Browsing by Issue Date, starting with "2021-04-29"
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- How do Impact Venture Capital firms evaluate social and ecological impact during the screening process of start-ups?Publication . Strunk, Jonas Benedikt; Santos, Filipe Manuel Simões dosSocial entrepreneurship and impact investing are on the advance and Impact Venture Capital has established itself as a relevant investment type to finance social and environmental ventures. In contrast to traditional venture capital funds, which have well-established operating principles and, consequently, founders know which screening schemes to expect, the way Impact Venture Capitalists screen deals and provide funding is less clear to both researchers and founders looking for funding. The aim of this thesis is to generate practical insights on how Impact Venture Capitalists evaluate the impact of a company, to what extent this influences the funding decision, and how tools or frameworks are used to evaluate the impact of a company. For this, managers of 15 early-stage funds from all over Europe were interviewed and evaluated applying a qualitative content analysis. The findings of this analysis confirm that there is no standardized approach on how Impact Investors evaluate and measure impact during the screening process. One common approach that was found is the usage of the Sustainable Development Goals in combination with a required measurable impact as well as a clear theory of change. Being among the first studies that explore the decision-making of Impact Venture Capitalists based on firsthand information, this paper lays the ground for a much-needed understanding of the impact schemes applied by VCs. Future studies on the development of appropriate screening tools and frameworks can create added value for both impact ventures and impact investors and would contribute significantly to the development of the industry.
- Smart buildings : technologies trat will define the building of the next centuryPublication . Staniszewski, Marc Philip; Pinho, André de AlmeidaThe nature of real estate is changing. Smart Building Technology has constantly evolved and enabled buildings to develop from being static to becoming reactive and interactive. With the help of Internet of Things technology automated systems are evolving and providing smart building stakeholders with functionalities that allow them to optimize their operations and adapt to their living preferences. The objective of this dissertation is to investigate how different stakeholders, meaning tenants, homeowners, investors and facility managers, value different smart building technologies. Through a survey of the respective stakeholder groups and selected interviews with experts, the aim is to determine the most promising technologies and evaluate potential improvements that can be achieved when implementing these. The technologies analysed are ranging from the technologies that aim to improve the energy consumption, safety, communication and comfort. The findings were leveraged with the current state of research from academic literature. The results of the dissertation are that the average of the stakeholders prefer technologies that bring economic and ecological improvements and thus save resources and costs. In addition, preference was given to technologies that provide platforms for other technologies. Technologies such as smart grid/smart meter, building dashboards and photovoltaic technology are among them. Finally, expert interviews and findings from current academic literature testify that not only smart technologies make up a smart building, but that the entire value chain of a building must be considered. Accordingly, a smart building must be economically, ecologically and socially sustainable.
- Two points of view on internationalization : Spain and the United KingdomPublication . Henriques, Maria Belmar da Costa Conde; Cardeal, Nuno César de Jesus GuerraThe main purpose of the case study is to analyze and discuss the internationalization process of Go Natural in the United Kingdom and Spain. In the course of the case, the history of the company is mentioned as well as the different possibilities for its internationalization. The study came about in the scope of the expansion of the brand business. However, due to the situation experienced in 2020 and 2021 with COVID 19, Go Natural had to give priority to other issues. In the future, the company's biggest challenge will be the implementation of the presented strategic plan, as well as the challenge of realizing whether the internationalization and management strategies are in line with reality. Their definition was based on the company's history up to the present day. The case presented is an analysis of several internationalization alternatives that can be followed.
- And yet, they last : the employment and productivity effects of crises on firms in PortugalPublication . Leitão, Martim Mingot de Almeida; Correia, Isabel Horta; Silva, Joana Cristina Gonçalves daThis thesis examines the dynamic firm-level effects of the 2008 global financial crisis (GFC), the driving mechanisms of their persistence, and the linked labor (and factor) productivity dynamics. It proposes a simple dynamic macroeconomic model and uses administrative longitudinal matched employer-employee data for Portugal over 2004–17 to identify firm level, crisis-induced employment and productivity impacts and channels. Exploring the quasi-experimental variation in each firm’s foreign demand resulting from the 2008 GFC, the thesis shows that while there was a significant effect on firm exits, there was also a strong effect on the diversification of external markets among continuing firms. These firms responded by adjusting the composition of their labor force towards more skilled labor, consistent with a lasting reduction in employment. Overall, this thesis finds evidence that the effects of the GFC were felt on revenues, employment, and productivity for half a decade after the shock hit, suggesting that transitory shocks entail “scarring effects” for firms (not just workers). Finally, the thesis documents that despite negative effects on individual labor (and factor) productivity, the GFC fostered the survival of the fittest with potential “cleansing effects” at the aggregate level.
- The role of pensions in determining income inequality in PortugalPublication . Valério, Beatriz de Almeida; Gouveia, Miguel Rebordão de AlmeidaThis dissertation aims to study the role of Pensions in determining Income Inequality in Portugal. To do so, data on income and living conditions of the Portuguese households were analyzed using the ICOR (Inquérito às Condições de Vida e Rendimento) datasets. The methodology used follows the same procedure as Brewer, Muriel, & Wren-Lewis (2009). The decomposition by income source allowed to conclude that, between 2004 and 2019, the increase in pensions contribution to income inequality was accompanied by the increase in the weight of pensions in the total income of the Portuguese families. Considering the upward trend in the number of people with 65 years old and above in Portugal, we can expect an increase in the pensions contribution to total income inequality, if the pension system remains unaltered. The decomposition by population subgroups allowed to conclude that, between 2004 and 2019, although the share of the subgroup that had an old-age pension as the main income source increased, the inequality within that same subgroup decreased. Furthermore, the majority of the decrease in total inequality is explained by the decrease in inequality within the subgroup, rather than between the different subgroups. Pensions contribute to inequality but to a lesser extent than that of the labor income they replace, which is due not only to non-contributory pensions but also to partially redistributive pension formation rules.
- Analysis of the potential impact of car subscriptions on the german automotive marketPublication . Stuchlik, Maximilian; Rajsingh, PeterThe automotive industry is currently subverting several trends. Its traditional focus on product and sales with ownership as the goal is changing to a customer-centric focus with the goal of providing access to car-based services. The car subscription is a fairly new form of these access-based services. The aim of this thesis is to analyse the potential influence of car subscriptions on car purchases, financing, and leasing in the private customer sector in Germany. Secondary data was collected by reviewing the current literature on access-based services, mobility behaviours and leading trends. The primary analysis consisted of a customer survey to gather perceptions of adults in Germany on car subscriptions. Furthermore, a scenario analysis after Schoemaker (1995) was conducted with insights from five expert interviews. The findings revealed that car subscriptions are still a niche topic and, in terms of market shares, are far behind the other financing forms. However, car subscriptions are seen as more interesting than leasing and financing. Thus, car subscriptions will become the fourth pillar of financing and, according to the trend scenario, may account for 20% of market shares in 2030, overtaking cash purchase and aligning with leasing. Overall, car subscriptions are here to stay.
- Neobrokers´ impact on the retail brokerage industry in GermanyPublication . Thielecke, Alexander; Rajsingh, PeterSince 2019, there has been a surge of new low-cost challengers in the German market for self-directed online investors. This thesis seeks to understand what distinguishes these so-called neobrokers from incumbent brokerages and to estimate their likely impact on the German retail brokerage market. Therefore, the author conducted a qualitative analysis by researching existing literature and conducting six semi-structured interviews with experts from the retail brokerage industry. Findings show that neobrokers utilize disruptive business models. They omit or dramatically lower commissions to win new-market customers and over-served customers from incumbents. They do so by implementing lean and cost-efficient offerings while making revenues from payments for order flow. Neobrokers contribute to the overall growth of the market of self-directed investors. They also lead to a rising fragmentation and price competition in the retail brokerage market and likely impair incumbents’ future growth. Furthermore, a consumer survey was conducted to analyze the demographics, investment behaviors, and preferences of neobroker clients and clients of incumbents. The results show a significant difference in willingness to pay for online brokerage services between neobroker clients and clients of incumbents. Also, neobroker clients tend to have significantly less investment experience and trade more frequently than incumbents’ clients. Finally, neobroker clients value conventional quality attributes of online brokers significantly less, substantiating the statement that they constitute new-market and over-served customers.
- The effect of the China Shock on portuguese employment at the firm-levelPublication . Casimiro, Gonçalo de Castro Navarro Raimundo; Silva, Joana Cristina Gonçalves daThis paper expands the analysis of the effects of the China shock by assessing its positive effects via access to cheaper inputs and contrasting them with the negative effects through increased import competition in the output markets. We use longitudinal matched employer-employee data linked with customs firm-level data on outputs and inputs transactions for the 1995-2007 period. We find economically and statistically significant positive effects on employment arising from an increase in imports of inputs from China and non-significant effects on employment arising from an increase in imports of outputs from China. Both ordinary least squares regressions and an instrumental-variable strategy using the change in China’s share of U.S. imports by input and output indicate a positive and significant effect of the China input shock and a non-significant effect of the China output shock. As a placebo, we replicate the analysis for the period before the China shock (1995-2000) finding non-significant impact on Portuguese employment. Regarding firms’ adjustment mechanisms, we find that in response to this shock, firms adapted their temporary employment levels rather than adapting their permanent employment levels.
- Democratic consolidation and the dynamics of local politics in Northeastern Brazil : a case study of Campo Formoso - BahiaPublication . Quintino, Karim Hassam; Tischler, Mónica Alves DiasThe thesis delves upon the concept of democratic consolidation within the context of local politics in Northeastern Brazil. It argues that liberal democratic principles are subverted in that region so as to meet individual, rather than public, interests, while conveying that Brazil’s historico-political legacy has brought up a culture still strongly influenced by the authoritarian shadow of patrimonialism, as well as by clientelism and political-personalism, that has pervaded and persisted up to present times. In order to effectively analyse the peculiarities of the democratic system present in the region, the thesis scrutinises the case study of a typical inner rural city of the Brazilian Northeastern federative state of Bahia – Campo Formoso –, where we recognise many of the features associated with patrimonial and clientelist demeanours. Furthermore, the thesis questions whether it is possible to reach a state of democratic consolidation and whether a successful transition to liberal democracy in Northeastern Brazil is conceivable. It ultimately suggests that only through the deepening, reformulation, and revitalisation of democracy, supported by a combination of popular participation and deliberation, may Campo Formoso, the Northeast, and other similar regions, break free from the shackles of authoritarian, patrimonial and clientelist structures, and ultimately reach a state of liberal democratic plenitude – specially as authoritarianism is resurging.
- Delivering virtual value : the role of virtual value creation in e-grocery business models and resulting implications for today’s grocery retail firmsPublication . Bierganz, Marc; Rajsingh, PeterIn recent years, the e-commerce sector across industries has grown rapidly, with the e-grocery market yet to produce any clear winners. This was mainly due to high customer expectations and substantial commercial difficulties, making it very complicated to profitably serve the market. With the ongoing Covid-19 pandemic, the e-grocery field has experienced particular attention and growth. The UK’s Ocado is regarded as an exception in the e-grocery sector due to its pioneering position in robotic automation and Artificial Intelligence (AI), its ongoing transformation to a global solutions business as well as extraordinary share performance, recently making it the most valuable grocer in the UK. To identify distinctive components of e-groceries along the value chain, customer expectations were discovered through surveys, after which commercial difficulties were identified using expert interviews. Further, the Ocado model was analyzed, which allowed to illustrate how it addresses expectations and difficulties by leveraging the virtual value chain (VVC). It became clear that Ocado achieves cost-decreasing and differentiation advantages by building a value matrix, enabling it to profitably serve the market. The study therefore lays out that virtual value creation is becoming an increasingly important component in grocery retailing. Subsequently, scenarios for uptake of VVC adoption among stakeholders in the retail sector were created. The outcome suggests that a business-as-usual scenario in VVC uptake is most likely. In this case, firms will ramp up their IT operating budgets by 2-5% p.a., responding to new realities in both physical and online retail