文献类型：期刊文献

英文题名：The impact of COVID-19 on cultural industries: An empirical research based on stock market returns

作者：Zhang, Rong[1];Ji, Hao[1];Pang, Yu[2];Suo, Lingling[1]

第一作者：张蓉

通讯作者：Ji, H[1]

机构：[1]Beijing Union Univ, Business Coll, Dept Finance & Accounting, Beijing, Peoples R China;[2]Beijing Union Univ, Management Coll, Dept Finance & Accounting, Beijing, Peoples R China

第一机构：北京联合大学商务学院

通讯机构：[1]corresponding author), Beijing Union Univ, Business Coll, Dept Finance & Accounting, Beijing, Peoples R China.|[1141721]北京联合大学商务学院;[11417]北京联合大学;

年份：2022

卷号：10

外文期刊名：FRONTIERS IN PUBLIC HEALTH

收录：;Scopus(收录号：2-s2.0-85139104321);WOS:【SSCI(收录号:WOS:000862435600001)，SCI-EXPANDED(收录号:WOS:000862435600001)】；

基金：Funding This research was funded by Institute of Beijing Studies (BJXJD-KT2022-YB07).

语种：英文

外文关键词：COVID-19; cultural industry; stock market; stock market return; fixed effects model

摘要：The COVID-19 virus has challenged the development of the cultural industries seriously, so far, however few studies have used empirical methods to analyze the impact of the pandemic on the overall cultural industries. Based on the panel data of listed companies, this paper explores the impact of COVID-19 on cultural industries from the perspective of stock market returns. The empirical results show that the pandemic has a significant negative impact on the stock market returns of cultural industries, but the degrees of impact on various creative sub-sectors are significantly different. The findings also indicate that digitalization can effectively reduce the negative impact of COVID-19 on cultural companies, and the epidemic has bigger negative impacts on small and newly-established cultural companies. Moreover, we find that the stock market returns of cultural industries have an inverted U-shaped relationship with the daily growth in total confirmed cases and in total cases of death caused by COVID-19, indicating that the negative marginal impact of COVID-19 on the cultural industries increases firstly and then gradually decreases. Finally, implications for companies and governments are presented respectively based on the findings.