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Does COVID-19 influence the maturity management of industrial sectors? Evidence from global data

Khakan Najaf (Sunway University Business School, Subang Jaya, Malaysia)
Abdul Rashid (Department of Business School, International Islamic University, Islamabad, Pakistan)
Young Kyung Ko (Department of Business School, Sunway University, Subang Jaya, Malaysia)
Susela Devi K. Suppiah (Department of Business School, Sunway University, Subang Jaya, Malaysia)

Journal of Global Operations and Strategic Sourcing

ISSN: 2398-5364

Article publication date: 28 March 2022

Issue publication date: 5 December 2022




This study aims to understand how the COVID-19 pandemic dramatically impacts the maturity of all industrial sectors globally. This paper analyses the general patterns of managing maturity in terms of performance and risk-taking of S&P 500 industrial sectors while determining their association with COVID-19.


To analyse the immediate response of COVID-19 on maturity management, the authors gather time-series daily index data of S&P sectors from October 2019 until June 2020 from Bloomberg. The authors select this study period to show the immediate effect of COVID-19 on industrial sector maturity management. The performance and volatility of stock are proxies for managing the maturity of each sector. The authors use vector auto-regression (VAR) methodology to determine the impact of global coronavirus.


This study’s findings suggest that the information technology sectors outperform the other sectors; in contrast, the utility sector exhibits the worst performance during a pandemic. Furthermore, the real estate sector depicts a higher level of systematic risk pattern than other sectors. Interestingly, the empirical result of VAR shows that almost every sector is significantly negatively affected by this pandemic; however, the consumer discretionary sector is immune to it.

Research limitations/implications

Overall, this study’s findings for individual economic sectors demonstrate that the managing maturity of each sector acts differently to the coronavirus outbreak. This study offers insights to researchers, policymakers, regulators, financial report users, investors, employees, clients and society.


This paper contributes to the existing literature on managing the maturity of industry sectors in terms of observing their trends during the financial crisis.



The authors acknowledge the research funding support received from Sunway University for implementing this research.

Expression of concern: The publisher of the Journal of Global Operations and Strategic Sourcing is issuing an Expression of Concern for the following article by Khakan Najaf, Abdul Rashid, Young Kyung Ko, and Susela Devi K. Suppiah (2022) “Does COVID-19 Influence the Maturity Management of Industrial Sectors? Evidence from Global Data” published on 28 March 2022, DOI 10.1108/JGOSS-11-2021-0091, which appeared as part of the special issue “Managing Maturity of Global Supply Chains: Learning from COVID-19 Pandemic”, to inform readers that concerns have been raised that the peer review process may have been compromised. The authors would like it to be noted that the concerns are with the review process and not the authorship, and that they are not in agreement with this Expression of Concern. The publishers of the journal sincerely apologize to the readers.


Najaf, K., Rashid, A., Kyung Ko, Y. and Suppiah, S.D.K. (2022), "Does COVID-19 influence the maturity management of industrial sectors? Evidence from global data", Journal of Global Operations and Strategic Sourcing, Vol. 15 No. 4, pp. 628-646.



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