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"Westerman, Wim"
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Carbon Emissions Reduction and Corporate Financial Performance: The Influence of Country-Level Characteristics
Using a cross-country dataset covering 9265 observations on 1785 firms representing 53 countries over the period 2004–2019, this study investigates the relation between carbon emissions reduction and corporate financial performance (CFP). We perform OLS regressions with fixed effects. We found that carbon emissions reduction increases the return on assets, the return on equity, and the return on sales, whereas it has no effect on the Tobin’s Q and the current ratio. The positive relationship with the return on assets is stronger for firms with a higher responsibility score. We study country characteristics by modeling GDP growth, overall emissions within a country, and the presence of carbon emissions legislation. Our results indicate that the overall carbon emissions of a country and the presence of carbon emissions legislation are related to both corporate carbon emissions reduction and CFP. Moderating effects of the country’s overall emissions and the presence of carbon emissions legislation do not affect the relationship between carbon emissions reduction and CFP. Despite the further understanding gained, the issue of whether it “pays to be green” can still not be resolved well.
Journal Article
Hydrogen Infrastructure Project Risks in The Netherlands
This study aims to assess the potential risks of setting up a hydrogen infrastructure in the Netherlands. An integrated risk assessment framework, capable of analyzing projects, identifying risks and comparing projects, is used to identify and analyze the main risks in the upcoming Dutch hydrogen infrastructure project. A time multiplier is added to the framework to develop parameters. The impact of the different risk categories provided by the integrated framework is calculated using the discounted cash flow (DCF) model. Despite resource risks having the highest impact, scope risks are shown to be the most prominent in the hydrogen infrastructure project. To present the DCF model results, a risk assessment matrix is constructed. Compared to the conventional Risk Assessment Matrix (RAM) used to present project risks, this matrix presents additional information in terms of the internal rate of return and risk specifics.
Journal Article
Firm performance and diversification in the energy sector
PurposeThe study aims to fill a gap in the literature on the economic impact of industrial and international diversification on firm performance in the energy sector. Li et al. (2016) investigate firms listed in China, and this study analyzes firms listed in (Western) Europe.Design/methodology/approachA sample of 129 energy firms is extracted from Datastream and covers the period from January 2009 to December 2015. Univariate and multivariate regression analyses are used to determine a plausible relation of diversification on corporate performance. Also, the difference between renewable energy firms and conventional energy firms is explored.FindingsA univariate analysis using both return on assets and Tobin's Q as a variable shows that renewable energy firms have a higher profitability than conventional energy firms. However, a multivariate analysis does not confirm this result. The authors also document a negative relation between diversification strategies and firm performance.Research limitations/implicationsThe study uses main industry codes. Yet, one might make a distinction between renewable energy and conventional energy amounts with corporations. Also, the authors cover financial crisis years. Researchers might take into account more recent years.Practical implicationsThe findings of the study highlight the importance of short-term and long-term considerations for practitioners related to demand, the energy mix, oil prices and firm strategies.Originality/valueThe authors contribute to the debate and the literature when identifying similarities and differences between conventional energy firms and renewable energy firms in their application of diversification strategies and their (relation to) firm performance.
Journal Article
The Financial Management of Foreign Direct Investment: A Case Study of Dutch Firms Investing in Europe
We examine the financial management of seven cases on industry-leading Dutch firms investing in Europe. Our results are as follows. While the internationalisation of the firm is largely fixed before a current investment, quite varying strategic analyses do shape the outline of the actual financial analysis. As financial modelling gets more detailed and diverse over time, the emphasis shifts from accounting to present value selection methods. Financial risks do not always matter that much, but financing aspects receive a place in the process. Organisation and behaviour do not play independent roles, but it matters to nurture culture and communication. The firms' investment patterns found mainly vary as to growth strategies (acquisitions or greenfields), size of the firm, investment size and corporate governance style. [PUBLICATION ABSTRACT]
Journal Article
\Hear, Israel\ The Involvement of Jews in Education of the Deaf (1850–1880)
During the last two centuries there has been a methodological struggle over teaching the deaf. Do deaf people learn to communicate by means of gestures and signs (the \"manual method\") or is it important for them to learn speech and lip-reading (the \"oral method\")? In the second half of the nineteenth century, many schools for the deaf made the transition from the manual to the oral method, which the Milan conference of teachers of the deaf decided to promote in 1880. In this conversion, Jews played an important role. Yet there appears to be a clear link between their efforts and Jewish tradition, including its perception of the deaf.
Journal Article
Multinational Cash Management in Europe Towards Centralisation and Disintermediation: The Philips Case
Liberalisation and deregulation of financial markets, lower currency volatility and the introduction of the euro have reduced transaction and bankruptcy costs for multinationals in Europe. Internal European transfers of cash have become easier and cheaper. This has enabled the centralisation of cash management activities. The centralisation at headquarters of multinational enterprises has also opened the road to financial disintermediation. These trends may have helped to create conglomerate benefits in Europe. The case of the cash management at the Netherlands-based Royal Philips Electronics is used to illustrate these tendencies.
Journal Article
Analyzing Foreign Investments
This chapter contains sections titled:
Introduction
Financial Valuation Process
Financial Modeling Basics
Financial Modeling Complications
Summary and Conclusions
Discussion Questions
References
About the Authors
Book Chapter
Basic Risk Adjustment Techniques in Capital Budgeting
This chapter contains sections titled:
Introduction
Decision‐Making Techniques for Risky Capital Budgeting Projects
The Judgment Approach
Adjusting the Payback Period
The Certainty Equivalent Method
The Risk‐Adjusted Discount Rate Method
Comparing the Ce and Radr Methods
Summary and Conclusions
Discussion Questions
References
About the Authors
Book Chapter