Stock Market Reaction to COVID-19: Evidence in Customer Goods Sector with the Implication for Open Innovation

Zaky Machmuddah, St. Dwiarso Utomo, Entot Suhartono, Shujahat Ali, Wajahat Ali Ghulam · 2020 · Journal of Open Innovation Technology Market and Complexity

Summary. This paper analyzes stock market reactions in the consumer goods sector before and after COVID-19 emerged. Using daily stock price and trading volume data from 90 days before and after the pandemic's onset, researchers found significant differences in market behavior. The findings support the efficient market hypothesis and suggest investors should prioritize consumer goods companies producing essential products like food, beverages, and pharmaceuticals during economic crises.

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@article{machmuddah-2020-stock-market-reaction-covid-19,
  title   = {Stock Market Reaction to COVID-19: Evidence in Customer Goods Sector with the Implication for Open Innovation},
  author  = {Zaky Machmuddah and St. Dwiarso Utomo and Entot Suhartono and Shujahat Ali and Wajahat Ali Ghulam},
  journal = {Journal of Open Innovation Technology Market and Complexity},
  year    = {2020},
  doi     = {10.3390/joitmc6040099},
  url     = {https://doi.org/10.3390/joitmc6040099}
}

TY  - JOUR
TI  - Stock Market Reaction to COVID-19: Evidence in Customer Goods Sector with the Implication for Open Innovation
AU  - Zaky Machmuddah
AU  - St. Dwiarso Utomo
AU  - Entot Suhartono
AU  - Shujahat Ali
AU  - Wajahat Ali Ghulam
JO  - Journal of Open Innovation Technology Market and Complexity
PY  - 2020
DO  - 10.3390/joitmc6040099
UR  - https://doi.org/10.3390/joitmc6040099
ER  - 

Details

DOI

10.3390/joitmc6040099

Countries

Indonesia, China, Pakistan

Regions

Asia

Categories

innovation-theory, general-innovation

Added

2026-04-28