Browsing by Issue Date, starting with "2019-07-04"
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- How can Portuguese wineries gain a competitive advantage on international markets?Publication . Lopes, Carolina Gaspar; Leglise, LaureThis dissertation aims to understand how Portuguese wine companies can attain and maintain competitive advantage in international markets. We draw on RBV and its development to analyze our data. To answer our research question, we adopt a qualitative approach and compare three cases of Portuguese wineries: DFJ Vinhos, Casa Santos Lima and Eugénio de Almeida Foundation. The results show that the use of an adaptation strategy of product through the creation of a vast and unique portfolio of wines that have gained an international recognition due to their quality is a key factor to attain competitive advantage. Also, the ability of managing knowledge as a resource and being able to meet the local tastes leads to a path of success and great conquers, setting an example of success to any company. On the contrary locality was demonstrated to represent a factor of differentiation but not a factor of competitive advantage because when valuing locality the quantities a Portuguese company is able to produce become too limited to be international competitive. Lastly it also exposed some suggested paths of further development, namely how tourism impacts the wine sector and how that can be potentialized through enotourism.
- Implementing a sustainable social clinic in BissauPublication . Luz, Tomás Soares Vila; Versari, PietroThe aim of this managerial case study is to analyze the best practices that Mundo a Sorrir should adopt in their new hybrid social clinic in Bissau, whose objective is to promote oral health for the socioeconomically vulnerable population of Guinea-Bissau while being financially sustainable. In particular, we will first examine the various operating models proposed in the Social Entrepreneurship Literature and choose the ones that best fit to the social clinic in Bissau. We will evaluate them according to their financial sustainability and risk of mission drift and explore their dynamics in the specific case of Mundo a Sorrir. Then, we will propose for each one of the suggested operating models, the best human resources policy, according to Literature findings. This study can serve as a guidebook for nonprofit organizations that are seeking more commercial and sustainable sources of revenue. Also, it can serve for social enterprises that are launching new projects that require an analysis of the best business model to adopt and the optimal human resources policy to follow.
- Implementing circular practises into the business models : the path to sustainable fashionPublication . Coelho, Inês Amaral; Leglise, LaureThe fashion industry is known to be one of the most polluting and wasteful industries in the world. The reckless over-exploitation of resources throughout the industry’s value chain and consumers' high consumerism levels are leading to massive environmental and social degradation. This study aims to understand how businesses in the fashion industry can respond to pressures towards CSR by implementing circular economy principles. To answer our research question, we draw on the business model canvas lens, and adopt a qualitative approach. We conducted a multiple case-study on two Portuguese small companies who have started the transition towards a CE. Findings show that all components of the business model canvas are affected by circularity, although some more intensively than others. However, a full transition towards a circular economy is not yet possible in the fashion industry.
- Daimler AG equity valuationPublication . Lourenço, Gonçalo Lampreia Caeiro Cargaleiro; Martins, José Carlos TudelaThis dissertation aims to estimate the fair value of a Daimler AG share at the end of 2018, concluding with a buy, hold or sell recommendation. To accomplish this, the methodologies used are the Discounted Cash-Flow (DCF), the Dividend Discount Model (DDM) and Relative Valuation. Regarding this last model, the multiples used are the Price-Earnings Ratio, the Enterprise Value to EBITDA and the Enterprise Value to Sales. To introduce the assumptions taken, an overview of the firm is presented, as well as a sector and macroeconomic outlook. The firm overview comprises a description of Daimler’s business model, detailing its segments and recent performance. The sector outlook enlightens the future of the automotive industry and its renovating trends, whereas the macroeconomic outlook set out the basis for the future economic growth. The DCF model estimates a fair value for Daimler’s share of €93. Relative Valuation results were not consistent, as each multiple produces a different recommendation. The DDM retrieves a share price of €37, while the stock is trading at €59, as of April 2019. Hence, this dissertation produces a buy recommendation, based on the DCF, regarded as the most accurate model. Supporting this result, is Morningstar Equity Research that estimates a fair value of €85, yielding also a buy recommendation. A comprehensive comparison with Morningstar model is not possible due to lack of information provided.
- Untangling buybacks vs. dividends in Europe and in the U.S.Publication . Dias, Pedro Miguel da Rocha Baptista; David, ThomasThe literature shows an increase in activity in share repurchases in the latest years in Europe and in the U.S., alongside a reappearance of dividends. This research reveals a surge in repurchases of 107% in Europe and of 55% in the U.S. for the 2001-18 period, whereas the fraction of dividends slightly increased 7 p.p. in Europe, to 91%, and 6 p.p. in the U.S., to 79%, in 2018. Although these are two forms of disbursing cash to shareholders, dividends tend to be more resilient and carry signaling power, whilst repurchases are more sporadic and their policy can vary without compromise. The focus is on ascertaining the significant drivers for repurchases and dividend payments. Hence, the main characteristics analysed are the Size, Cash Holdings, Investment Opportunities, Leverage Ratio, Profitability and Region. The majority proved to be significant across the models measuring the propensity to pay dividends and repurchase shares, and the natural logarithm of the amount of dividends and repurchases, mostly confirming the expected relationships.
- Tendências e proteção do negócio core : caso da empresa XPublication . Menezes, Maria Teresa Espregueira de Magalhães e; Silva, António Pedro de Pinho de Brito DuarteO presente trabalho teve como principal objetivo a análise da relevância e importância da gestão de risco na empresa em questão. Para esse efeito, esta investigação iniciou-se com uma breve revisão da literatura de forma a contextualizar e clarificar conceitos como tendências de mercado, risco de negócio e gestão de risco. De seguida, a metodologia aqui adotada tem como base o estudo de caso, onde foi possível analisar e estudar certas fases da gestão de risco, como a identificação e quantificação dos riscos para o negócio em questão. Para isso, recorreu-se a determinadas técnicas de recolha de dados, nomeadamente, análise de documentos, artigos, publicações, relatórios internos e externos, entrevistas a diretores de certos departamentos e à gestão de topo e criação de uma ferramenta de avaliação de risco. Após a análise dos resultados obtidos, apresentam-se conclusões e compara-se o estado da empresa com o evidenciado na literatura. Os resultados evidenciam que a gestão de risco, apesar de se reconhecer a importância da mesma, é um tema que não é intrínseco à cultura da empresa, não existe um conhecimento sólido e consistente e não está implícito nas tomadas de decisão diárias.
- Socially sustainable supply chain : lessons from two portuguese fashion companiesPublication . Mourão, Maria Madalena Clemente; Leglise, LaureThe aim of this dissertation is to provide an overview of how companies can integrate corporate social responsibility (CSR) in supply chain management (SCM) in order to have a sustainable supply chain management (SSCM). The focus is on the social dimension of CSR and the ultimate goal is to contribute to the knowledge regarding how companies can ensure ethical standards in the factories of their suppliers. To answer our research question, we focus on the fast fashion industry, which increasingly outsources production to less developed countries. We have adopted a qualitative data approach and conducted a multiple case study about two Portuguese fashion companies with similar concerns regarding the importance of ethics in the management of their businesses but organisationally different: Parfois and SONAE Sports & Fashion. The results show that the most important tools to manage social issues are having the suppliers to commit to a code of conduct (CoC) and monitor the compliance of it through internal and external auditing. Furthermore, these need to be combined with a particular type of relationship between the supplier and the company: a cooperative, long term one.
- Equity valuation of Hugo Boss AGPublication . Zimmerer, Denis; Martins, José Carlos TudelaThe purpose of this dissertation is to evaluate the fair price per share of the German premium apparel manufacturer Hugo Boss AG and issue a buy, hold or sell recommendation. The valuation will take into account the current macroeconomic environment, several industry outlooks and trends, the company’s historical financial performance and its future strategy. Hugo Boss is evaluated by the intrinsic Discounted Cash Flow method, and complemented by the relative method of Multiples. Thus, a fair value between €81.15/share to €87.86/share is issued. This reflects an upside of 29.84% to 40.57% compared to the traded price of €62.50/share and concludes a buy recommendation.
- The Cristiano Ronaldo rape allegation scandal : financial implications for his market environmentPublication . Kleinhans, Peter; Cerqueiro, Geraldo Manuel AlvesThis dissertation aims to measure the financial impact of Cristiano Ronaldo’s rape allegation scandal on his sponsors and his team Juventus Turin. It applies an event study methodology by using stock market data to test whether the event caused losses to Ronaldo’s market environment. In order to take into account the finding of previous literature that athlete-product congruence is influencing the customers’ perception of an endorsed product, this dissertation analyses the market environment of Ronaldo by allocating the companies into different groups. This work reveals significant negative cumulated abnormal returns for the sport-related group in the course of the event. Juventus Turin had the most negative performance in this sample with cumulated abnormal returns of -25,2%. For all other groups, such a relation could not be identified. Overall, the financial loss to the sport-related market environment of Ronaldo amounted to $ -20,5 billion. In contrast, neither a study on the infidelity scandal of Tiger Woods nor on the doping scandal of Floyd Landis identified a significant negative impact. These findings, thus, open up a new field of research for the area of athlete endorsement. Due to the increased importance of social media on the effectiveness of athlete endorsement, this dissertation additionally analyses the development of followers on Ronaldo’s Instagram account in the course of the event. To do so, it conducts a difference-in-difference approach, in which Neymar and Messi serve as the control group. However, no effect of the rape allegation scandal on Ronaldo's Instagram account could be revealed.
- Phygital retail : how can disruptive IoT-enabled in-store technologies maximize value in the retail industry?Publication . Coimbra, Joana Viegas Coelho dos Santos; Pinho, André de AlmeidaThe development of new technologies and changes in customer demands has led to a transformation in the way many businesses provide their services, especially in retail. The “phygital” store concept refers to the new type of retail store which turns the traditional transactional experience into an immerse digital experience for the customer. For that, IoT-enabled technologies have an important role. This dissertation focuses on studying the potential of four types of IoT-enabled technologies, which are cashierless checkout systems, smart shelves, beacons, and smart mirrors, across six product segmented retail industries, which are food and grocery, furniture, consumer electronics, apparel, personal care, and jewellery. This analysis consists of identifying a level of implementation priority based on the potential to maximize revenues, reduce costs, and ultimately based on customer adoption. The results reveal that cashierless checkout has more potential for cost reduction and the other technologies for revenue maximization. Besides, each technology presents a different fit across industries. While cashierless checkout and smart shelves are a priority in more transactional retail experiences, such as food and grocery, beacons and smart mirrors have more potential in industries where the quality of recommendations and try-on experience is more crucial, such as in apparel and personal care. Moreover, it serves as a tool for managers in the six retail industries considered and for technology developers, to sense the level of priority and how each of these technologies can create value in each industry.