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COVID-19 impact on digital companies' stock return: A dynamic data analysis
Kais Ben-Ahmed1,2, Imen Ayadi3, Salah Ben Hamad4
1Department of Finance, College of Business, University of Jeddah, Saudi Arabia.
Finance Research Letters
|April 18, 2022
Summary
The COVID-19 crisis positively impacted digital companies
Area of Science:
- Economics
- Finance
- Digital Sector Analysis
Background:
- The economic impact of the coronavirus crisis (COVID-19) is a critical research area.
- Previous studies predominantly focused on sectors like tourism, healthcare, and the general economy.
- The specific effects on the digital sector's stock performance remained less explored.
Purpose of the Study:
- To investigate the impact of the COVID-19 crisis on the stock returns of digital companies.
- To analyze the relationship between COVID-19 case growth and digital company stock performance.
Main Methods:
- Utilized a dynamic panel model for quantitative analysis.
- Examined monthly growth in total infected and death cases of COVID-19.
- Assessed the effects on stock returns across various digital companies.
Main Results:
- A significant positive correlation was found between monthly COVID-19 case/death growth and digital company stock returns.
- This finding contrasts with some prior research, suggesting a unique market dynamic.
- Indicates the crisis may be accelerating digital transformation despite broader economic slowdowns.
Conclusions:
- The COVID-19 crisis has a notable positive effect on digital company stock returns.
- This suggests the digital sector may be resilient or even benefit from the crisis.
- Further research is needed to understand the long-term implications for economic sectors.
