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Sustainability
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COVID-19 and the Sustainability of Global Economies
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COVID-19 and the Sustainability of Global Economies

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (31 December 2022) | Viewed by 6995

Special Issue Editors

Dr. David Yechiam Aharon

E-Mail Website
Guest Editor
Faculty of Business Administration, Ono Academic College, Kiryat Ono 55000, Israel
Interests: market microstructure; behavioral finance; asset pricing
Dr. Menachem (Meni) Abudy

E-Mail Website
Guest Editor
School of Business Administration, Bar-Ilan University, Ramat-Gan 5290002, Israel
Interests: market microstructure; liquidity; marketability; corporate governance

Special Issue Information

Dear Colleagues,

Approximately two years have passed since the World Health Organization (WHO) declared the coronavirus as a global pandemic. COVID-19 has led to a widespread change in the behavior of companies, governments and individuals, and it continues to impact the global economy and the society as a whole. Although it has been approximately two years since the outbreak of the COVID-19 pandemic, policy makers at both the national and firm levels are still facing a high degree of uncertainty, which originated from the changing health conditions and disrupts their future planning.

The purpose of this Special Issue, to be published in Sustainability, is to continue to learn about the impact of the COVID-19 pandemic on the world’s economics and financial markets, and to determine the necessary steps required to maintain a sustainable economic system. The topics of interest include, but are not limited to, the following:

  • Financial stability and resilience of economies;
  • Economic and non-economic interventions;
  • Connectedness of capital markets and economies;
  • ESG and sustainable finance;
  • Green investments and safe assets;
  • Financial institutions and the banking systems;
  • Monetary systems and inflation hedging post COVID-19;
  • Emerging and developed economies during COVID-19;
  • COVID-19 uncertainty and investors sentiment;
  • Tourism sector challenges.

We seek papers that explore the association between the COVID-19 pandemic and the response of governments and firms to the effects of the pandemic (e.g., Aharon and Siev, 2021; Zaremba et al., 2021).  We also welcome studies that explore the sensitivity of different industries and their exposure to uncertainty, such as the tourism sector (e.g., Aharon, 2020). The papers submitted to this Special Issue may deal with different financial and social aspects from a theoretical or empirical perspective. We invite authors to contribute original research papers to this Special Issue. All submissions must contain original unpublished work that is not being considered for publication elsewhere.

References

Aharon, D. Y. (2020). Sentiment, confidence and uncertainty: the case of tourism and leisure stocks. Cornell Hospitality Quarterly, 1938965520978170.

Aharon, D. Y., & Siev, S. (2021). COVID-19, government interventions and emerging capital markets performance. Research in International Business and Finance, 58, 101492.

Zaremba, A., Kizys, R., Tzouvanas, P., Aharon, D. Y., & Demir, E. (2021). The quest for multidimensional financial immunity to the COVID-19 pandemic: Evidence from international stock markets. Journal of International Financial Markets, Institutions and Money, 71, 101284.

Dr. David Yechiam Aharon
Dr. Menachem (Meni) Abudy
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • COVID-19
  • financial markets
  • sustainable goals
  • crisis and recovery
  • information disclosure
  • ESG
  • CSR

Published Papers (4 papers)

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Research

14 pages, 846 KiB  
Article
Differences in COVID-19 Policies and Income Distribution: A Cross-Country Comparison
by Barbara Kalar, Kaja Primc and Nataša Kump
Sustainability 2023, 15(6), 4916; https://doi.org/10.3390/su15064916 - 9 Mar 2023
Cited by 1 | Viewed by 1389
Abstract
This paper looks at the distribution of disposable income by deciles to indicate how specific mitigating measures have influenced income groups and considers the effectiveness of different combinations of containment measures in the European Union. Simulations using the EUROMOD tax-benefit microsimulation model imply [...] Read more.
This paper looks at the distribution of disposable income by deciles to indicate how specific mitigating measures have influenced income groups and considers the effectiveness of different combinations of containment measures in the European Union. Simulations using the EUROMOD tax-benefit microsimulation model imply that the mitigating effects of the simulated measures are regressive, with a bigger influence on the bottom part of the income distribution. It is also observed that old democracies benefit from these measures more than new democracies. Surprisingly, our results further reveal that for the two highest decile income groups, the COVID-19 containment measures are stronger in new democracies. Finally, a qualitative comparative analysis of 19 EU countries suggests that each country should apply mixes of containment measures that fit its own context. Although there is no one-size-fits-all policy, old democracies seem more successful at handling the consequences of the COVID-19 crisis than new democracies. This study complements the literature as it shows how COVID-19 measures have influenced household income groups, and second, it adds to earlier studies by clarifying that only specific context-dependent combinations of containment measures are successful at preventing the loss of people’s living standards, thereby giving policymakers the necessary leeway to formulate effective policies. Full article
(This article belongs to the Special Issue COVID-19 and the Sustainability of Global Economies)
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15 pages, 288 KiB  
Article
Disentangling Relevance from Reliability in Value Relevance Tests
by Efrat Shust and Dan Weiss
Sustainability 2022, 14(20), 13449; https://doi.org/10.3390/su142013449 - 18 Oct 2022
Cited by 2 | Viewed by 1329
Abstract
The literature shows that during the COVID-19 pandemic, the value relevance of earnings decreased. Traditionally, the literature measures value relevance using the relationship between stock returns and earnings. However, these tests are, in fact, “joint tests of relevance and reliability”. This caveat can [...] Read more.
The literature shows that during the COVID-19 pandemic, the value relevance of earnings decreased. Traditionally, the literature measures value relevance using the relationship between stock returns and earnings. However, these tests are, in fact, “joint tests of relevance and reliability”. This caveat can distort the measurement of relevance, especially during the COVID-19 pandemic where the exceptional level of uncertainty could have affected relevance and reliability to different extents. This study disentangles reliability and relevance by extending the value relevance test. We use this extended test to examine firm categories in two dimensions: profits versus losses and intensive versus scarce use of accounting estimates. The results show that reliability and relevance are complementary when both are sufficiently high, but reliability has no significant impact on the usefulness of earnings when relevance is weak. Full article
(This article belongs to the Special Issue COVID-19 and the Sustainability of Global Economies)
18 pages, 1969 KiB  
Article
Changes in Share Prices of Macrosector Companies on the Warsaw Stock Exchange as a Reaction to the COVID-19 Pandemic
by Beata Bieszk-Stolorz and Iwona Markowicz
Sustainability 2022, 14(16), 10252; https://doi.org/10.3390/su141610252 - 18 Aug 2022
Cited by 1 | Viewed by 1299
Abstract
The crisis caused by the emergence of the COVID-19 pandemic had an impact on the economic situation worldwide, including the stock exchange quotations. The aim of the research is to assess the reaction to crisis situations of share prices of companies listed on [...] Read more.
The crisis caused by the emergence of the COVID-19 pandemic had an impact on the economic situation worldwide, including the stock exchange quotations. The aim of the research is to assess the reaction to crisis situations of share prices of companies listed on the Warsaw Stock Exchange (Poland) belonging to three main macrosectors: Industry, Finance and Services. The main part of the analysis concerns the market reaction to the COVID-19 pandemic during its first wave. The study utilises the survival analysis methods, which allowed for an assessment and comparison of the situation of the three macrosectors. The duration of the decline in share prices and the recovery time were analysed. The intensity and probability of the decline and subsequent increase in share prices were also examined. The Kaplan–Meier estimator, Cox regression model and logit model were used in the study. The pandemic shocks differed significantly from shocks caused by economic crises in the past. We showed that the differences for macro-sector share price declines were statistically insignificant. For price increases, the Finance macrosector differed from the other macrosectors. The probability, intensity and odds of an increase in share prices of companies belonging to this macrosector were lower than for the other macrosectors. In addition, we compared the obtained results with the results of previous studies conducted for the period of the financial crisis in 2008–2009 and the bear market in 2011. We pointed out the differences between the crisis caused by the pandemic and the other crises. Full article
(This article belongs to the Special Issue COVID-19 and the Sustainability of Global Economies)
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12 pages, 791 KiB  
Article
Risk and Uncertainty at the Outbreak of the COVID-19 Pandemic
by Doron Nisani, Mahmoud Qadan and Amit Shelef
Sustainability 2022, 14(14), 8527; https://doi.org/10.3390/su14148527 - 12 Jul 2022
Cited by 5 | Viewed by 2056
Abstract
The classic paradigm in finance maintains that asset returns are paid as a compensation for bearing risk. This study extends the literature and explores whether asset prices are also affected by uncertainty. This research invokes the Expected Utility with Uncertainty Probabilities Model and [...] Read more.
The classic paradigm in finance maintains that asset returns are paid as a compensation for bearing risk. This study extends the literature and explores whether asset prices are also affected by uncertainty. This research invokes the Expected Utility with Uncertainty Probabilities Model and utilizes the natural experiment conditions of the COVID-19 pandemic outbreak, in order to determine whether investors’ behavior during the sharp economic decline was driven by risk, or uncertainty. We limit this research only to the outbreak of the pandemic, since the recovery of the markets suggests investors have adjusted to the unexpected nature of the crisis. Using high-frequency data of the S&P 500 Index, we estimate the investors’ risk and ambiguity aversions, finding that in the pre-pandemic period investors exhibited risk aversion as well as an ambiguity-seeking attitude, while during the pandemic they demonstrated risk- and ambiguity-neutral behavior. The implications of these findings could suggest that in regular times, the financial markets are operated by risk-averse investors with decreasing risk-averse behavior. Full article
(This article belongs to the Special Issue COVID-19 and the Sustainability of Global Economies)
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