Does Cryptocurrency Hurt African Firms?

This paper aimed to assess the effect of cryptocurrency market on firms’ value, especially sectoral level, in Africa. To reach study’s main goal, authors adopted Panel-Corrected Standard Errors (PCSEs) and Panel Double-Clustered (PDCSEs). Using firm-level data, results this study can be summarized as follows: (a) The hurts firm value (b) firms operating across different sectors respond disproportionally market. For instance, that offer low returns Africa (industrial, energy, financial) negatively market, while high (real estate information technology) are not significantly affected. (c) has a perverse less experienced highly indebted firms. (d) consistent policies governments ban do work efficiently.