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Impact of COVID-19 pandemic on total market trade value (institutional investors vs non-institutional investors)

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  • Ibrahim Tawfeeq Alsedrah
  • Elhachemi Abdelkader Hacine Gherbi

Abstract

This paper examines the effect of market investor types (institutional and non-institutional) on total market trade value in Saudi Arabia during the COVID-19 pandemic, including a three-month period of total containment. The research was conducted using a time series analysis method with an AutoRegressive Distributed Lag (ARDL), using weekly data collected from 7 January 2020 to 24 September 2020. The short-run result shows that both investor types net traded values and ownership holding values negatively impacts the development of Tadawul activity. Furthermore, the development of Tadawul activity showed a negative performance for the total containment period of three months. However, the long-run estimated model shows that, for both investor types, only net traded value has a positive significant impact on market activity development, whereas non-institutional ownership holding value development has a significant negative impact. Our results suggest fear is a mediator for the effect of COVID-19 on stock markets.

Suggested Citation

  • Ibrahim Tawfeeq Alsedrah & Elhachemi Abdelkader Hacine Gherbi, 2023. "Impact of COVID-19 pandemic on total market trade value (institutional investors vs non-institutional investors)," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 13(1), pages 353-365, January.
    • Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:353-365
    DOI: 10.1080/20430795.2021.1905412
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