The effects of COVID-19 pandemic on performance of commercial and services companies listed on the Vietnam stock market

Abstract

The objective of this study is to measure the effects of COVID-19 pandemic on performance
of listed commercial and services companies on the Vietnam stock market. The data used in this study
were collected from financial reports of 50 companies for the period from 2018 to 2021. Using the event
study method, the results reveal that the COVID-19 pandemic has negative effects on the performance of
commercial and services companies. However, the effects of COVID-19 on the performance of firms are
different depending on the size of firms. Specifically, COVID-19 has only negative effects on performance
of big companies. In addition, this study does not find a statistically significant difference in the impact of
COVID-19 on the performance of firms with different operating leverage.