ESTG - Mestrado em Negócios Internacionais
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- Cross-Cultural Comparison of the Impact of Product Packaging on Consumer Behavior in Portuguese and Czech Republic marketsPublication . Novo, Tiago António Rosa; Crespo, Cátia Claudemira Cordeiro FernandesPackaging is a key tool for brand communication and consumer engagement, as it can contribute to brand emotional connection by establishing trust and embedding narratives that resonate with consumers, enhancing their overall satisfaction. This satisfaction is crucial for brand success, influencing consumer loyalty and the perceived value of products, and is particularly important in global markets, where cultural differences affect consumer preferences and behaviors. Understanding these dynamics is vital for businesses aiming to thrive in diverse cultural contexts. The study focuses on the Portuguese and Czech market and investigates the impact of the product packaging on consumer behavior. The methodology mainly included a quantitative survey methodology, gathering data via a self-administered questionnaire distributed online in both Portuguese and English. The analysis of the data was conducted using PLS-structural equation modeling. A total of 160 responses were collected, and findings show that for Portuguese consumers, product packaging is able to evoke brand emotional connection and brand identification, subsequently enhancing customer satisfaction and purchase intention. However, for Czech consumers the impact of product packaging on brand emotional connection is not significant. The results offer support for the assertion that companies should tailor their packaging strategies to align with these cultural inclinations to foster consumer engagement.
- Business plan for the internationalization of a web application in the Spanish livestock auction marketPublication . Malheiro, Sara Filipa Quintanilha; Lisboa, Inês Margarida CadimaThe present project work consists of the application of a case study, using the elaboration of a business plan for the internationalization of a web application for the creation, management, and invoicing of livestock auctions. The main objective is to analyze the economic and financial viability of the business idea using some financial indicators. For the development of this business plan, an adaptation of the methodologies of Deloitte & Touch (2003), Harvard (2007), and Ernst & Young (2009) was made. The application of the case study aims at the practical application of the theory learned in an academic context, which will be the subject of a literature review. Based on the various assumptions of the financial information, it was possible to conclude that the internationalization of the product in question to the Spanish market is economically and financially viable.
- Sustainability Report in order to Improve Energy Efficiency in Indian IndustryPublication . Subramaniam, Akhil; Eugénio, Teresa Cristina Pereira; Manso, Ricardo Miguel da RosaElectricity is an indispensable resource in today’s world, not the least of which because the business community is shifting toward the digital environment and every sector is dependent on digitalization and other modern technologies that consume ever more electricity. To meet the demand, most of the world’s electricity is produced in thermal plants burning coal, which exacerbates their carbon footprint and degrades the environment. The emissions of carbon dioxide and greenhouse gases create more and more imbalances and instability in the climate (inconsistences in weather) ( Harvey, 2018). Sustainable methods of producing electricity are required. Wind power and photovoltaics are two examples of sustainable power that can be used to replace fossil fuels. Governments and private companies are investing collaboratively to encourage the use of renewable means (hydro, wind, solar, biobased, and geothermal energy). In this context the objective of this study is to contribute to the debate of how can we promote the installation of renewable energy systems in companies. To this end, this study focuses on sustainability reporting of Indian companies. In particular, their energy disclosure in order to improve energy efficiency and auto sufficiency. A content analysis of the sustainability reports and some statistical tests were conducted to better understand what Indian companies disclose about energy and whether there is a relationship between the disclosed information. The findings led to the conclusion that out of the sample analysed, 10 % do not disclose any information on energy. The most reported information refers to “Energy Disclosing company's energy policies” and “Conservation of energy in the conduct of business operations”. Also, when companies disclose about “Energy consumption outside of the organization” they also disclose about “Energy consumption within the organization”. The same with “Reductions in energy requirements of products and services” and “Reduction of energy consumption”. In other words, there is a correlation in the disclosure of these topics. Most reports reveal the preference of companies to use solar energy (70%). The electricity price can also be an important variable in this role. This shows that most of Indian companies are concerned about reporting information on their energy management, but there is still a lack of information and a long way to go to achieve excellence in energy efficiency. This is an exploratory study that intends to open doors for a deeper dialogue on this sensitive and important subject, being on the table of any state meeting the energy sustainability of countries and in turn of companies and society. The importance of government/policy policymaker’s mote clean energy and fulfil the demands of electricity in all sectors will promote long-term economic growth. It is important that legislative changes to move obstacles and boost the adoption of renewable energy in the future. So, this study can be a practical contribution to this debate.
- Strategic Transitions in Expansion: Analyzing the Efficacy of Chosen StrategiesPublication . Ribeiro, Marcella Alves; Crespo, Cátia Claudemira Cordeiro FernandesThis dissertation investigates thought a case study the impact of the chosen business expansion to the European market strategy on company performance and success, focusing on Clockworx Solutions, a British Orchestration solution provider expert on mining and manufacturing industries and expanding into logistics and healthcare industries. The study explores the effectiveness of Clockworx's chosen strategy during its expansion and assesses whether alternative strategies could have yielded better results and its impacts on performance. The research encompasses a theoretical framework on business strategies, including the Resource-based View (RBV) and emergent versus deliberate strategies, and examines organizational performance metrics. The study accesses the Balance Score Card to measure the impact of the chosen strategy on the organizational performance (evaluating among other aspects theteam alignment towards the chosen strategy). The methodology involves qualitative analysis through interviews with Clockworx's board management members. Findings contribute to understanding business expansion strategies, offering insights for strategic management in transitioning industries and the effect of it.
- The Influence of Generalized Institutional Inefficiencies on Firms’ Ownership Strategy in the MENA RegionPublication . Bouzamel, Youmna; Reis, Nuno Manuel Rosa dos; Santos, João Neves de CarvalhoThis study investigates the influence of generalized institutional inefficiencies on ownership strategy in the Middle East and North Africa (MENA). It also tests the moderating effects of informal institutional distance and experience on this relationship. Drawing on institutional theory, the study explores challenges faced by foreign firms that are unfamiliar with the institutional environment of the MENA region and examines their need to share ownership with a partner to access local knowledge and gain legitimacy. It also highlights the idiosyncrasies of the MENA region, and the interplay of formal and informal institutions. The empirical analysis is based on a sample of 1050 foreign firms with subsidiaries in 12 countries of the League of Arab State. It shows that firms facing high levels of generalized institutional inefficiencies are likely to choose more ownership in their subsidiaries, informal institutional distance and experience having no significant impact. Results shed light on potential underlying motives that shape firms’ ownership strategy in an effort to cope with generalized institutional inefficiencies.
- Integrating Sustainable Development Goals in corporate reporting: An international analysis of the financial sectorPublication . Ribeiro, João Paulo de Castro; Eugénio, Teresa Cristina Pereira; Santos, Eulália Maria Mota dosThe United Nations' Sustainable Development Goals (SDGs) represent an[t1] holistic framework aimed to foster global sustainability by 2030, spanning critical social and environmental objectives. Achieving these goals necessitates collaboration between governments and the private sector. However, the financial industry role in supporting SDG attainment remains a subject of exploration. This dissertation investigates the evolution of the SDG theme within the financial industry and explores potential disparities based on bank ownership. Utilizing textual analysis of annual and integrated reports from 2015 to 2022, drawn from a diverse database encompassing Latin American, American, and Asian banks, and considering bank ownership as an independent variable, this study addresses two key research questions: 1) How has the SDG theme evolved within the financial sector? and 2) Are there differences in the SDG disclosure on annual reports based on bank ownership? The study adopts a threefold analysis approach: first, individual assessment of each SDG; second, a holistic examination of all SDGs collectively; and third, categorization by environmental, social, and economic dimensions within the financial sector. Statistical analyses are performed using software tools like Microsoft Excel and IBM SPSS Statistics 28. These findings provide critical insights for policymakers, stakeholders, and financial institutions navigating the complex landscape of sustainable banking and disclosure. Applying Pearson correlation and t-tests to examine the inclusion of Sustainable Development Goals (SDGs) in banks' reports, the findings reveal a significant upward trend in SDG incorporation in the banking sector over time, particularly for SDG7 and SDG15. Public banks consistently mention more SDGs in their reports compared to private banks, when analyzed all SDGs collectively and when grouped by Environmental, and Social pillars. However, no significant differences were found when grouped by the Economic pillar.
- The Dos and Don’ts of Doing Business in UkrainePublication . Pankiv, Yuliia; Rodrigues, Susana Cristina Serrano FernandesDespite facing challenges arising from the ongoing conflict with Russia, the country's market size, abundant natural resources, and skilled workforce continue to attract foreign investment across sectors. Ukraine's transformative journey from a Russian sphere of influence to European integration, coupled with its candidacy for European Union membership and substantial progress in aligning with EU standards, adds a unique dimension to business prospects. Ukraine, with its diverse market, geopolitical significance, and evolving business environment, presents a unique set of challenges and opportunities for business ventures. Ukraine offers many opportunities across various sectors, including agriculture, manufacturing, IT, energy, and services, and serves as a crucial transit corridor for trade and travel between Europe, Asia, and the Middle East. The war has led to a significant refugee crisis, with millions of Ukrainians seeking refuge abroad, potentially impacting labour markets and consumer behaviour, while also offering opportunities for businesses involved in reconstruction and humanitarian efforts. In the last decades, the motivation to write this guide for foreigners interested in doing business in Ukraine has grown significantly. Although there is increasingly more information available about international business practices, there remains a noticeable gap in knowledge specific to Ukraine. To address this gap, this investigation undertakes a comprehensive examination of the dos and don'ts of doing business in Ukraine. The study employs a semi-structured interview approach, engaging with 12 foreign managers working in European companies that have maintained business operations in Ukraine. These interviews provide valuable insights into the unique challenges, cultural nuances, and market dynamics that foreign businesses encounter when operating in Ukraine. The results obtained from these interviews form the foundation for the development of a practical guide aimed at assisting foreigners in successfully navigating the Ukrainian business environment.
- The role of civil liberties and corporate social responsibility disclosure information in the fast-fashion sectorPublication . Medon, Nuno André da Silva; Eugénio, Teresa Cristina PereiraCorruption is widespread in developing countries, not because the culture of the people is different around the world, but because the conditions are conducive to it. The motivation of people in developing countries to earn income is relatively stronger, exacerbated by poverty, unemployment, and low wages. Political competition and civil liberties are often limited. Laws and ethical principles in public and private administration are underdeveloped and poorly prepared. The fast-fashion industry is at a crossroads where profitability meets the growing demand for transparency and social responsibility. This study analyzes data derived from fiscal transparency reports of 153 organizations from the Fashion Transparency Index, shedding light on the initial stages of the research about legitimacy disclosure information from 21 countries and the degree of freedom in these 21 countries. This research focuses on the information disclosed by fast-fashion companies and carries out a critical analysis to determine which of the Economic, Social, and Environmental pillars is most important on CSR reports, looking at the impact that civil liberties can have on organizations. The findings support that fast-fashion companies engage in disclosure practices to legitimize their operations and respond to the pressures of global freedom movements and tactics. However, these practices may not always reflect complete transparency and realism. This study highlights the importance of civil liberties in promoting CSR disclosure and sheds light on the theoretical and practical implications of this relationship for society, business, and government. By elucidating how fast-fashion companies leverage legitimacy and respond to social movements in their disclosure practices, this research aims to make a meaningful contribution to the broader discourse on corporate transparency, sustainability, and responsibility.
- Enhancing Western E-commerce Expansion in China: Navigating Technical and Cultural Challenges through Effective Web DesignPublication . Campos, Cilene Ramaldes; Rodrigues, Susana Cristina Serrano FernandesThis master's dissertation explores the strategic use of website design to overcome challenges associated with Western e-commerce expansion into China. It investigates two primary dimensions: technical and cultural adaptation. Many Western e-commerce platforms have struggled in China due to inadequate adaptations to local market expectations. The research aims to provide valuable insights and practical guidance for Western e-commerce businesses aspiring to succeed in the Chinese market. It focuses on website design because of the crucial role it plays as a main tool for E-commerce companies to successfully reach its clients. At the same time, the research bridges a gap in the existing literature, which have predominantly focused on macro-level market strategies and regulatory considerations. The central research question driving this investigation is: to what extent does the alignment of website design with local cultural and technical contexts affect the success of Western e-commerce businesses in China? Employing a qualitative method of content analysis, the study evaluates 24 Western E-commerce companies based on a complementary cultural framework drawn from Hofstede’s (1980) and Schwartz’s (1992). To see the impact of the prominent depiction of local cultural and technical dimensions on the website performance metrics (traffic, pages viewed per visit, visit duration and bounce rate) a composite variable called ‘‘adaptation score’’ was calculated for each 24 Western E-commerce’s American websites and their overseas Chinese counterpart. Statistical analysis using IBM SPSS software reveals significant differences in the portrayal of Hierarchy and Harmony cultural dimensions through independent samples t-tests. Moreover, MANOVA confirms a significant association between adaptation levels and E-commerce website traffic and pages viewed per visit, offering empirical support for the significance of aligning the website design with the cultural and technical context of the target country.
- Financial Reporting Quality Impact on the Firm’s Capital StructurePublication . Reis, Carolina Pereira; Lisboa, Inês Margarida Cadima; Costa, Magali PedroPast literature on capital structure has demonstrated that firms’ financing decisions play a crucial role in their performance and longevity. Accordingly, researchers have often addressed this subject to understand why firms opt for either debt or equity financing. Most research suggests that capital structure is predominantly determined by two elements: the firms’ internal and external characteristics. In this study, we investigate the possible impact of the quality of financial information that has been frequently neglected. Since financial reports are the principal basis for most financial decisions, their quality and information heavily influence capital structure choices. However, some managers have been known to resort to earnings management practices during times of financial hardship, to conceal difficulties and maintain a facade of growth and stability for stakeholders. Such practices compromise the quality of financial information, possibly hindering financial decisions. Therefore, this study aims to investigate the potential impact of financial reporting quality on firms’ capital structure. Our hypothesis is tested using an unbalanced panel sample of 414 firms from four European stock exchanges between 2013 and 2022. To evaluate capital structure, we employ total and maturity debt ratios, based on book and market values, to achieve a more comprehensive result. Financial reporting quality is also evaluated through multiple proxies, such as accruals quality, smoothness, timeliness, and accounting conservatism. Our empirical regressions were estimated through the fixed effects and the OLS models. The global analysis revealed mixed findings, with three variables of financial reporting quality exhibiting a positive impact on debt (accruals quality, smoothness, and accounting conservatism), while the remaining proxy presented a negative impact (timeliness). Further analysis also indicates that companies affected by Troika policies experienced a contrasting effect of timeliness on debt, while the other firms displayed results consistent with the global analysis. Moreover, both firm-specific and macroeconomic factors exhibited substantial statistical significance in influencing debt in all the estimated models. These conclusions broaden our knowledge on factors that define capital structure, as well as the relevance of financial reporting.