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- Does packaging influence the consumer? : the effect of packaging design on consumers’ willingness to pay and the mediating role of brand imagePublication . zu Hemmingen, Sophie Leonie Taura Freiin Varnbüler von und; Romeiro, Paulo Alexandre Mendes RamosSince self-service shopping was introduced in the 1950s and product variety is continuously growing, competition within the stores is steadily increasing. 90% of consumers decide whether to purchase products by only evaluating the packages’ front, highlighting the importance of packaging design and identifying packaging as one of the most relevant communication and marketing tools. This research aims to identify the impact packaging design has on the consumer. The interaction of visual and verbal packaging design elements is considered in order to indicate its influence on consumers’ willingness to pay and whether brand image mediates this relationship. An exploratory study is conducted through two online surveys. The first survey is run to define the stimuli used in the main survey. The main survey’s 2x2 research design assigned one of the four stimuli to each participant, displaying a hand wash product with either good or bad visual and verbal packaging elements, respectively. Results indicate that appealing packaging design is positively affecting consumers’ willingness to pay and their perceived brand image, representing a relevant finding for marketers in the FMCG industry. In addition, visual elements of packaging design have a stronger impact on brand image than verbal elements. In contrast, visual elements do not point out a significant effect on consumers’ willingness to pay compared to verbal packaging design elements.
- Corporate lobbying in Brussels : impact of direct and indirect lobbying strategies on firm profitabilityPublication . Gonçalves, Francisco Xavier Meneses de Almeida Corte Real; Rozbicka, PatrycjaLobbying is today a multimillion-dollar global industry, responsible for sharing of information, expertise, and network of relations. The returns on corporate lobbying is one topic of concern for managers and academics alike. Nonetheless, international literature is divided in whether lobbying brings more benefits than costs, and European research has insufficient literature on the corporate financial implications of lobbying in Brussels. This study aims to understand whether lobbying improves firm profitability, as measured by ROA and ROE, for a 300- company sample via OLS cross-sectional and First Effects and First Differenced estimators panel analysis. By including the most relevant direct and indirect lobbying strategies from qualitative literature such as establishment of a Brussels office or hiring a professional intermediary, the goal is to understand how different routes contribute to financial benefit. This study does not find solid evidence to support the claim that lobbying firms perform better. However, hiring a ‘revolving door’ lobbyist (as measured by an access proxy) reports a significant positive effect on ROA. Separate reporting for results including and excluding sample outliers provides some robustness to the findings. This report contributes to literature by testing the profitability impact of several lobbying strategies at EU level for a sample of public and private firms, and for providing an initial insight into lobbying effort returns for different time lags.
- CO2 efficient investment strategiesPublication . Imstoel, Thor Santana; Fidalgo, Eva SchliephakeHow do investments that incorporate carbon emission footprints on their portfolio selection perform? One line of argumentation reasons that corporate initiatives to reduce greenhouse gas emissions could indicate agency problems, which should result in lower performance of environmentally friendly firms. In contrast, it could be argued that firms that have a high environmental performance achieve their results by making their value chains more efficient, which enhances the performance of a firm. This research paper evaluates portfolio strategies based on CO2 efficiency, which is proxied by the ratio of CO2 emissions divided by revenues. I form portfolios that are sorted on CO2 efficiency in 9 different ways in North America and Europe respectively. The performance of portfolios is assessed through four different asset pricing models. The results indicate that portfolios sorted on high CO2 efficiency and portfolios that buys efficient and sells inefficient stocks in North America tended to produce positive abnormal returns from 2008 to 2019. The findings are significant through robustness checks. My results do not show over performance in Europe during the same time, and the models generally exhibit results with lower explanatory power. The results are in line with and provide support to research that constructs portfolios sorted on environmental performance in the US.
- Do experiential posts increase consumer engagement on instagram? : exploring the effect of vividness and emotional appeal on experiential posts’ consumer engagementPublication . Santiago, Maria João Arouca de Oliveira Martins; Farias, Ana Rita Boino Godinho AlvesFrom beauty, to automotive, to technology and fashion industries we have been witnessed an increasingly adoption of strategies anchored on Experiential Marketing along with lifestyle branding on Social Media. Hence, the aim of this research is to analyze whether experiential posts increase consumer brand engagement on Instagram, when comparing to more functional posts, and study the effect of characteristics vividness and emotional appeal on experiential posts’ consumer engagement. In order to achieve this purpose, 120 brand posts, half experiential and half functional, characterized based on a relevant study, were collected from 15 Instagram brands’ pages and respectively number of likes, comments and followers were compiled in order to calculate consumer engagement. Additionally, both characteristics of interest were identified at an individual experiential post level. Notwithstanding, results encourage us to accept that functional posts lead to higher levels of consumer engagement on Instagram than experiential posts. Though, a low level of vividness (i.e. images) and the presence of high emotional appeal on experiential posts will lead to higher consumer engagement. All in all, this study provides valuable insights regarding Social Media and consumer engagement which can help marketers build their Instagram strategies more cautiously.
- Instagram ad campaigns´ performance : placement and time variablesPublication . Pereira, Helena Sofia dos Anjos; Rosa, Pedro Miguel GonçalvesDigital marketing is gaining increasing relevance. Social media ads, as Instagram ads, are representing a higher amount of the companies’ marketing budget. Therefore, understanding the performance of Instagram different ad placements and the dynamics over the time is becoming essential. This research study aims to compare two distinct placements on Instagram network (feed and story) and to evaluate the ad’s performance over the weeks of campaign. This paper focuses on a B2C company that uses Instagram for advertising technologic second hand products. The analysis, performed with descriptive quantitative research methods, employed secondary data of hundred and fifty data points. Results have shown that ads placed on Story perform better on average than Feed ads, proving that the placement impacts significantly on campaign’s results. In relation to time factor, this variable affects negatively the performance, being verified a decrease in the results over the weeks in study. For managers, these findings are relevant for a more accurate allocation of the online budget across ad’s placements and for the optimization of the campaign’s time range in order to enhance the campaign results.
- Dissecting loyalty in youth cultural movements : a netnographic view on Indie Rock B(r) and Arcade FirePublication . Lobo, Rodrigo Gonçalo Torres de Pessoa; Oliveira, Pedro Luís Lopes deThis dissertation aims at categorizing brand loyalty. Namely, fandom characterized loyalty. This type of loyalty is observed in the engagement fans show to music and the musicians. For this purpose, the thesis aims at understanding the brand relationship between the band (brand), music (product) and the fans (customers) through qualitative methods. The band analyzed is “Arcade Fire” and the research locations are the Reddit forums where fans demonstrate manifestations of fandom and appreciation to the brand. The band locates itself under a certain culture denominated by fans and critics as Indie culture. We analyze what fans value about the band as a brand and link the findings to the culture it associates with. Data was analyzed through netnography with a grounded theory approach. The results show that the alignment with the culture made fans value Indie traits in the brand. These being: anti-commercialism, anti mainstream and how emotionally resonating the content is with listeners. With such branding universe in mind, we show how cultural branding in an Indie environment can benefit from using their indie characteristics to pursue original branding efforts which is done in an authentic way. This dissertation, therefore, discusses the implications of netnography within online music communities related to music and in other industries where there exists a high engagement in order to unveil a link between the brand and the consumer culture.
- Does the stock market value corporate sustainability? : an event study of changes in the composition of the Dow Jones Sustainability Index WorldPublication . Müller, Matthias Elmar; Cerqueiro, Geraldo Manuel AlvesThis dissertation explores the still ambiguous relationship between corporate sustainability performance and corporate financial performance by empirically analysing the financial impact of events associated with additions to and removals from the first global sustainability index, the Dow Jones Sustainability Index World. Using a longitudinal event study approach based on the market return model and the constant mean return model, the market response to corporate stocks from 26 countries is examined over a ten-year period between 2010 and 2019. Given the rapid growth of socially responsible investing and the advent of stakeholder theory and the resource-based view in academia and practice, we hypothesize that DJSI inclusions (exclusions) constitute a gain (loss) of a sustainability leadership position and are valued (penalized) by investors. To draw concrete conclusions regarding the financial impact of sustainability performance, we underline the importance of precise examination of the event study methodology, qualified significance tests, and global longitudinal samples. A novelty of this research is the exact identification of the event days when the news became public (actual day) besides the examination of the announcement day and the day of change. Our results, measured in terms of cumulative average abnormal returns, suggest that added stocks experience a significant temporary increase around the actual day, while we find a delayed significant negative impact for deletions following the change day. We also detect that investors’ perception of additions has evolved positively over time. The findings could indicate that corporate sustainability is a relevant criterion in asset allocation.
- The 2018/19 Boeing 737 Max crashes : a study on stock market reactionPublication . Witting, Niklas Jonathan; Cerqueiro, Geraldo Manuel AlvesThis study analyzes the stock market reaction after the 2018/19 Boeing 737 Max crashes, on Boeing, Airbus and several different Airlines. It uses stock market data from Thompsons Reuters Eikon to conduct an event study. The purpose of the event study is to find out whether or not the 737 MAX crashes had an impact on the stock performance of the global aviation industry. Previous literature about event studies on aviation disasters are used to build hypotheses on what can be expected to happen. The analyzed companies are clustered into two distinct groups: the Airlines and the manufacturers. The study finds negative investor reactions on both, the Airlines and the Manufacturers.
- The impact of online and offline retailing on loyalty, through the mediating effect of brand image and store imagePublication . Tavares, Carolina Mousinho Latino; Romeiro, Paulo Alexandre Mendes RamosOver the years, the retail industry has benefited from technological evolutions, leading to an online retailing growth that impacted consumers’ shopping behaviours. However, consumers still value the advantages of the offline retailing. Consequently, online and offline retailing represent important channels for consumers, offering distinctive shopping experiences. The present dissertation aims to explore if there exist any differences on the impact from distinct retailers’ channels on loyalty, addressed to the coffee category, studying the Nespresso brand. Hence, three research questions were answered: (1) What are the main drivers for loyalty, and do online, and offline retailers influence loyalty differently, (2) What effect does the brand image have on loyalty, (3) What effect does the store image have on loyalty, and does it affect in a different way for online and offline retailers. Results pointed as predictors of loyalty the likelihood to buy coffee online, having previously visited Nespresso’s stores, having previously bought coffee or Nespresso’s products, such as Age and Level of Education. It is also presented that Retailing Online and Retailing Offline equally impact Loyalty. The influence of Brand Image on Loyalty was concluded to be positive and significant, being the effect of the variable Practical Function the strongest. The effect of Store Image on Loyalty was positive and significant, being the relevance of Store Image Offline greater than the Store Image Online.
- Consolidation in the plastic recycling industryPublication . Pereira, Frederico Carvalho Azambuja; Assunção, António Luís Traça Borges deConsumer awareness on environmental issues have vastly increased in the last few years, aided by the instant spread of images through social media. Plastic waste is at the centre of the environmental concern, and multiple plastic-free and similar campaigns, that started locally on diminished scales, now impact the largest consumer brands and retailers globally. We analyse the plastic recycling sector, understand the major drivers leading to consolidation and propose a potential consolidation in the Iberian market between Repsol, an integrated multinational oil & gas company and two local plastic recycling firms. We describe why this type of deal is necessary for oil & gas and chemical companies to achieve its circular economy targets. Furthermore, we propose a collaborative deal structure that aligns the incentives of acquirers and sellers in achieving a common goal: producing compound plastic resins from virgin and recycled materials, that have the same quality and properties of virgin resins. We quantify the synergy produced within the NewCo, jointly created by Repsol and Targets 1 and 2, however ignore synergy created for Repsol outside this NewCo. Having observed a similar transaction in the market in late 2019, we believe that several transactions involving oil & gas and chemical companies acquiring plastic recycling companies will happen over the short term.