: A non-event for affected countries’ stock markets? Applied Financial Economics, 14(15), 1105–1110. https://doi.org/10.1080/0960310042000310579

Nozawa, Y., & Qiu, Y. (2021). Corporate bond market reactions to quantitative easing during the COVID-19 pandemic. Journal of Banking & Finance, 133, 106153. https://doi.org/10.1016/j.jbankfin.2021.106153

Onali, E. (2020). COVID-19 and stock market volatility. SSRN. http://dx.doi.org/10.2139/ssrn.3571453

Ozili, P. K. (2020). COVID-19 pandemic and economic crisis: The Nigerian experience and structural causes. Journal of Economic and Administrative Sciences, 37(4), 401–418. https://doi.org/10.1108/JEAS-05-2020-0074

Pavlyshenko, B. M. (2020). Regression approach for modeling COVID-19 spread and its impact on stock market. SSRN. https://doi.org/10.48550/arXiv.2004.01489

Phan, D., & Narayan, P. (2020). Country responses and the reaction of the stock market to COVID-19, a preliminary exposition. Emerging Markets Finance and Trade, 56(10), 2138–2150. https://doi.org/10.1080/1540496X.2020.1784719

Prasad, S., Su, H., Altay, N., & Tata, J. (2015). Building disaster-resilient micro enterprises in the developing world. Disasters, 39(3), 447–466. https://doi.org/10.1111/disa.12117

Rababah, A., Al-Haddad, L., Sial, M. S., Chunmei, Z., & Cherian, J. (2020). Analyzing the effects of COVID-19 pandemic on the financial performance of Chinese listed companies. Journal of Public Affairs, 20(4), e2440. https://doi.org/10.1002/pa.2440

Ramelli, S., & Wagner, F. (2020). Feverish stock price reaction to COVID-19. The Review of Corporate Finance Studies, 9(3), 622–655. https://doi.org/10.1093/rcfs/cfaa012

Robinson, J., & Kengatharan, N. (2020). Exploring the effect of COVID-19 on small and medium enterprises: Early evidence from Sri Lanka. Journal of Applied Economics and Business Research, 10(2), 115–124. http://www.aebrjournal.org/uploads/6/6/2/2/6622240/joaebrjune2020_115_125.pdf

Samantha, G. (2018). The impact of natural disasters on micro, small, and medium enterprises (MSMEs): A case study on 2016 flood event in western Sri Lanka. Procedia Engineering, 212, 744–751. https://doi.org/10.1016/j.proeng.2018.01.096

Schell, D., Wang, M., & Huynh, T. L. D. (2020). This time is indeed different: A study on global market reactions to public health crisis. Journal of Behavioral and Experimental Finance, 27, 100349. https://doi.org/10.1016/j.jbef.2020.100349

Sène, B., Mbengue, M., & Allaya, M. (2020). Overshooting of sovereign emerging eurobond yields in the context of COVID-19. Finance Research Letters, 38, 101746. https://doi.org/10.1016/j.frl.2020.101746

Sewell, W. (2005). Logics of history: Social theory and social transformation. University of Chicago Press.

Shafi, M., Liu, J., & Ren, W. (2020). Impact of COVID-19 pandemic om micro, small and medium sized enterprises operating in Pakistan. Research in Globalization, 2, 100018. https://doi.org/10.1016/j.resglo.2020.100018

Shefrin, H. (2001). Behavioral corporate finance. Journal of Applied Corporate Finance, 14(3), 113–124. https://doi.org/10.1111/j.1745-6622.2001.tb00443.x

Shehzad, K., & Sohail, N. (2018). An evidence of calendar effects on the stock market of Pakistan: a case study of KSE-100 index. NFC IEFR Journal of Engineering and Scientific Research, 6, 46–56. http://nijesr.com/ojs/index.php/archive/article/ view/147

Shehzad, K., Xiaoxing, L., Arif, M., Rehman, K., & Ilyas M. (2020a). Investigating the psychology of financial markets during COVID-19 Era: A case study of the US and European markets. Frontiers in Psychology, 11, 1924. https://doi.org/10.3389/fpsyg.2020.01924

Shehzad, K., Xiaoxinga, L., & Kazouzb, H. (2020b). COVID-19’s disasters are perilous than global financial crisis: A rumor or fact? Finance Research Letters, 36, 101669. https://doi.org/10.1016/j.frl.2020.101669

Small and medium enterprises. (2020). SMEs new horizons for growth. EGX. https://egyptsmes.com.eg/en/

Statman, M. (2008). What is behavioral finance? In F. J. Fabozzi (Ed.), The Handbook of Finance II (pp. 79–84). John Wiley & Sons.

Gherghina, S. C., Armeanu, D. S., & Joldes, C. C. (2020). Stock market reaction to COVID-19 pandemic outbreak: Quantitative evidence from ARDL Bounds tests and granger causality analysis. International Journal of Environmental Research & Public Health, 17, 6729. https://doi.org/10.3390/ijerph17186729

Subrahmanyam, A. (2007). Behavioral finance: A review and synthesis. European Financial Management, 14(1), 12–29. https://doi.org/10.1111/j.1468-036X.2007.00415.x

Sugimoto, K., Matsuki, T., & Yoshida, Y. (2014). The global financial crisis: An analysis of the spillover effects on African stock markets. Emerging Markets Review, 21, 201–233. https://doi.org/10.1016/j.ememar.2014.09.004

Wagner, A. F. (2020). What the stock market tells us about the post-COVID-19 world. Nature Human Behavior, 4, 440. https://doi.org/10.1038/s41562-020-0869-y

Wang, Y. –H., Yang, F. -J., & Chen, L. –J. (2013). An investor’s perspective on infectious diseases and their influence on market behavior. Journal of Business Economics & Management, 14, 1611–1699. https://doi.org/10.3846/16111699.2012.711360

World Health Organization (WHO). (n.d). WHO Coronavirus (COVID-19) Dashboard. https://covid19.who.int/

Williams, S., & Schaefer, A. (2013). Small and medium sized enterprises and sustainability: Managers’ values and engagement with environmental and climate change issues. Business Strategy and the Environment, 22(3), 173–186. http://dx.doi.org/10.1002/bse.1740

Yilmazkuday, H. (2022). Coronavirus disease 2019 and the global economy. Transport Policy, 120, 40–46. https://doi.org/10.1016/j.tranpol.2022.03.003

Zaazou, Z. A., & Salman, A. D. (2020). Egyptian small and medium sized enterprises’ battle against COVID-19 pandemic. Journal of Humanities and Applied Social Sciences, 4(2), 94–112. https://doi.org/10.1108/JHASS-09-2020-0161

Zaremba, A., Kizys, R., Aharon, D., & 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

Zeren, F., & Hizarci, A. (2020). The impact of COVID-19 Coronavirus on stock markets: Evidence from selected countries. Bulletin of Accounting and Finance Review, 3(1), 78–84. https://doi.org/10.32951/mufider.706159

Zhang, D., Hu, M., & 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