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- Modernizing the family-owned restaurant : a business model innovation approachPublication . Margarito, David Eros; Xavier, RuteThis thesis examines how a traditional family-owned restaurant can adapt within an increasingly competitive dining market without losing its identity. The study centers on El Huarachito, a Mexican breakfast establishment in Los Angeles, United States and evaluates how modernization through targeted strategic adaptations can enhance competitiveness while preserving authenticity. Primary data were collected through two surveys: one conducted in-house with existing patrons and another targeting the broader Los Angeles dining market. These surveys, complemented by clustering analysis and a competitive landscape review, identified customer segments and strategic opportunities. Drawing on four theoretical frameworks, the study develops a strategy that applies the Resource-Based View to anchor differentiation, Porter’s Competitive Advantage Theory to define positioning, Business Model Innovation to structure six actionable initiatives, and Stewardship Theory to frame long-term succession. The proposed initiatives include implementing online ordering with delivery options, launching a social media campaign, extending operating hours, introducing small-scale catering, developing a Mexican coffee program, and adding new chicken-based offering to manage short-term cost pressures. Together, these measures connect cultural strengths to operational adaptations, providing a coherent blueprint that addresses short-term cost pressures, expands market reach, and enhances brand visibility, while ensuring intergenerational continuity.
- User perception of social interaction and attractiveness on social media influencer marketingPublication . Gill, Charishma Kaur; Xavier, RuteThe landscape of marketing has undergone a profound transformation with the surge of social media influencer marketing in recent years. This new approach leverages the sway and reach of individuals on social media platforms to endorse products or services to their followers. The rising popularity of social media influencer marketing urges a deeper understanding of the factors that influence social media influencer marketing. This study intends to examine user perceptions of social media influencer marketing, specifically from the angle of social interaction and social attractiveness. By using social media users as respondents, this study managed to get 102 respondents through snowball sampling. The majority of respondents are from Singapore aged 18-24 years old. The findings showed a positive relationship between social interaction and social media influencer marketing. Social attractiveness is also found to be positively related to social media influencer marketing. This study contributes to theories on social influence in the digital era by revealing how social media users engage with and are drawn to social media influencers. The study also benefits professionals by deepening their understanding of how to leverage social interaction to connect with customers and it helps businesses to customize partnerships with social media influencers, aligning them with particular user preferences and behaviors in shaping consumer behaviors for more effective engagement within the digital landscape.
- Trust the machine : drivers of AI adoption in German sales departments : a quantitative mediation analysis based on the technology acceptance modelPublication . Altay, Tolga; Mendonça, CristinaThis thesis examines psychological factors that shape adoption of artificial intelligence (AI) tools in professional sales. Although AI’s productivity potential is clear, implementation often stalls for human reasons. Focusing on Germany, the study tests an extended Technology Acceptance Model that integrates Openness to Experience and trust in AI to explain sales professionals’ intention to use AI-driven lead-nurturing tools. A quantitative survey of 266 salespeople measured behavioral intention, perceived usefulness, perceived ease of use, trust in AI and Openness to Experience. Respondents came from varied B2B industries and ages. Hypotheses were evaluated using regression and mediation. Results show that trust in AI is a powerful predictor of behavioral intention. Perceived usefulness and perceived ease of use also exhibit positive effects on adoption intentions. A central result is the mediating role of trust in AI: it not only directly increases behavioral intention, but also explains how Openness to Experience translates into willingness to adopt AI. Trust in AI further shapes users’ perceptions of usefulness and ease of use, reinforcing the core Technology Acceptance Model pathway. The study concludes that psychological factors, especially trust in AI and Openness to Experience are fundamental for successful AI adoption. Practically, organizations should invest in building trust in AI and tailor implementation strategies to employee needs, particularly among seasoned professionals.
- To meme or not to meme : the personality traits behind crypto interest & meme coin investmentsPublication . Ploenes, Antonia; Mendonça, CristinaThe era of cryptocurrencies began over a decade ago and is slowly making its way through society. Especially meme coins are the rising star within alternative investments, as they promise high returns. However, these altcoins also come with great risks: high volatility, no fundamental real-world application, and high susceptibility to scams. This calls into question the drivers behind investments in these assets. Therefore, this study employed a quantitative correlational survey (N = 202) to investigate the relationship between the personality traits of openness to experience, conscientiousness, agreeableness, and extraversion and meme coin investments. Furthermore, it explored whether this relationship is mediated by an individual9s interest in cryptocurrencies. The findings indicate that openness and extraversion exhibit a significant positive relationship with the decision to invest in meme coins, though not with the amount invested. For both, this relationship is significantly mediated by interest in cryptocurrencies. On the other hand, conscientiousness and agreeableness show a significant negative relationship with meme coin investment. While this relationship is mediated through interest in cryptocurrencies for agreeableness, conscientiousness acts independently of interest. These findings complement existing literature within financial psychology and the cryptocurrency domain, highlighting the differences in investment decisions for niche assets like meme coins. Furthermore, they can help financial managers and investment platforms protect clients from making risky investments through behavioral insights. Overall, the study provides new insights into the psychological foundations of financial risk-taking in the context of speculative niche markets.
- The future of giving : strategic recommendations for the house of philanthropy based on the business model canvasPublication . Fisch, Magdalena Tabitha; Xavier, RutePhilanthropy is increasingly recognized as a strategic tool for mobilizing resources, building legitimacy, and enabling systemic change. In Portugal, however, the philanthropic ecosystem remains underdeveloped, marked by fragmented initiatives, limited tax incentives, and low donor engagement. In this context, Rede Capital Social is preparing to launch the House of Philanthropy, a hub designed to unify efforts and foster collaboration. The key challenge is to design a sustainable and scalable business model that balances financial viability with long-term social impact. This dissertation was developed as a consulting project for Rede Capital Social, with the aim of providing strategic recommendations for the future business plan of the House of Philanthropy. The Business Model Canvas served as the analytical framework, guiding a qualitative research design that combined benchmarking of five European philanthropic and social innovation hubs with a structured questionnaire conducted among eleven associates of Rede Capital Social. The benchmarking identified transferable practices across customer segments, value propositions, revenue models, and stakeholder engagement, while the questionnaire captured local expectations, motivations, and concerns. The analysis revealed five central themes: legitimacy and mission alignment; networking, learning, and visibility as primary expectations; selective financial commitment to community-oriented services; fragility of legitimacy and the need for trust-building; and aspirations for visibility and thought leadership. Based on these insights, the study recommends phased service development, relationship-based financing, a strong communication strategy, and a flexible spatial model.
- Lost in summarization : how AI-generated review summaries shape consumer trustPublication . Loerakker, Anna Katharina; Romeiro, PauloArtificial intelligence (AI) is transforming e-commerce, including the way consumers interact with online reviews. Major platforms, such as Amazon, now use AI-generated review summaries (AGRS) to reduce information overload. However, the effect of AGRS on consumer trust remains unclear. This thesis examines whether AGRS enhance or diminish trust, how this effect depends on review valence (positive, negative, or two-sided), and whether perceived helpfulness mediates these relationships. A 2×3 online experiment with 291 participants tested how consumers responded to reviews that differed in valence and whether or not they included an AGRS. The findings showed that the AGRS alone did not significantly influence trust or perceived helpfulness. However, helpfulness strongly predicted trust. Review valence had a partial effect: positive summaries were perceived as being less trustworthy than negative or two-sided ones. These results extend trust transfer and information processing theories by showing that AGRS have little influence in high-trust contexts, except when summarizing positive reviews. Managers should adopt AGRS only when they clearly add value, ensure transparency, and position them as complements rather than substitutes. For researchers, the results underscore the need to test AGRS in more naturalistic and demanding settings, as well as across product types, to better understand their role in consumer decision-making.
- Equity valuation : Moncler S.p.A.Publication . Mrak, Jaka; Martins, José TudelaThis dissertation presents an equity valuation of Moncler S.p.A., a global leader in the luxury fashion industry. The analysis is based on an intrinsic valuation framework using a Discounted Cash Flow (DCF) model, supported by detailed forecasts of sales, operating expenses, capital expenditures, and working capital. Terminal Value (TV) was estimated using both the perpetuity growth method and an exit multiple based on peer EV/EBITDA, complemented by sensitivity and Monte Carlo simulations to assess robustness. A relative valuation was also performed, applying EV/EBITDA, EV/Sales, and P/E multiples of a carefully selected peer group. Results show that DCF-derived values range between €35-€42 per share depending on assumptions, while multiples analysis supports a comparable range, though EV/Sales was excluded due to Moncler’s superior margins. The weighted outcome suggests a fair value of €39.99 per share, around 17% below the market price on the valuation date, leading to a slight Sell recommendation. A comparison with AlphaValue’s professional report highlights differences in assumptions, particularly regarding growth projections, WACC, and peer selection, which explain their higher €57 per share estimate.
- The misalignment of venture capital and cleantechs : an empirical analysis of how the sector’s dynamics shape emerging funding paradigmsPublication . Oliveira, Guillermo Aiex; Shuwaikh, FátimaThis dissertation examines the alignment of Venture Capital investment methods with the operational realities of cleantech startups, characterized by prolonged development cycles, high capital necessity, and complex exit scenarios. The study analyzes the impact Venture Capital, specifically looking at VC funds and Corporate Venture Capital funds, and ESG score on valuation, realized financial returns, and exit probability during the Seed, Series A and Series B funding rounds. A stratified worldwide sample of 150 cleantech companies from the Cleantech Group Database was used to create a new Dataset that quantifies ESG performance, valuation, and returns. Results indicate that CVC involvement substantially elevates valuation premiums, acting as a reliable quality indicator; however is associated with diminished realized returns. Extended funding durations diminish returns and the likelihood of successful exits. The findings emphasize a structural misalignment between established practices in Venture Capital models and the reality of cleantech startups, highlighting the significance of investor type, capital structure, and strategic orientation for this prominent segment. The dissertation offers practical insights for investors and governments on harmonizing financial and sustainability goals to effectively promote cleantech growth.
- The impact of venture capital backing on the post-IPO performance of FemTech firms in the USPublication . Ciambrone, Costanza Vittoria Maria; Shuwaikh, FátimaThis dissertation examines the role of venture capital (VC) in shaping the post-initial public offering (IPO) performance of FemTech firms in the United States. The aim is to ascertain whether VC backing provides certification benefits that enhance post-IPO results and whether such effects intensified during the COVID-19 pandemic. The research analyses 45 FemTech IPOs completed between 1995 and 2023, identified through healthcare classifications and FemTech-specific keyword searches. Performance is evaluated using cumulative abnormal returns (CAR) and buy-and-hold abnormal returns (BHAR) over 3- , 6-, and 12-month intervals. Statistical analyses include t-tests and ordinary least squares regressions, controlling for firm size, age, profitability, R&D intensity, and pandemic timing. Findings suggest that VC-backed FemTech firms outperform their non-VC-backed counterparts in the short to medium term, with CARs showing statistically significant gains at 12 months. However, BHAR analysis indicates long-term underperformance, implying that certification benefits do not guarantee sustained value. The moderating effect of COVID-19 appears limited, with only marginal evidence of stronger certification effects during the crisis. The dissertation concludes that while VC support enhances early market confidence, it does not ensure long-term success. By focusing on the less explored FemTech sector, this study contributes new empirical insights to IPO and VC literature and offers practical guidance for investors, entrepreneurs, and policymakers involved in women's health innovation.
- Rheinmetall AG : an equity valuation amid structural growth in the defense industryPublication . Schmanns, Tom Michael; Martins, José TudelaThis dissertation presents an equity valuation of Rheinmetall AG, a German defense and technology group, recently transformed into a pure-play defense contractor. Motivated by Europe’s rearmament, record defense budgets, and Rheinmetall’s sharp share price surge, the study examines whether the company is fairly valued. The primary valuation approach is a Discounted Cash Flow (DCF) model, utilizing Free Cash Flow to the Firm (FCFF) and discounting it at the Weighted Average Cost of Capital (WACC). Complementary Relative Valuation, based on trading and transaction multiples of peers, serves as a benchmark; however, limited comparability reduces its relevance. The analysis builds on a financial forecast incorporating Rheinmetall’s €62 billion backlog, its expanding industrial footprint, and structural NATO demand. An explicit forecast and transition period capture near-term momentum and convergence toward steady-state growth. Sensitivity tests and Monte Carlo simulations assess the models’ robustness under varying assumptions. The DCF model yields an implied share price of €1,763, an upside of 9.6% relative to the market price, August 15, 2025. Relative Valuation suggests lower values, reflecting Rheinmetall’s unique position in European rearmament. Lacking comparability, the final target price relies on the DCF model, supporting a “Hold” recommendation. While near-term growth is robust, long-term prospects depend on sustained defense demand and effective program execution, requiring regular reassessment.