Veritati
Repositório Institucional da Universidade Católica Portuguesa
Entradas recentes
Impact of geopolitical tensions on valuation multiples in M&A transactions
Publication . Kelch, Mika; Revelo, José D. Garcia
Geopolitical tensions have become increasingly important in recent years. However, the relevance for M&A transactions remains comparatively underexplored in the literature. Nevertheless, the implications of this potential association are relevant for several market participants. Therefore, this paper examines whether geopolitical tensions have a provable impact on valuation multiples in M&A transactions and whether this impact varies between technology and non-technology companies. For this purpose, using transaction data linked to lagged values of the Geopolitical Risk Index, the analysis applies regression models focusing on the valuation multiples EV/EBITDA and EV/Sales. The results show predominantly negative coefficients for geopolitical tensions, with the strongest and most consistent evidence observed for EV/Sales, particularly for longer time lags, which could indicate potential valuation discounts. The evidence for EV/EBITDA is weaker but indicates a similar trend. The sectoral analysis suggests that technology companies may react more sensitive to geopolitical tensions, although the effect is not consistently robust across all analyzed specifications. Overall, the study shows that geopolitical tensions can be a relevant factor in the valuation of M&A transactions.
U.S. apparel retailers in Germany : the role of localization and market commitment in post-entry presence
Publication . Menzdorf, Svenja Miriam; Leite, Gonçalo Salazar
This dissertation examines why selected U.S. apparel retailers sustain their presence in Germany while others withdraw, and what explanatory role localization and market commitment play in divergent post-entry outcomes. Germany is relevant because it combines market size and purchasing power with dense institutional requirements, intense competition, and demanding consumer expectations, making post-entry adaptation particularly important.The study uses an explanatory, retrospective multiple-case design comparing Levi Strauss & Co., Abercrombie & Fitch Co., Gap Inc., and American Apparel. Based on archival documentary evidence from corporate filings, registers, company communications, press sources, and industry reports, the analysis operationalizes localization, market commitment, and post-entry performance through three structured frameworks: Localization Index, Market Commitment Index, and Performance Matrix. These frameworks are informed by institutional theory, Uppsala internationalization process model, and liability of foreignness.The findings show that sustained presence was associated with the interaction of localization and commitment development rather than with entry mode or initial resource deployment alone. Cases with sustained post-entry presence were characterized by stronger product adaptation, growing commitment, and local market learning, supported by the ability to adjust positioning over time.The dissertation contributes by shifting attention from market entry to post-entry trajectories in retail internationalization. It offers a theory-informed comparative framework for analysing how localization and commitment jointly shape durable foreign market presence.
Ecosystem development in emerging sports : explaining Portugal's lead over Germany in padel
Publication . Vormelker, Henrik; Rajsingh, Peter
The study investigated the factors that explained Portugal’s lead over Germany in the development of padel. The study employed a mixed-methods design, grounded in ecosystem theory, dynamic capabilities, path dependence, and combined twelve semi-structured expert interviews with a survey of 108 respondents from both countries who were players, complemented with secondary data. Both qualitative and quantitative results combined on five factors. With demand spiking during the COVID period, Portugal already had in place earlier institutional consolidation, national tournament structure, licensing system and federation-led coach certification. The biggest country effect was found for infrastructure and access, mirroring climate conditions and regulatory complexity in Germany. The social embedding was stronger in Portugal and correlated with coaching and access. Booking platforms evolved from supporting services into core tools for ecosystem coordination. Portugal’s larger domestic coaching base reflected earlier investment in capability. Triangulation also showed that perceived growth was uncorrelated with the four ecosystem scales, supporting the distinction between growth and maturity. The results suggest that the Portuguese lead was not due to the presence of ecosystem components, but rather to the sequencing of these components before the peak in demand. The size of the market was not the gap in Germany, but the structural depth. There was capital and demand, but regulatory constraints limited the expansion of infrastructure.
Starts residencies e territórios criativos: arte, ciência, tecnologia e inovação aberta na Europa
Publication . Teixeira, Luís; Oliveira, Carla Esmeraldo
Transformação digital e desfasamento tecnológico nos museus públicos portugueses: uma análise crítica das políticas culturais e estruturais
Publication . Reis, Catarina dos; Teixeira, Luís