Loan Moratorium Announcements and Stock Market Reaction: An Event Study Analysis

Q3 Business, Management and Accounting

Jurnal Pengurusan Pub Date : 2022-12-01 DOI:10.17576/pengurusan-2022-66-01

E. Johari

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引用次数: 1

Abstract

Moratorium pinjaman telah menjadi talian hayat yang amat penting bagi ramai peminjam semasa pandemik COVID-19. Walaupun sejumlah besar dana telah diperuntukkan untuk membantu peminjam yang terjejas, kesan moratorium pinjaman terhadap bank masih tidak terjawab. Kajian ini bertujuan untuk mengkaji kesan pengumuman moratorium pinjaman terhadap saham bank Malaysia. Dengan menggunakan metodologi event study, kajian ini menunjukkan bahawa pelabur bank bertindak balas secara berbeza terhadap jenis moratorium pinjaman yang berlainan. Pelabur bank menyambut baik moratorium yang tidak mengetepikan faedah terakru dan meliputi kumpulan peminjam yang lebih luas. Kajian ini mencadangkan bahawa walaupun moratorium perlu diberikan kepada peminjam semasa mereka menghadapi kesukaran, kepentingan kewangan bank juga perlu dipertimbangkan. Oleh itu, moratorium pinjaman perlu disertakan pembayaran faedah terakru untuk memastikan prospek bank kekal stabil dari sudutpandangan pelabur.Alternate :Loan moratoriums have been a crucial lifeline defence for many borrowers during the unprecedented COVID-19 pandemic. Despite the massive amount of funds allocated to support affected borrowers, the impact on banks remains unexplored. This study aims to examine the impact of the loan moratorium announcements on Malaysian banks ' stocks. Utilising an event study methodology, this study shows that bank investors reacted differently to different types of loan moratoriums. Bank investors positively valued moratoriums that did not waive accrued interest and covered a broader group of borrowers. This study suggests that while moratoriums must be given to borrowers during difficult times, the financial interests of banks should also be considered. Hence, loan moratoriums should feature accrued interest payments to ensure the banks ' prospects remain stable from the investors' perspective.

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贷款暂停公告与股市反应:事件研究分析

在新冠肺炎大流行期间，暂停贷款已成为许多借款人的重要生命线。尽管已经指定了大量资金来帮助未偿还的贷款人，但暂停向银行发放贷款的影响仍未得到解决。这项研究旨在考察暂停贷款对马来西亚银行股票的影响。运用事件研究方法，本研究表明，银行投资者对不同类型的贷款延期偿付的反应不同。银行家们欢迎一项不超过章程好处的延期偿付，该延期偿付涵盖了更广泛的借款人群体。这项研究表明，即使借款人在遇到困难时应该暂停还款，也应该考虑银行的财务利益。因此，在支付贷记利润时应包括贷款延期偿付，以确保从投资者的角度来看，银行的前景保持稳定。替代方案：在前所未有的新冠肺炎疫情期间，暂停贷款一直是许多借款人的重要生命线。尽管为支持受影响的借款人划拨了大量资金，但对银行的影响仍未得到探索。本研究旨在检验暂停贷款公告对马来西亚银行股票的影响。运用事件研究方法，本研究表明，银行投资者对不同类型的贷款暂停反应不同。银行投资者积极评价没有放弃应计利息并涵盖更广泛借款人群体的暂停。这项研究表明，虽然在困难时期必须暂停借款人的贷款，但也应考虑银行的财务利益。因此，暂停贷款应包括应计利息支付，以确保从投资者的角度来看，银行的前景保持稳定。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Jurnal Pengurusan Business, Management and Accounting-Business and International Management

CiteScore

1.20

自引率

0.00%

发文量

期刊介绍： Jurnal Pengurusan (UKM Journal of Management) is published three times a year in June, September and December by UKM Press, Universiti Kebangsaan Malaysia. It publishes original works that advance knowledge of theory, practice and research across the business management discipline. It aims to provide Asian regional perspectives on management of benefit to scholars, educators, students, practitioners, policy-makers and consultants worldwide. The research covers organizational and individual level of analysis in the field of management, managerial accounting, finance and banking, marketing, entrepreneurship and other related areas. This journal accepts both empirical and conceptual research papers with relevant methodological approaches.