Highlights This study examines the relationship between various pre-pandemic firm characteristics and stock price reactions to COVID-19. This study employed GEE for analyses using STATA 15.1. Restaurant firms with larger size, more leverage, more cash flows, less ROA, and more internationalization are more resilient to stock declines. Dividend, franchising, institutional ownership, and managerial ownership did not show a significant moderating effect. This study contributes to the literature by providing insights into drivers of restaurant firm’s stock returns during the COVID-19 shock.

No abstract

No abstract

No abstract

No abstract