Católica Lisbon School of Business & Economics
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Browsing Católica Lisbon School of Business & Economics by advisor "Acquier, Aurélien"
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- Navigating climate-related risks in investment management of Norwegian equity fundsPublication . Bergsten, Ingrid; Acquier, AurélienThis thesis explores the significance and integration of climate-related risks in the investment management of Norwegian equity funds. As global temperatures continue to reach unprecedented levels, dynamic conditions characterized by high complexity and uncertainty pose significant challenges to long-term investment strategies. Extending the nascent literature on climate-related risk in finance, 12 semi-structured interviews with asset management professionals were conducted, investigating their perceptions of relevant climate-related risk factors in the Norwegian market as well as the approaches adopted to assess and manage these. The findings indicate that certain climate-related risks are significant, with a predominant emphasis on transition risks over physical risks. Climate regulations, market preferences, and reputational concerns emerge as key risk drivers, influenced by stakeholder interests. The temporal horizon within which climate-related risks are anticipated to affect valuations highlights vulnerabilities in climate incentives, prompting conventional fund managers to favor investments in brown sectors like oil and gas over green alternatives. However, identifying firms optimally positioned to navigate evolving conditions within their industries is linked to enhanced investment potential. We observe considerable variability in methods employed to assess and manage climate-related risks, extending beyond traditional investment approaches and ESG assessments. Challenges involve data access, reliability, and comparability, highlighting the need for improved industry standards and reporting methodologies. Tools for assessing valuation impacts in different climate scenarios are increasingly adopted, although active company engagement remains invaluable for informed investment decisions.
- What are the benefits and risks when companies shift to a service-based business model and what role does sustainability play in the managerial decision?Publication . Sadoun, Jakob; Acquier, AurélienThis master thesis contains a literature review and a qualitative multiple case study elaborating on the risks and benefits which companies face when shifting from a product-based to a service-based business model. Within that analysis, the study will contain an illustration of the role that sustainability is playing in the managerial decision of business model transition. The study points out the following three main benefits for companies: The increased level of sustainability in terms of marketing perception by the customer and the decrease of material usage, the improved customer relationship and customer satisfaction, and the advantage of differentiation in a competitive environment. The study also shows the large variety of risks that occur to companies when facing the transition: There is the risk of increased legal costs, operational risks, strategic risks, market and consumer-driven risks, environmental risks, technological risks, and regulatory risks. Sustainability is a relevant factor in all case studies and acts as a driver of servitization.