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The Impact Of Fintech Innovation On Market Performance: A Comparative Analysis Of Post-Pandemic Us Fintech Stocks

Author

Listed:
  • Nono HERYANA

    (Universitas Pendidikan Indonesia, Indonesia)

  • Nugraha NUGRAHA

    (Universitas Pendidikan Indonesia, Indonesia)

  • Disman DISMAN

    (Universitas Pendidikan Indonesia, Indonesia)

  • Mayasari MAYASARI

    (Universitas Pendidikan Indonesia, Indonesia)

  • Rini MAYASARI

    (Universitas Singaperbangsa Karawang, Indonesia)

  • Solehudin SOLEHUDIN

    (Universitas Buana Perjuangan Karawang, Indonesia)

Abstract

This study examines whether fintech innovation is associated with superior market performance in the United States equity market during the July 2021 to December 2024 sample. Using daily data for eight publicly listed fintech firms representing heterogeneous models (digital lending, payments, crypto exchange exposure, trading platforms, and fintech-adjacent software) and a broad market benchmark, the analysis evaluates performance through risk-adjusted indicators, downside risk measures, and Capital Asset Pricing Model (CAPM) regressions. The results show substantial cross-sectional dispersion. A small subset of firms delivers positive and comparatively strong risk-adjusted outcomes, while several exhibit persistent underperformance and extreme drawdowns, indicating that fintech equities are not a homogeneous asset class in the study period. CAPM estimates yield economically small and statistically insignificant beta coefficients with near-zero explanatory power, implying that systematic market risk accounts for only a negligible share of fintech return variation. Instead, performance differences are consistent with firm-specific dynamics linked to business model structure and institutional integration. Robustness tests confirm that the main conclusions are stable across alternative specifications and validation settings. Overall, the findings indicate that innovation intensity alone is insufficient to guarantee sustained shareholder value without complementary institutional stability and risk discipline.

Suggested Citation

  • Nono HERYANA & Nugraha NUGRAHA & Disman DISMAN & Mayasari MAYASARI & Rini MAYASARI & Solehudin SOLEHUDIN, 2026. "The Impact Of Fintech Innovation On Market Performance: A Comparative Analysis Of Post-Pandemic Us Fintech Stocks," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 21(1), pages 230-252, April.
    • Handle: RePEc:blg:journl:v:21:y:2026:i:1:p:230-252
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