ABSTRACT
The covid-19 pandemic has shocked society greatly, causing many changes in people's lives. One of these changes relates to leisure and how we relate to others. Videogames became one of the first entertainment options during the pandemic, making the video game industry and the pharmaceutical industry-one of the least affected by economic slowdown. This study analyzes how Twitch and sustainability jointly influence the stock returns of major videogame companies before and during Covid-19 using panel fsQCA analysis. The results show a positive relationship between Twitch, sustainability, and stock returns in video game companies, but this relationship differs yearly, being stronger during the Covid-19 period.
ABSTRACT
In an uncertain and finite world, actions towards the development of a green economy are attracting wider support. The damaging anthropogenic impact on earth systems is leading humanity to devastating situations, jeopardizing its very survival. A new world scenario has emerged with COVID-19, where the biopharmaceutical sector has arisen as a powerful effective solution for the health, economic and social crisis derived from the pandemic. This research aims to study the stock market reaction of the two US biopharmaceutical companies that first developed messenger RNA vaccines against COVID-19 (Pfizer and Moderna), considering two time periods, before and during COVID. In the analysis, the influence of the technological market index, market volatility, and investor sentiment are also considered. The results show an unequal influence of market volatility and market sentiment on the returns of both companies, as well as a different volatility behaviour. Furthermore, a contagion effect is observed during the COVID period between both companies and the technological market. The study's findings provide investors, organizations, policy-makers and society with useful information for the design of policies and strategies that ultimately are called to ensure sustainable growth for future generations.
