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Multinational Cash Management in Europe Towards Centralisation and Disintermediation: The Philips Case

Multinational Cash Management in Europe Towards Centralisation and Disintermediation: The Philips... 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Finance Emerald Publishing

Multinational Cash Management in Europe Towards Centralisation and Disintermediation: The Philips Case

Wim Wester man; Henk von Eije,
Managerial Finance , Volume 31 (10): 10 – Oct 1, 2005
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References (7)

Publisher
Emerald Publishing
Copyright
Copyright © 2005 Emerald Group Publishing Limited. All rights reserved.
ISSN
0307-4358
DOI
10.1108/03074350510769929
Publisher site
See Article on Publisher Site

Abstract

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

Managerial Finance – Emerald Publishing

Published: Oct 1, 2005

Keywords: Liberalisation; Deregulation; Euro; European Union; Multinationals; Cash management; Centralisation; Disintermediation; Conglomerate discounts

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