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In Chapter 1, we critically reviewed the foundations of the free enterprise capital system (FECS), which has been successful primarily because of its wealth and asset accumulation potentiality and actuality. In this chapter, we critically argue that this capacity has been grounded upon the profit maximization (PM) theories, models, and paradigms of FECS. The intent of this chapter is not anti-PM. The PM models of FECS have worked and performed well for more than 200 years of the economic history of the United States and other developed countries, and this phenomenon is celebrated and featured as “market performativity.” However, market performativity has not truly benefitted the poor and the marginalized; on the contrary, market performativity has wittingly or unwittingly created gaping inequalities of wealth, income, opportunity, and prosperity. Critical thinking does not combat PM but challenges it with alternative models of profit sharing that promote social wealth, social welfare, social progress, and opportunity for all, which we explore here. Economic development without social progress breeds economic inequality and social injustice. Economic development alone is not enough; we should create a new paradigm in which economic development is the servant of social progress, not vice versa. Such a paradigm shift involves integrating the creativity and innovativity of market performativity and the goals and drives of social performativity together with PM, that is, from market performativity to social performativity.

This chapter presents a critical analysis of the wealth current practices of multinational firms as wealth predators; and relevant references from the theory of multinational corporations and globalization from a Marxist perspective. The Marxist approach has also contributed to a theory of the self-expansion of capital (internationalization of the circuits of capital) on a global scale, within an analysis of the differentiation and of inequality.

This paper aims to get an overview and determine the effect of the level of application of Islamic wealth management (IWM) and the level of business continuity of Muslim owners in influencing the level of household prosperity of Muslim micro, small and medium enterprise (MSME) owners during the Covid-19 pandemic.

The method of hypothesis testing is carried out through a quantitative approach. The type of analysis tool used is partial least square-structural equation modeling. The sample used is 212 Muslim MSME owners in Indonesia.

The results showed that the level of application of IWM, the level of business sustainability and the level of household prosperity of Muslim MSME owners were in the high category. All variables in this study showed positive and significant results.

The research conducted is still limited to households that act as MSME actors, so the respondents who are in it are still not diverse. Also, limited research tools and pandemic conditions led to filling out questionnaires based on respondents’ subjective views and difficulty asking questions when questions were not understood.

This research provides new insights focusing on the relationship between the variable level of application of IWM in influencing the welfare level of Muslim households who have MSMEs, where there is a role for the level of business sustainability as a mediator variable.

Despite a large volume of theoretical and empirical research, defining the ‘entrepreneur’ and ‘entrepreneurship’ within the cultural and creative sector, a sector with high heterogeneity in organisational and other aspects across its various segments remains challenging. In this regard, there should be a wide variety of differences in the characteristics and challenges of cultural entrepreneurs across industries, countries and regions. Nonetheless, the key role of the arts and cultural sector has increasingly piqued the interest of policymakers and the private sector, and it has been recognised for its importance within the South African economic landscape; as a result, the government has prioritised arts and culture as a pillar in their development strategies. Furthermore, while there has been some consensus over the past decade on what constitutes a creative industry, many questions about defining arts and cultural entrepreneurship still need to be answered, necessitating further definitional and policy coherence. As a result, some efforts at definitions are required to advance the sector and develop useful knowledge in policy formulation.

This chapter proposes an understanding of arts and cultural entrepreneurship as an exploration of a person, a community or a network's artistic resources (arts, creative and cultural) in value creation. It utilises meta-analysis, a non-empirical method, to review and analyse the existing literature. Further research is needed to investigate and evaluate the efficacy of established arts incubators, and the extent to which perceived entrepreneurial competencies affect organisational performance. Moreover, additional research is required to examine the entrepreneurial factors inhibiting or stimulating the influence on start-up financing (capital acquisition) in the South African arts and cultural industry.

The purpose of this study is to evaluate the potential variances in strategic entrepreneurial small and medium-sized enterprises (SMEs) across different countries while also exploring the cultural implications that may arise.

In this study, a qualitative research approach was used, involving semi-structured interviews conducted with seven technology start-ups from two countries – Portugal and France.

The results of this study demonstrate significant differences in opportunity-seeking, performance and long-term orientation behaviors between the technology start-ups in Portugal and France.

This knowledge can help entrepreneurs and investors make informed decisions when developing strategies, entering new markets or seeking partnerships with start-ups from different countries. Furthermore, policymakers can use these findings to support entrepreneurship initiatives and foster an environment that encourages strategic entrepreneurship practices.

This study offers a unique perspective by focusing on the firm level of entrepreneurial SMEs and the strategic practices adopted by technology start-ups in Portugal and France. In contrast, prior studies have predominantly centred on analysing individual motivations for entrepreneurship, such as personal traits or attitudes, rather than exploring the actual strategic behaviors and practices of start-ups in various countries. By shifting the emphasis to the firm level, this study provides a more comprehensive understanding of how strategic entrepreneurship practices differ across different cultural contexts. As such, it represents a significant contribution to the existing literature on strategic entrepreneurship.

This study aims to outline the research field of initial public offerings (IPOs) pricing and performance by combining bibliometric analysis with a systematic literature review process.

The study uses over three decades of IPO publication records (1989–2020) from Scopus and Web of Science databases. An analysis of keyword co-occurrence and bibliometric coupling was used to gain insights into the evolution of IPO literature.

The study categorized the IPO research field into four primary clusters: IPO pricing and short-run behaviour, IPO performance and influence of intermediaries, venture capital financing and top management and political affiliations and litigation risks. The results offer a framework for delineating research advancements at different stages of IPOs and illustrate the growing interest of researchers in IPOs in recent years. The study identified future research potential in the areas of corporate governance, earning management and investor sentiments related to IPO performance. Similarly, the study highlighted the opportunity to test multiple theoretical frameworks on alternative investment platforms (SME IPO platforms) operating under distinct regulatory environments.

To the best of the authors’ knowledge, this paper represents the first instance of using both bibliometric and systematic review to quantitatively and qualitatively review the articles published in the area of IPO pricing and performance from 1989 to 2020.

Family businesses are essential to the global economy but often grapple with family-related issues, especially during succession. This study explores how governance tools like the family protocol (FP) mitigate conflicts by setting standards for family firm management and continuity. Pioneering the use of game theory and adverse selection setups in family business governance, this research uncovers FP determinants.

This research employs game theory and adverse selection setups to delve into the strategic decision-making processes of stakeholders in family firms. The authors break new ground by applying principal–agent theory (PAT) to family business governance structures. This innovative approach uncovers the determinants of the FP, enhancing the authors’ understanding of family firm dynamics.

The authors emphasize the importance of custom governance structures, such as the FP, in managing complex family-business interactions. These structures mitigate conflicts and promote smoother transitions during succession, ensuring family firm continuity. This study identifies key determinants, and these results will aid founders, families and practitioners in achieving smoother transitions, ensuring family firm continuity.

This research pioneers game theory and PAT applications in family business governance, shedding light on the effectiveness of customized governance mechanisms. By identifying FP determinants, the authors contribute to a deeper understanding of family firm dynamics. The findings have practical implications for founders, families, practitioners and consultants, promoting the long-term success and harmony of family firms in the global economy.

This paper aims to critically review intellectual capital (IC) accounting research and practices in European public universities, specifically in Spain, Austria and Italy. These three countries represent the majority of IC accounting research related to universities.

This study critically reviews a selection of university-based IC accounting research, applying Alvesson and Deetz’s (2000) critical perspectives of insight, critique and transformative redefinition.

The analysis reveals that European public universities follow the Humboldtian model of higher education, integrating a third mission to society into their traditional roles as teaching and research institutions. This study explored how the emergence of a third mission for the university was conceptualised. This study also provided insights, critique and a transformative redefinition to advance IC as a strategic resource in European public universities.

The findings provide academics and policymakers with insights, critique and a transformative redefinition of IC as a strategic resource for European public universities to meet future challenges in an ever-changing world.