Market Reaction in ASEAN: Identifying Themes, Trend, and Future Agenda Through Bibliometric Analysis

Mukhtar A Adam; Nurdin Nurdin; Suratno  Amiro; Fitriani Sardju; Zainuddin Zainuddin

doi:10.63922/ijebir.v4i06.2752

Mukhtar A Adam Universitas Khairun
Nurdin Nurdin Universitas Khairun
Suratno Amiro Universitas Khairun
Fitriani Sardju Universitas Khairun
Zainuddin Zainuddin Universitas Khairun

DOI: https://doi.org/10.63922/ijebir.v4i06.2752

Keywords: Market Reaction, Event Study, Bibliometric Analysis, ASEAN Capital Markets, COVID-19 Shock

Abstract

Abstract

This study aims to systematically map and synthesize the intellectual structure, thematic evolution, and future research directions of market reaction research in the ASEAN region using a bibliometric approach. Focusing on the period 2019–2025, this study captures the dynamics of market reaction literature before, during, and after the COVID-19 pandemic, a major global shock that reshaped financial market behavior and scholarly attention. ASEAN provides a unique empirical setting due to its heterogeneous market structures, evolving regulatory environments, and increasing integration into global capital markets. Using data extracted from a comprehensive bibliographic database, this study employs Biblioshiny (Bibliometrix-R) and VOSviewer to analyze publication trends, citation patterns, authorship and institutional networks, journal quartile distribution, and keyword-based thematic structures. The results reveal a substantial growth in market reaction research during the pandemic period, followed by a phase of empirical consolidation. While early studies exhibit higher citation impact and serve as foundational references, more recent publications contribute to thematic expansion with lower citation concentration, reflecting a maturing yet increasingly fragmented research landscape. The thematic analysis identifies a highly concentrated intellectual core centered on event study methodologies, abnormal returns, stock returns, and volatility, with a strong geographical orientation toward emerging and Southeast Asian markets. Overlay and density visualizations further demonstrate that COVID-19-related themes rapidly became dominant and reached saturation, highlighting the shock-driven nature of recent research. Journal analysis indicates that most studies are disseminated through Q2 and Q3 Scopus journals, with limited penetration into Q1 outlets, suggesting strong empirical relevance but uneven theoretical integration

References

Aria, M., & Cuccurullo, C. (2017). Bibliometrix: An R-Tool for Comprehensive Science Mapping Analysis. Journal of Informetrics, 11. https://doi.org/https://doi.org/10.1016/j.joi.2017.08.007
Bhaduri, S., & Sony, B. (2024). Security Issue Decisions in Public and Private Security Markets: Evidence from an Emerging Economy. In Perspectives on Economics and Management. https://doi.org/10.4324/9781003509721-9
Bich, T., Tran, N., Cam, H., Pham, H., & Bui, T. C. (2024). Government ’ s Responses and Performance of Stock Markets During COVID- 19: Evidence from ASEAN Stock Markets. 8(March 2020), 1–17.
Cervantes, P., Díaz, A., Esparcia, C., & Huélamo, D. (2022). The Impact of COVID-19 Induced Panic on Stock Market Returns : A two-Year Experience. Economic Analysis and Policy, 76, 1075–1097. https://doi.org/10.1016/j.eap.2022.10.012
Chala, T., Hrabynska, I., Ptashchеnko, O., & Perchuk, O. (2024). The Effectiveness of International Financial Reporting Standards in Minimizing Information Asymmetry. XV(4).
Chan, K. S., Dang, V. Q. T., & Lai, J. T. (2018). Capital Market Integration in ASEAN: A Non-Stationary Panel Data Analysis. North American Journal of Economics and Finance, 46(May), 249–260. https://doi.org/10.1016/j.najef.2018.04.010
Dogah, K. E. (2021). Effect of Trade and Economic Policy Uncertainties on Regional Systemic Risk : Evidence from ASEAN. Economic Modelling, 104(January), 105625. https://doi.org/10.1016/j.econmod.2021.105625
Han, L., Ning, D., & Xin, S. (2026). Geopolitical Risk and Economic Growth : Evidence from ASEAN Countries. Finance Research Letters, 88(July 2025), 109102. https://doi.org/10.1016/j.frl.2025.109102
Janus, J. (2021). The COVID-19 Shock and Long-Term Interest Rates in Emerging Market Economies. Finance Research Letters, 43(February), 101976. https://doi.org/10.1016/j.frl.2021.101976
Martín-martín, A., Orduna-malea, E., Thelwall, M., & López-cózar, E. D. (2018). Google Scholar , Web of Science , and Scopus : A Systematic Comparison of Citations in 252 Subject Categories. Journal of Informetrics, 12(4), 1160–1177. https://doi.org/10.1016/j.joi.2018.09.002
Mongeon, P., & Paul-Hus, A. (2016). The Journal Coverage of Web of Science and Scopus: A Comparative Analysis. Scientometrics, 213–228. https://doi.org/10.1007/s11192-015-1765-5
Yang, S. (2025). Pandemic, Policy, and Markets: Insights and Learning from COVID-19’ s Impact on Global Stock Behavior. Empirical Economics, 68(2), 555–583. https://doi.org/10.1007/s00181-024-02648-2