| dc.description.abstract | Newer works of literature indicates that the global stock markets were
significantly affected by the Covid-19 pandemic; however, the extent of this impact varied
across different countries. In my study, I endeavors to explore the relationship between the
growing attention of investors towards COVID-19 and its effects on stock market returns.
Additionally, this study aims to examine how national culture acts as a moderating factor
in this connection. The sample used in this study consists of secondary data from 34
countries which include 24 developed countries and 10 developing countries from January
23, 2020 to January 23, 2022. The study employed panel data and Google Search Volume
as an indicator of investors' interest in Covid-19 epidemic. Furthermore, as part of this
study, I employed a set of three cultural dimensions, namely Uncertainty Avoidance, Power
Distance, and Individualism, to assess national culture. These dimensions serve as a metric
to analyzes the variations in making decision among different nations when faced with
stressful and ambiguous circumstances. After using Pooled OLS model accompanied with
the Feasible Generalized Least Squares model to fix heteroskedasticity and autocorrelation,
the empirical results point out that attention of investor related to Covid-19 has a negative
effect on stock market return during the sample period and this relationship is firmly
consistent under different contexts of national culture. | en_US |
