Browsing by Issue Date, starting with "2012-11-09"
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- The impact of e-services on firm internationalizationPublication . Sousa, Ana Isabel Pinto de; Morais, RicardoThe aim of this work is to give a new perspective on services that can be delivered online and to identify the one that have more chances to be easily exported. Technological advancements in the actual knowledge and information society and the increasing dissemination of the Internet in daily lives offer new opportunities and challenges for companies and cannot be ignored or postponed. Furthermore, the increasing importance of services’ sector, not only in developed countries but also on developing ones, justifies that countries and companies closely follow the transformations that are occurring in the international competitive context. Therefore, it is of utmost importance the adaptation of countries and companies to new technologies and the promotion of new means of communication, especially the Internet and its new functionalities, as a delivery channel for their services. To achieve this work main objective, actual theoretical context on e-services is analyzed, seeking a definition for the concept, as well as previous literature about internationalization of services that can be delivered on a virtual environment. Nevertheless, the focus is on the review of literature on services’ classification topic in order to theoretically support the framework developed to identify the different types of e-services that can be found in the Internet and that will be used to conclude about which type of e-services are easier exported. This study contributes to the current literature by extending research on e-services classification and their contribution for the internationalization of companies.
- The case of LVMH and BVLGARI : mergers & acquisitionsPublication . Farinha, Tânia Rafaela da Silva; Tsvetkov, PeterLVMH Moët Hennessy - Louis Vuitton, the biggest player on the luxury industry, has announced on March 2011 a further step on its consolidation strategy. LVMH announced the acquisition of Bulgari, a company owned majorly by the Bulgari family. This thesis aims to analyse the value creation potential of this acquisition. The data of the valuation exercise is prior to the acquisition, aiming to understand the deal from an ex-ante point of view. The valuation exercise is based on the valuation literature and on the analysis of the luxury industry players, structure, profitability and expected growth. Bulgari, pre-deal, is considered to be overvalued. The company is failing to keep up with the high growth rate of the luxury industry. The synergies are estimated at 96% of the company’s pre-deal estimated price and around 60% of its market capitalization.
- Consolidation in portuguese tourism sector : study of an acquisition of Penina Golf & Resort by Palmares Resort : mergers & acquisitionsPublication . Bispo, Pedro Miguel da Silva Gonçalves; Tsvetkov, PeterCurrent crisis, faced by Portugal, affected all economy leading to new forecasts for growth, cost of money, and total stagnation of real estate. The credit crunch and the increasing on interests due to liquidity availability enhanced the difficulties of many families and companies, which in turn, fed a full-scale economic problem. Despite the negative outlook, Tourism is probably one of the sectors that can support the turnaround needed, and imposed by external entities in the scope of a financial support program for Portugal, which as a country, presents unique geographical and weather conditions. Hotel sector in Portugal, mainly due to excessive leverage, families’ ownership and too much fragmentation is starting a needed process of concentration and professionalization, which means that it is expected several M&A actions in the forthcoming years. Considering this context, this thesis makes an attempt to anticipate this trend by providing a possible outcome to a hypothesized merger of Penina Golf & Resort and Palmares Resort through the acquisition of Sociedade Turística Penina, S.A by Palmares Lagos, S.A., that together have the two most distinctive golf courses with a highlighted position in Algarve’s Western tourism. This study proposes an analysis of both companies’ financial history in order to forecast future performance and, consequently, define their values. By using valuation techniques supported by economic and financial theory, it is provided the state of the art’s academic knowledge which is, at the same time, recognized by the top practitioners working in the areas of corporate finance and investment analysis. Through the combination of a deep Industry and company analysis with complementary equity valuation tools, the outcome of this thesis predicts a concentration trend for this sector, either performed by current players or outsiders as private equities or venture capitalists, which under the right circumstances (depending on location, target segments, distribution channels and complementary services and products) could originate enormous benefits. In this particular case study the value of synergies reach 22,1 million euros, which represents 32,8% from the valuation of Palmares resort standalone operation.
- Qualidade de vida e bem-estar na Esquizofrenia em contexto institucional : influência do suporte social e da dimensão ocupacionalPublication . Pereira, Sónia Joana Neiva; Costa, EleonoraA esquizofrenia, considerada, atualmente, o transtorno mental mais grave, caracteriza-se pela presença de sinais e sintomas na área do pensamento, perceção e emoções, o que afeta diversas áreas da vida do indivíduo. Segundo a revisão a literatura, o suporte social bem como a dimensão ocupacional são referidos como fatores de proteção e promoção de saúde, que levam, deste modo, a uma melhor qualidade de vida e a uma melhor perceção de bem-estar. Assim, o objetivo desta dissertação passa por verificaro suporte social e a dimensão ocupacional influência a perceção que os utentes têm da qualidade de vida e bem-estar. Trata-se de um estudo quantitativo, correlacional, transversal com uma amostra de 30 utentes, da Casa de Saúde São João de Deus, sendo que 15 pertencem à reabilitação e os outros 15 a uma unidade de doentes crónicos. Dos resultados apurados verifica-se que existe uma correlação positiva entre qualidade de vida, bem-estar e suporte social em ambos os grupos e que os utentes com atividade ocupacional percecionam melhor bem-estar geral e qualidade de vida nas dimensões psicológica e de relações sociais. Por último, verifica-se que os utentes com maior tempo de internamento vêm a sua qualidade de vida e bem-estar comprometidos. Espera-se que esta investigação seja um contributo a nível de conhecimentos na área de saúde, relativamente à importância do suporte social e da atividade ocupacional, como fatores protetores, para o bem-estar e qualidade de vida de doentes com esquizofrenia.