The outbreak of the COVID-19 virus at the end of 2019 led to complex economic problems and affected stock market transactions in various countries. This study employs the Generalized Method of Moments (GMM) system to investigate the Iran stock market's reaction to the COVID-19 pandemic during the period from 2019 to 2022. The study particularly focuses on the role of firm characteristics (total asset returns, liquidity volume, company size, financial leverage and social responsibility) in the relationship between Covid- 19 and stock return. The results indicate that contrary to expectations, the COVID-19 pandemic had a positive impact on the stock returns of selected companies during the study period. According to the findings, firm size did not significantly influence the relationship between stock returns and COVID-19 during the period under review, while the financial leverage of companies had a negative and significant effect on this relationship. Additionally, the findings illustrate that corporate social responsibility, total asset returns and company liquidity strengthened the positive relationship between the COVID-19 outbreak and stock returns during the period under investigation. The obtained results indicate that certain specific characteristics of companies can play a significant role in moderating the effects of global economic crises on their stock performance.
rezagholizadeh,M , Aghaei,M and Vafaei,A . (2025). The Role of Firm Characteristics in Moderating the Impact of the COVID-19 Crisis on the Iran Stock Market. (e47643). Monetary & Financial Economics, (), e47643 doi: 10.22067/mfe.2025.93740.1556
MLA
rezagholizadeh,M , , Aghaei,M , and Vafaei,A . "The Role of Firm Characteristics in Moderating the Impact of the COVID-19 Crisis on the Iran Stock Market" .e47643 , Monetary & Financial Economics, , , 2025, e47643. doi: 10.22067/mfe.2025.93740.1556
HARVARD
rezagholizadeh M, Aghaei M, Vafaei A. (2025). 'The Role of Firm Characteristics in Moderating the Impact of the COVID-19 Crisis on the Iran Stock Market', Monetary & Financial Economics, (), e47643. doi: 10.22067/mfe.2025.93740.1556
CHICAGO
M rezagholizadeh, M Aghaei and A Vafaei, "The Role of Firm Characteristics in Moderating the Impact of the COVID-19 Crisis on the Iran Stock Market," Monetary & Financial Economics, (2025): e47643, doi: 10.22067/mfe.2025.93740.1556
VANCOUVER
rezagholizadeh M, Aghaei M, Vafaei A. The Role of Firm Characteristics in Moderating the Impact of the COVID-19 Crisis on the Iran Stock Market. Monetary & Financial Economics. 2025;():e47643 (In Persian). doi: 10.22067/mfe.2025.93740.1556
