Ekonomický časopis - Obsahy ročníkov

This study examines European firms with varying ESG characteristics and their immediate stock price reactions to the outbreak of the Russia-Ukraine war, using an event-study framework. Industry-neutral portfolios are constructed based on overall ESG and individual ESG pillars. The results of the event study analysis reveal that high-ESG portfolios declined, while low-ESG portfolios appreciated, following the outbreak of the war. Portfolios based on individual pillars, specifically high- Social, Government, and Controversy exhibit significant positive abnormal returns at the event onset; these effects were not translated into significant cumulative returns. On the other hand, the low- Social, Government, and Controversy portfolios exhibit significant negative abnormal returns during event window that neither were translated into significant cumulative returns.

This study examines the determinants of inflation in EU member states from 2014 to 2024 using quarterly data for old EU, new EU, and full EU27 country groups. A dynamic panel ARDL model estimated with the Pooled Mean Group estimator is applied to capture short-run dynamics and long-run relationships. The results show strong inflation persistence across all groups, with lagged inflation as a key short-run driver. Inflation is mainly explained by external and supply-side factors rather than domestic demand. Energy prices, exchange rates, food prices, and supply chain pressures have significant effects, while unemployment and industrial production remain largely insignificant, indicating a weakened Phillips curve relationship. Interest rates show a negative long-run effect in the full EU sample. New EU member states are more sensitive to external shocks, while old EU members display more stable inflation dynamics.

Food price inflation remains a critical challenge in ECOWAS, where high import dependence and weak institutional frameworks heighten vulnerability to external shocks. This study examines the determinants of inflation in ECOWAS, focusing on the asymmetric effects of global food price shocks from 2010 to 2022. We discover that the pass-through of food prices more than doubles in high-inflation environments and heightens during economic recessions. The WAEMU’s fixed exchange rate and fiscal rules sever the standard inflationary link between public debt and inflation observed in more flexible regimes. Strong institutional quality provides a universal sta-bilising effect across all countries. Our findings are consistent with theories of state-dependent amplification, where pre-existing macroeconomic vulnerabilities critically determine an economy’s resilience to external shocks.

Digitalization, broadly defined as the integration of digital technologies into all aspects of life and society, affects the co-creation of public policies, including stakeholders. Most digital civil society organizations have been set up during the past decade. Therefore, the question arises: What factors determine successful co-creation of digital policies – that is, policies specifically designed to address the challenges and opportunities arising from digitalization itself? Drawing on data from a survey of 37 Swiss digital civil society organizations and platforms, we studied the capacities of digital civil society in co-creating digital policies. We conclude that digital civil society is advanced in terms of knowledge of digital technologies and their opportunities and threats. However, more skills are required in communication, policy advocacy, and participation skills to effectively co-create digital public policies.