Abstract
As an unprecedented global public health emergency with rapid spread and challenging prevention and control measures, the COVID-19 pandemic has profoundly impacted corporate performance worldwide. Notably, the manufacturing industry in China has been severely impacted. To comprehensively understand the influence of significant public health incidents on enterprises and mitigate the epidemic's repercussions, the unbalanced panel data of China's A-share listed manufacturing enterprises from 2018 to 2023 was analyzed by regression analysis. The findings demonstrate that the COVID-19 outbreak has diminished these enterprises' financial and market performance. Moreover, companies with higher cash dividends and more excellent stability exhibit superior future performance in the face of the impact. This finding implies that cash dividends are pivotal in augmenting corporate performance during uncertain periods following unexpected adverse events, suggesting potential adjustments and optimizations to the development strategy and dividend payment policy.
Bahasa Abstract
Sebagai satu kecemasan kesihatan awam global yang tidak pernah berlaku sebelum ini dengan penyebaran pantas dan langkah pencegahan serta kawalan yang mencabar, pandemik COVID-19 telah memberi kesan mendalam terhadap prestasi korporat di seluruh dunia. Khususnya, industri pembuatan di China telah terjejas dengan teruk. Untuk memahami secara menyeluruh pengaruh kejadian kesihatan awam yang signifikan terhadap perusahaan dan mengurangkan kesan wabak tersebut, data panel tidak seimbang bagi perusahaan pembuatan tersenarai A-saham China dari tahun 2018 hingga 2023 telah dianalisis melalui analisis regresi. Hasil kajian menunjukkan bahawa wabak COVID-19 telah mengurangkan prestasi kewangan dan pasaran perusahaan-perusahaan ini. Selain itu, syarikat-syarikat yang mempunyai dividen tunai yang lebih tinggi dan kestabilan yang lebih baik menunjukkan prestasi masa depan yang lebih baik dalam menghadapi kesan tersebut. Penemuan ini membayangkan bahawa dividen tunai memainkan peranan penting dalam meningkatkan prestasi korporat semasa tempoh ketidakpastian selepas kejadian buruk yang tidak dijangka, mencadangkan penyesuaian dan pengoptimuman potensi terhadap strategi pembangunan dan dasar pembayaran dividen.
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Recommended Citation
Danni, Wang; Sang, Lim Thien; and Guangmei, Lei
(2025)
"The Impact of the Covid-19 Pandemic on Corporate Performance and Cash Dividend Distribution in China's Manufacturing Industry,"
Indonesian Capital Market Review: Vol. 17:
No.
1, Article 5.
DOI: 10.7454/icmr.v17i1.1215
Available at:
https://scholarhub.ui.ac.id/icmr/vol17/iss1/5
