Abstract
Besides the extraordinary impact of Business Angels (BAs) as the leading contributors to fund entrepreneurship at the early stage, the value BAs perceive from their investment activity has not yet been fully explored. Based on a new holistic perspective resulting from marketing and consumer behaviour, this article builds on the concept of perceived investment value to create a new instrument that measures the overall value perceived by BAs in their investing activity. Data were collected through a survey questionnaire with 849 BAs from 79 countries. The instrument created was tested through Structural Equation Modelling. The results reveal that: (i) BAs are not purely financial investors and expect more than just money from their activity, as self-esteem, entrepreneurship, emotion and altruism are the main dimensions that explain angel perceived investment value (APIV), with economic and functional dimensions being the least influential; (ii) APIV positively influences their job satisfaction; and (iii) angels satisfied with their jobs are more likely to reinvest their money and engage in positive word-of-mouth. A multigroup comparison was implemented, validating the results for males and females, novices and veterans and light and heavy investors.

Abstract
The consumption of plant-based beverages has seen a substantial increase in Portugal, which reflects the consumers changing eating habits, due to their growing ethical and environmental concerns. This study takes into account a specific Portuguese brand of plant-based beverages and empirically tested, using the PLS-SEM technique, a conceptual model to analyze the impact of perceived value, brand equity and satisfaction on loyalty intentions of Portuguese plant-based beverages' consumers. Based on 216 responses to a survey questionnaire, both the perceived value and the brand equity of this plant-based beverage brand explain satisfaction and loyalty intention. Moreover, brand equity mediates the relationship between perceived value and satisfaction and loyalty intention being this indirect effect more relevant than the direct one.

Abstract
Although city branding is not new, the importance of sustainability and environmental demands is placing an enormous chal-lenge in city/place branding activities. As such, the aim of this article is to analyze how sustainable/green city/place branding is understood and what its main idiosyncrasies are. For that an exploratory literature review was implemented and 32 articles were analyzed. It is possible to conclude that there are three main strands covering the topic related to green, sustainable, and slow city (cittaslow) or place branding. Moreover, green resources are dealt with seeking to improve the image of the city, the quality of urban life, and the green spaces supporting the city as a tourism destination. Complementarily, sustainabil-ity embraces also economic and social aspects, which are not fully covered in the previous strand. Finally, the cittaslow perspective follows a sustainable perspective more closely than the green/environmental one. The three strands are very segmented and the stage of development is still in a growing up stage. The stakeholders play an important role in disclosing the natural resources, the environmental challenges for a city/place to develop a positive sustainable reputation. Finally, there is an important role from the public policy perspective to position the city as a green, sustainable place destination.

Abstract
PurposeIn a society that encourages consumption, attributes such as exclusivity and social recognition are important in what is intended to be restricted to a certain exclusive segment. Luxury is something that is more desirable than necessary. This study develops and tests a model that analyses the brand loyalty-risk relationship in the luxury watch market.Design/methodology/approachTo test the proposed research model, a sample of 306 international consumers and enthusiasts of luxury brand watches was collected. The data were analysed using structural equation modelling.FindingsThe results show that perceived quality has a negative indirect influence on brand risk and brand trust has a strong direct negative effect on brand risk. However, the findings also show that in the luxury market, the greater the affection for the brand, the greater the risk perceived by consumers.Research limitations/implicationsThe study was conducted in a single market, luxury watches and the sample includes both enthusiasts and consumers of the luxury brands.Practical implicationsManagers should be aware of the double-edged role of brand affect on brand risk. The quality of a brand and the trust in its promise decrease the risk to the consumer.Originality/valueThis pioneering study is one of the first to approach an underexplored topic as is the case of the risk associated with a brand in the context of the luxury goods market. Moreover, it relies on an international sample composed of consumers from several countries.

Abstract
To forestall future financial crises, risk governance has been embraced as a line of defense. Therefore, this paper seeks to synthesize the risk governance literature, identifying gaps, and suggesting direction for future research, through a systematic literature review (SLR). Analyzing 151 papers from the Scopus and Web of Science databases, this paper finds a steady increase in academic work on risk governance. Using the theory, context, characteristics, and methodology (TCCM) framework, the study emphasizes the importance of chief risk officers, geographical context coverage, and effectiveness and regulation of risk governance. Methodologically, endogeneity issues are a major concern for researchers, agency theory (AT) being the most popular theory used. Finally, moderating and mediating variables that affect risk governance are identified as important but under-explored. While providing practitioners and policymakers with a framework, empirical testing is encouraged. The study contributes to SDG Goal 8, Target 10 of strengthening financial institutions and promoting a resilient financial system.

Abstract
The implementation of lean principles in product development (PD) activities has been receiving increased attention lately. However, it is not clear how the application of these principles to PD activities enhances their effectiveness. Moreover, the implementation of lean principles is more difficult to achieve in PD activities than in the shop-floor context. The objective of this paper is to develop and implement a framework applying lean principles to the PD process. To that end, an action research project was conducted in the R&D department of an industrial company. This article presents and describes a six-step framework, its challenges, and main results. The implementation of the framework led to gains in the efficiency of the product development process through a 20% decrease in waste. Improvement measures such as standardisation, clear identification of roles, prioritisation of activities and improved efficiency of meetings were the main drivers for the gains in efficiency. Overall, three main contributions should be highlighted: the role a knowledgeable lean project leader can play; employee training focused on the implementation of lean-based product development activities; and team building and communication.