The effects of Covid-19 related response policies on the performances of technology-driven financial services companies

Mustafa Özer, Darko B. Vukovic, Michael Frömmel and Serap Kamişli

Finance Research Letters, 2023, vol. 58, issue PD

Abstract: This study examines the causal connections between COVID-19-related restrictions, economic support measures, and the performance of fintech enterprises with combined Granger causality and Fractional Frequency Flexible Fourier-form Toda-Yamamoto (FFFFTY) causality tests. We find the evidence of unidirectional permanent causality running from Covid-19 related government response stringency and economic supports to the performance of the technology-driven financial services (TDFSC) in most of the countries in the sample, where traditional tests fail. Our findings indicate that these companies seem to be the primary beneficiaries of Covid-19-related policies (restrictions and economic support) implemented by governments to mitigate the negative impacts of the pandemic.

Keywords: Covid-19 related response polices; Financial services companies; Fourier ADF unit root test; Fractional frequency flexible fourier form Toda–Yamamoto causality test (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pd:s1544612323010164

DOI: 10.1016/j.frl.2023.104644

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