CLSBE - Dissertações de Mestrado / Master Dissertations
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- Tradition meets innovation in a changing market : the case of NoninoPublication . Perin, Francesca; Guedes, NunoThis case study investigates the strategic evolution of Nonino, a family-owned distillery founded in 1897 in Percoto, Northern Italy. The company is internationally known for its high quality grappa and for elevating it to premium spirit. Despite its success and strong brand identity based on craftmanship, quality, and tradition, the company faces a general decline in the domestic grappa market, fostered by generational shifts in consumer behavior. To face these challenges, Nonino must adapt to evolving market dynamics while preserving its heritage. The demonstration analyzes the strategic responses of the company, its strategic positioning and differentiation strategy, and the consumer behavior of younger generations, particularly Millennials and Generation Z. It evaluates Nonino's ability to maintain its relevance in the global spirits market through product innovation, international and intergenerational expansion, and the entry in new categories of the market, using storytelling, digital engagement, and consumer education as tools for its long-term competitiveness in the industry. The Literature Review explores topics related to the Case issues and the Teaching Note offers an analysis of the Case that can be used as a basis for a class discussion.
- The effects of mindfulness on the halo bias in performance reviewsPublication . Alács, Daniel; Mendonça, CristinaAssessments and appraisals serve as the basis for promotions, salary increases, training and developmental plans, as well as decisions about whose contract to terminate if need be. However, appraisals are prone to being influenced by biases, most importantly by the halo bias, potentially leading to suboptimal strategic choices. At the same time, loving-kindness meditation and mindfulness have been shown to remedy many biases. To understand how mindfulness induced through loving-kindness meditation can impact halo bias, an experimental study was conducted in the scope of this thesis. The study examined the effect of a brief induction on mindfulness related measures and affect related measures. Furthermore, it aimed to assess whether people who have undergone a mindfulness induction through loving-kindness meditation exhibited lower levels of halo bias. The study revealed that participants exhibited higher levels of positive affect and significantly higher levels of state mindfulness. Most importantly, it showed that in the condition where halo bias is more likely to occur (moral description), decentering counteracted halo bias and significantly reduced it. The study9s results have implications for organisations, as short form meditation leads to significant increases in mood and mindfulness, which in turn might lead to higher engagement and satisfaction. Furthermore, it shows the potential of loving-kindness meditation as a tool to reduce halo bias.
- The impact of CEO overconfidence on firm strategic risk-taking in Europe : investigating the moderating role of culturePublication . Kuess, Clemens; Mendonça, CristinaBiases in decision-making may distort decisions in corporate contexts. This study focuses on overconfidence 3 a trait that top managers are particularly prone to 3 among the upper echelons and its impacts on strategic risk taking. Additionally, since executives operate under varying levels of discretion due to contextual factors, the study investigates in how far cultural values shape the latitude of action in overconfident manager’s risk-taking initiatives. Using a European sample of firms and directors who are classified as overconfident based on their stock-option exercising behaviour and personal characteristics that are related to overconfidence, I provide evidence that overconfident CEOs invest more in terms of capital expenditures than their counterparts, but no effect was found when measuring risk-taking as research and development expenses. Cultural values were inconsistently found to be significant in moderating the relationship, depending on model specification and variable measurement. The results imply that CEO overconfidence may be a positive personality trait depending on the needs of the business and that cultural values can be considered for CEO hiring processes, even though further research is needed to better understand the contextual dimensions that facilitate or inhibit executive risk-taking.
- Visibility and validation : a dual perspective on google maps reviews in LisbonPublication . Höhenberger, Christoph Michael; Rodrigues, HelenaThis study examines how Google Maps reviews influence the digital reputation of restaurants in Lisbon. The city’s pronounced tourist dynamism and the growing dependence of gastronomic establishments on platform-specific visibility justify the topic’s relevance. A qualitative-exploratory research design was adopted. Twenty-one semi-structured interviews with restaurant owners and patrons were conducted, transcribed, and semantically mapped with Leximancer. Software-assisted concept extraction was complemented by thematic analysis to uncover narrative deep structures. Four thematic clusters emerged: Reviews, Place, Online, and Trust. Reviews operate as a semantic hub, connecting numerical ratings with visual signals. Place reflects the interweaving of physical experience and digital representation. Online refers to the strategic visibility practices of businesses, whereas Trust is frequently negotiated implicitly through photographs and rating scores. Comparative analysis indicates that customers use ratings primarily as heuristics, while proprietors interpret reviews as strategic data. This divergence reflects asymmetric participation patterns identified in previous studies on platform-based hospitality. Frequency analysis supplemented narrative mapping and confirmed the dominance of the review theme. Comparison with earlier research reveals consistent patterns alongside city-specific particularities. The discussion situates the results within social-proof and signalling frameworks and emphasises the consequences for digital reputation strategies. Recommendations include platform-specific training formats for SMEs and increased transparency requirements for Google regarding algorithmic logics. Future research should adopt multi-platform approaches and examine long-term effects of algorithmic change on visibility and trust. Overall, the study contributes a differentiated perspective on the co-construction of digital reputation amid consumer action and entrepreneurial adaptation.
- More than LLMS : the future of GPU-based parallel computing and Nvidia’s rolePublication . Böckler, Simon Konrad; Rajsingh, PeterThe role of parallel GPU computing has transformed fields dependent on heavy computational workloads. Its strength lies in decomposing tasks into thousands of smaller operations that can be executed simultaneously, achieving major efficiency gains compared to serial processing. Nvidia established itself as the pivotal actor by recognizing early the potential of GPUs beyond graphics. By combining hardware performance, developer lock-in, and ecosystem effects, the company turned itself into an infrastructural backbone of today’s AI and high-performance computing economy. With Moore’s Law slowing down, physical and economic limits to transistor scaling raise the question whether Nvidia can sustain this dominance or whether alternative paradigms might eventually challenge it. To address this, the study applies a mixed-method design, quantitative modeling of transistor trajectories (exponential vs. logistic fits) is combined with twelve expert interviews covering technological, strategic, and geopolitical aspects. This triangulation provides a broad perspective on both opportunities and vulnerabilities. Findings indicate that the slowdown of Moore’s Law does not automatically weaken Nvidia’s position. Architectural innovations, software ecosystems, and supply chain alliances compensate for scaling limits and reinforce the company’s strength. At the same time, risks remain in rising costs, fragile geopolitical dependencies, and the disruptive potential of alternative paradigms.
- The path towards responsible innovation implementation in Portuguese agricultural and textile SMESPublication . Mariano, Daniel Pinto; Lancastre, FilipaEnvironmental and social issues are an increasingly pressing reality within the contemporary world. Traditional stakeholders have been replaced by change drivers who demand a better answer to society’s and environment’s current and future needs. As a result, firms’ strategies are pushed in different directions. Responsible Innovation (RI) has presented firms an option to address these issues while avoiding the rising of new ones. Despite the motivations behind RI implementation, taking that path might mean facing significant challenges. Small and Medium-Enterprises (SMEs) are a particularly interesting context to study such motivations and challenges, which may drive responsible and innovative solutions. For that purpose, 17 semi-structured interviews were conducted with professionals from Portuguese agricultural and textile SMEs. This study adopted a qualitative content analysis based on Gioia’s methodology. Overall, findings reveal that SMEs have significant motivations to pursue RI, acknowledging its main benefits such as efficiency enhancement or increased competitiveness. However, they often see their initiatives constrained by the lack of public support and financial or human resources. Nonetheless, this study shows that stakeholder engagement in decision-making processes is vital to improve innovation along the way, but mostly to ensure its successful implementation in the end. This study presents several theoretical contributions and managerial implications. First, SMEs believe that RI value co-creation allows them to efficiently reshape future, innovative products. Second, compliance with certifications’ and clients’ requirements is key to collaborate with RI-aligned partners. Third, negotiation capacity is essential in stakeholder management, particularly facilitated under common-language, open-minded or family-based contexts.
- Partnerships for impact : how hybrid organisations in Germany collaborate with for-profit companies : exploring partnership evolution, resource exchange and collaboration practicesPublication . Vaschetti , Alessia Lungo; Azevedo, CarlosHybrid organisations (HOs) combine social or environmental missions with earned income from products or services, positioning themselves between nonprofits and for-profit firms. This dual nature creates opportunities for innovation but also structural tensions. Collaborations with for-profits (FPs) are especially relevant, as they bring together corporate resources and networks with the legitimacy and expertise of HOs. Yet such relationships are complex, shaped by different organisational logics, power imbalances, and shifting priorities. This thesis examines how HOs in Germany initiate and sustain partnerships with FPs, guided by three questions: (1) how partnerships begin and evolve, (2) what contributions each side offers and how these support impact scaling, and (3) what practices enable or hinder success. A qualitative design based on semi-structured interviews with representatives from both sectors was analysed through reflexive thematic analysis, offering a dual perspective on expectations and experiences. Findings indicate that partnerships are usually initiated by HOs and evolve through credibility building, negotiation, and adaptation to ecosystem conditions. FPs mainly provide funding, expertise, and visibility, while HOs contribute legitimacy, social knowledge, and delivery capacity. Employee engagement emerged as a critical driver of partnership longevity. The study highlights word-of-mouth initiation, persuasion as an iterative process, and employee engagement as central to sustainable HO3FP collaboration.
- Corporate social innovation in sustainable banking : analysing ESG strategy and impact at banco CTTPublication . Pinto, Joana Maria dos Santos; Azevedo, CarlosThis dissertation investigates how Banco CTT integrates ESG principles to foster CSI and generate value for sustainable finance. Guided by the research question – ‘How does Banco CTT use ESG principles to foster CSI and generate value for sustainable finance? - the study pursues three objectives: (1) to examine how ESG principles are embedded within the bank’s strategy and operations; (2) to evaluate how ESG initiatives contribute to its CSI agenda and value creation; and (3) to assess whether ESG-driven CSI holds transformative potential in the Portuguese banking sector. The research adopts a qualitative case study design, combining documentary analysis with semi-structured interviews. Findings show that ESG integration at Banco CTT is primarily shaped by regulatory and supervisory pressures, which have institutionalised sustainability into governance, risk management, and culture. Initiatives such as green mortgages, recycled debit cards, and financial literacy programmes illustrate incremental value creation. However, innovation remains selective, with environmental initiatives more advanced than social ones. Social innovation was described as “complicated” and “not necessarily profitable”, resulting in underdeveloped practices despite their importance for systemic CSI. Moreover, client interviews revealed limited awareness of ESG initiatives, highlighting a gap between institutional commitments and retail-level visibility. The study concludes that Banco CTT uses ESG as both compliance necessity and strategic opportunity, embedding it into operations while cautiously experimenting with innovation. This generates incremental CSI and modest value creation but falls short of systemic transformation. Recommendations include expanding socially inclusive products, strengthening impact reporting, and enhancing regulatory harmonisation to balance compliance with innovation.
- The art of soap-making : a case study on Castelbel’s internationalizationPublication . Gabriel, Maria Isabel Amaral de Mesquita; Reis, RicardoThis dissertation examines how Castelbel, a Portuguese luxury home and body fragrance company, planned and executed its process of internationalization. It aims to study when and how firms should expand across domestic borders by conducting an environment analysis and gaining a competitive advantage internationally. It also provides insight into the company and on its evolution throughout the years. Castelbel is a Born Global company that started as a private label that only exported to the United States of America and now it also has its own brands that sell not only on the domestic market but across the globe. Nowadays exports representing 88% of sales and they are present in more than 50 countries. The case study identifies the internationalization theories the company followed and the importance of the international fairs for the opportunities it provided and the partnerships it enabled. It also focuses on the difficulties Castelbel faced in the process of going global and how they manage to keep international competitive advantage. Castelbel´s Case study allows to understand how a Portuguese SME was able to place themselves internationally, maintaining the tradition and innovation.
- Predictive performance and interpretability of machine learning models in renewable energy venture capitalPublication . Micheloni, Matteo; Shuwaikh, FátimaThis paper explores whether machine learning (ML) models can provide superior predictive accuracy compared to traditional linear approaches in forecasting the success of venture capital (VC) investments in renewable energy startups. Relying on a unique dataset covering several decades of investments, the study benchmarks a broad range of models, from classical statistical methods to advanced ensemble and gradient boosting algorithms. The analysis shows that modern ML techniques consistently outperform linear baselines, offering more reliable and robust predictions. Ensemble and boosting methods, in particular, demonstrate strong generalization capabilities, while simpler classifiers struggle to capture the complexity and heterogeneity of venture capital data. Interpretability is ensured through SHAP (SHapley Additive exPlanations), which highlights the structural drivers most consistently associated with startup success. Deal characteristics, especially financing structures and stages of investment, emerge as the most influential predictors, together with investee-related attributes. Notably, early-stage equity deals and unstructured venture capital investments are systematically linked to higher risk. The findings contribute to the literature by combining predictive performance with interpretability, demonstrating that ML can uncover consistent structural patterns in renewable energy venture financing. For practitioners, the study provides evidence-based insights to improve capital allocation decisions, reduce uncertainty, and support the scaling of green technologies. By bridging methodological innovation and sustainability challenges, this research emphasizes the growing role of data-driven approaches in advancing the global energy transition.