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Procter & Gamble (P&G) was founded in 1837 and is headquartered in Cincinnati, Ohio, USA. It is one of the giants of global consumer goods companies. The company has a high reputation in the daily chemical market, with factories and branches in over 80 countries worldwide. Its products from over 300 brands are sold in over 160 countries and regions, including shampoo, hair care, skincare products, cosmetics, baby care products, women's hygiene products, pharmaceuticals, fabrics, home care, personal cleaning products, etc. However, in the context of globalization and the global pandemic, maintaining a competitive advantage in the industry for a long time remains a huge challenge. The article analyzes P&G 's financial data and draws conclusions that will help evaluate its value and future positioning. A comparison between the intrinsic values from three valuation models as of December 31, 2023, will provide valuable information for investors and serve as a reference for the operation and development of other similar companies.

This research focuses on Nike, Inc., an American multinational corporation and global leader in the design, marketing, and sale of athletic footwear, apparel, and equipment. The study executes a financial valuation of Nike with the objective of estimating its intrinsic value and comparing it with the market value as of May 31st, 2023. The analysis combines a review of the company's overall strategic positioning in the industry and its historical financial performance. The methodology involved the reorganization of financial statements, the calculation of key financial metrics (NOPLAT, FCF, ROIC), the estimation of the cost of capital (WACC) using CAPM, and the application of valuation models based on discounted cash flows (Enterprise DCF, APV, DEP). The results imply that, as of May 31st, 2023, Nike's estimated intrinsic value was between $54.94 and $59.23 per share. Comparing this to the market price of $105.26 on the same date, the analysis concludes that Nike shares were significantly overvalued. The sensitivity analysis highlighted the vulnerability of the valuation to changes in the market risk premium and the perpetual growth rate. It is concluded that, despite Nike's strong market position, effective management of external risks, and maintenance of financial discipline are crucial to its future value.

This dissertation investigates the implementation of gender mainstreaming in career development in the Macao Public Security Police Force, specifically how the institutional policies and socio-cultural contexts interact within and influence careers in a traditionally structured organization. The study utilizes the Theory of Planned Behavior (TPB) to explore the impact of Attitude, Subjective Norms and Perceived Behavioral Control in influencing career development outcomes. Adopting a qualitative approach, utilizing policy analysis with in-depth interviews to identify gaps in academic studies and assess the effectiveness. Findings demonstrate that while some progress is observed, highly entrenched biases and traditional views of roles remain present and pose significant challenges. Police officers throughout the organization expressed a desire for reducing structural barriers, and enhancing support for employee work-life balance to benefit all personnel. By analyzing the local conditions in Macao and reflecting on relevant global practices in gender mainstreaming, this study concludes that sustainable equality in the workplace requires a balance of institutional and cultural factors, including organizational policies, workplace norms, gender stereotypes and societal expectations. In essence, the study contributes to the multidimensional discussion on how we can all leverage positive practices and offers valuable advice on improving workplace equality.

"The advent of the metaverse heralds a new era of unparalleled potential within digital ecosystems, significantly transforming industries such as tourism. This study explores the profound changes in tourism marketing induced by the metaverse, particularly through a focused examination of Macau's strategic initiatives. Predicated on the belief that immersive technologies like Virtual Reality (VR) and Augmented Reality (AR) are driving a marketing paradigm shift, this research clarifies the theoretical foundations and practical impacts of metaverse marketing in enhancing the tourism experience. Employing mixed-methods research combining qualitative and quantitative approaches, the analysis showcases Macau's utilization of metaverse marketing to bolster value creation and competitive positioning in the tourism sector. Findings indicate that metaverse marketing profoundly influences consumer behavior, highlighting nuanced consumer journeys within the virtual tourism market. Macau's case illustrates the success of its meta-universe initiatives and benchmarks them against global practices to extract sustainable competitive advantages and strategic insights. The study aggregates the marketing experiences of metaverse practitioners, revealing transformative effects on stakeholders ranging from revelant industries. It notes that while metaverse marketing provides some convenience for small and medium-sized enterprises (SMEs) in tourism, it lacks long-term effectiveness. Commending Macau's innovative approach in the meta-universe, the research outlines directions for future efforts and contributes to the burgeoning literature on metaverse marketing, offering actionable recommendations and underscoring the imperative for ongoing innovation in this dynamic digital realm."

The purpose of this thesis is to assess how the use of prefabricated components alters management practices in fit-out projects and to propose effective adjustments based on real-world evidence. Focusing on the renovation of the Venetian Cotai Arena in Macau, conducted between January and October 2024, this study aims to help project managers anticipate and overcome the unique challenges introduced by prefabrication, especially in areas such as supply chain coordination, cost control, quality assurance, workforce management, and communication. Driven by rising labor costs and growing quality demands in Hong Kong, Macau, and Mainland China, prefabricated construction has emerged as a promising yet complex solution for interior fit-out projects. Despite its theoretical advantages—such as time efficiency and standardized quality—this research finds that practical management issues can offset these benefits if not properly addressed. The study adopts a qualitative case study approach, drawing on stakeholder interviews, internal meeting records, and dynamic cost analysis to investigate management failures and derive actionable insights. The findings reveal that delays in prefabricated material production and delivery were the root cause of construction inefficiencies. These delays disrupted work sequencing, led to labor idle time, and triggered costly overtime during final phases. Inadequate supplier capacity and outdated production processes contributed to this problem, while poor quality control caused dimensional mismatches and on-site rework. Cost analysis confirmed that rework expenses reached over MOP 22 million, while material and labor costs also significantly exceeded the original budget. Labor inefficiencies—driven by untrained workers and uncoordinated instructions—added further financial and scheduling pressures. Warehouse mismanagement and unclear material labeling further delayed installation work and increased operational overheads. The study concludes that prefabrication success is contingent not only on technical design but also on the implementation of proactive management strategies, including early supplier engagement, accurate production planning, effective logistics labeling, and structured site-level authority. This thesis contributes practical guidance for future projects by demonstrating how targeted management adjustments—based on real case data—can reduce cost overruns, improve coordination, and increase overall project efficiency when using prefabricated components.

Against the backdrop of a deepening global concept of sustainable development, environmental, social and governance (ESG) elements have gradually risen to become key components of corporate strategic choices. Within the framework of China's ‘dual-carbon’ strategic goal, green investment, as a key path to promote sustainable development, has attracted widespread attention for its intrinsic driving mechanism. This study selects a sample of Chinese A-share listed companies between 2019 and 2023, and systematically analyses the impact of ESG-linked executive compensation on corporate green investment and its mechanism of action. By establishing a multiple regression model and applying the mediation effect and moderating effect analysis method, the following empirical results are obtained: First, ESG-linked executive compensation has a significant positive impact on green investment; Second, Environmental awareness plays a partially mediating role in the relationship between ESG-linked executive compensation and green investment, suggesting that ESG-linked executive compensation not only acts directly on investment decisions, but also indirectly promotes green investment by enhancing corporate environmental awareness; Third, the nature of enterprise ownership and industry characteristics have a significant moderating effect on this effect, compared with private enterprises, ESG-linked executive compensation promotes green investment in state-owned enterprises more obviously; at the same time, the sensitivity of high-pollution industries to ESG-linked executive compensation is higher than that of low-pollution industries, which suggests that ESG-linked executive compensation has a stronger ‘corrective’ effect in industries facing higher environmental risks. To ensure the robustness of the findings, the study was validated by replacing the dependent variable (EPI for environmental investment), replacing the empirical model (Tobit model), and dealing with endogeneity issues (lag analysis and propensity score matching method), all of which yielded results consistent with the underlying research hypotheses.

his study analyzes the effectiveness of Lancôme's localization strategy in the Chinese market, and explores how international brands can win recognition and achieve sustainable development in a highly competitive market. Against the backdrop of a fast-growing Chinese cosmetics market that is facing the challenges of rising local brands, shifting consumer preferences, and digital marketing, the study employs the Howard Sheth model, combined with in-depth interviews with 16 female consumers, to analyze their purchasing decisions and feedback on localization strategies. The study finds that Lancôme's technological attributes and social media communication have significantly improved brand perception, but the issues of cultural adaptation and price sensitivity still need to be optimized. Consumers generally perceive its high-end technology positioning as contradictory to local needs, and suggest differentiated pricing, deepening of local cultural elements, and emotional marketing to enhance affinity. The conclusion suggests that international brands need to find a balance between ""high-end technology"" and ""local affinity"", and respond to the complex challenges of the market through flexible pricing, in-depth localization and upgrading of the omni-channel experience.

This study provides an empirical assessment of public servants’ integrity in Macao’s public sector, exploring how integrity is perceived, practiced, and promoted amid Macao’s unique administrative and socio-cultural context. Drawing on in-depth, semi-structured interviews with ten public servants from diverse departments and hierarchical levels, the research adopts a qualitative approach guided by the Theory of Public Service Motivation (PSM). The findings reveal that integrity fundamentally prioritizes public interest above personal gain, grounded in honesty, self-discipline, and ethical commitment. While organizational missions and formal codes offer guidance, individual values, professional ethics, and personal motivation are central to upholding integrity. Key enablers include mission-driven values, ethical leadership, supportive organizational culture, non-monetary incentives, and recognition. However, integrity is undermined by inconsistent ethics training, weak supervision, ineffective reporting mechanisms, and cultural factors such as close social networks and fear of retaliation. The effectiveness of mechanisms, such as internal regulations, anti-corruption agencies, and ethics training, varies across departments, often hindered by procedural gaps and societal norms. The study concludes that sustaining integrity in Macao’s public sector requires strengthening ethics education, enhancing leadership and culture, improving internal systems, and addressing systemic and societal risks. Limitations include the small, non-generalizable sample and focus on qualitative insights. Recommendations are targeted at policymakers, the supervisory institution, the Commission Against Corruption (CCAC), and institutional leaders for future reforms.

This study explores the influence of social innovation facilitated through incubation programs on advancing Sustainable Development Goals (SDGs), specifically SDG 8 Decent Work and SDG 17 Partnerships. Employing a qualitative research approach, the investigation involved analyzing the perspectives of 9 participants from Epark Incubation, representing diverse enterprise. Semi-structured interviews were conducted to examine how social innovation within these incubation initiatives contributes to value co creation and supports the achievement of these SDGs. Out of the initial participants, nine were successfully interviewed, providing rich insights that addressed the core research questions. The qualitative data reveal that the provision of cost-reduction platforms to incubators plays a crucial role in fostering sustainability, which subsequently leads to job creation. This underscores the effectiveness of cost-efficient support mechanisms and providing training through a mentorship in driving decent work and economic growth (SDG 8). Findings also emphasize the importance of digital training, including artificial intelligence (AI) skills, and the enhancement of resource pools to strengthen networks among incubates enterprises. Moreover, the research identifies significant challenges such as funding gaps, cultural frictions, and regulatory barriers. To address these issues, it recommends integrating digital training aligned with current technological trends and navigating policy environments to facilitate easier access to funding for the incubatees. Establishing structured communication frameworks-through workshops, seminars, and benchmarking-can also help mitigate cultural frictions. 3 Looking ahead, the study suggests that future research should focus on diversifying funding sources beyond traditional capital, particularly for technology-driven incubator. Exploring impact investment models, developing crowdfunding platforms tailored for social enterprises, and advocating for government incentives to support social innovation are vital strategies. While the training-to-placement model has demonstrated effectiveness, scaling these programs and adapting them to emerging skill gaps is essential to maintain relevance in a rapidly evolving digital economy.

This dissertation investigates the challenges and opportunities for implementing sustainable tourism practices in Macau from the perspective of tourism operators. With Macau's economy heavily reliant on its vibrant tourism industry, particularly the gaming sector, the rapid growth has led to significant environmental and social impacts, raising concerns about long-term sustainability. This study aims to identify the barriers preventing operators from fully embracing sustainability, such as high implementation costs, a perceived lack of robust governmental support, and insufficient knowledge among stakeholders. Concurrently, it explores the potential avenues for sustainable tourism development, including enhanced collaboration, improved financial incentives, and strengthened environmental legislation. Through qualitative interviews, the research provides a comprehensive understanding of the current landscape. The findings reveal that while operators acknowledge the importance of sustainability, practical and policy-related hurdles persist. The study concludes with actionable recommendations for policymakers and tourism operators to foster a more sustainable and resilient tourism sector in Macau, capable of withstanding global shocks and ensuring long-term prosperity without compromising its unique cultural and natural assets. 本論文調查了實施的挑戰和機遇 從旅遊經營者的角度看澳門的可持續旅遊實踐。 隨著 澳門的經濟嚴重依賴其充滿活力的旅遊業，特別是 遊戲行業的快速增長給環境和社會帶來了重大影響， 引起對長期可持續性的擔憂。 這項研究旨在確定障礙 阻止運營商充分接受可持續性，例如高實施率 成本，被認為缺乏強大的政府支援，以及知識不足 在利益相關者中。 同時，它探索了可持續的潛在途徑 旅遊業發展，包括加強合作，改善財政激勵措施， 並加強了環境立法。 透過定性訪談， 研究提供了對當前格局的全面瞭解。 這 調查結果顯示，雖然運營商承認可持續性的重要性， 實際和政策相關的障礙持續存在。 這項研究以可操作的結論 對決策者和旅遊經營者的建議，以促進更可持續的 澳門有彈性的旅遊業，能夠抵禦全球衝擊和 在不損害其獨特的文化和自然的情況下確保長期繁榮資產

The Estée Lauder Companies (EL)is a global leader in prestige beauty. They build consumer-beloved brands that manufacture, market, and sell exemplary skin care, makeup, fragrance, and hair care products, and serve as a steward of luxury and prestige brands globally. Today Estée Lauder's skin care, makeup and fragrance products is sold in more than 150 countries worldwide. But sustaining its competitive advantage represents an everyday challenge, due to the fierce competition that characterizes the beauty and cosmetics industry worldwide. Therefore, the thesis analyzed the financial statements of Estée Lauder Companies for the past five years (2019-2023) and forecast the business performance for the next decade (2024-2033). After that, it will calculate the intrinsic value of Estée Lauder as of December 31, 2023, and compare it with the stock market price on that day. This comparative analysis is helpful for judging whether the market price of the company's stocks truly reflects its actual value. Another objective is to explore and analyze the internal and external factors influencing the company and its future strategic planning, thereby providing important information for the sensitivity analysis of stock prices. Through this analysis, the potential impact that these factors and strategies may have on the future price of stocks can be reflected, providing an important basis for investors' decision-making. 雅诗兰黛公司（EL）是全球高端美妆领域的领导者。他们打造深受消费者喜爱的品牌，生产、营销和销售卓越的护肤品、彩妆、香水和护发产品，并在全球范围内担任奢侈品和高端品牌的守护者。如今，雅诗兰黛的护肤品、彩妆和香水产品在全球 150 多个国家销售。 但要保持其竞争优势是一项日常挑战，因为全球美容和化妆品行业竞争激烈。因此，本文分析了雅诗兰黛公司过去五年（2019 - 2023 年）的财务报表，并预测了未来十年（2024 - 2033 年）的业务表现。之后，将计算截至 2023 年 12 月 31 日雅诗兰黛的内在价值，并将其与当天的股票市场价格进行比较。这种比较分析有助于判断该公司股票的市场价格是否真正反映了其实际价值。另一个目标是探索和分析影响公司及其未来战略规划的内部和外部因素，从而为股票价格的敏感性分析提供重要信息。通过这种分析，可以反映出这些因素和策略可能对股票未来价格产生的潜在影响，为投资者的决策提供重要依据。

"This study addresses the challenges of multidimensional nonlinearity and multifactorial influences in stock market prediction by proposing a dual-channel deep learning framework based on BERT+BiGRU+Attention (BBA), which integrates investor sentiment analysis with temporal trading data dynamics. Leveraging crawled data from platforms such as East Money Stock Bar, we analyze 30,000 investor comments on Tsingtao Brewery (600600) and corresponding trading records (2010- 2021). Key innovations include: A domain-specific financial sentiment lexicon enhanced by BERT for contextual text vectorization, coupled with BiGRU-based temporal feature extraction and attention-driven keyword focus.Test the rise and fall pages of stocks using stock reviews"

This paper explores the entrepreneurial perception and challenges of African students from Portuguese-speaking countries (PSC) in Macau, adopting a qualitative research method and conducting in-depth interviews with ten students from this geographic area to understand their Perceptions and challenges towards the entrepreneurial field. This study is significant because it enriches the theoretical guidance framework. Moreover, it helps future researchers utilize valuable data for their research in the field with many samples. The insights obtained from this paper might inform policymakers and universities about the necessary framework to support international students, especially African students from Portuguese-speaking countries, in a way that can encourage them to pursue entrepreneurial opportunities. In-depth interviewing is the primary method for data collection. The thematic content analysis (TCA) An approach is utilized to analyze the data from interview transcripts. Existing research illustrated students from this geographic area's entrepreneurial perception and challenges, as well as their aspirations and intentions as planned after their study. From the point of view of the researcher's interview with his sources, the researcher discovered that there is no opportunity for them to pursue an entrepreneurial career in Macau, which means that, after their study, they will return to their motherland. III In conclusion, based on the findings, understanding the entrepreneurial perception and challenges Students from this geographic area can help to provide support from the local Government and Universities, based on their field of study in a way they can have the opportunity to explore practical experience in a working environment for their personal and professional development.

This study focuses on the influence of online review quality on tourism intention, with destination image as a mediating variable, in the context of the rapid rise of internet content platforms like Red Book and Douyin. The platforms like Red Book and Douyin play an important role in shaping travel behavior, as potential travelers frequently rely on user-generated content (UGC) to find information about travel destinations, plan their trips, and form perceptions of destinations. Through a comprehensive review of existing literature and the application of structural equation modeling (SEM), the study reveals that the cognitive and affective image of destination are significantly influenced by the quality of online reviews, which in turn impacts overall destination image and tourism intention. The findings demonstrate that higher-quality online reviews — those that are timely, sufficient，helpful, and credible — not only enhance the cognitive understanding of destinations but also evoke stronger emotional connections, ultimately fostering a higher likelihood of travel intention. Moreover, the study highlights the mediating role of destination image during the process where online review quality influences tourism intention. These results offer critical insights for destination marketing organizations (DMOs) in conducting tourism marketing to attract tourists by strategically enhancing the quality and authenticity of online reviews. The study also identifies limitations in sample selection and mediating variables, providing directions for future research in the fields of online content, destination image, and tourism behavior.

This paper focuses on the Macao supermarket industry as a research subject, employing a qualitative methodology that includes in-depth interviews with human resource managers and operational store managers to identify the factors influencing employee retention. The primary data collection method utilized is in-depth interviewing, complemented by thematic content analysis (TCA) to interpret the insights gathered from the interview transcripts. While existing literature has identified eight key factors affecting employee retention in the supermarket sector, this study uncovers three additional factors that significantly impact retention within the context of Macao's unique market environment. Supermarkets are vital to Macao’s economic development, with 26 distinct brands operating in 175 stores. However, these establishments face profitability challenges attributed to rising voluntary employee turnover. Grounded in Herzberg’s two-factor theory of motivation, this qualitative multiple-case study aims to explore the strategies employed by supermarket managers to mitigate voluntary employee turnover and enhance workforce stability. The findings will contribute to a deeper understanding of retention dynamics in the supermarket industry and provide actionable insights for improving employee engagement and satisfaction.

This dissertation examines the customs procedures governing trade in Macao, a Special Administrative Region of China, focusing on their role in facilitating trade within the Greater Bay Area. Adopting a qualitative approach, the study conducts in-depth interviews with stakeholders, including local businesses, customs officials, and trade experts, to identify factors affecting the efficiency and transparency of customs processes, such as clearance, licensing, and declarations. The research is significant as it enriches the theoretical framework of trade facilitation in Macao, where literature is scarce, and provides practical insights for customs authorities and traders. Findings reveal bureaucratic complexities, technological gaps, and documentation burdens, particularly impacting small and medium enterprises. Three additional factors influencing trade efficiency—regional integration, stakeholder coordination, and policy alignment—are identified. The study recommends streamlined licensing, enhanced digital systems, and SME-focused training to foster sustainable trade development. These insights offer actionable guidance for policymakers and practitioners to strengthen Macao’s position as a regional trade hub.

This study investigates and analyzes the behavioral intentions of consumers in Guangdong region towards All-Electric Aircraft (AEA) within the theoretical framework of the Theory of Planned Behavior (TPB), and uses Structural Equation Modeling (SEM) and SmartPLS to analyze the collected data. According to the existing literature, TPB and SEM have not been used to evaluate the electric aviation market in Guangdong region. The purpose of this study is exploratory, adopting a quantitative research method. Structured questionnaires are distributed to approximately 100 consumers in Guangdong to explore their overall cognition of electric aircraft, the factors influencing such cognition, and their willingness to use electric aircraft. The study finds that consumers’ attitude, subjective norm, and environmental concern have a positive impact on their adoption of the new AEA technology, while perceived behavioral control and perceived risk are found to have no effect on consumers. The results of this study provide valuable insights for airlines, aircraft manufacturers, and policymakers. By understanding consumers’ concerns and preferences, airlines can formulate more effective marketing strategies to promote electric aircraft. Aircraft manufacturers can utilize these findings to improve the design and performance of electric aircraft and address consumers’ concerns. Policymakers can formulate relevant policies to support the development and adoption of electric aircraft and promote the sustainable development of the aviation industry.

Amazon is a global leader in e-commerce and cloud computing that has continually proven that it can diversify its business model well beyond being just one of the world's largest online retailers. Study its financial results, strategic initiatives by SWOT Analysis, and access its market positioning in industry by using PESTEL Analysis and Porter’s Five Forces Analysis. In order to ascertain the intrinsic value and assess the future prospects of Amazon, the study then utilizes several financial models, Enterprise Discounted Cash Flow (EDCF), Adjusted Present Value (APV) and Discounted Economic Profit (DEP). The study presents Amazon is potentially overvalued (December 31, 2024).

Macao is a small city, and most businesses operating in Macao are small and medium-sized enterprises (SMEs). With personal data protection gaining increasing global attention, what impact does personal data protection law have on the operations of SMEs in Macao? What is the perception of the impact of the Personal Data Protection Law on the operation of Macao's SMEs? This thesis aims to make a corresponding analysis. The article examines Macao's current business environment and enterprise models, integrates data collected from SME surveys, and considers Macao's economic development trajectory before and after its return to China. It analyzes Macao's connections with Portuguese-speaking countries, the European Union, and the cities in the Guangdong-Hong Kong-Macao Greater Bay Area, which the Chinese government is actively developing. By studying the characteristics of personal data protection legal systems in various countries and regions and their influence on Macao, the paper provides recommendations for enhancing SMEs' awareness of personal data protection and leveraging personal data protection laws to improve business operations in Macao. 澳門是一個細小的城市，在澳門做生意的企業大多是中小企業，個人資料保護在全球日益受到重視，究竟個人資料保護法對澳門中小企營運又帶來甚麼影響 ? 澳門中小企營運過程中，對個人資料保護法影響認知有多少? 本篇論文將會作出相應分析，文章透過分析澳門現時具體營商環境及企業模式，結合透過中小企問卷調查搜集獲得之資料，以及澳門在回歸後，前後經濟發展歷程中與葡語系國家、歐盟、以及與現時中國政府大力發展之大灣區城市之聯系，分析各國家及地區的個人資料保護法律制度之特色以及對澳門之影響，最後就澳門中小企未來就加強中小企個人資料保護意識以及善用個人資料保護法律營商作出建議。

Management of people” and “enhancement of the system” are the focused aspects for improvement of the business operations in this thesis. A case study was carried out in the Facility Management department of a five-star hotel. A list of questionnaire was delivered to about 50% employees of the FM department for the purpose of identifying the awareness of the Organizational Culture. The result indicate that the “Work Process” and “Organization Climate” are the higher score elements than the “Leadership Style” and “Organization Value”. The results tell the management that people are reluctant to change the present work process and the leadership is not effective in the organization. The above issues represent the employees’ behavior and attitude which can affect the employees’ performance as well as the company’s operational efficiency. Suitable management techniques are applied to analyze the employees’ needs and group the people into passive and active attitude, then the appropriate motivation schemes are proposed aiming to improve the overall performance of different groups of employees. The latest technologies such as the Internet of Things (IoT) and 5G mobile communications are proposed for enhancement of the current FM systems aiming for the improvement on fast response, operational cost saving , carbon neutralization and comfort to customers. The proposed system enhancement also considers the minimal investment, so the system enhancement is mainly executed by software upgrade on the core system and replacement of the Smart Sensing devices. The hardware of core equipment can be re-used. AI technology is the future trend of operational improvement, it will be considered as the next step when AI become mature and standardized.