Màster Oficial - Empresa Internacional / International Business

URI permanent per a aquesta col·leccióhttps://hdl.handle.net/2445/151177

Treballs Finals del Màster Oficial en Empresa Internacional / International Business de la Facultat d'Economia i Empresa de la Universitat de Barcelona.

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How Can AI Facilitate the Development of Market Research Techniques by Comparing the Spanish and USA Insurance Sectors
(2025) González Fernández, Daniela; Montanera Mateu, Ramon
The integration of Artificial Intelligence (AI) into business processes is changing how companies carry out market research. In the insurance industry, where consumer behaviour, regulations, and market structures vary widely depending on the country, AI’s role in optimizing market analysis can be of great importance. However, there is limited research comparing how AI can enhance market research across different insurance markets. This thesis examines the Spanish and United States (USA) insurance markets, which present noticiable structural contrasts: the USA market is highly privatized and competitive, while the Spanish market is highly public sector-driven, especially regarding health insurance. These differences provide an opportunity to explore how AI can give custom, data-driven conclusions to better conduct consumer segmentation, pricing mechanisms, and brand positioning. Through this comparative analysis, the research aims to contribute to international business literature by showing how AI can improve market research techniques in various regulatory and economic environments.
Navigating the Shift from Industry 4.0 to Industry 5.0 : Managing Trade-offs for Sustainable Production
(2025) Neary, Lizabeth; Nascimento, Daniel Luiz de Mattos
Industry 5.0 (I5.0) compliments Industry 4.0 (I4.0) by introducing systemic sustainability, human-centricity, and resiliency shifts into production habits. As firms transition to I5.0, they face tensions between control and flexibility. Existing research lacks empirical guidance on holistically balancing these forces. Hence, this study explores how firms can navigate the trade off when implementing I5.0 technologies for sustainable production. A mixed-methods approach was applied, combining a Systematic Literature Review, Multiple Case Study, fuzzy DEMATEL analysis, and ontology map. Based on the three I5.0 pillars, thirteen criteria were evaluated to identify causal relationships and critical enablers for I5.0 success. Governance structuring was determined to be the most influential factor, creating ripple effects across other practices. The resulting ontology map serves as a guide for strategic pathway creation to manage I5.0 adoption. By integrating Paradox Theory with decision modeling, this study provides a practical framework to support a balanced approach for implementing I5.0
Measuring the Impact of Digitalization on Firm Performance : A Literature Review Towards an Integrated Framework and Recommendations for Future Research
(2025) Zawadzki, Luana; Calleja-Blanco, Jonathan
Digitalization has emerged as a critical driver of firm performance, reshaping how businesses operate, innovate, and compete. Digital technologies such as artificial intelligence, big data analytics and cloud computing offer new opportunities for enhancing operational efficiency, customer engagement, and financial growth. Despite its significance, the measurable impact of digitalization on firm performance remains subject of debate, with studies reporting both substantial benefits and notable challenges. This systematic literature review synthesizes existing research to analyse how digitalization influences firm performance across different business areas and identifies key performance indicators used to measure the respective effects. In aligning with Sustainable Development Goal 9 (Industry, Innovation, and Infrastructure), the review highlights the role of digitalization in fostering sustainable industrial performance. Finally, it identifies existing research gaps and suggests the need for a standardized performance measurement framework to better evaluate digitalization outcomes across industries.
Multilevel Dialectical Approaches in Organizational Management, Culture, and Technology : A Bibliometric Systematic Literature Review
(2024) Sánchez, Samantha; Armstrong, Ryan
This study examines how dialectical approaches, defined as the recognition, reconciliation, and integration of opposing elements, are conceptualized and studied in organizational contexts. Through a bibliometric-systematic literature review of 92 journal articles (2011-2025), this study maps how dialectical approaches and their conceptual proxies (paradox, ambidexterity) manifest in leadership, culture, and technology in business. The analysis uncovers four key clusters: (1) dialectical approaches enacted through internal and external leadership practices, (2) cognitive, cultural, and relational foundations of dialectical approaches, (3) structural and systemic expressions of dialectical approaches, and (4) dialectical approaches to managing and synthesizing technological tensions. Across the clusters, dialectics emerge as a mindset and organizational capability shaped by cultural contexts and technological pressure. Leadership plays a central role, enabling integration across opposing demands and fostering innovation, adaptability, and resilience. This study clarifies conceptual overlaps and divergences between dialectical approaches and related terms, offering a unified definition to guide this and future research. It proposes a multilevel framework that connects the cognitive, relational, and structural expressions of dialectical approaches in the literature. In addition, it outlines a research agenda to advance their theoretical and practical relevance in organizational studies. In doing so, dialectical approaches serve as a generative lens for understanding and navigating persistent tensions in contemporary business environments.
Exploring the influence of ESG Factors on the financial performance of a european companyies – a comparison between western and eastern Europe
(2024) Lierz Rifo, Enrique-Andrés; Alaminos Aguilera, David
The impact of Environmental, Social, and Governance (ESG) factors on European company financial performance is investigated in this master’s thesis. As interest in sustainable investment grows, existing literature offers conflicting conclusions about how financial measurements and ESG performance relate to one another. Particularly, no research has been done on regional variations inside Europe. To close this gap, data from 100 companies was analysed, equally split between Western and Eastern Europe. The study focuses on four financial variables using robust regression models to examine the influence of ESG scores. The results show no significant correlations between financial metrics and ESG factors. Western European companies however show better financial stability and ESG performance than their Eastern European competitors. This study highlights the need of regional context in ESGrelated financial performance, therefore offering insightful information to investors and legislators. Future studies should keep investigating these processes, especially with the evolving ESG reporting regulations
Enhanced real options valuation with Machine learning : Applied case to energy finance
(2024) Manotas Arroyave, Santiago; Alaminos Aguilera, David; Achcaoucaou Iallouchen, Fariza
This thesis explores real option valuation in the energy industry using deep learning methodologies. Despite the theoretical foundation of real options in financial analysis, their practical application in the volatile energy sector remains under-explored. This study bridges this gap by integrating advanced data science techniques with traditional financial models. Utilizing machine learning architectures, particularly deep learning, the study evaluates these models’ efficacy in capturing the uncertainties and dynamic investment opportunities in energy projects, comparing their performance against traditional financial approaches and integrating predictions within the Black-Scholes-Merton model. The empirical case focuses on the European energy generation industry. This research validates deep learning’s utility in enhancing cash flow prediction and optimizing investment decisions under uncertainty. The thesis contributes to finance, energy economics, and AI, providing valuable tools and techniques for industry practitioners and researchers.
Discounted cash flow (DCF) valuation of a multinational company – a case study of PUMA SE
(2024) Heddergott, Philipp; Kasperskaya, Yulia
Valuation is a central discipline in finance, with the Discounted Cash Flow (DCF) approach sometimes referred to as the “gold standard”. Despite extensive literature on DCF valuation, few studies explicitly tackle the complexities of extending this method to multinational enterprises (MNEs), which are increasingly influential. This master's thesis aims to fill this gap by applying the DCF valuation to the MNE "Puma SE", presenting these challenges in practice and providing solutions for them. The findings emphasize the need to accurately incorporate the unique characteristics of an MNE into the valuation model, considering the data availability. This involves, among others, a balanced use of aggregated and disaggregated free cash flows to the firm (FCFF) forecast, a careful selection of the length of the forecasting period and a precise estimation of the cost of equity. The overall DCF analysis for Puma SE indicates a slight undervaluation by the market as of 31.12.2023
The stem gender labyrinth: navigating barriers and unseen consequences for women
(2024) Eggle, Caroline-Lilleaker; Elgoibar, Patricia
This thesis inspects the present state of research on gender diversity in STEM based on a systematic literature review. Adopting an individual-centric approach, it builds on the work of several researchers to delve into women´s lived experiences in STEM careers. Key findings reveal that women in STEM face significant cultural, organizational and individual barriers leading to a variety of negative consequences. This study presents its findings through the creation of a framework, the “Wheel of STEM Gender Adversities”, illustrating the interrelated nature of these barriers and negative consequences. Based on these insights, this study offers recommendations for diversity initiatives aimed at fostering inclusive environments in STEM organizations. It emphasizes the necessity of proactive measures and a holistic approach to cultivate a workplace where female STEM professionals can flourish. Consequently, this study enhances the understanding of women´s experiences in STEM and serves as a practical guide for organizations seeking to improve gender diversity.
Navigating uncertainty: a strategic company analysis for fairplay management’s founders prospective exit
(2024) Martin, Jan-Ole; Sagarra Garcia, Martí
This master's thesis analyzes Fairplay Management, a German influencer marketing management agency. Operating in an industry with attractive growth, their service connects brands with their targeted audience through the exclusive management of digital creators. The agency´s founder is considering an exit within three to five years. To support this, the thesis conducts an analysis of the business, assessing potential impacts on valuation and suggesting improvements. By applying frameworks such as Porter’s Five Forces and SWOT, the case study evaluates Fairplay’s financial health, organizational structure, and market position. The aim is to identify strategies for risk reduction and value enhancement, providing a clear path for Fairplay’s future. The study offers valuable insights for other agencies with a similar positioning in the influencer marketing industry contemplating similar strategic decisions.
Understanding the Role of Board Gender Diversity in Firm ESG Score: A Comparative Study within Industries
(2024) Tjahjadi, Alicia Wynona; Sierra-Moran, Johana; Calleja-Blanco, Jonathan
While existing research has often focused on either specific industries or generalized findings across sectors, this study examines the impact of board gender diversity (BGD) on Environmental, Social, and Governance (ESG) performance across varied industry sectors in the European Union. The research finds robust support for a positive association between BGD and overall ESG scores, bolstered by Resource Dependence Theory and Critical Mass Theory. However, we argue that this association is more complex. For example, the existence of factors such as the industry sector in which firms operate may limit the benefits of diversity, which suggests that this association may differ according to the context. In fact, industry-specific analyses highlight distinct patterns: finance sectors demonstrate a linear correlation between BGD and ESG outcomes, while manufacturing sectors show nuanced relationships. Notably, the mining industry exhibits an intriguing pattern of ESG performance, peaking when women on boards are either a minority or a majority. This study underscores the strategic importance of gender diversity in enhancing corporate sustainability, advocating for tailored diversity strategies aligned with industry dynamics. Limitations include data temporality and regional specificity, suggesting opportunities for future longitudinal and comparative research on diversity's role in corporate sustainability strategies globally.
Virtual and augmented reality in business education : an investigation of use cases, opportunities, and gaps
(2024) Schüler, Hannah; Smirnova, Yelena
This case study investigates the effective implementation of Virtual Reality (VR) and Augmented Reality (AR) in business education, focusing on their opportunities, challenges, and existing practices across four business schools: INSEAD, NEOMA, IE University, and Tuck School of Business. Key findings include enhanced student engagement, development of soft and leadership skills, and safe, controlled learning environments. VR/AR also improve resource efficiency and enable personalized, data-driven learning. However, challenges such as high implementation costs, content creation complexity, and health concerns like motion sickness persist. Ethical issues, particularly data privacy, require further attention. The study underscores the need for integrating VR/AR with pedagogical frameworks and goals and recommends future research on VR/AR's effectiveness across diverse educational contexts, strategies to overcome student resistance, and addressing equity and access issues. This case study aligns with Kolb's experiential learning theory, emphasizing VR/AR’s potential to revolutionize business education while acknowledging existing gaps and challenges.
A Performance Analysis of Domestic vs. Foreign-owned firms: An Industry Approach
(2024) Álvarez Velasco, Eloy; Calleja-Blanco, Jonathan
The study aims to compare the differences in performance between foreign-owned firms, as compared to Spanish ones. Departing from different international business theories, the main assumption is that companies with foreign capital obtain higher levels of performance that the local counterparts. Using a sample of 22,210 firms from eight different sectors, very relevant for the Spanish economy, we analyze three different measures of performance: profitability, productivity and efficiency. The selected sectors belong to the industries of automobile manufacturing, construction, trade and tourism. Broadly, our results present a strong dominance of foreign-owned firms in profitability and productivity. However, in the efficiency analysis, foreign companies often being bigger in size obtain better output-oriented efficiencies, whereas smaller Spanish ones achieve higher results in the efficiency of their inputs. Also, the tourism sector show a higher strength among Spanish firms, likely due to the knowledge of the local context.
The impact of demographic factors on Flight shame. Research on a new phenomenon
(2024) Dekker, Julia; Calleja-Blanco, Jonathan
This study aims to gain new insights into the phenomenon of flight shame (‘flygskam’), a new phenomenon spreading among air passengers who are more aware of the climate consequences of their flying behaviour. In particular, the research shows new insights into demographic characteristics, with special attention to age. After revising the still scarce literature on the topic, an online questionnaire was implemented. The final sample consists of 228 individuals. The analytical framework was based on descriptive statistics and cluster analysis (k-means). The results showed that older individuals experienced more flight shame than younger ones. In addition, these respondents with higher awareness had a higher level of education and were more environmentally active. Income and gender were found not statistically significant, explaining awareness differences. The final finding was the correlation between green individuals and seeking alternatives. This study contributes to understanding flight shame by providing a new perspective on individual characteristics.
Exploring internal embeddedness in multinational corporations: A systematic literatura review from a network theory perspective
(2024) Ying, Chen-Kuan; Miravitlles Matamoros, Paloma
This systematic literature review explores the internal embeddedness within multinational corporations (MNCs) from a network theory perspective. The study aims to address the corrent gap in the literature concerning our understanding of internal embeddedness and focuses its attention on the relational network that links MNCs and subsidiaries. By reviewing publications from 2006 to 2023, we investigate the determinants of the evolution of MNCs’ subsidiaries in the market dynamics, and the effectiveness of the networking between each unit making up an MNCs. The analysis adopts a multi-step review approach, in order to shed light on corrent understanding of internal embeddedness, subsidiaries operations, and network interactions within MNCs. The findings contribute to developing a comprehensive framework for understanding the internal embeddedness in recent research, clarifying the definitions of internal embeddedness, and providing insights for future research and managerial practices in MNCs.
Resilience and efficiency during and after Black Swan events: An analysis of sourcing strategies in the fashion industry in the context of the Covid-19 pandemic
(2024) Casey, Colm; Salrach Ruiz, Daniel
The Covid-19 pandemic represented an unprecedented shock that companies had to manage. While companies have dealt with disruptions, there has not been something of this scale since the rise of globalisation. This study analyses the impact the Black Swan event Covid-19 had on the relationship between resilience and efficiency in company sourcing strategies. It examines different sourcing strategies' effectiveness in terms of resilience and efficiency, explores recommended strategies for preparing for such shocks, and assesses whether this advice is followed in the fashion industry post-Covid-19. This will highlight whether companies have learned lessons as to how exposed efficiency based global supply chains are. Or whether they returned to focusing mainly on cutting costs. This was achieved by doing an analysis of the literature on this topic, as well as a case study on Lululemon, a global player in the fashion industry.
The impact of institutional distance of the relationship between headquarters and subsidiaries: the effects of informal institutions
(2024) Bushkevich, Maryia; Miravitlles Matamoros, Paloma
Informal institutions have an impact on a lot of aspects of international business. This research focuses on the impact of informal institutions on the relationship between headquarters and their subsidiaries located in host countries. Informal institutions include societal norms, values, culture, language, communication style, and traditions. To comprehend the dynamics of this relationship, institutional theory, social exchange theory, and network theory are implemented. The study uses a systematic literature review, analyzing 43 articles. Findings emphasize that the HQ-Subsidiary relationship is greatly influenced by high informal institutional distance, having outcomes that are both positive and negative. The report offers advice to businesses on how to benefit from this distance and overcome the issues that may arise.
Impact investment intentions of Generation Z: exploring the factors that drive young private investors to decide for environmental, social and governance (ESG) funds
(2023) Weinbrenner, Hannah Lea; Sagarra Garcia, Martí
This study employs multiple linear regression analyses to investigate the factors influencing Generation Z's (Gen Z) intention to invest in Environmental, Social, and Governance (ESG) funds. By adopting an extended version of the Theory of Planned Behaviour (TPB) as the conceptual framework, a survey of 128 Gen Z individuals reveals that perceived ease of investing, social norms, attitudes, perceived financial performance, risk perception, and consumer effectiveness significantly shape their investment intentions (IINT) in ESG funds. On the other hand, trust and pro-social attitudes, as well as the demographic factors gender, and place of residence did not demonstrate a significant impact. As the first research to explore the motivational drivers of Gen Z in this field, this study fills a gap in the existing literature, providing valuable insights for companies, investment managers, and policymakers to tailor strategies that attract and engage this critical group of investors.
Exploring emotional validation in cross-cultural management: a case study
(2023) Daniel, Hannah Sophie; Armstrong, Ryan
Recent trends have shown increased prominence within the area of emotional validation as it pertains to workplace interactions. This thesis emphasizes the importance of applying emotional validation in cross-cultural management to improve employees' well-being and associated work performance. To deepen the knowledge of the role of emotional validation and crosscultural management, this thesis conducts a case study where employees from an internationally renowned company are asked to share situations in which they felt emotionally invalidated. The study's main findings reveal experiencing similar perceptions of emotional invalidation and emotions, regardless of the participants' cultural background. Still, variations in reactions and outcomes can be associated with cultural differences and the subjective perceiving of emotional invalidation. The study proposes practical measures for enhancing emotional validation recognition to establish international guidelines, stimulate cross-cultural sensitivity, and integrate supportive personnel. The results show that future research is necessary to explore diverse factors influencing behaviors at work.
Examining Algorithmic Bias in AI-Powered Credit Scoring: Implications for Stakeholders and Public Perception in an EU Country
(2023) Antonevics, Juris; Riambau Armet, Guillem
The presence of artificial intelligence (AI) in financial markets is becoming increasingly common, with AI algorithms used in fields as alternative credit scoring to render complex multifactorial decisions. However, concerns have been raised by agencies and researchers regarding the objectivity of AI based algorithms and their potential to perpetuate systematic inequalities among vulnerable populations. Through a simulation exercise using non-financial data, testing 126 application profiles, this research investigates the impact of AI in credit scoring, examining the presence of algorithmic bias and its implications for stakeholders. Additionally, it explores the perceptions of AI systems among the general population in an EU country surveying 144 individuals. Results from the simulation show presence of unequal treatment towards women applicants, making them less likely to get approved for a financial instrument compared to men. Furthermore, this study also reveals scepticism of general population towards automated decision-making systems and highlights their concerns about data privacy when interacting with AI systems.
Institutional influence on cross-border alliance development : Renault-Nissan strategic partnership
(2023) Dimitrova, Olga; Shijaku, Elio
Nowadays, strategic alliances are a valuable option for firms to pursue various benefits, including growth opportunities, risk hedging, etc. International alliances are of particular interest since represent one of the quickest ways to join a foreign market and can help with economies of scale as well as access to external resources. The Institution-based view depicts one of the strategic management lenses for the better examination of the strategic alliance activity. It has been agreed that institutions greatly influence performance rates, which are utilized for alliance assessment. Using the Renault-Nissan alliance, the prominent strategic partnership, as a case-study method object, this Master Thesis aims to analyse the institutional paradigm impact on the alliance development and contribute to deeper knowledge about both the Renault-Nissan partnership and the Institution-based view. Additionally, the framework of causal relations between the institutional influence, managerial decisions in response, and outcomes for the alliance is elaborated.

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