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Professor Bert Scholtens

Professor Bert Scholtens

Professor of Banking and Finance

Biography

Bert Scholtens is Professor of Banking and Finance at the University of St Andrews School of Management. He also holds the position of Professor at the Faculty of Economics and Business at the University of Groningen, The Netherlands.

Bert Scholtens (1959) earned his Masters in Economics at the University of Groningen. After his graduation, he worked with the Postbank in Amsterdam. He defended his PhD on international financial intermediation at the University of Amsterdam in 1994. He became assistant professor at the University of Amsterdam before he was an associate professor at the University of Groningen. In 2004, he became a professor in Groningen. In 2012, he was appointed professor in St Andrews.

Bert Scholtens' research is directed at international financial intermediation and environmental finance and economics. He focuses on finance, responsible investment and energy and publishes in international academic journals. He currently teaches about portfolio management, corporate governance, and credit risk analysis and coaches both Bachelor and Masters students in completing their thesis. He also supervises several PhD students, both in Groningen and St Andrews.

Research expertise

Corporate Social Responsibility, Socially Responsible Investing, Energy Finance, Financial institutions (banks, pension funds, insurance companies, mutual funds, etc.), International finance, Financial intermediation, Financial systems, Environmental economics.

Selected publications (2009 to present)

Books

Scientific approaches of community energy, a literature review
van der Schoor, T. & Scholtens, L. J. R., 18 Jun 2019, Groningen: Centre for Energy Economics Research (CEER). 106 p. (CEER Policy Papers)
Research output: Book/ReportBook

 

Chapters

Sustainable Business Practices - An Environmental Economics Perspectives
Lundgren, T., Dam, L. & Scholtens, L. J. R., 1 Oct 2018, Challenges in managing sustainable business: Reporting, taxation, ethics and governance. Arvidsson, S. (ed.). Cham: Palgrave Macmillian, p. 205-229 25 p.
Research output: Chapter in Book/Report/Conference proceedingChapter

The Janus Face of Natural Gas Resources in the Netherlands
Scholtens, L. J. R., 18 Jun 2018, Gas production and earthquakes in Groningen: Reflection on economic and social consequences. Mulder, M. & Perrey, P. (eds.). Groningen: Centre for Energy Economics Research (CEER), Vol. 3. p. 25-39 15 p.
Research output: Chapter in Book/Report/Conference proceedingChapter

Sustainable business practices—an environmental economics perspective
Lundgren, T., Dam, L. & Scholtens, B., 1 Jan 2018, Challenges in Managing Sustainable Business: Reporting, Taxation, Ethics and Governance. Palgrave Macmillan , p. 205-229 25 p. https://doi.org/10.1007/978-3-319-93266-8_9
Research output: Chapter in Book/Report/Conference proceedingChapter

The financial impact of terrorist attacks on the value of the oil and gas industry: An international review
Holwerda, D. & Scholtens, L. J. R., 30 Oct 2016, Energy and Finance: Sustainability in the Energy Industry. Dorsman, A., Arslan-Ayaydin, Ö. & Baha Karan, M. (eds.). Switzerland: Springer-Verlag, p. 69-80 12 p. 5 https://doi.org/10.1007/978-3-319-32268-1_5
Research output: Chapter in Book/Report/Conference proceedingChapter

Energy innovations and the economy: An historical overview
Scholtens, B., 1 Jan 2015, Energy Technology and Valuation Issues. Springer, p. 11-24 14 p. https://doi.org/10.1007/978-3-319-13746-9_2
Research output: Chapter in Book/Report/Conference proceedingChapter

Measuring risk in energy markets
Scholtens, B. & Sklavos, K., 2014, Perspectives on Energy Risk. Dorsman, A., Gök, T. & Baha Karan, M. (eds.). Springer-Verlag, p. 51-67 17 p.
Research output: Chapter in Book/Report/Conference proceedingChapter

 

Articles

Sustainability and bank risk
Scholtens, L. J. R. & Van 't Klooster, S., 10 Sep 2019, In : Palgrave Communications. 5, 1, p. 1-8 8 p., 105. https://doi.org/10.1057/s41599-019-0315-9
Research output: Contribution to journalArticle

Responsibility and performance relationship in the banking industry
Gonenc, H. & Scholtens, B., 16 Jun 2019, In : Sustainability. 11, p. 1-52 52 p., 3329. https://doi.org/10.3390/su11123329
Research output: Contribution to journalArticle

Analyzing systemic risk in the Chinese banking system
Huang, Q., de Haan, J. & Scholtens, B., 20 May 2019, In : Pacific Economic Review. 24, 2, p. 348-372 25 p. https://doi.org/10.1111/1468-0106.12212
Research output: Contribution to journalArticle

The spot-forward relationship in the Atlantic salmon market
Chen, X. & Scholtens, B., 13 Mar 2019, In : Reviews in Fisheries Science & Acquaculture. 27, 2, p. 142-151 10 p. https://doi.org/10.1080/23308249.2018.1519523
Research output: Contribution to journalArticle

Sudden stops of international fund flows: Occurrence and magnitude
Li, S., de Haan, J. & Scholtens, L. J. R., 21 Jan 2019, In : Review of International Economics. 27, 1, p. 468-497 30 p. https://doi.org/10.1111/roie.12385
Research output: Contribution to journalArticle

Sovereign bond yield spreads and sustainability: an empirical analysis of OECD countries
Capelle-Blancard, G., Crifo, P., Diaye, M. A., Oueghlissi, R. & Scholtens, B., 1 Jan 2019, In : Journal of Banking and Finance. 98, p. 156-169 14 p. https://doi.org/10.1016/j.jbankfin.2018.11.011
Research output: Contribution to journalArticle

The urge to act: a comparison of active and passive socially responsible investment funds in the United States
Chen, X. & Scholtens, B., 15 Nov 2018, In : Corporate Social Responsibility and Environmental Management. 25, 6, p. 1154-1173 20 p. https://doi.org/10.1002/csr.1529
Research output: Contribution to journalArticle

Finance and the Earth system – exploring the links between financial actors and non-linear changes in the climate system
Galaz, V., Crona, B., Dauriach, A., Scholtens, B. & Steffen, W., 2 Nov 2018, In : Global Environmental Change. 53, p. 296-302 7 p. https://doi.org/10.1016/j.gloenvcha.2018.09.008
Research output: Contribution to journalArticle

Investor response to appointment of female CEOs and CFOs
Scholtens, B. & Brinkhuis, E., Jun 2018, In : The Leadership Quarterly. 29, 3, p. 423-441 19 p. https://doi.org/10.1016/j.leaqua.2017.08.002
Research output: Contribution to journalArticle

Fossil fuel divestment and portfolio performance
Trinks, A., Scholtens, B., Mulder, M. & Dam, L., Apr 2018, In : Ecological Economics. 146, p. 740-748 9 p. https://doi.org/10.1016/j.ecolecon.2017.11.036
Research output: Contribution to journalArticle

Surges of international fund flows
Li, S., de Haan, J. & Scholtens, B., Apr 2018, In : Journal of International Money and Finance. 82, p. 97-119 23 p. https://doi.org/10.1016/j.jimonfin.2018.01.002
Research output: Contribution to journalArticle

CEO risk-taking incentives and socially irresponsible activities
Bouslah, K., Liñares-Zegarra, J., M'Zali, B. & Scholtens, B., 8 Feb 2018, In : British Accounting Review. 50, 1, p. 76-92 17 p. https://doi.org/10.1016/j.bar.2017.05.004
Research output: Contribution to journalArticle

Are international fund flows related to exchange rate dynamics?
Li, S., de Haan, J. & Scholtens, B., Feb 2018, In : Open Economies Review. 29, 1, p. 31-48 18 p. https://doi.org/10.1007/s11079-017-9469-5
Research output: Contribution to journalArticle

Correction to: The opportunity cost of negative screening in socially responsible investing
Trinks, P. J. & Scholtens, B., 5 Jan 2018, In : Journal of Business Ethics. 147, 1, p. 239-240 2 p. https://doi.org/10.1007/s10551-017-3726-9
Research output: Contribution to journalArticle

Cyclical behavior of international fund flows
Li, S., de Haan, J. & Scholtens, B., Jan 2018, In : Research in International Business and Finance. 43, p. 99-112 https://doi.org/10.1016/j.ribaf.2017.07.123
Research output: Contribution to journalArticle

European pension funds and sustainable development: trade-offs between finance and responsibility
Sievänen, R., Rita, H. & Scholtens, B., 6 Nov 2017, In : Business Strategy and the Environment. 26, 7, p. 912-926 https://doi.org/10.1002/bse.1954
Research output: Contribution to journalArticle

Corporate social responsibility and shareholder proposals
Eding, E. & Scholtens, L. J. R., Nov 2017, In : Corporate Social Responsibility and Environmental Management. 24, 6, p. 648-660 https://doi.org/10.1002/csr.1434
Research output: Contribution to journalArticle

Cross-border investment expenditure spillovers in European gas infrastructure
Bouwmeester, M. C. & Scholtens, B., Aug 2017, In : Energy Policy. 107, p. 371-380 10 p. https://doi.org/10.1016/j.enpol.2017.05.010
Research output: Contribution to journalArticle

Why finance should care about ecology
Scholtens, B., Jul 2017, In : Trends in Ecology and Evolution. 32, 7, p. 500-505 6 p. https://doi.org/10.1016/j.tree.2017.03.013
Research output: Contribution to journalArticle

Modular Evaluation Method for Subsurface Activities (MEMSA). A novel approach for integrating social acceptance in a permit decision-making process for subsurface activities
van Os, H., Herber, R. & Scholtens, L. J. R., May 2017, In : Environmental Impact Assessment Review. 64, p. 97-122 25 p. https://doi.org/10.1016/j.eiar.2017.03.004
Research output: Contribution to journalArticle

Firm type, feed-in tariff, and wind energy investment in Germany: An investigation of decision making factors of energy producers regarding investing in wind energy capacity
Werner, L. & Scholtens, L. J. R., 19 Apr 2017, In : Journal of Industrial Ecology. 21, 2, p. 402-411 10 p. https://doi.org/10.1111/jiec.12443
Research output: Contribution to journalArticle

Corrigendum to 'A plant-level analysis of the spill-over effects of the German Energiewende' [Appl. Energy 183 (2016) 1259-1271]
Mulder, M. & Scholtens, B., 15 Mar 2017, In : Applied Energy. 190, p. 1316 1 p. https://doi.org/10.1016/j.apenergy.2017.01.094
Research output: Contribution to journalArticle

The opportunity cost of negative screening in socially responsible investing
Trinks, P. J. & Scholtens, B., 27 Jan 2017, In : Journal of Business Ethics. 140, 2, p. 193-208 16 p. https://doi.org/10.1007/s10551-015-2684-3
Research output: Contribution to journalArticle

Environmental and financial performance of fossil fuel firms: A closer inspection of their interaction
Gonenc, H. & Scholtens, L. J. R., 10 Jan 2017, In : Ecological Economics. 132, p. 307-328 22 p. https://doi.org/10.1016/j.ecolecon.2016.10.004
Research output: Contribution to journalArticle

Financing energy transformation: the role of renewable energy equity indices
Rezec, M. & Scholtens, B., 2017, In : International Journal of Green Energy. 14, 4, p. 368-378 https://doi.org/10.1080/15435075.2016.1261704
Research output: Contribution to journalArticle

A plant-level analysis of the spill-over effects of the German Energiewende
Mulder, M. & Scholtens, B., 1 Dec 2016, In : Applied Energy. 183, p. 1259-1271 13 p. https://doi.org/10.1016/j.apenergy.2016.09.056
Research output: Contribution to journalArticle

Subsurface activities and decision support systems: an analysis of the requirements for a social acceptance-motivated decision support system
van Os, H. W. A., Herber, R. & Scholtens, B., 1 Sep 2016, In : Environmental Impact Assessment Review. 60, p. 176-185 10 p. https://doi.org/10.1016/j.eiar.2016.06.002
Research output: Contribution to journalArticle

Challenging obduracy: How local communities transform the energy system
van der Schoor, T., van Lente, H., Scholtens, B. & Peine, A., Mar 2016, In : Energy Research and Social Science. 13, p. 94-105 12 p. https://doi.org/10.1016/j.erss.2015.12.009
Research output: Contribution to journalArticle

A comparison of cost-benefit analysis of biomass and natural gas CHP projects in Denmark and the Netherlands
Groth, T. & Scholtens, B., Feb 2016, In : Renewable Energy. 86, p. 1095-1102 8 p. https://doi.org/10.1016/j.renene.2015.09.032
Research output: Contribution to journalArticle

The effects of corporate and country sustainability characteristics on the cost of debt: an international investigation
Hoepner, A., Oikonomou, I., Scholtens, B. & Schröder, M., Feb 2016, In : Journal of Business Finance and Accounting. 43, 1-2, p. 158-190 33 p. https://doi.org/10.1111/jbfa.12183
Research output: Contribution to journalArticle

Towards a theory of responsible investing: on the economic foundations of corporate social responsibility
Dam, L. & Scholtens, B., Aug 2015, In : Resource and Energy Economics. 41, p. 103-121 https://doi.org/10.1016/j.reseneeco.2015.04.008
Research output: Contribution to journalArticle

Are international fund flows pro- or counter-cyclical?
Li, S., de Haan, J., Scholtens, B. & Yang, H., 24 Mar 2015, In : Applied Economics Letters. 22, 5, p. 378-384 7 p. https://doi.org/10.1080/13504851.2014.943881
Research output: Contribution to journalArticle

ESG integration and the investment management process: fundamental investing reinvented
van Duuren, E., Plantinga, A. & Scholtens, B., 19 Mar 2015, In : Journal of Business Ethics. https://doi.org/10.1007/s10551-015-2610-8
Research output: Contribution to journalArticle

Power to the people: local community initiatives and the transition to sustainable energy
Van Der Schoor, T. & Scholtens, B., Mar 2015, In : Renewable and Sustainable Energy Reviews. 43, p. 666-675 10 p. https://doi.org/10.1016/j.rser.2014.10.089
Research output: Contribution to journalArticle

An empirical analysis of excess interbank liquidity: a case study of Pakistan
Omer, M., De Haan, J. & Scholtens, B., 2015, In : Applied Economics. https://doi.org/10.1080/00036846.2015.1034842
Research output: Contribution to journalArticle

Distributed energy generation techniques and the competitive fringe effect in electricity markets
Mulder, M., Petrikaitė, V. & Scholtens, B., 2015, In : Resource and Energy Economics. In press https://doi.org/10.1016/j.reseneeco.2015.07.004
Research output: Contribution to journalArticle

Leading indicators of currency crises: Are they the same in different exchange rate regimes?
Zhao, Y., de Haan, J., Scholtens, B. & Yang, H., 1 Nov 2014, In : Open Economies Review. 25, 5, p. 937-957 21 p. https://doi.org/10.1007/s11079-014-9315-y
Research output: Contribution to journalArticle

Modeling natural gas price volatility: The case of the UK gas market
van Goor, H. & Scholtens, B., 1 Aug 2014, In : Energy. 72, p. 126-134 9 p. https://doi.org/10.1016/j.energy.2014.05.016
Research output: Contribution to journalArticle

Corporate social responsibility policies of commercial banks in developing countries
Hu, V. & Scholtens, B., Jul 2014, In : Sustainable Development. 22, 4, p. 276–288 10 p. https://doi.org/10.1002/sd.1551
Research output: Contribution to journalArticle

Carbon prices and firms' financial performance: An industry perspective
Scholtens, B. & Van Der Goot, F., 2014, In : Carbon Management. 5, 5-6, p. 491-505 15 p. https://doi.org/10.1080/20430779.2015.1027862
Research output: Contribution to journalArticle

Indicators of responsible investing
Scholtens, B., 2014, In : Ecological Indicators. 36, p. 382-385 4 p. https://doi.org/10.1016/j.ecolind.2013.08.012
Research output: Contribution to journalArticle

Not Under Our Back Yards? A case study of social acceptance of the Northern Netherlands CCS initiative
van Os, H. W. A., Herber, R. & Scholtens, B., 2014, In : Renewable and Sustainable Energy Reviews. 30, p. 923 - 942 https://doi.org/10.1016/j.rser.2013.11.037
Research output: Contribution to journalArticle

Sudden stops and currency crashes
Scholtens, B., de Haan, J., Zhao, Y. & Yang, H., 2014, In : Review of International Economics. 22, 4, p. 660-685 26 p. https://doi.org/DOI:10.1111/roie.12119
Research output: Contribution to journalArticle

Testing uncovered interest rate parity using LIBOR
Scholtens, B., de Haan, J. & Omer, M., 2014, In : Applied Economics. 46, 30, p. 3708-3723 16 p. https://doi.org/10.1080/00036846.2014.939375
Research output: Contribution to journalArticle

The Relationship between European Electricity Markets and Emission Allowance Futures Prices in Phase II of the EU Emission Trading Scheme
Scholtens, B. & Boersen, A., 2014, In : Energy. 74, p. 585-594 10 p. https://doi.org/10.1016/j.energy.2014.07.024
Research output: Contribution to journalArticle

Ownership Concentration and CSR Policy of European Multinational Enterprises
Dam, L. & Scholtens, B., Nov 2013, In : Journal of Business Ethics. 118, 1, p. 117-126 10 p. https://doi.org/10.1007/s10551-012-1574-1
Research output: Contribution to journalArticle

The drivers of responsible investment: The case of European pension funds
Sievanen, R., Rita, H. & Scholtens, B., Sep 2013, In : Journal of Business Ethics. 117, 1, p. 137-151 15 p. https://doi.org/10.1007/s10551-012-1514-0
Research output: Contribution to journalArticle

The impact of renewable energy on electricity prices in the Netherlands
Mulder, M. & Scholtens, B., Sep 2013, In : Renewable Energy. 57, p. 94-100 7 p. https://doi.org/10.1016/j.renene.2013.01.025
Research output: Contribution to journalArticle

Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries
Scholtens, B. & Sievänen, R., Jul 2013, In : Journal of Business Ethics. 115, 3, p. 605-616 12 p. https://doi.org/10.1007/s10551-012-1410-7
Research output: Contribution to journalArticle

Corporate Social Responsibility and Earnings Management: Evidence from Asian Economies
Scholtens, B. & Kang, F. C., 1 Mar 2013, In : Corporate Social Responsibility and Environmental Management. 20, 2, p. 95-112 18 p. https://doi.org/10.1002/csr.1286
Research output: Contribution to journalArticle

 

Papers

Environmental, Social and Governance (ESG) performance and sovereign bond spreads: an empirical analysis of OECD countries
Capelle-Blancard, G., Crifo, P., Oueghlissi, R. & Scholtens, L. J. R., 7 Mar 2017, Paris, p. 1-56, 56 p. (EconomiX Working Papers; vol. 2017, no. 7).
Research output: Working paper

 

Other publications

Linking responsible investments to societal influence: Motives, assessments and risks
Cerin, P. & Scholtens, B., 1 Mar 2011, In : Sustainable Development. 19, 2, p. 71-76 6 p. https://doi.org/10.1002/sd.508
Research output: Contribution to journalEditorial

"Is the concept of a green economy a useful way of framing policy discussions and policymaking to promote sustainable development?"
Fulai, S., Flomenhoft, G., Downs, T. J., Grande-Ortiz, M., Graef, D., Scholtens, B., Mol, A. P. J., Sonnenfeld, D. A., Spaargaren, G., Goel, R. K., Hsieh, E. W. T., Scrieciu, S., Steurer, R., Polzin, C., Kostka, G., Ancev, T., Pirgmaier, E., Boons, F., Robèrt, K. H., Bryant, C., Zhou, K., Acharya, S. R., Huberman, D., Sonwa, D. J., Mycoo, M., Guan, D., Hubacek, K., Sumaila, U. R., Lopez-Ruiz, H. G., Jolley, G. J., Dougherty, M. L., Pilon, A. F., Prakash, R., Tambunan, T. & Hermann, S., Feb 2011, In : Natural Resources Forum. 35, 1, p. 63-72 10 p. https://doi.org/10.1111/j.1477-8947.2011.01347.x
Research output: Contribution to journalComment/debate

What would be the three key preconditions for jumpstarting or scaling up the transfer of environmentally sound technologies for climate change to developing countries?
Mog, J., Kersten, W., Rahaman, M. M., Keskinen, M., Downs, T. J., Wahid, S., Martins, R. D. A., Connor, H., Williamson, L. E., Moezzi, M., Houri, A., Kumar, B., Hiremath, R. B., Scholtens, B., Ajayi, O. C., Akinnifesi, F. K., Sileshi, G. & Somorin, O. A., Nov 2009, In : Natural Resources Forum. 33, 4, p. 334-337 4 p. https://doi.org/10.1111/j.1477-8947.2009.01257.x
Research output: Contribution to journalComment/debate