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- Meat substitutes : has the rise in alternative “meat” products in supermarkets increased the ease of sustainable initiatives?Publication . Subuola, Daniella Oluwatomiwa; Braga, João NizaThe purpose of this dissertation is to understand whether the increased presence of meat substitutes increases the consumers’ willingness to purchase them. A two-group within subjects experimental design manipulated meat substitutes availability in simulated shopping contexts and assessed consumers’ attitudes and their willingness to purchase meat substitutes. Summary of the objectives: The findings indicated that product availability significantly influenced consumer perceptions: participants reported greater willingness to purchase and more positive attitudes toward meat substitutes in the high availability condition compared to the low availability condition. Exploratory analyses further suggested that individuals with higher levels of education, particularly those holding a master’s degree, reported stronger sustainability concerns and engaged in more sustainable practices than those with lower levels of education. Furthermore, a positive correlation was found between the willingness to purchase meat substitutes and their involvement in sustainability initiatives. The more potential barriers there are to consumers to purchase these products the less inclined these individuals are to purchase and take issue with sustainability concerns.
- Fame or performance? : an experimental investigation into the role of football players’ performance and celebrity status in shaping club brand equityPublication . Knappmann, Bastian; Braga, João NizaIn professional football, players contribute to a club’s brand not only through their sporting achievements but also through their celebrity status. This study investigates how these two factors, on-field performance and off-field celebrity status, affect the six core dimensions of team brand equity: brand awareness, brand image, perceived quality, brand reputation, brand loyalty, and brand value. To examine these relationships, two experimental online surveys were conducted with approximately 65 participants each. Study 1 captured real-world perceptions of player fame and performance, while Study 2 manipulated performance statistics to create controlled conditions. The results demonstrate that both performance and celebrity status significantly shape brand equity, but celebrity status exerted the broader influence: it was significant across all six brand equity dimensions, whereas performance effects were consistently observed on all dimensions except brand image and brand loyalty. Consequently, fame emerged as the more powerful and wide-reaching driver of brand equity in this context. Interaction effects between performance and fame were also tested but proved largely inconsistent across studies, suggesting that the two factors influenced brand equity mostly independently. These findings highlight the dual importance of both performance and celebrity status in football brand management. Theoretically, the study extends existing brand equity frameworks by disentangling the distinct contributions of performance and fame across multiple brand dimensions. From a managerial perspective, it underlines the need for clubs to balance the appeal of celebrity players with performance-driven narratives to strengthen credibility, reputation, and long-term brand value.
- How do social business incubators facilitate entrepreneurial social capital exchange and influence organizational development?Publication . Eichenauer, Moritz; Vandor, PeterThis thesis examines how social business incubators (SBIs) facilitate the development of social capital among social entrepreneurs and whether this, in turn, influences the organizational development of their ventures. While SBIs aim to support early-stage social enterprises through mentoring, resources, and networks, the dynamics of social capital exchange, especially among peers, remain insufficiently understood. Drawing on social capital theory and eleven semi-structured interviews with participants of the Social Impact Award (SIA) program in Germany and Austria (2021–2023), this study finds that SBIs can provide valuable bridging social capital, such as connections to partners and support through mentors. At the same time, peer exchange within the cohort is perceived by founders as highly valuable for motivation to work, testing ideas, sharing best practices, and receiving emotional support, like a sense of belonging. These findings underscore the significance of the cohort itself as a crucial site for social capital formation. To fully enable this potential, SBIs must foster a collaborative environment built on trust and openness. Cohort composition and program design are central levers in facilitating such exchange. This thesis contributes to a more differentiated understanding of SBIs as both brokers of external resources and facilitators of peer learning, offering practical implications for how SBIs can better support the development of social ventures.
- Limitations of natural hedging of currency riskPublication . Barros, Gabriel Mota; Correia, Sandra Isabel dos SantosThis study investigates the effectiveness and limitations of natural hedging as a foreign exchange (FX) risk mitigation tool, using Salvador Caetano Auto África (SCAA) as a case study. The company operates in several African markets, facing a significant exposure to local volatile currencies but only uses a natural hedging strategy instead of relying on financial derivates. An empirical analysis from 2018 to 2024 evaluates how operational practices, such matching, local investment, and centralized management help mitigate FX risk. The findings suggest that, despite operating in highly volatile markets, in the long-term perspective, the company managed to mitigate FX losses to a relative minor level, demonstrating that natural hedging can be a valuable tool when financial derivates are unavailable or impractical. However, the study also highlights the limitations of this approach and recommends the selective use of financial tools – such as forward contracts and FX clauses – that could enhance risk management when viable. The study contributes to the literature on real-world applications of natural hedging and provides practical insights for multinational firms operating in emerging markets.
- Pay to win? : the impact of accounting conservatism on audit quality through the lens of audit feesPublication . Aires, Luís Miguel Ferreira; Manoel, Aviner Augusto SilvaThis study investigates the relationship between accounting conservatism and audit quality, examining whether the asymmetric reversibility of earnings— where losses tend to reverse more quickly than gains—can be used as an indicator of audit complexity, reflected in higher audit fees. While conservatism is widely studied as a mechanism for constraining earnings management and enhancing financial reporting quality, its impact on audit planning and resource allocation remains underexplored. Using a sample of U.S. listed firms between 2010 and 2024, this study extends the Basu (1997) model by introducing interactions with audit fees to test whether conservatively recognized earnings influence auditors’ perception of risk and complexity. The findings reveal a positive association between audit fees and the asymmetric reversibility of gains, suggesting that auditors respond to conservative reporting with increased verification effort. These results remain robust after controlling for year fixed effects. This research contributes to the existing literature by establishing a link between financial reporting behavior and audit quality outcomes, positioning conservatism not merely as a reflection of accounting discipline, but as a factor that shapes audit effort and procedures. The study offers relevant practical implications for auditors, regulators, and accountants by showing how conservative reporting affects risk assessment and audit fee determination, by directing verification procedures toward estimate-based areas where the reversibility of losses requires heightened scrutiny.
- Qual a influência da diversidade geracional no processo de transferência de conhecimento numa organização? : uma meta-análise qualitativaPublication . Queiroz, Maria Roby Sárrea de Antas de; Tavares, Marisa Fernanda Figueiredo; Guimarães, Maria Isabel Gonçalves Guedes de CastroA diversidade geracional constitui um desafio na gestão e transferência de conhecimento (TC) nas organizações. A coexistência de Baby Boomers, Geração X, Millennials e Geração Z no ambiente de trabalho intensifica obstáculos na comunicação e na transmissão eficiente de conhecimento. Jiří (2016) destaca a necessidade de uma força de trabalho diversificada para soluções inovadoras, enquanto Wilson (2009) salienta a importância de preservar a cultura organizacional e de facilitar a adaptação a rápidas mudanças tecnológicas. Neste estudo, adotou-se uma abordagem qualitativa para analisar de que forma as diferentes gerações influenciam os processos de TC, identificando estratégias para superar barreiras comunicacionais e promover a sustentabilidade organizacional. A TC, segundo Nonaka e Takeuchi (1995), é entendida como o processo sistemático de partilha de saberes tácitos e explícitos entre indivíduos ou grupos, sendo, de acordo com Novianto e Puspasari (2012), profundamente moldada pelas características geracionais. Compreender estas dinâmicas revela-se fundamental para enfrentar desafios relacionados com a comunicação e os métodos de execução de tarefas, potenciando as oportunidades que emergem da interação entre diferentes gerações no contexto organizacional atual.
- O papel da transformação digital na internacionalização de PMEs : um estudo de casoPublication . Coelho, Cíntia Isabel Matos; Costa, Leonardo Filipe Seixas BarretoO objetivo principal desta dissertação foi o de entender o papel da transformação digital na internacionalização de Pequenas e Médias Empresas (PMEs) portuguesas. O método de investigação utilizado foi o estudo de caso com cariz exploratório, tendo sido selecionadas e entrevistadas quatro empresas. Os resultados mostram que a transformação digital nas PMEs em Portugal é encarada pelas mesmas como algo de inevitável. Transformação digital e internacionalização das PMEs constituem processos interligados. A internacionalização é uma forma das PMEs conseguirem crescer e serem mais competitivas. Tecnologias digitais de gestão interna, como por exemplo softwares de logística, e de gestão de clientes nos mercados externos, como por exemplo ferramentas de e-commerce e plataformas de venda online, são facilitadoras do processo de internacionalização.
- Análise dos benefícios da especialização por setor no processo de M&APublication . Serôdio, Bruno Martins; Pacheco, Luis Pedro KrugAs fusões e aquisições (M&A) são uma modalidade privilegiada para a execução da estratégia empresarial de expansão ou reestruturação. Alguma literatura sugere que uma lógica de especialização dos consultores financeiros por setor pode impactar diferentes fases do processo de M&A, influenciando a eficiência das transações e a capacidade para criar valor para as partes envolvidas (Gaughan, 2017; DePamphilis, 2021). Nesse contexto, este estudo pretende analisar a hipótese de a especialização setorial dos consultores financeiros poder gerar benefícios ao longo das diferentes etapas do processo de M&A, com especial destaque para o seu impacto na duração das transações. A análise utiliza dados da Refinitiv Eikon (2013-2023) e aplica testes de diferença de médias e regressões múltiplas para estimar o impacto da especialização dos consultores financeiros na eficiência das transações, utilizando como variável dependente o tempo de execução. Os resultados indicam que a presença de consultores financeiros está associada a uma maior eficiência no processo de M&A, reduzindo o tempo de execução e potencialmente melhorando o pricing das transações. No entanto, a especialização setorial não pôde ser diretamente mensurada, o que representa uma oportunidade para investigações futuras. Deste modo, pretende-se fornecer insights relevantes para empresas, investidores e reguladores, destacando a importância da assessoria financeira especializada na otimização dos processos de M&A.
- The impact of EU funding in portuguese SMEs capital structurePublication . Abreu, Bruno Filipe Gonçalves; Cunha, Manuel Ricardo Fontes daThis dissertation researches the impact of European Union (EU) funding on the capital structure of Portuguese small and medium-sized enterprises (SMEs) between 2013 and 2023. Given Portugal’s high SME concentration and traditionally low capitalisation, the study explores whether public investment programmes, namely Portugal 2020, Portugal 2030, and the Recovery and Resilience Plan (PRR), serve as effective substitutes for debt financing and as a source of capitalisation for Portuguese SMEs. Building on traditional capital structure theory and using a fixed-effects panel regression model applied to a sample of over 17 000 SMEs, the study tests the correlation between EU funding and changes in leverage. Empirical results confirm that asset tangibility and profitability positively impact leverage as was expected according to existing literature, while firm size and growth opportunities show contrary results. Regarding EU funding, the PRR program shows a consistent negative relationship with debt levels, suggesting a potential deleveraging effect. However, results for Portugal 2020 and Portugal 2030 are mixed. These findings imply that while EU funding may influence SME financing decisions, the impact is program-specific and contingent on structural characteristics. The study highlights the need for more complete funding data and suggests that policymakers and managers view EU funding not just as project financing but as a potential tool for capital structure optimization.
- Estrutura de capital das PME’s : o impacto da certificação de idoneidade em I&DPublication . Rocha, Afonso Nuno Soares da; Cunha, Manuel Ricardo Fontes daCapital structure has been a central topic in corporate finance research since the pioneering contributions of Durand (1952) and those of Modigliani and Miller (1958). Building on these foundational works, several explanatory theories have emerged that seek to identify the factors influencing firms' financing decisions. Accordingly, the main objective of this study is to analyse how the Certification of Suitability for R&D activities (Selo ID), granted by the Portuguese National Innovation Agency (ANI), influences the determinants of capital structure among Portuguese SMEs. To this end, an unbalanced panel data model was estimated based on a sample of 12,312 SMEs active between 2019 and 2023. The proposed model includes the Selo ID certification as an explanatory variable, aiming to assess whether obtaining this certification alters the sensitivity of firms to traditional financial determinants of indebtedness. The empirical results show that the Selo ID certification emerges as a statistically significant determinant of capital structure, with a positive coefficient across all estimated models. This effect suggests that the certification acts as a signal of institutional credibility, potentially improving firms’ access to external financing, especially in markets characterized by high information asymmetry. Overall, the findings indicate that formal R&D certification significantly influences the financing decisions of Portuguese SMEs, contributing to a capital structure better aligned with their innovation profile.