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TYPE
Original Research
PAGE NO.
43-52
DOI
OPEN ACCESS
SUBMITED
22 January 2025
ACCEPTED
26 February 2025
PUBLISHED
28 March 2025
VOLUME
Vol.05 Issue03 2025
COPYRIGHT
© 2025 Original content from this work may be used under the terms
of the creative commons attributes 4.0 License.
Accounting Information,
Financial Market and
Investors: Who is the first
to caput the Impact of
Covid-19
Anmar adnan khudhair
Department of Accounting, Kerbala university, Iraq
Aqeel Jaber Kadhim
Department: Accounting, Administrations & Economic, Al Muthanna
University, Iraq
Jasim Idan Barrak
Department: Accounting, Administrations & Economic,University of
Kerbala, Iraq
Abstract:
This study aims to examine Accounting
Information, Financial Market and Investors: Who is the
first to caput the Impact of Covid-19. financial market
and investors are faster than accounting information in
capturing the impact of covid 19, as although the
accounting information has indicated a decrease in the
profitability of companies, it is not statistically
noticeable, and that the financial market and through
the market returns of shares was the most affected by
the investors Because the level of sig morale difference
between its averages before and after covid 19 was the
smallest, and the effect of covid 19 was inversely in
stock returns as the results indicated a decrease in the
average returns, and the effect of covid 19 was directly
proportional to the volume of shares traded by
investors, as the results showed an increase in the
average volume Trading in the period after covid 19
compared to before
Keywords:
Accounting Information, Financial Market
and Investors and Covid-19.
Introduction:
The year 2020 first quarter was very
challenging for many enterprises . At the onset of 2020,
a lot of companies were taking steps towards achieving
some level of growth in their businesses for the coming
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financial year but upon reaching mid-March,
everything was at a standstill worldwide because of the
COVID-19 pandemic (Sangster, Stoner, & Flood, 2020).
This led to the issuance of movement restrictions by
most governments around the world to contain the
virus (Chetty et al., 2020). Not only that but there was
also a complete closure of many sectors hence
paralyzing numerous economic activities (Coates et al.,
2020). The financial effect on various sectors may,
nonetheless, not be so serious as the one forecasted
due to the fact that there was still some time left
before the world officially declared Covid-19 a
pandemic in March 31, 2020 (Somani et al., 2020).
Nevertheless, it is anticipated that the upcoming
reports from other large economies might reveal
significant reversals than earlier expected. It is not
clear yet how far the pandemic will go and how many
units of the goods will be affected in the process .
Therefore, it is necessary to conduct additional analysis
taking into account investor relations (Aziz et al.,
2020). The disease knowledge among individuals has
grown, and there have been declining trends in cases
noted across several countries but this does not rule
out high risks throughout the remaining part of this
year. It is almost time for the next financial statement
period, which will be on June 30, 2020. This paper
presents some of the key issues that were seen on
financial statements of March 31, 2020 and provides
tips on what should be expected very soon as far as
forthcoming financial results are concerned. Over the
past years, global communication development has
been noted as it affects economic status
(Dzhavdatovna & Azimovich, 2020). Financial
statements prepared based on national accounting
standards must undergo examination and analysis if
they are to form a basis for comparison. This is because
different countries have different national accounting
standards arising from their unique legal, economic
and political environments (David & Grobler, 2020).
The emergence of international capital markets
increased the value of accounting data as a means
through which credibility of national organizations
could be assured before foreign investors who wanted
make cross-border investment. In the same way, it
helped investors with one or two things to compare
international investments. This prompted the
International Accounting Standard Committee to come
up with a set of international accounting standards
(Dhankar, 2019). Egypt, being one of the trading
nations, has made it mandatory for all business
organizations within and outside Egypt to comply with
these standards as provided in the laws enacted for
such purposes (Nurunnabi, 2017; Agbodjo, Toumi, &
Hussainey, 2020). By the end of 2019, the outbreak had
spread rapidly across borders causing a global pandemic
that was declared by the World Health Organization
(WHO). The global outbreak had far-reaching effects on
the economy. Thankfully, China has been able to
manage the COVID-19 crisis, and most sectors of the
economy have resumed their operations (Fernandes,
2020). Nonetheless, the world is still grappling with the
question of COVID-19 influence on economic growth. As
such, we have combined various models of economic
cycles with industry accounting information from
different sectors so as to create sets of industry-
accounting indices for comparing COVID-19 impacts on
various sectors within the Chinese economy (Aktar,
Alam, & Al-Amin, 2019).
2. Literature review
2.1 Accounting information
Accounting information is an extensive and elaborate
documentation of the financial transactions within an
organization which mirrors how value moves at the
micro level (2019) but still it can also address the issues
of the macroeconomy through the sum of all
companies’ accounts . In relation to similar research
works he argued that accounting information serves as
the main indicator of economic growth while there is no
any connection between them with stock prices or
monetary policy; this is because accounting information
mainly helps in guessing the GDP growth rate while it is
not related to stock or money market variables in any
way . This study tried to establish whether or not the
aggregated financial statement variables provide any
information about future GDP growth employing a
theoretical framework that extends from micro data to
macroeconomic forecasts . It was found that the
combined financial statement variables could forecast
changes in GDP growth r
ate. Therefore, a firm’s
accounting information is essential for an analysis of the
macro-economy (Al-gabri et al., 2022) . Major health
crises could have severe economic consequences across
different sectors with varying responses captured by the
accounting index (Khudhair et al., 2019) . There are
various papers on merging accounting rates and
catastrophic risk events in different sectors of the
economy. Nevertheless, as far as we know, there is no
research paper that examines how COVID-19 has
affected accounting ratios across sectors of the market
. In view of this issue, we calculated a synthetic index
which encompasses accounting indices formulated
before and after COVID-19 outbreak in order to
determine its effects on different branches of economy
. The research seeks to establish the influence of COVID-
19 on different industries, explain how it works, and give
suggestions for overcoming problems in the value chain
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caused by the disease (Ang et al., 2021) . It was
established from this research that the pandemic had
significant impacts on all sectors of economy including
but not limited to manufacturing, trading, technology,
cultural activities etc. On the other hand, the hotel,
catering and accommodation industry witnessed
immense losses while some industries like
manufacturing, sports, and entertainment managed to
bounce back after the Covid 19 pandemic . The
situation was made worse by the fact that the
pandemic made it impossible for the hotel as well as
catering and accommodation services sector to
operate as usual while suffering massive losses
industry but which experienced some signs or
tendencies of recovery was affected by this disease.
There were also additional impacts on mining,
manufacturing,
information
technology
and
transportation areas. The researchers extended their
analysis to aviation, tourism and other related
industries so as to find out how the pandemic affected
them (Al-gabri, Al-Dulaimi, Jasber, Hasan, Wahid, &
Mutar, 2022) . The study also found out that these
sectors were highly affected by the pandemic .
Nonetheless, there was still growth witnessed in other
areas such as the construction of new infrastructures,
Chinese pharmaceutical patents among others
including medical equipment and internet industries
(Elbakry, Nwachukwu, Abdou, & Elshandidy, 2017) .
2.2 Financial marketing
The investment decision was based upon the published
financial statements by the present and potential
investors. However, it is crucial for them to
comprehend how the pandemic has affected both the
business and its finances. Investment decisions are
based on future financial statement ratings, which
shows that users of financial statements must
comprehend the information provided as well as draw
appropriate inferences from the past regarding
profitability (Khudhair, Norwani). Ahmed et al., 2019)
Pandemic led to national lockdowns, closed borders,
high trade deficits, increased unemployment, while
also causing numerous other economic shocks
(Nyambara, 2018). All countries’ governments have
injected funds in their economies to counter the
negative impacts of COVID 19. The global economic
crisis that followed the outbreak of COVID-19 has
posed a challenge for economists due to its increased
volatility. It is predicted that this shortcoming will
persist for quite some time. Financial Research Letters
invited researchers to engage in a longitudinal study
concerning the current issue - "The effect of COVID-19
on financial markets, banking systems and overall
economy. " John Goodell’s work "COVID
-19 and
Finance" provides summaries that outline potential
influences of COVID-19 on the economy in relation to
the state (Liu et al., 2017). The Covid-19 economic
downturn has been severe and affected stock, bond
markets as well commodity trade including crude oil and
gold market resulting to price wars because of no
agreement between OPEC member states particularly
Russia opposed United Arab Emirates strategy
collapsing international economies with negativity
witnessed globally across various sectors like tourism
due travel restrictions put place by most countries
around word thereby leading into increased cases
pandemics such as Covid 19 or SARS epidemic before
affecting all over again for another round yet this time
among different regions globally either way so on forth
back forth through each other continuously without
stopping anywhere. .. . COVID-19 has had a greater
impact on stock markets compared to in the past, such
as the case of Spanish flu in 1918. This chapter is meant
to spark discussions on what might be the impact of
COVID-19 on the money market. The main aim of this
chapter is to assist researchers and policy makers in
understanding the functioning of financial and capital
markets under conditions of severe economic
deprivation (Vo and Phan, 2017). The special issue is
going to explore how the COVID-19 pandemic affected
stock markets as well as other related ones including
derivatives markets, commodity markets, real estate
markets, debt markets and foreign exchange markets. In
the beginning of the COVID-19 outbreak, central banks,
development banks as well as export-import banks
leveraged on public funds to avail emergency cash
inflows to companies and households. Governments
that support this intervention through taking such
monies from the public will need to prepare for
necessary repairs and their funding is also crucial. Such
investment should take place over a long period and be
done at a proactive fundamental level at which time the
government should give fund as its mandate directs.
Before the COVID-19 pandemic, most of the
infrastructure development projects in low and middle
income countries were financed through borrowing
with interest rates estimated at 5%. The COVID-19
pandemic continues to affect supply chains and cause
market shocks experienced by different multinational
companies, which collectively result into trade
inconveniences within GVCs. Consequently, the
administration was compelled to implement measures
that had an impact on overseas investors. In turn,
foreign direct investment (FDI) decreased considerably
during this time (Vlacic, Gonzalez-Loureiro, &
Eduardsen, 2019). To many developing countries, FDI
serves as a form of income that could boost economic
growth and create employment, thereby facilitating
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economic transformation as the economy changes
track from one stage to another. Owing to its
significance on economic growth, the Executive
Directors of the World Bank have been carrying out
monthly surveys among investors because of its
significance on economic growth and development- a
point worth noting.
2.3 Investors
In the UK, it is predicted by the Office of Budget
Responsibility that there will be far reaching
implications on the national debt because they believe
the resulting economic and fiscal damage may be long-
lasting or even permanent (Gudgin, Coutts, Gibson, &
Buchanan, 2018). This has taken into account the
effects of the global financial crises in the recent years.
A number of investors also claimed that they have
reallocated some money from their high-risk portfolios
towards those with lower risks. Specifically, as per a
study that was carried out during the second week of
June, it was noted that eighteen percent of the
respondents stated they had taken much of their
portfolios out of stocks and put them into cash; this
also poses a very important question concerning what
strategies are going to implement by the investors.
Upon consideration of the responses given by the
participants, an interesting perspective regarding the
attitude of investors towards cash arises from the
study. Truly, cash may seem safe especially during
tough times. Nevertheless, a few others disclosed
plans of transferring most parts of theirs into high risky
assets. Still, there are those who keep cash and other
non-volatile assets which they intend to use for
consumption when share prices drop and they can buy
at reasonable discounts (Bogle, 2017). In an article by
Kappen Mitchell & Chawla (2019) and Abdulwahhab et
al. (2021) on ‘The Impact Investing Market in the
COVID-
19 Context’, investors seem to
focus both on
typical problems of entrepreneurs and financial
mediators during the pandemic as well as on solutions
applied
by
affected
investment
community.
Specifically, it takes a look at how investors collaborate
with investees to quickly overcome challenges and
make appropriate changes that will enable them
achieve set financial goals; it also seeks to understand
how they are revising their business models so that they
can be in line with future expectations(Niesten, Jolink,
& Chappin, 2018) . The issue brief includes data from 21
asset owners, asset managers, and service providers, as
well as feedback from the R3 Coalition members . In the
face of an unpredictable future, many investors,
foundations, and philanthropists seek to achieve three
objectives through the modification of their strategic
plans. First, they would want to ensure that their
investment portfolios are in such a way that they can
reduce the severity of the current economic depression.
Secondly, they wish to get both financial and social
returns. Thirdly, what measures are they putting in
place toward a future economy that is resilient, robust,
and equitable? The emergence of best practices in
philanthropy recommends that donors transfer grant
funds as general operating support, be flexible with
grantees on reporting requirements, and increase giving
quickly to promote the necessary progress and change
in their non-profit partners. There are many traditional
core in impact investing and essential programs which
include carrying on a thorough risks analysis procedure,
determining clear potential for profitability and
growth(Bigelli, Sanati, Sobrero, Gubitta, & Torrisi, 2020).
The affected investor’s responses to the Covid
-19
pandemic should fall midway between the conventional
and new ways of engaging in things. This considers the
ability to draw on existing due diligence, create
middlemen who can address immediate capital
requirements
through
adaptable
investment
instruments with simplified procedures. As the
pandemic progressed, we actively engaged in
discussions with other impact investors on Twitter
through the Mission Investors Exchange account about
the response and ways of meeting emerging needs
while ensuring continuity and enhancing support to
current investees for building better future socio-
economic environments(Phillips, & Johnson, 2019) .
CONCEPTUAL FRAMEWORK
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Figure : conceptual framework
METHODOLOGY
Search variables and method of measurement
Variable name
Variable type
Symbol
Measurement
method
Accounting
information
Dependent
variable
AI
Quarterly
accounting
earnings
Market return per
share
Dependent
variable
MR
Monthly growth
rate of stock
Investors' economic
decisions
Dependent
variable
IED
Monthly stock
trading volume
covid 19
Independent
variable
covid 19
The period before
and after the virus
spreads
RESULT AND DISCUSSION
The first hypothesis:
There are statistically significant differences in the
average accounting profit before and after covid 19.
For the purpose of testing this hypothesis, Independent
Samples Test will be used by applying to the quarterly
profits of the sample companies (three quarters before,
and three quarters after covid 19) and with the help of
the statistical program SPSS, the results were as follows:
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Group Statistics
factor
N
Mean
Std. Deviation
Std. Error Mean
AI
1
30
7,694,600 4,668,007.866
852,257.736
2
30
6,796,933 3,456,600.003
631,085.931
It is noted from the above table that the average
accounting profit has decreased in the period after
covid 19 than it was before (from 7,694.00 to
6,796,933), but the extent of that difference (decrease)
is substantial or not determined by the results of the
table below: -
Independent Samples Test
Levene's Test
for Equality
of Variances
t-test for Equality of Means
95%
Confidence
Interval of the
Difference
F
Sig.
t
df
Sig.
(2-
tailed
)
Mean
Differen
ce
Std.
Error
Differ
ence
Lower Upper
AI Equal
varianc
es
assume
d
.761
.386 .8
46
58
.401 897,666.
667
1.060E
6
-
1.225E
6
3.020E
6
Equal
varianc
es not
assume
d
.8
46
53.4
51
.401 897,666.
667
1.060E
6
-
1.229E
6
3.024E
6
It is noticed from the above table that the test morale
level (Sig. (2-tailed)) was 0.386, which is greater than
the acceptable error level in social sciences, which is
predetermined by 0.05, and this indicates the rejection
of the research hypothesis, meaning that there are no
statistically significant differences between the
average accounting profits. Before and after covid 19.
The second hypothesis:
There are statistically significant differences in the
average market returns of stocks before and after
covid 19.
For the purpose of testing this hypothesis, Independent
Samples Test will be used by applying to
the monthly market returns of the shares of the sample
companies (13 months before, 9 months after covid 19)
and with the help of the statistical program SPSS, the
results are as follows: -
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Group Statistics
covid19
N
Mean
Std. Deviation
Std. Error Mean
MR
1
130
.03464
.086035
.007546
2
90
.03283
.149337
.015741
It is noted from the above table that the average
market return of the share has decreased in the period
after covid 19 than it was before (from 0.03464 to
0.03283), but the extent of that difference (decrease)
is substantial or not determined by the results of the
table below :-
Independent Samples Test
Levene's Test
for Equality
of Variances
t-test for Equality of Means
F
Sig.
t
Df
Sig.
(2-
tailed)
Mean
Difference
Std.
Error
Difference
95% Confidence
Interval of the
Difference
Lower Upper
MR
Equal
variances
assumed
25.225
.000
-
.114-
218
.910
-.001809
.015924
-
.033193
.029574
Equal
variances
not assumed
.104- 129.869
.918
-.001809
.017457
-
.036346
.032727
It is noticed from the above table that the level of
significance of the test (Sig. 2-tailed) was 0.0, which is
smaller than the acceptable level of error in social
sciences, which is predetermined by 0.05, and this
indicates the acceptance of the research hypothesis,
that is, there are statistically significant differences
between the average market returns for stocks. Before
and after covid 19, caused by the effect of covid 19.
The third hypothesis:
There are statistically significant differences in the
average trading volume of stocks before and after
Covid 19.
For the purpose of testing this hypothesis, Independent
Samples Test will be used by applying to the trading
volume of the shares of the sample companies (13
months before, 9 months after covid 19) and with the
help of the statistical program SPSS, the results are as
follows: -
Group Statistics
covid1
9
N
Mean
Std. Deviation
Std. Error Mean
IDE
1
130
500467984
724053915.320385
63503729.284240
2
90
731260260
1101055876.126229 116061479.989037
It is noted from the above table that the average
volume of shares traded has increased in the period
after Covid 19 than it was before (from731,260,260
500,467,984 to), but the extent of that difference
(height) is substantial or not determined by the results
of the table below: -
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Independent Samples Test
Levene'
s Test
for
Equality
of
Varianc
es
t-test for Equality of Means
F
Sig
.
t
df
Sig.
(2-
taile
d)
Mean
Differen
ce
Std. Error
Difference
95% Confidence Interval of
the Difference
Lower
Upper
ID
E
Equal
varianc
es
assume
d
6.29
2
.01
3
1.8
76
218 .062
2307922
76
123043992.49
3699
-
11715817.831
109
473300370.13
8802
Equal
varianc
es not
assume
d
1.7
44
141.5
16
.083
2307922
76
132298869.11
9322
-
30745275.575
953
492329827.88
3645
It is noticed from the above table that the level of
significance of the test (Sig. 2-tailed) was 0.013, which
is smaller than the acceptable level of error in social
sciences, which is predetermined by 0.05. And after
covid 19, resulting from the effect of covid 19.
CONCLUSION
It appears that investors and the financial market react
more swiftly than accounting information to the
effects of the Covid-19. This is because even though
the accounting information suggests that the
companies’ profits have decreased, this is not so muc
h
evident statistically. The financial market was most
affected by investors as the level of sig morale
difference between its averages before and after Covid
19 was the smallest but opposite in nature for covid
effects and stock returns because Covid 19 had an
impact such that there was a statistical decline on the
mean return and the effect of Covid 19 on trading
volume was directly related to it as there was an
observed increase in mean volume traded following
Covid-19 compared to before it.
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