Browsing by Issue Date, starting with "2015-07-10"
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- Establishing a growth strategy for a start-up : the Selfie Stick Portugal casePublication . Amaral, Inês Mirpuri Branco; Marcos, PauloSelfie Stick Portugal was launched in December 2014, after selfies became a worldwide phenomenon, and social networks part of everyone’s daily life in Portugal. Even though customers could already find the product online, Selfie Stick Portugal enjoyed a first mover advantage by being the first selling the Selfie Stick in a physical store in Portugal. Nevertheless, new competitors soon started arising in the market, and some were even offering lower prices while selling their products in a similar packaging as Selfie Stick Portugal, making the product look, at a first sight, exactly the same and the price difference unjustifiable. Being the Selfie Stick a one-time purchase product it was crucial to milk the business as much and fast as possible, before competitors started increasing their market share. As a start-up with limited capital available, Selfie Stick Portugal had a tough decision ahead: either to invest in a new Shop Spot in Norte Shopping or in the repackaging of its products with an exclusive design.
- Equity valuation of PandoraPublication . Pereira, Susana dos Santos; Martins, José Carlos TudelaThe purpose of this dissertation was to value Pandora A/S, which is a publicly traded firm on the NASDAQ OMX Copenhagen Stock Exchange in Denmark. Pandora has been increasing its importance in the luxury goods market, more directly in the jewellery segment, due to its remarkable growth and crescent brand awareness. Pandora’s enterprise value was estimated using three different methodologies: discounted cash flows approach, multiples valuation and adjusted present value methodology. The target prices obtained were: 785,76 DKK/share according to the Discounted Cash Flows methodology, 690,77 DKK/share according to Multiples valuation and 779,71 DKK/share if the Adjusted Present Value is used. Since it is believed that the Discounted Cash Flows approach is the most accurate of them, the final estimated target price is 785,76 DKK/share. This result leads to the conclusion that Pandora is undervalued in the stock market, since its actual trading price at May 29 2015 is of 683 DKK/share, representing a potential gain to investors approximately of 103 DKK/share. At last, a comparison between the target price obtained and one estimated by J.P. Morgan was performed. J.P. Morgan presents a target price of 850 DKK/share, higher than the one estimated on this dissertation due mainly to WACC and terminal growth differences.
- Valuing CTT : a 495 year old company competing in the 21st Century Postal Market : equity valuation : CTT – Correios de Portugal, SAPublication . Teixeira, Joana Mendonça de Jesus de Assis; Martins, José Carlos TudelaThe goal of a thesis in the field of Firm Valuation are, firstly, to draw valid assumptions applicable to previously studied methods that best fit the valuation of a chosen company in order to find an accurate price for its stock. Upon making so, it is also expected a comparison between the results found and the ones published by a leading investment bank, also, of one’s choice. The differences as well as similarities between methodologies and values found shall be assessed, discussed and justified. The company chosen for the latter purposes is CTT, a 495 year old company facing the new landscape of the postal market: as traditional mail becomes obsolete, Express and Parcels as well as Financial Services are boosting industry’s revenues. An analysis to past performance seems to have prepared CTT for “a change in the game”, for the company continues to yield strong EBITDA margins motivated by the cost control efficiency aligned with network optimization. The proposed price target is 10.67€ which intentions to reflect the (i) electronic substitution effect, (ii) the Portuguese economic evolution and (iii) CTT’s own internal initiatives which aim to take advantage of the latter two. Moreover it is worth referring the free-float of 100%, which guarantees high levels of liquidity in the stock market, enabling share price to growth even further.
- How do Eastern European SMEs establish networks to support their internationalization?Publication . Sindieieva, Marharyta; Leglise, LaureThe competition in the international markets traditionally was considered as a prerogative of the large companies while the player's part in the local and regional markets was assigned to small and medium business. In these conditions traditional theories of internationalization were focused mainly on large multinational corporations and were less applicable to SMEs. The network theory of internationalization was created as a response to the need for explaining the process of internationalization of SMEs. Previous researches were trying to explain why networks are essential for the international expansion. This study will try to shed the light to the practical importance of the networks for the internationalization process and give the more in-depth look at the role of networks for the organizations and methods of engaging, managing and exiting the networks. For this purpose main research question and tree sub-reserch questions were formulated. Multiple case study method of research was chosen. Three Ukrainian companies were selected and in-depth live interviews with the company representatives were conducted. The results were transcripted and analyzed using the pattern matching and cross-case analyses techniques. The findings reveal that international networks are used to increase the profits through territorial expansion, gain an access to the knowledge about other markets, build the competitive advantage in the foreign markets and distribute the produce. Companies engage in networks through recommendations, personal informal contacts, industrial exhibitions and trade fairs, traditional institutions and third-party authorities. The relationships inside the networks are maintained due to the trust, informal relationships, formal agreements, mutual adaptation and willingness to sacrifice, with the later being introduced by the author. The concept of exiting the networks is currently not studied in the literature; hence this concept was developed by the author and considers both the causes for the termination of the relationships inside the network and modes of exiting the networks.
- The Lean Startup methodology used to promote innovation in existing companiesPublication . Schliesser, Liat Rachel; Faria, António Francisco Lucena Ferreira deA metodologia de Lean Startup, primeiramente pensada para ser implementada por startups, tem vindo a ganhar impacto em empresas já estabelecidas. O principal objetivo desta dissertação é avaliar em que medida esta metodologia pode ser usada para promover inovação em empresas maduras. Nesse sentido, foi preparado um inquérito e enviado a 50 organizações estabelecidas de 7 indústrias diferentes, das quais 23 empresas responderam (taxa de resposta: 46%). Foi preparada igualmente uma entrevista, que por sua vez foi respondida por 7 dos participantes, e uma análise de um caso real feito pelo Millennium BCP. Com base nas respostas, concluiu-se que 78% dos participantes acha que a inovação é muito importante. Em geral todas as empresas usam diferentes tipos de inovação, de uma forma ou de outra, e pensam em melhorar a forma como inovam. Um total de 14 participantes (61%) afirmaram nunca ter usado a metodologia de Lean Startup enquanto que outros 9 dos entrevistados relataram já tê-la aplicado (39%). Esta metodologia foi fortemente relacionada com a utilização da inovação radical e com o sucesso dos projetos. Os resultados também mostraram grande familiaridade com o ciclo fundamental da metodologia para aqueles que conheciam o método Lean Startup. Os resultados demonstram que a metodologia Lean Startup pode trazer benefícios para as empresas que a usam, e especialmente, pode fornecer mais benefícios do que a metodologia tradicionalmente usada. A discussão das hipóteses de trabalho feitas, limitações do inquérito, bem como as sugestões de outros eixos de análise e investigação são também fornecidas.
- Igualdade de género e (re)conciliação entre vida de trabalho e vida pessoal e familiar : projetos de vida familiar : o caso de profissionais de consultoria e de auditoriaPublication . Ferreira, Mariana Tavares Pessoa Príncipe; Guimarães, Maria Isabel Gonçalves Guedes de Castro; Coelho, Sandra LimaO presente estudo enquadra-se na análise da problemática da (re)conciliação entre vida de trabalho e vida pessoal e familiar, abordada a partir da perspetiva da igualdade de género. Esta investigação teve como objetivo principal contribuir para o conhecimento da realidade dos consultores e auditores das empresas habitualmente designadas por – Big Four – nas quais as oportunidades de uma carreira de sucesso desafiam a (re)conciliação do trabalho com a vida pessoal e familiar. O estudo baseia-se em métodos qualitativos, nomeadamente as entrevistas e histórias de vida. Assim, foram realizadas dez entrevistas, de cariz biográfico, a cinco consultores e cinco consultoras, com o objetivo de compreender até que ponto as dificuldades em conciliar a realidade profissional e pessoal dos consultores e consultoras se relacionam não apenas com a atividade exercida, mas também com o género. Foi assim possível chegar a uma visão comparativa que revela diferenças entre as experiências de homens e de mulheres inseridos em contextos profissionais semelhantes. O estudo revelou como, no contexto das empresas de consultoria habitualmente designadas por chamadas Big Four, os profissionais são confrontados permanentemente com exigências que tornam fluída a distinção entre a vida de trabalho e a vida profissional. Homens e mulheres são diferenciadamente afetados. No caso das mulheres, os projetos familiares tendem a adiar-se, especialmente a decisão sobre o nascimento do primeiro filho. As dificuldades associadas à família parecem mais atenuadas quando se ascende a uma posição de gestão. São igualmente essas dificuldades que parecem pesar quando a decisão recai sobre o abandono da organização.
- Civic engagement in Portugal : are citizens willing to participate in public consultations?Publication . Oliveira, Francisco Ribeiro Simões de; Lino, Rute Sofia Barbosa XavierPublic consultations are gaining strength along the globe with more governments encouraging it and institutions like OECD proclaiming that public consultations may bring different benefits to the society such as the improvement and increase in transparency in policy-making and a stronger supervision to regulatory authorities. Nevertheless, many regulators feel a public apathy and a low participation rate when conduct these consultation processes. This thesis will focus on the citizens’ intentions to participate in public consultations and tries to understand the factors behind their intentions that may lead to participation or reduce citizens will to participate such as the need for specific knowledge and image perceived of regulators. According with the research conducted through 2 surveys, one to Portuguese citizens and another to 14 European regulators of the water services sector, there are a considerable number of citizens saying they are willing to participate, that are already more involved in civic activities but many are not even familiarized with the concept of public consultation since there seems to be a lack of communication with regulators struggling to communicate the process. In this thesis it is also explored the best phase of the decision-making process to conduct public consultations and the usage of online and offline methods to conduct a public consultation and communicate with citizens.
- Financing options for micro/small and medium-sized enterprises in PortugalPublication . Pepe, Inês Isabel Ventura; Lino, Rute Sofia Barbosa XavierWhen the business structure of a country is dependent on micro, small and mediumsized enterprises it seems essential to understand and try to mitigate, one of their main challenges. Although having access to finance is an important element for enterprises’ development, small and medium enterprises still have credit restrictions. Mainly because of its size, risk and lack of financial history. SMEs create jobs and play a crucial role in the economy of every country; therefore this dissertation is based on a research process that shows in one document the several financial options available. Portugal is still a conservative country regarding the way companies finance themselves. However, a new tendency of alternative ways of funding is emerging and becoming more relevant. Five solutions were studied: Crowdfunding, Business Angels, Venture Capital, Bank and Governmental Solutions. Parallel to this thesis, a consulting project was developed with the company Perfect Fit Services, a microenterprise that is searching for financial aid for its expansion, fact that led to the development of this thesis. The results of this research show that it is even more challenging for a SME that does not have a technological base and is a small scale business to get alternative funding. And the solutions offered always depend on the business idea and the stage of the enterprise’s life cycle.
- Boas práticas pedagógicas no ensino da matemática numa escola atual e para todosPublication . Lima, Alexandra Raquel da Rocha Simões; Xavier, Maria Raúl LoboEste trabalho foi realizado no âmbito do Mestrado em Ciências da Educação, especialização em Aprendizagem e Desenvolvimento Psicológico, da Faculdade de Educação e Psicologia, da Universidade Católica Portuguesa. A escolha do tema – Boas Práticas Pedagógicas no Ensino da Matemática numa Escola Atual e para Todos – surgiu após ter decidido que queria investigar e refletir as minhas práticas debruçadas na pedagogia diferenciada e no uso das novas tecnologias numa escola para todos. Esta decisão deveu-se a três fatores preponderantes: a minha situação profissional; a descoberta da importância dos contextos através do modelo bioecológico do desenvolvimento humano formulado por Bronfenbrenner (e.g. Bronfenbrenner, 1995, 1998); a leitura do Relatório “Educação – um tesouro a descobrir” (Delors, 1998). O trabalho incidirá nas dimensões da ação que defendo e considero muito importante nos dias de hoje: a pedagogia diferenciada e o uso das TIC aliado à pedagogia diferenciada no ensino da Matemática. Na primeira parte do relatório são abordados os seguintes temas: as transformações mais significativas no ensino – a Escola atual e para todos, a Sociedade da Informação e suas implicações no ensino, o papel do professor perante a globalização e diversidade; boas práticas pedagógicas – pedagogia diferenciada (definição e sua importância no ensino), o uso das TIC no processo ensino-aprendizagem. A segunda parte é dedicada à reflexão sobre o meu percurso profissional. No final do ano letivo 2014/2015, completo onze anos de serviço, nos quais incluo o ano como estagiária. Após o estágio numa escola básica de 2.º e 3.º ciclos, trabalhei durante sete anos num estabelecimento de ensino particular e cooperativo. Entretanto, nos últimos três anos, deambulo entre várias escolas do ensino público, com horários incompletos e/ou a trabalhar em duas. Uma vez que durante o meu percurso profissional houve fases distintas, considerei importante dividir a segunda parte em quatro momentos: o contacto com a prática, finalmente – fase de ambição e curiosidade, o ano de estágio; o início da carreira como profissionalizada – fase de adaptação, os primeiros anos como profissionalizada; a estabilidade – fase de crescimento, os seguintes anos no mesmo estabelecimento; a crise profissional – fase de instabilidade, três anos conhecendo várias realidades/escolas. Em cada momento retiro as lições e ilações do que aprendi e do resultado final das práticas pedagógicas que implementei. Por fim, são feitas as considerações finais, onde são assentes conclusões relativas ao que aprendi no intuito de evoluir profissionalmente; expus os meus constrangimentos que me impedem, em parte, de evoluir; e por fim, coloco as perspetivas futuras sobre a organização escolar e a minha vida profissional. Portanto, o relatório pretende, ser uma reflexão intensa, exaustiva e teoricamente fundamentada sobre o meu percurso profissional. Este trabalho é uma realização profissional e, sem descurar a razão prévia, também ao nível pessoal. Considero que hoje em dia, durante o percurso profissional é necessário haver momentos mais profundos de reflexão, que nos fazem crescer e adquirir novos conhecimentos ligando-os à nossa prática. E, portanto, a formação ao longo da vida para mim é fundamental.
- Uppsala Model vs. Born Global theory : the case of Bind’s internationalizationPublication . Pereira, Marta Carqueja; Leglise, LaureThe term Born Global was defined in 1993 and since then, a lot of research has been focused in trying to explain these firms’ rapid internationalization. However, none of this research had focused in the internationalization process of Internet based Born Globals, while over the last years, companies, which use Internet as their primary distribution channel, have been increasing. In order to understand the internationalization behaviour of Bind, which is selling a digital product and is headquartered in Portugal but doing business on a global scale, this thesis applies the traditional model of internationalization, the U-Model, and the Born Global theory to this case. Using a comparison of both theories, this study tries to understand and explain the internationalization of Bind and which limitations this company’ internationalization imposes to the existent theories. Based on the evidence of a single case study and considering that this company’s business occurs on the Internet, I conclude that Bind internationalization is better explained using the Born Global theory and can be consider a Born-again Global firm. Though, the role of the networks, the international experience of the founder and the choice of target countries according to the psychic distance factor proposed by the BG theory, were not observed in this case study, which made me conclude that the Uppsala Model explains better this aspects of this company’s internationalization.