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  • The impact of climate policy on venture capital investments in greentech : evidence from Europe
    Publication . Mertens, Dina Jill Maya; Corrocher, Nicoletta
    This thesis investigates the impact of climate policy on venture capital (VC) investments in greentech, addressing a significant research gap. By conducting semi-structured interviews with ten experienced European venture capitalists, the study examines how climate policies influence their investment decisions across various risk dimensions: product market, technology, regulatory, exit, and people risk. Findings indicate that climate policy is a crucial demand driver for greentech ventures, significantly shaping the market size and commercialization prospects. In early R&D stages, government funding through technology push instruments such as subsidies is positively viewed, though high dependency in later stages raises concerns. Regulatory risk is highlighted as the biggest investment risk due to the uncertainty of policy duration and stringency, impacting both early R&D and market diffusion stages. People risk is the only category not impacted by climate policy. The study reveals that the expected exit strategy for greentech ventures differs from that of non-greentech ventures as strategic acquisitions are preferred over IPOs. To conclude, venture capitalists acknowledge that climate policy can catalyze investment opportunities, while the uncertainty of policy continuity remains a critical risk factor.
    2024-07-05Master thesis Embargoed access Show more
  • Ethos, cultura e missão da Universidade Católica Portuguesa : um estudo de caso no Centro Regional do Porto
    Publication . Vieira, João Paulo Oliveira; Azevedo, Manuel Joaquim Pinho Moreira de
    Uma Universidade Católica possui características que a diferenciam de outras Universidades, nomeadamente o facto de ter a sua missão enraizada na matriz humanista cristã e de ser uma Instituição de Ensino da Igreja e de Igreja. O presente estudo procurou identificar quais as características especificas da cultura organizacional de uma Universidade que, por ser Católica, se pensa e planeia a partir do Evangelho e por isso mesmo lhe está confiada uma particular missão. Esta missão encontra-se refletida em documentos fundamentais como a Constituição Ex Corde Ecclesiae, no âmbito universal, nos seus Estatutos, no âmbito particular, em muitos outros documentos do Magistério e em escritos de autores vários. Esta investigação pretendeu compreender a concretização da missão da Universidade, tendo em conta um ethos e uma cultura organizacional específicos, tendo sido inquiridos líderes, docentes e alunos, no contexto específico do Centro Regional do Porto da Universidade Católica Portuguesa. Foi nossa intenção perceber como é que a ação da Comunidade Académica, na sua administração, no seu ensino e investigação e na vida estudantil, concretiza a missão de uma Universidade Católica.
    2024-07-05Doctoral thesis Open access Show more
  • Development of a new functional dairy product enriched in microbial bioactive conjugated fatty acids through an industrial-based approach
    Publication . Fontes, Ana Luiza Rodrigues; Gomes, Ana Maria Pereira; Alcalá, Luís Miguel Rodríguez; Domingues, Maria do Rosário Gonçalves dos Reis Marques
    The search for innovative food products with added-value properties has been an increasing tendency in the last years. Accordingly, different food compounds with potential bioactive properties have been identified, such as, conjugated linoleic acid (CLA) and conjugated linolenic acid (CLNA), which have been described with anti-carcinogenic, anti-obesity and anti-inflammatory activities, among others. These compounds are naturally found in meat and milk of ruminants or vegetables oils, but, due to availability and concentration concerns, it is not feasible to attain beneficial effects from CLA/CLNA through these sources. Alternatively, in situ microbial enrichment of food matrices has been studied, since several probiotic strains have been described with the capacity to isomerize linoleic acid (LA) and α-linolenic acid (α-LNA) into their corresponding conjugated forms. Thus, the objective of this work was to study the development of a new added-value dairy product through in situ microbial production of CLA and CLNA using previously hydrolyzed commercial vegetable oils as substrate sources, so as to evaluate possible side fatty acid (FA) metabolites released during the process, study the biochemical and organoleptic properties, and assess the shelf-life stability of the developed dairy product. First the selection of CLA/CLNA-producing strains was performed from among 85 probiotic strains through molecular detection of genes encoding enzymes involved in CLA/CLNA formation, namely, linoleate isomerase (LAI), myosin-cross-reactive antigen (MCRA) and fatty acid-hydratase (FA-HY), using reported primers and primers designed based on conserved motifs. Meanwhile, it was determined the strains’ maximum tolerance to LA after exposure to increasing concentrations thereof, namely 1, 2 and 5 mg/mL. About 34 strains revealed the presence of at least one of the screened genes, where the designed primers were more effective, but no association was found between their LA-tolerance and the CLA production potential. Moreover, only 4 genotypically-positive strains revealed the capacity to convert 0.5 mg/mL LA into CLA isomers. These were further tested for CLNA production from 0.5 mg/mL α-LNA. The strain Bifidobacterium breve DSM 20091 demonstrated the best yields of CLA and CLNA isomers (>50% of substrate conversion), being selected for the following assays. In a second phase, the utilization of commercial vegetables oils as substrate sources for the development of a CLA/CLNA-enriched fermented milk was studied. To increase the bioavailability of LA and α-LNA present in the selected oils, i.e., soybean (43.7 g LA/100 g oil) and flaxseed (41.3 g α-LNA/100 g oil) oils, different lipases were tested. The Candida rugosa lipase showed the best yields for all of the tested oils (>90% of hydrolysis). Bifidobacterium breve DSM 20091 was thereafter assayed in milk containing 0.5 mg/mL of LA and/or α-LNA obtained from the hydrolyzed oils. Results showed that this strain was not able to produce CLA simultaneously with CLNA to the same extent. Therefore, higher substrate concentrations (i.e., α-LNA) were further tested with only hydrolyzed flaxseed oil. The best yields were attained at 2 mg/mL α-LNA, registering ca. 1 mg/g of mainly CLNA isomers. To evaluate possible FA metabolites, a gas chromatography-mass spectrometry (GC-MS) analysis of milk fermented with pure LA and/or α-LNA or hydrolyzed flaxseed oil was performed. No further FA compounds were found that could result from LA or α-LNA metabolization; however, two additional CLNA isomers never reported before for bifidobacteria strains were discovered. The biochemical and organoleptic properties of the developed CLNA-enriched fermented milk were thereafter evaluated through analysis of sugars and organic acids content, titratable acidity, pH, nutritional composition, volatile compounds profile and sensory properties. The developed product showed comparable compositional properties; however, it lacked important flavor contributors, and bitterness and astringency prevailed. Finally, the stability of the CLNA-enriched fermented milk was assessed throughout 28 days of refrigerated (4 ºC) storage. To obtain an alternative delivery system of CLNA isomers, the enriched fermented milk was further lyophilized, and its stability during storage (12 weeks at room temperature) was also evaluated. For both products a free saturated FAs loss and an increment of conjugated isomers content was observed. In conclusion, the selection of potential CLA/CLNA-producing strains cannot rely solely on genotypic and/or substrate tolerance screening techniques. Even though, it was possible to obtain a fermented milk enriched in conjugated FAs with B. breve DSM 20091 using hydrolyzed flaxseed oil, and this strain showed a preference to produce CLNA isomers. Moreover, two additional CLNA isomers never reported before were discovered. The biochemical and nutritional characteristics of the CLNA-enriched fermented milk were acceptable, but there are organoleptic features that remain to be tackled. Although conjugated isomers in the developed dairy products increased throughout storage, the alterations in free saturated FA suggested the occurrence of oxidation processes.
    2024-07-05Doctoral thesis Open access Show more
  • Integrating sustainability : exploring management control systems in the land-based aquaculture industry
    Publication . Lund, Anniken Louise; Saulpic, Olivier
    This thesis explores the integration of sustainability within Management Control Systems (MCS) in the land-based aquaculture industry, focusing on how these systems support companies in developing sustainable practices. As environmental concerns and regulatory demands intensify, the role of effective Management Control Systems (MCS) in integrating sustainability into core business operations has become essential. This study adopts a qualitative research design, conducting semi-structured interviews with industry stakeholders to investigate this integration. The findings indicate that while many organizations in the land-based aquaculture industry adopt innovative approaches to align their economic, environmental, and social goals, significant challenges persist in fully integrating sustainability at all operational levels. Specifically, the effectiveness of MCS varies greatly depending on each company's strategic vision plan, cultural dynamics, and operational priorities. This variation influences how broadly sustainability is integrated into strategic planning and daily operations. The study reveals that despite the recognized importance of comprehensive MCS, their effective deployment in enhancing sustainability practices is often hindered by a lack of clarity in sustainability goals and insufficient alignment with broader strategic objectives. Technological advancements and stakeholder involvement emerge as key drivers that could enhance sustainability integration. The study contributes to a deeper understanding of MCS's strategic and operational implications in integrating sustainability within a rapidly evolving industry. It highlights the need to develop systems that support current sustainability goals and are adaptable to future environmental and regulatory changes. The findings aim to inform and inspire aquaculture practitioners and policymakers in enhancing sustainable industry practices.
    2024-07-05Master thesis Open access Show more
  • How do firms' capital structure decisions vary between monetary easing and tightening, and what drives these differences in response to interest rate changes
    Publication . Jamilzada, Nijat; Bonfim, Diana
    Esta dissertação investiga variações nas decisões sobre a estrutura de capital das empresas durante períodos de flexibilização e aperto monetário e analisa os fatores que refletem essas mudanças em resposta a alterações nas taxas de juro. Usando um conjunto de dados abrangente que cobre todas as empresas americanas disponíveis de 2000 a 2022, a dissertação emprega modelos de efeitos fixos, modelos de OLS agrupados (pooled) e de efeitos aleatórios para investigar o impacto das mudanças na política monetária na estrutura de capital das empresas, mais especificamente, nos rácios dívida/capital. Os resultados mostram que o aumento da taxa de juro sem risco reflete significativamente a alavancagem das empresas, levando à diminuição da alavancagem. Por outro lado, o spread apresenta uma correlação positiva com a dívida em relação ao capital próprio. Esta conclusão contraintuitiva sugere que as empresas podem esperar um maior crescimento da taxa de juro e aumentar o nível de endividamento para garantir taxas mais baixas. Além disso, o artigo analisa o impacto de fatores específicos, como classificação do setor, dimensão da empresa, rendibilidade, volatilidade e outras métricas financeiras na tomada de decisões sobre estrutura de capital, mostrando impactos estatisticamente significativos e variados na alavancagem. Esta dissertação melhora a compreensão prática e teórica de como as políticas macroeconómicas refletem as estratégias de estrutura de capital empresarial, fornecendo conhecimentos adicionais para investidores, gestores financeiros e decisores políticos.
    2024-07-05Master thesis Open access Show more
  • A (in)aplicabilidade da exceção de paródia do direito de marcas : com enfoque no regime das marcas de prestígio
    Publication . Pereira, Ana Beatriz Figueiredo Duarte de Almeida; Silva, Nuno de Araújo Sousa e
    O ato de paródia recorre a um ou vários elementos (como uma obra, um desenho ou modelo ou uma marca) pré-existentes, como fundamento ao comentário social ou político que pretende transmitir, prosseguindo finalidades essencialmente humorísticas, e criando, desta forma, uma nova realidade, com autonomia face à primeira, visando, precisamente, este distanciamento entre ambas para se considerar uma paródia de sucesso. É à data presente muito manifesta uma forte luta pela salvaguarda da liberdade de expressão, qualquer que seja a perspetiva de que parte (política, religiosa, artística, moral), em detrimento de outros campos da vida em comunidade. Por este motivo, parece conferir-se ao parodiante uma maior margem para a criação e divulgação da sua paródia, enfatizada pelos meios de comunicação social que hoje facilitam este trabalho. O reverso da moeda atinge, principalmente, os titulares dos direitos que poderão ser objeto-enfoque deste comentário sarcástico ou humorístico, que receiam vê-los diminuídos e, em certos casos, prejudicados, pelo que possa resultar da partilha incondicionada desta liberdade de expressão. Em particular, os titulares das marcas de prestígio, enquanto alvos principais de críticas ou apreciações – negativas e positivas – pela sua notoriedade junto do público, pretendem ver acautelada a diluição e eventual degradação do caráter de prestígio do respetivo sinal distintivo. A amplitude da tutela concedida a estes titulares varia ao longo do globo: os Estados Unidos da América são bastante permissivos da paródia face aos direitos de propriedade industrial, já na Europa, esta afirmação não se poderá fazer com a mesma certeza. Em Portugal não está ainda prevista uma exceção aos direitos dos titulares das marcas de prestígio, condicionando a sua reação a violações dos respetivos sinais decorrentes da paródia, colocando-se a questão de saber se, esta previsão necessitará de ser expressa ou se, por outro lado, resulta de uma interpretação extensiva da legislação vigente. Concluímos, fundamentando-o devidamente ao longo da presente dissertação, pela aplicabilidade (condicional) da exceção de paródia aos direitos de marca (i.e. de prestígio), embora encaremos com pouca urgência uma consagração expressa e detalhada desta realidade, por resultar da interpretação normativa combinada dos diplomas-chave neste plano: CRP, RMUE e CPI.
    2024-07-05Master thesis Open access Show more
  • Strategies for network building and success : German entrepreneurs in the U.S.
    Publication . Peipp, Nicholas; Yammine, Rand Gerges
    This study investigates the strategies German entrepreneurs undertake for establishing and leveraging professional networks in the United States in order to enable the growth and success of their startups. Globalization and digitization have changed the entrepreneurial landscapes worldwide, making the dynamics of cross-cultural networking ever more critical. Based on a qualitative approach via expert interviews with German entrepreneurs in the U.S., this research identifies the following key dimensions: networking strategies, cultural adaptation and resource exchange, boundaries trust-building strategies, professional support systems, and overcoming barriers. The findings emphasize the importance of enlarging networks with online platforms such as LinkedIn and strategically setting up physical and virtual events to make connections. Further, cultural adaptation is essential as entrepreneurs discovered the necessity to adapt the style of communication and business practice towards the American standards. In professional networks, exchanging resources and knowledge is a potent way of tapping into financial resources, market insight, and human talent. The base of professional relationship building is a sense of trust built upon mutual reliance in consistent relationship building and supporting one another. Other professional support mechanisms, such as mentorship and industry associations, can provide valuable advice and resources towards helping entrepreneurs navigate the complexities of the U.S. business environment. Overcoming challenges such as legal and regulatory barriers requires a robust network of knowledgeable contacts. The study offers practical recommendations to future international entrepreneurs and suggesting directions for further research on understanding how the role of networking on entrepreneurial performance evolves between different cultural contexts. This study contributes to the international entrepreneurship research debate, and the findings offer practical insights for those practitioners seeking to tackle the market with their venture in the United States.
    2024-07-05Master thesis Open access Show more
  • Towards a platform age : strategies for openness and quality control in digital platforms
    Publication . Schell, Niklas; Coeurderoy, Régis
    Digital platforms and the underlying platform business models have become increasingly important for business and innovation in the past years. The world9s most valuable companies (e.g., Apple, Meta, Google and Amazon) are primarily digital platforms facilitating interactions and transactions among various user groups. While comprehensive research exists on platform strategies and their impact, the balance between platform openness and control to leverage network effects remeins an underexplored. This study utilizes a qualitative research approach including 11 expert interviews to analyze the effects of platform openness and control. The research finds key strategies for platforms to manage the tension between openness and control. The key themes that emerged from the analysis relate to leveraging platform architecture through APIs, aligning openness with business models, implementing adaptive competitive strategies, enforcing quality assurance policies, optimizing network effects, pursuing innovative monetization approaches, and managing strategic risks. The study provides valuable insights into the strategic decisions that digital platforms must make to balance openness and control. Furthermore, it provides a strategic framework for managing openness in digital platforms, significantly contributing to the existing literature.
    2024-07-05Master thesis Open access Show more
  • Carotenoid-microbiota dynamics: in vitro analysis of gut modulation and associated health benefits
    Publication . Rocha, Helena R.; Morais, Rui C.; Pintado, Manuela E.; Gomes, Ana M.; Coelho, Marta C.
    Introduction: Carotenoids, natural lipid-soluble pigments abundant in various fruits and vegetables, play a significant role in our diet by adding vibrant colours to our meals (1). Humans and animals cannot synthesize these compounds, emphasizing the importance of dietary intake for reaping their benefits (2,3). Besides enhancing the visual appeal of food, carotenoids are renowned for their health advantages, serving as potent antioxidants and supporting eye health and immune function (3). However, realizing the full potential of carotenoids for human health faces challenges, primarily centered around their bioaccessibility (4,5). The journey of carotenoids from ingestion to beneficial impact is filled with obstacles, with digestion presenting a significant challenge. The chemical composition of carotenoids encounters resistance and degradation within protein complexes and the intricate structures of plant cell walls during digestion. Various factors such as dietary sources, food composition, matrix structure, lipid presence, and interactions with other compounds further complicate the bioaccessibility of carotenoids (6). Noncommunicable diseases (NCDs), responsible for 41 million deaths each year, are often associated with unhealthy dietary habits. To combat this, nutrition and health organizations recommend a diet rich in fruits and vegetables (5). These foods are abundant in carotenoids, lipid-soluble phytochemicals known for their health-enhancing properties, including antioxidant, anti-diabetic, and anti-mutagenic effects (3,7). The intestinal microbiota (IM) significantly influences the efficiency of carotenoids (8). The IM plays a vital role in the absorption and metabolism of carotenoids, as a balanced diet can modulate the composition of the IM, promoting the growth of beneficial microbes and inhibiting harmful ones. Additionally, the IM synthesizes and releases various metabolites, which can be absorbed into the circulatory system, influencing the host’s health (9). These interactions are crucial for understanding carotenoids' preventive and therapeutic potential. Objective: This study aimed to investigate the interaction between carotenoids and the intestinal microbiota during simulated gastrointestinal digestion and absorption. It examined three specific carotenoids - beta-carotene, lutein, and lycopene - alongside a pigment mixture (MIX) and the alga Osmundea pinnatifida. The research focused on how these carotenoids influence bioaccessibility, absorption, microbial dynamics, and organic acid production. The study evaluated carotenoids' antioxidant, antidiabetic, and antimutagenic properties, offering insights into their potential health benefits. Conclusions: Through the in vitro digestion simulation, it was observed distinct transformations in carotenoids, indicating intricate changes during digestion; Recovery indexes underscored the difficulty in retrieving carotenoids during digestion, highlighting the complexity of their fate in the digestive process. Carotenoid’s tested groups stimulated the production of organic acids, notably succinic (~6.4 g/L), acetic (~2.75 g/L), butyric (~0.47 g/L), and propionic (~2.78 g/L) acids; The analysis of the IM revealed Bacteroidota, Bacillota, Pseudomonadota, and Actinomycetota as the main phyla present. Carotenoids significantly increased the relative abundance (RA) of the Lachnospiraceae family by 77.8% while decreasing the RA of several bacteria, including Lactobacillus by 1.27%, Enterococcus by 16.3%, Streptococcus by 8.80%, and Bifidobacterium by 18.3%, which is consistent with previous studies. The Mix group demonstrated higher antioxidant activity, particularly when located outside the membrane, compared to other carotenoid groups; Lutein and the Mix groups showed effectiveness in anti-diabetic activity, especially when present within the membrane. Carotenoid-digested samples exhibited antimutagenic effects, suggesting their potential to support cell development and act as a shield against mutations.
    2024-07-05Conference poster not in proceedings Embargoed access Show more