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DEEV OLEG, KHAZALIA NINO. 2017. Corporate Governance, Social Responsibility and Financial Performance of European Insurers. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 65(6): 1873 -1888.In this paper, we focus on corporate governance and corporate social responsibility in European insurance industry and test its effects on financial performance. Using a sample of European insurance companies releasing corporate governance and social responsibility information available in Bloomberg Environmental, Social, and Governance disclosure, we provide evidence of better financial performance of insurers with unbiased and objective boards, increased number of board members (indicating that investors trust independent directors as protectors of shareholder value), lower employee turnover and higher community spending. Compliance with UN Global Compact signatory also contribute to better market performance. As a result, we show that insurance companies can be socially responsible and financially successful at the same time.

Financial markets during the COVID-19 pandemic are characterized by a prolonged period of increased uncertainty. In this paper, we analyze how the announcements of policy interventions and responses, to buffer short-term economic impact of the pandemic and offset financial turmoil, have affected the level of realized volatility in 23 countries. Under the augmented heterogeneous autoregressive model framework, we show that the international calming effect of COVID-19 economic policy actions originates from the US macroprudential policy announcements.

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This article investigates the validity of the money superneutrality concept for the large panel of European economies. While focusing exclusively on endogenous growth theories including the Mundell-Tobin effect, we examine the long-run response of real output to a permanent inflation shock in every studied country using a structural vector autoregressive framework. For the majority of countries in our sample, the longrun superneutrality concept is confirmed since the original increase/decrease in output growth fades in time. We also test the additional hypothesis of whether the group of countries with smaller in-sample inflation mean forms the exception to the long-run money superneutrality. As the result, modern economies might be better described from the viewpoint of Sidrauski.