Search results

This chapter provides an overview of entrepreneurship clubs. It charts the development of these organisations, as a form of extracurricular activity. It introduces different forms of entrepreneurship clubs, such as Junior Achievement (JA) and Enactus, and explains how they grew from 1919 to the present. It also illustrates the differences between self-organised clubs, organised programs using clubs as a learning method, structured societies and nationally organised cooperative societies. The second part introduces research on student clubs in entrepreneurship education. It explores the benefits of clubs. It shows that clubs assist student learning, enable the acquisition of practical skills and improve college attendance, employment opportunities and career attainment. We argue that entrepreneurship clubs have improved student learning outcomes in entrepreneurship and simulated entrepreneurial learning, while impacting student self-efficacy and intentionality as well as improving employability and social learning. The final part of the chapter provides advice and tips for educators advising student-run entrepreneurship clubs. Ultimately, the chapter explains how student clubs have developed, why they are important for student learning and how advisors can support them.

Stirred by scant regard for market phases in portfolio performance assessments, the current paper investigates the active versus passive investment strategies under the bull and bear market conditions in emerging markets focusing on South Africa as a case study.

Methodologically, the measures of Jensen's alpha and Treynor index are applied to the monthly returns of 20 funds from January 2010 to June 2022.

The results are enlightening; though they contradict developed market evidence, they are consistent with emerging market trends. The findings show that actively managed funds outperform the market benchmark and passive investing style under bear and normal market conditions. Passive investment strategy outperforms both market benchmark and actively investing style under bull market conditions.

In the face of improved market efficiency, increased liquidity and recent technological impact, the findings of this study have practical application. The study outcomes should inform and update global investors, especially asset managers interested in emerging markets; however, the limitations of the study should also be considered.

While limited studies consider market conditions when comparing and contrasting the performance of passive versus active investing, such consideration is lacking in emerging markets. The current study corrects this literature imbalance.

The purpose of this study is to examine the management of cash waqf fund generation through the implementation of istibdal in Kedah.

The data are obtained through literature and empirical data. The authors first review the literature on the importance of waqf fundraising, the implementation factors of istibdal waqf and the relevance of istibdal method as a waqf fund generation medium to understand the extent to which the scholarly articles have discussed these topics. Furthermore, the authors conducted face-to-face interviews with two Kedah Islamic Religious Council (Majlis Agama Islam Kedah [MAIK]) officers, who were directly involved in the affairs of istibdal waqf to obtain holistic information regarding implementing istibdal waqf properties in Kedah. As a result, several themes are defined from the interview data before being analysed based on the content analysis method.

The results of the study show two istibdal implementation processes outlined by the Kedah Islamic Religious Council (MAIK), namely, the istibdal implementation process for waqf land registered title deed, and waqf land registered as reserve certificate for religious use like mosque and cemetery. The results also showed three factors in implementing istibdal in Kedah: the acquisition of waqf land by the state authority (PBN), istibdal application by the state education department (JPN) and istibdal application by the mosque committee. Out of eight cases of istibdal implementation, four have generated cash funds for MAIK through investment methods from the sale of waqf lands and rental of replaced shophouses that are able to cover the expenses of managing waqf properties in Kedah. Several suggestions are also recommended for MAIK to improve its istibdal policy, thus enabling the institution to generate cash waqf funds at the maximum rate.

This study only focused on the implementation factors and the generation of cash waqf funds through istibdal in Kedah, while it can be expanded to other states like Terengganu, Kelantan and Penang. Furthermore, this study only interviewed officers who manage matters related to the affairs of waqf properties, as the session can actually be extended to other respondents, such as those specialising in cash fund generation investments and others.

This study proposed some improvements to the policy and guidelines of istibdal waqf property to MAIK after a few shortcomings were identified throughout this study. If improved, these proposals will have a significant impact, especially on the waqf properties involved in the implementation of istibdal, where it has the potential to bring cash generation and ensure the constant economic value of waqf properties.

This study has a tremendous impact on society, in which their areas have cash waqf funds that can be developed. It can benefit the needy and increase funds for the welfare expenditure of Muslims through rental income, investment and development. Progress on waqf property provides a high indication of the efficiency of an organisation in managing the waqf property. Thus, the public, especially the rich, is motivated to fulfil their charitable practices through waqf mechanism and share their wealth with the needy.

This study contributes to comprehensive field data on the implementation factors and generation of cash waqf funds through the implementation of istibdal in Kedah. The results of this study are significant to be used by waqf property management.

After completion of this case study, students will be able to describe the funding path for start-ups, including the amounts and profiles of the usual investors or sources of funds, according to the moment in their life cycle and the characteristics of the initiative; highlight the challenges faced by start-up founders in weak entrepreneurial ecosystems and risky institutional environments; and argue in favor of or against different modes and typical instruments of venture capital (VC) investments in the early stages of new businesses, each of them different regarding dilutions, valuation potential, depth of negotiations and term sheets.

Asistensi, a technology and telemedicine start-up founded in 2020 in Venezuela by three entrepreneurs (Andrés Simón González-Silén, Luis Enrique Velásquez and Armando Baquero), raised US$3m in less than a year in a seed round in which it attracted the attention of professional VC funds such as Mountain Nazca, Alma Mundi Ventures and 468 Capital. Everything was set for launching operations in Mexico and the Dominican Republic in April 2021. However, a series of difficulties led to higher expenditure than planned, prompting the entrepreneurs to seek additional capital. The decision on the financial instrument to be associated with the potential valuation and shareholder dilution figures has been posed as a dilemma.

The case study focuses on understanding the start-up financing process. It can be used effectively in management- and finance-related subjects for graduate students taking introductory topics in entrepreneurship and entrepreneurial finance, as well as introductory executive education courses in entrepreneurship, entrepreneurial finance and VC.

Teaching notes are available for educators only.

CSS3: Entrepreneurship

We explore how sustainable management education (SME) can help prepare future leaders to manage crises effectively. Precisely, the intricacies of articulating moral and economic imperatives for businesses in a manner that engages students in sustainable behavior are a serious challenge for SME. We study how to integrate reminders of moral and economic imperatives in a socially responsible investment (SRI) stock-picking simulation created for SME.

Adopting an experimental design, we analyzed how the reminders affected the average environment social governance (ESG) integration in the portfolios of 127 graduate students in finance over a twelve-week period.

Our results show how essential it is to balance the two imperatives. The highest level of sustainable investment is attained when utilizing both reminders.

Our findings have practical implications for implementing and organizing SME in business schools to educate responsible leaders who are able to effectively manage crises. Learning responsible management is most effective when students are exposed to the inherent tension between moral and economic imperatives. Hence, our findings corroborate the win-win conception of SME.

No management decision study has experimentally measured the effects of SME practices on students' actual behavior. Our research fills this gap by complementing previous studies on the effectiveness of teaching practices, first by drawing on behavioral sciences and measuring changes in students' actual sustainability behavior and second by introducing moral and economic imperatives into an innovative teaching resource (TR) dedicated to SME.

The case examines the development and launch of an exchange-traded fund (ETF) based on JUST Capital's socially responsible corporate ranking methodologies. The case provides a market overview of Environment, Social, and Corporate Governance (ESG) and socially responsible investing (SRI), what has driven growth in those areas worldwide, and several best-practice investment approaches. Following the overview, the case describes the founding and development of JUST Capital, explores JUST Capital's ranking methodologies, and presents the decision point faced by the CEO: requisite selection of one of three strategies in order for JUST Capital to generate “self-sustaining” revenue.

The case on Moodcafe captures the journey of the start-up and its entrepreneurs from the beginning till the fund-raising stage. The case brings forth critical decisions that each entrepreneur or the team of co-founders have to address during their start-up journey. This short case gives opportunity to delve into two aspects mainly a) As a founder, which investor should one choose for seeking funds and what should be the terms and conditions of investment? and b) How can one review and assess the business model of a start-up?

The presence of securities crowdfunding (SCF) FinTech in the Islamic financial landscape opens investment opportunities through shares and sukuk (Sharia bond) instruments. This study aims to examine the effect of investment risk (IR), legal risk (LR), product knowledge (PK), Sharia compliance (SC) and subjective norm (SN) on investment decisions in businesses and projects run by small and medium enterprises (SMEs).

The questionnaires were distributed to prospective investors with prior knowledge of SCF and Islamic investment. The data collected was then examined using partial least square-structural equation modeling using SmartPLS 4.0.

The results show that LR has positive and significant implications for supporting investment through SCF, while IR has the opposite. The main findings in this study explain that PK and SC are proven to strengthen the intention to invest in SCF. Meanwhile, SN, which also strengthens intention, is the greatest influence. Therefore, it is highly recommended that SCF organizers collaborate with regulators (OJK), universities, academics and the investor community, as well as Muslim entrepreneurs, to provide education and literacy regarding SCF products and the underlying contracts, along with the consequences and uniqueness of investment vis SCF.

From a managerial side, Sharia expert educators can be appointed to increase investors’ literacy and confidence to support SMEs’ business expansion via SCF. In addition, to minimize investment risk, SCF organizers are also advised to issue sukuk and shares in different low-risk businesses/sectors, followed by investment amounts that are more affordable for novice investors.

Research on SCF as an alternative to SME financing is still scarce. To the best of the author’s knowledge, this is the first research to empirically test the relationship between risk, SC, PK and SN on potential investors’ decisions to support SMEs through the SCF mechanism.

This study aims to identify the inputs from zakat administrators and experts needed for more efficient and effective zakat revenue generation.

Face-to-face interviews with zakat executives, administrators and experts are conducted to collect data.

The findings show three components of input required in the zakat transformation: environment, resources and history. The environmental component comprises five sub-components: companies, banks, zakat recipients, individual zakat payers and the legislative, while the resource sub-components comprise tangible and intangible resources. For history, two components, namely, achievements and challenges, need to be taken into account by the zakat administration.

This study’s main implication is that the components proposed in this study can serve as the basis for developing new strategies for improving zakat collection and distribution management to achieve a more efficient and effective level.

This study will be helpful for policymakers, especially zakat authorities, on how to enhance their administration.

The model developed in this study will help the zakat administration to reform and enhance zakat compliance and zakat revenue generation.