Financial volatility and investment dynamics in the pharmaceutical sector: evidence from the COVID-19 pandemic

• Autorzy: Kalamen Kristián , Pollák František , Vavrek Roman , Pártlová Petra , García-Melón Mónica

Identyfikatory

DOI

10.17512/pjms.2025.31.1.10

Warianty tytułu

PL

Zmienność finansowa i dynamika inwestycji w sektorze farmaceutycznym: dowody z pandemii COVID-19

• Języki publikacji: EN

Abstrakty

EN

This study aims to analyze the financial impact of the COVID-19 pandemic on the pharmaceutical sector by assessing market volatility, stock performance, and investment behavior across different pandemic waves. It provides a novel perspective by examining the different financial responses of major pharmaceutical companies, Johnson and Johnson, Pfizer, and Moderna, over 949 trading days (March 2019-December 2022). Using statistical tools such as standard deviation and kurtosis, the study identifies volatility patterns and extreme price movements before, during, and after the pandemic. The results show that the first and fourth waves had the highest market volatility, influenced by vaccine development, regulatory decisions and changing investor sentiment. While short-term financial gains were significant, long-term profitability was challenged by market corrections and policy constraints. This study contributes to the literature by providing insights into crisis-driven financial instability and highlights the need for risk aware investment strategies in the pharmaceutical sector.

PL

W badaniu tym przeanalizowano wpływ pandemii COVID-19 na sektor farmaceutyczny pod względem finansowym, ze szczególnym uwzględnieniem zmienności rynku, wyników akcji i zachowań inwestycyjnych w różnych falach pandemii. Badanie opiera się na szeregach czasowych danych dotyczących spółek Johnson and Johnson, Pfizer i Moderna z okresu 949 dni handlowych (od marca 2019 r. do grudnia 2022 r.) i ocenia wahania cen akcji przed, w trakcie i po pandemii. Do pomiaru wzorców zmienności i ekstremalnych wahań cen wykorzystuje się narzędzia statystyczne, takie jak odchylenie standardowe i kurtoza. Wyniki pokazują, że pierwsza i czwarta fala pandemii charakteryzowały się największą zmiennością, wynikającą z rozwoju szczepionki, decyzji regulacyjnych i zmian nastrojów inwestorów. Choć krótkoterminowe zyski finansowe były widoczne, długoterminowa rentowność została ograniczona przez korekty rynku i ograniczenia polityczne. Badanie przyczynia się do zrozumienia niestabilności finansowej wywołanej kryzysem i podkreśla znaczenie strategii inwestycyjnych uwzględniających ryzyko w sektorze farmaceutycznym.

Słowa kluczowe

EN

pharmaceutical sector; covid-19; stock market volatility; investment risk; financial resilience

PL

sektor farmaceutyczny; covid-19; zmienność giełdy; ryzyko inwestycyjne; odporność finansowa

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2025
• Tom: Vol. 31, No. 1
• Strony: 178--198
• Opis fizyczny: Bibliogr. 39 poz.,rys.

Twórcy

autor

Kalamen Kristián

• Faculty of Business Management, University of Economics in Bratislava, Slovakia

• https://orcid.org/0000-0003-0507-8619

autor

Pollák František

• Faculty of Corporate Strategy, Institute of Technology and Business in České Budějovice
• Faculty of Business Management, University of Economics in Bratislava, Slovakia

• https://orcid.org/0000-0001-6346-8629

autor

Vavrek Roman

• Faculty of Economy, Technical University of Ostrava, Czech Republic

• https://orcid.org/0000-0002-6047-9434

autor

Pártlová Petra

• Faculty of Economics and Management, Czech University of Life Sciences Prague, Czech Republic
• Faculty of Corporate Strategy, Institute of Technology and Business in České Budějovice, Czech Republic

• https://orcid.org/0000-0003-2404-6073

autor

García-Melón Mónica

• INGENIO (CSIC-UPV) Universitat Politècnica de València

• https://orcid.org/0000-0001-8101-4049

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Uwagi

PL

Opracowanie rekordu ze środków MNiSW, umowa nr POPUL/SP/0154/2024/02 w ramach programu "Społeczna odpowiedzialność nauki II" - moduł: Popularyzacja nauki (2025).