Title: Firms performance and cryptocurrencies: a comparative study before and after COVID-19

Authors: Abdullah E. Alajmi

Addresses: Department of Accounting, Public Authority for Applied Education and Training, P.O. Box 23167, Safat, 13092+, Kuwait

Abstract: The primary objective of this study is to investigate the correlation between firm performance and cryptocurrencies while highlighting the significance of blockchain technology in promoting transparency in financial statements. Our findings demonstrate that the impact of cryptocurrencies on firm performance during a COVID-19 outbreak is varied, with mixed results. Specifically, profitability is partially positively influenced by profit but negatively influenced by stakeholders. Moreover, there is a decrease in cash flow from operating activities. It is important to note that our data is limited to a single country, and the lack of legislation surrounding cryptocurrencies in the accounting field is concerning. Additionally, we observed that the level of knowledge about cryptocurrencies differs between our country and others, potentially influenced by cultural factors. The timeframe of our dataset may also influence the understanding of cryptocurrencies and their relationship with firm performance within Kuwaiti firms. Lastly, to the best of our knowledge, our study is the first to examine the impact of COVID-19 on provincial business performance and the utilisation of cryptocurrencies in Kuwait and the broader Middle East region.

Keywords: cryptocurrency; firm performance; COVID-19; Bitcoins; cultural factors.

DOI: 10.1504/IJEF.2026.150287

International Journal of Electronic Finance, 2026 Vol.15 No.1, pp.92 - 106

Received: 30 Apr 2023
Accepted: 23 Jul 2023
Published online: 08 Dec 2025 *

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