The Economic Value of Corporate Eco-Efficiency

Guenster, Nadja, Derwall, Jeroen, Bauer, Rob and Koedijk, Kees C.G., "The Economic Value of Corporate Eco-Efficiency" (August 2005).

Abstract:

This study adds new insights to the long-running corporate environmental-financial performance debate by focusing on the concept of eco-efficiency. Using a new database of eco-efficiency ratings, we document a positive but asymmetrical relation between eco-efficiency and a firm's Tobin's q. Moreover, our results suggest that the market's valuation of environmental performance has been time variant, which may indicate that the market incorporates environmental information with a drift. Although environmental leaders initially did not sell at a premium relative to laggards, the premium has increased significantly over time. Finally, we report that eco-efficiency relates to operating performance. Environmental leaders do not have a return on assets superior to that of the control group, but laggards display significant operational underperformance. The results suggest that company managers do not face a tradeoff between eco-efficiency and financial performance, and that investors can use environmental information for investment decisions.

Facts on voip

• Implementation challenges Because IP does not provide any mechanism to ensure that data packets are delivered in sequential order, or provide any Quality of Service guarantees, VoIP implementations may face problems dealing with latency (especially if satellite circuits are involved), and jitter. They are faced with the problem of restructuring streams of received IP packets, which can come in any order and have packets delayed or missing, to ensure that the ensuing audio stream maintains a proper time consistency. Another main challenge is routing VoIP traffic to traverse certain firewalls and NAT. Intermediary devices called Session Border Controllers (SBC) are often used to achieve this, though some proprietary systems such as Skype traverse firewall and NAT without a SBC by using users' computers as super node servers to route other people's calls.
• In general, phone service via VoIP costs less than equivalent service from traditional sources. Some cost savings are due to using a single network to carry voice and data, especially where users have existing under-utilized network capacity they can use for VoIP at no additional cost.
• Although few office environments and even fewer homes use a pure VoIP infrastructure, telecommunications providers routinely use IP telephony, often over a dedicated IP network, to connect switching stations, converting voice signals to IP packets and back.

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