European Journal of Business Science and Technology, 2026 (vol. 12), issue 1
Attenuated Asymmetry: How Microstructure Shapes Volatility Dynamics in an Emerging Market
Marwan Rouahi, Abid Ihadiyan
European Journal of Business Science and Technology 2026, 12(1):5-32 
This study investigates whether the canonical asymmetric volatility documented in developed markets can be generalized to an emerging market setting, using the Casablanca Stock Exchange (MASI index, 2011–2023) as a case study. Applying symmetric and asymmetric GARCH models with a three period subsample robustness check (pre-COVID, COVID, post-COVID), we uncover a pattern of attenuated asymmetry. During normal conditions and the COVID-19 crisis, the market exhibits significant volatility persistence coupled with symmetric responses to shocks, challenging the near-universal evidence of leverage effects. However, the post-COVID geopolitical crisis...
Co-Jump Behavior and Market Shocks: Evidence from FAANG Stocks
Daouia Chebab, Mukhriz İzraf Azman Aziz, Norzalina Ahmad
European Journal of Business Science and Technology 2026, 12(1):33-46
Technology stocks like Facebook, Apple, Amazon, Netflix, and Google, collectively referred to as FAANG stocks, are among the most systemically important equities in global markets, attracting international investors due to the extensive use of technology in day-to-day business. However, these stocks are considered risky assets, so building an optimal portfolio requires effective risk management. To address this, this study examines the jump and co-jump behavior of the FAANG stocks over the period 2012–2026. Jumps are identified using a standardized residual approach in which daily returns that deviate from GARCH (1,1), as well as estimated conditional...
Microcertificates Smart Contract Performance on Proof-of-Authority Blockchain
Andrej Gono, Martin Záklasník, Oldřich Faldík, Oldřich Trenz
European Journal of Business Science and Technology 2026, 12(1):47-61
Permissioned blockchains that use proof-of-authority (PoA) consensus mechanisms are becoming more popular for business and institutional applications. However, there is a big gap in the aca- demic literature about how well these systems work in real situations, like when they’re used with smart contracts on live production networks. Existing blockchain credential platforms, including Blockcerts and the European Blockchain Services Infrastructure (EBSI), have shown that these platforms can work. However, there aren’t many published examples. It’s important to remember that these examples are often based on test environments, not real-world...
Measuring the Economic Efficiency of the EU Energy Sector
Michaela Staňková
European Journal of Business Science and Technology 2026, 12(1):62-73
This article evaluates the efficiency of primary energy production in EU countries using Data Envelopment Analysis. The analysis is based on aggregated macroeconomic and environmental data obtained from publicly available databases, with efficiency assessment explicitly accounting for carbon dioxide (CO₂) emissions as an undesirable output. The empirical results indicate relatively high average efficiency levels across the observed period, with several countries consistently operating on the efficiency frontier. In the second stage, a censored Tobit model is employed to examine the role of the energy mix. The findings suggest that both renewable...
Organic/BIO Food Labelling Systems and Their Perception by Czech Consumers with a Focus on Ecology
Martina Zámková, Stanislav Rojík, Martin Prokop, Simona Činčalová, Radek Stolín
European Journal of Business Science and Technology 2026, 12(1):90-106
The importance of organic products in the Czech Republic as an EU member state is growing. Among other things, increasing the share of organic products in relation to conventional products is one of the long-term objectives of the European Community. The research carried out focused on examining differences in consumer purchasing behaviour, specifically the associations that consumers most often associate with brands that label bio/organic products in the Czech Republic. Using various statistical methods, the knowledge and perception of organic/bio products labelled with the Czech and European logos was investigated. The research shows that consumers...