The impact of COVID-19 and governance policy responses to the business performance: Evidence of an emerging market
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Trang Thi Thu Nguyen 
, Hang Minh Luu, My Thi Huyen Nguyen, Hoang Huy Nguyen
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract
The COVID-19 pandemic has been proven to have a negative impact on the business performance in the economy (Hu & Zhang, 2021). The article studies the influence of COVID-19 and governance policies on the performance of businesses based on data collected from the audited financial reporting system of 30 companies listed on the Vietnam Stock Exchange (VNX). This study uses the generalized least squares (GLS) and the research results show that gross domestic product, governance policy responses, the leverage ratio, and the current ratio have a positive and statistically significant impact on business performance. Meanwhile, the number of COVID-19 cases has opposite and statistically significant effects on the firm’s performance. In addition, the study pointed out that there is no evidence of the impact of the firm’s operating time and the consumer price index on the business’s performance. The research results lead to recommendations for the government and businesses to find the best policy to increase the firm’s performance and to withstand the pandemic.
Keywords: Business Performance, COVID-19, Governance Policy Responses
Authors’ individual contribution: Conceptualization — T.T.T.N. and H.M.L.; Methodology — T.T.T.N. and H.H.N.; Validation — T.T.T.N. and M.T.H.N.; Investigation — T.T.T.N. and H.M.L.; Resources — H.M.L. and M.T.H.N.; Data Curation — M.T.H.N. and H.H.N.; Writing — Original Draft — H.M.L., M.T.H.N., and H.H.N.; Writing — Review & Editing — T.T.T.N.; Visualization — T.T.T.N.; Supervision — T.T.T.N.
Declaration of conflicting interests: The Authors declare that there is no conflict of interest.
JEL Classification: E44, E63, G32
Received: 12.06.2024
Revised: 12.09.2024; 29.01.2025
Accepted: 20.02.2025
Published online: 24.02.2025
How to cite this paper: Nguyen, T. T. T., Luu, H. M., Nguyen, M. T. H., & Nguyen, H. H. (2025). The impact of COVID-19 and governance policy responses to the business performance: Evidence of an emerging market [Special issue]. Journal of Governance & Regulation, 14(1), 354–360. https://doi.org/10.22495/jgrv14i1siart11
