The impact of Covid-19 on the behavior of actors and the regulation of the Moroccan stock market

https://doi.org/10.35912/amor.v5i1.1710
Published: Dec 19, 2023

Abstract:

Purpose: This study examines the impact of the COVID-19 health crisis on the behavior of actors and legislation on the Moroccan stock market.

Research Methodology: This study uses the collection and exploitation of data from key institutional reports and legal data limited to certain laws and regulations (excluding relevant case law and doctrine) attesting to the orientations of capital market authorities following the declaration of a state of health emergency.

Results: The analysis revealed that the measures taken by the government, central bank, and AMMC helped curb the capital market and provide investors with the tools they need to strengthen the resilience of Morocco's capital market.

Limitations: The first concerns the difficulty of analyzing the long-term effects of a health crisis. The second limitation concerns the existing models, theories, and methodological limitations.

Contribution: This documentary study synthesizes the psychic reactions and behaviors of Moroccan stock exchange market actors in times of crisis. In addition, it enables researchers to better understand the legal interventions taken to regulate and redirect behaviors influenced by the pandemic in the Moroccan capital market.

Keywords:
1. Covid-19
2. stock market
3. behavior
4. juridical
5. impact
Authors:
1 . Hadbaa Hnaka
Université IBN ZOHR, Morocco
2 . Fatima Ezzahra Ouassou
Université IBN ZOHR, Morocco
3 . Lamyaa Riad
Université IBN ZOHR, Morocco
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How to Cite
Hnaka, H., Ouassou, F. E., & Riad, L. (2023). The impact of Covid-19 on the behavior of actors and the regulation of the Moroccan stock market. Annals of Management and Organization Research, 5(1), 31–48. https://doi.org/10.35912/amor.v5i1.1710
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Issue & Section
Vol. 5 No. 1 (2023): August
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

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    El Fallahi, F., Ibenrissoul, A., & Adil, E. L. (2022). Does innovation play a role in the relationship between corporate social and financial performance? A systematic literature review. International Journal of Financial, Accounting, and Management, 4(3), 315?334.

    GWETH, S. (2022). Performance Financière Des Entreprises Publiques Camerounaises À L’épreuve De La Pandémie Du COVID-19. Revue D’Etudes en Management et Finance D’Organisation, 15.

    HCP. (2020). Reprise d’activité des entreprises suite à la levée du confinement 2ème enquête sur l’impact de la Covid-19 sur l’activité des entreprises. https://www.hcp.ma/region-drda/Reprise-d-activite-des-entreprises-suite-a-la-levee-du-confinement-2eme-enquete-sur-l-impact-de-la-Covid-19-sur-l_a319.html

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    Huo, X., & Qiu, Z. (2020). How does China’s stock market react to the announcement of the COVID-19 pandemic lockdown? Economic and Political Studies, 8(4), 436?461. https://doi.org/10.1080/20954816.2020.1780695

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    Jan, N., Jain, V., Li, Z., Sattar, J., & Tongkachok, K. (2022). Post-COVID-19 investor psychology and individual investment decision?: A moderating role of information availability. Frontiers in Psychology, 13, 846088.

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    Kapesa, T., Nyagadza, B., Mugano, G., & Cheza, A. (2023). Impact of the COVID-19 pandemic on survival of MSMEs in Zimbabwe. International Journal of Financial, Accounting, and Management, 5(2), 179?194.

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  2. Amhiray, A., & El Bakkouchi, M. (2023). L'impact du covid-19 sur la stabilité financière du marché des capitaux marocain. Revue Française d'Economie et de Gestion, 4(5).
  3. AMMC. (2018). Guide pédagogique?: Comprendre les OPCVM. https://www.ammc.ma/sites/default/files/Guide%20pratique%20OPCVM.pdf
  4. AMMC. (2020a). la Revue du Marché des Capitaux. Dossier spécial Covid-19. https://www.ammc.ma/sites/default/files/RMC_N4-Juin%202020_0.pdf
  5. AMMC. (2020b). Orientations LBC/FT dans le contexte de la pandémie COVID-19.
  6. AMMC. (2020c). Rapport annuel 2020 et Revue de Presse numéro 6.
  7. AMMC. (2020d). Recueil des textes législatifs et réglementaires.
  8. Anh, D. L. T., & Gan, C. (2021). The impact of the COVID-19 lockdown on stock market performance?: Evidence from Vietnam. Journal of Economic Studies, 48(4), 836?851.
  9. Apergis, N., & Apergis, E. (2020). Can the COVID-19 pandemic and oil prices drive the US Partisan Conflict Index? Energy Research Letters. https://repository.derby.ac.uk/item/953z7/can-the-covid-19-pandemic-and-oil-prices-drive-the-us-partisan-conflict-index
  10. Azhoune, C. (2022). Bourse marocaine face à la crise financière liée à la pandémie de coronavirus?: États des lieux, analyses et perspectives. Revue Française d’Economie et de Gestion, 3(8), Article 8. https://www.revuefreg.fr/index.php/home/article/view/796
  11. Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., & Viratyosin, T. (2020). The unprecedented stock market reaction to COVID-19. The review of asset pricing studies, 10(4), 742?758.
  12. BAM, ACAPS, & AMMC. (2020). Rapport sur la stabilité financière – Supplément Covid-19. https://www.ammc.ma/sites/default/files/RSF%20n%C2%B08_Exercice%202020_0.pdf
  13. BAM, B., ACAPS, & AMMC. (2021). Rapport Annuel Sur La Stabilité Financière - Numéro 7 Supplément COVID-19. https://www.ammc.ma/sites/default/files/RSF%20N%C2%B09_EXCERCICE%202021_0.PDF
  14. Bennis, L., & Lamrani, K. (2021). Coronavirus Et Son Impact Sur Le Marche Financier Et Les Societes Cotees En Bourse. Revue Internationale des Sciences de Gestion, 4(2), Article 2. https://revue-isg.com/index.php/home/article/view/575
  15. Beraich, M., & El Main, S. E. (2022). Volatility Spillover Effects in the Moroccan Interbank Sector before and during the COVID-19 Crisis. Risks, 10(6), Article 6. https://doi.org/10.3390/risks10060125
  16. Bharti, S. S. (2021). Socio-Economic Impact of COVID-19 Pandemic on Small and Medium-scale Enterprises (SMEs) in India. Annals of Management and Organization Research, 3(2), 129?139.
  17. Bine, P., Barriere, F., & Rotaru, N. (2020). L’interdiction des ventes à découvert et des positions courtes nettes dans le contexte de la pandémie de Covid-19. https://www.skadden.com/-/media/files/publications/2020/04/linterdictiondesventesdcouvertedespositionscourtes.pdf
  18. Bouhon, F., Jousten, A., Miny, X., & Slautsky, E. (2020). L’État belge face à la pandémie de Covid-19?: Esquisse d’un régime d’exception. Courrier hebdomadaire du CRISP, 2446(1), 5?56.
  19. Bourse?: La capitalisation de la cote baisse de 130 MMDH en 2022. (2023). Médias24. https://medias24.com/2023/01/05/bourse-la-capitalisation-de-la-cote-baisse-de-130-mmdh-en-2022/
  20. Casablanca Stock Exchange. (2020). Annual report.
  21. Corbet, S., Hou, Y., Hu, Y., Lucey, B., & Oxley, L. (2021). Aye Corona?! The contagion effects of being named Corona during the COVID-19 pandemic. Finance Research Letters, 38, 101591.
  22. Devi, S., Warasniasih, N. M. S., Masdiantini, P. R., & Musmini, L. S. (2020). The impact of COVID-19 pandemic on the financial performance of firms on the Indonesia stock exchange. Journal of Economics, Business, & Accountancy Ventura, 23(2), 226-242.
  23. Durante, K. M., & Laran, J. (2016). The Effect of Stress on Consumer Saving and Spending. Journal of Marketing Research, 53(5), 814?828. https://doi.org/10.1509/jmr.15.0319
  24. El Fallahi, F., Ibenrissoul, A., & Adil, E. L. (2022). Does innovation play a role in the relationship between corporate social and financial performance? A systematic literature review. International Journal of Financial, Accounting, and Management, 4(3), 315?334.
  25. GWETH, S. (2022). Performance Financière Des Entreprises Publiques Camerounaises À L’épreuve De La Pandémie Du COVID-19. Revue D’Etudes en Management et Finance D’Organisation, 15.
  26. HCP. (2020). Reprise d’activité des entreprises suite à la levée du confinement 2ème enquête sur l’impact de la Covid-19 sur l’activité des entreprises. https://www.hcp.ma/region-drda/Reprise-d-activite-des-entreprises-suite-a-la-levee-du-confinement-2eme-enquete-sur-l-impact-de-la-Covid-19-sur-l_a319.html
  27. Hsu, Y.-L., & Liao, L.-K. C. (2022). Corporate governance and stock performance?: The case of COVID-19 crisis. Journal of Accounting and Public Policy, 41(4), 106920.
  28. Huo, X., & Qiu, Z. (2020). How does China’s stock market react to the announcement of the COVID-19 pandemic lockdown? Economic and Political Studies, 8(4), 436?461. https://doi.org/10.1080/20954816.2020.1780695
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  30. Jan, N., Jain, V., Li, Z., Sattar, J., & Tongkachok, K. (2022). Post-COVID-19 investor psychology and individual investment decision?: A moderating role of information availability. Frontiers in Psychology, 13, 846088.
  31. Kamil, M. A. A., Wiliasih, R., & Irfany, M. I. (2022). Determinants of Saving Decisions at Indonesian Islamic Banks During the COVID-19 Pandemic. Annals of Management and Organization Research, 4(1), 1?19.
  32. Kapesa, T., Nyagadza, B., Mugano, G., & Cheza, A. (2023). Impact of the COVID-19 pandemic on survival of MSMEs in Zimbabwe. International Journal of Financial, Accounting, and Management, 5(2), 179?194.
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  34. Liu, H., Manzoor, A., Wang, C., Zhang, L., & Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 2800.
  35. Liu, N., Zhang, F., Wei, C., Jia, Y., Shang, Z., Sun, L., Wu, L., Sun, Z., Zhou, Y., & Wang, Y. (2020). Prevalence and predictors of PTSS during COVID-19 outbreak in China hardest-hit areas?: Gender differences matter. Psychiatry research, 287, 112921.
  36. Mendizábal Bermúdez, G. (2021). L’impact de la pandémie de COVID-19 sur le droit du travail et de la sécurité sociale. Revue de droit comparé du travail et de la sécurité sociale, 1, 162?167.
  37. Mishra, A. K., Rath, B. N., & Dash, A. K. (2020). Does the Indian Financial Market Nosedive because of the COVID-19 Outbreak, in Comparison to after Demonetisation and the GST? Emerging Markets Finance and Trade, 56(10), 2162?2180. https://doi.org/10.1080/1540496X.2020.1785425
  38. Moroccan All Shares | Cours Indice MASI en direct—Investing.com. (2023). Investing.com France. https://fr.investing.com/indices/masi
  39. Nabouk, M. (2021). Effet de la crise de Covid sur la persistance et l’asymétrie de la volatilité du marché boursier marocain. International Journal of Financial Accountability, Economics, Management, and Auditing (IJFAEMA), 3(4), 441?454.
  40. Noures-Sadat, I., & Assalih, H. (2022). Analyse théorique de la résilience de la BVC face à la crise sanitaire internationale du COVID-19. 3(4).
  41. Nugraheni, N. N. A., Kellen, P. B., & de Rozari, P. E. (2021). The effect of financial behavior, financial literacy, and macroeconomics on stock investment decision-making in East Nusa Tenggara. Annals of Management and Organization Research, 3(1), 1?20.
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  44. Rabhi, A. (2020). Stock market vulnerability to the COVID-19 pandemic?: Evidence from emerging Asian stock market. Journal of Advanced Studies in Finance (JASF), 11(22), 126?131.
  45. Sansa, N. A. (2020). The Impact of the COVID-19 on the Financial Markets?: Evidence from China and USA. Electronic Research Journal of Social Sciences and Humanities, 2. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3567901
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  47. Tarik. (2022). Les OPCVM marocains frôlent les 593 MMDH d’actifs à fin 2021. Infomédiaire. https://www.infomediaire.net/les-opcvm-marocains-frolent-les-593-mmdh-dactifs-a-fin-2021/
  48. Vidya, C. T., & Prabheesh, K. P. (2020). Implications of COVID-19 Pandemic on the Global Trade Networks. Emerging Markets Finance and Trade, 56(10), 2408?2421. https://doi.org/10.1080/1540496X.2020.1785426
  49. VirtualConnect. (2023). La Revue du Marché des Capitaux—Numéro 4—Juin 2020 | AMMC. https://www.ammc.ma/fr
  50. Wang, L., & Li, Y. (2020). The negotiation of EU–China comprehensive agreement on investment and its potential impact in the post-pandemic era. Journal of Chinese Economic and Business Studies, 18(4), 365?372. https://doi.org/10.1080/14765284.2020.1855846
  51. Warganegara, S. F. A., & Warganegara, D. L. (2022). Herding behavior in the indonesia stock exchange around the covid-19 pandemic. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(11), 4912?4921.
  52. Xinhuao. (2020). China Financial market remains stable and Covid-19 impact. China Daily-Hong Kong.
  53. Youssef, I. (2021). Contribution à l’analyse de l’impact de la crise sanitaire de Covid-19 sur la Bourse des Valeurs de Casablanca. African Scientific Journal, 3(6). https://doi.org/10.5281/zenodo.5648299
  54. Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance research letters, 36, 101528.