Hoang, HVNguyen, CuongHoang, Khanh2023-06-202021-08-062021-10-272021-07-160306-8293WN7OZ (isidoc)https://hdl.handle.net/10182/16246Purpose - This study compares the impact of the COVID-19 pandemic on stock returns in the first two waves of infection across selected markets, given built-in corporate immunity before the global outbreak. Design/methodology/approach - The data are collected from listed firms in five markets that have experienced the second wave of COVID-19 contagion, namely the United States (US), Australia, China, Hong Kong and South Korea. The period of investigation in this study ranges from January 24 to August 28, 2020 to cover the first two COVID-19 waves in selected markets. The study estimates the research model by employing the ordinary least square method with fixed effects to control for the heterogeneity that may confound the empirical outcomes. Findings - The analysis reveals that firms with larger size and more cash reserves before the COVID-19 outbreak have better stock performance under the first wave; however, these advantages impede stock resilience during the second wave. Corporate governance practices significantly influence stock returns only in the first wave as their effects fade when the second wave emerges. The results also suggest that in economies with greater power distance, although stock price depreciation was milder in the first wave, it is more intense when new cases again surge after the first wave was contained. Practical implications - This paper provides practical implications for corporate managers, policymakers and governments concerning crisis management strategies for COVID-19 and future pandemics. Originality/value - This study is the first to evaluate built-in corporate immunity before the COVID-19 shock under successive contagious waves. Besides, this study accentuates the importance of cultural understanding in weathering the ongoing pandemic across different markets.pp.1677-1695en© Emerald Publishing Limitedcorporate governancecorporate immunityCOVID-19national culturesecond waveJournal Article10.1108/IJSE-11-2020-07691758-67122023-06-18ANZSRC::3801 Applied economics