RESUMEN
The purpose of this paper is to determine the effect of the Covid-19 pandemic crisis on dividend policy and performance and explore the interplay between performance and financial constraints to identify how such a fit affected dividend policy during the crisis. We used a final sample of 106 SBF-listed firms during six years. To assess the effect of the crisis, we divided this period into three subperiods: pre-crisis (2016-2018), pandemic period (2019-2021), and all periods (2016-2021). A System Generalized Method of Moments (SGMM) is used to deal with the problem of endogeneity caused by the lagged dependent variable. The results showed that only the crisis and the financial constraints (KZ index) negatively correlated with dividend payment levels (DivPaid). This dividend level did not take performance into account. Regarding the control variables, only debt, growth, and size positively impacted dividend levels. Moreover, the performance of French companies was negatively influenced by the DividPaid, KZindex, and Crisis variables. The findings suggest that France should prioritize dividend payments to protect a company's reputation and financial health. These findings have significant implications for investors, financial analysts, regulators, and policymakers who are looking for guidance on dividend policy in uncertain situations.
RESUMEN
This research examines the impact of the coronavirus index on the returns and volatility of ten major cryptocurrencies during the COVID-19 pandemic. For this purpose, we applied a multivariate volatility GARCH model with an integrated dynamic conditional correlation (DCC) approach to daily cryptocurrency values observed data during the January-December, 2020 period. Moreover, we used the Granger causality test to study return-volume correlations. The findings indicate that cryptocurrency volatility declined after the World Health Organization declared on March 11, 2020, that the coronavirus was a pandemic. Unlike most of the relevant previous studies, we found that the COVID-19 crisis did not have a long-term effect on cryptocurrency returns and volatility but only presented a short-term effect. Our results have implications for investors who need to determine an optimal portfolio for a scenario other than the base.