“…11 These further analyses are motivated by two literature strands. These include (i) growing evidence from the health and psychological literature that the way each government responds to local COVID-19 outbreaks can help reduce virus transmission and the adverse consequences of disease outbreaks ( Al Saidi et al, 2020 ; Hale, Websrer, Perherick, Phillips, & Kira, 2020 ; Haug et al, 2020 ; Nguyen, Pham, Pham, & Pham, 2022 ; Nguyen, Pham, & Truong, 2022 ; Sergent & Stajkovic, 2020 ). Additionally, (ii) variations in institutional backgrounds across countries may affect insider transactions ( Bui et al, 2021 ; Kallunki et al, 2016 ).…”