The Gerald Schwartz School of Business Annual Report 2017-2018

THE GERALD SCHWARTZ SCHOOL OF BUSINESS A N NU A L RE P ORT 2 017 / 18

The Gerald Schwartz School Of Business•StFX

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More than 950 undergraduate students called the Schwartz School home in the past year.

MESSAGE FROM THE DEAN The 2017-18 academic year was a transformative and historic year for the Gerald Schwartz School of Business. During the year, the University Senate approved a restructuring plan for the School that saw the singular Department of Business Administration replaced by three new departments, organized along functional disciplines. The change was necessitated by the significant growth in student numbers within the business program in recent years. In the past decade, for example, the total enrolment within the BBA degree programs has increased by 32 per cent; since the Schwartz School was established in 1999, the growth in student numbers has exceeded 85 per cent. This new organizational structure will allow us to more effectively serve our ever-expanding and diverse student body.

The other truly transformative event that occurred during the past academic year was the appointment of our newest endowed chairholder. After an open competition and national search, Dr. Brad Long was named the inaugural holder of the Dr. John T. Sears Chair in Corporate Social Responsibility (CSR). The Chair was recently established to honour the service of one of the most distinguished faculty members in our School’s history, Dr. Johnny Sears. It was made possible by the generosity of Mr. and Mrs. John and Adrienne Peacock. Mr. Peacock is a former student of Dr. Sears. We are delighted that one of our own was selected to become the inaugural holder of the “Sears Chair,” and we look forward to the enhancements that will come from Dr. Long’s efforts to advance the teaching and research in the field of CSR within the Schwartz School.

Within this annual report you will see and read about many other initiatives, contributions and successes of our faculty and students. It was a busy and rewarding year for us all. I hope you enjoy this snapshot of what we have been up to over the past twelve months.

Tim Hynes PhD Professor and Dean, Gerald Schwartz School of Business St. Francis Xavier University

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The Gerald Schwartz School Of Business•StFX

A RECIPE FOR SUCCESS GERALD SCHWARTZ SCHOOL OF BUSINESS STUDENT IMPRESSES INVESTORS

Gerald Schwartz School of Business student Hannah Chisholm has a business idea and people are taking note.

Over the past year, she has convinced and impressed two separate panels of judges of the strategic soundness as well as the commercial potential and viability of her product, Eggcitables. Miss Chisholm took home the $10,000 top prize at the 100 Seeds Atlantic competition, and received second place for the undergraduate category, best elevator pitch award and people’s choice award at the BMO Apex Business Plan Competition.

Eggcitables is a chickpea-based vegan egg replacement that can be used to make omelets, scrambles, and other egg-based meals. She is also developing the product to be used in baked goods. Miss Chisholm has received a lot of positive reactions not only from investors, but also from people who have tasted her product. “I think people have this general assumption that vegan and health foods taste bad so people are usually surprised to find Eggcitables is healthy and delicious,” she notes. When asked how she hatched the plan for her product, Miss Chisholm explains that it is something that touches her on a personal level: “I’ve suffered from an egg allergy my entire life. I’ve really seen the growth in the dairy alternative market with the increase in plant-based diets. I started to ask myself why there wasn’t any egg alternatives on the market.”

Since then, she has not looked back and credits her time at StFX for carving the path for her entrepreneurial journey. “I literally would not be in this position without [the professors and mentors at StFX]. They are always sending me links to conferences, pitch competitions, and networking opportunities.”

Reflecting on her recent achievements, Miss Chisholm adds that she has learned that if you have an idea worth pursuing, start pursuing it early: “There are so many opportunities to get equity-debt free capital as a student entrepreneur. I wish I started competing and researching when I first created the product.”

Equipped with the knowledge, funding, and connections her participation in business competitions over the last year has provided her, Miss Chisholm is keeping up the momentum. She’ll be attending the summer institute program at the University of New Brunswick to focus on her business with the goal of having the product in stores by the end of July.

The Gerald Schwartz School Of Business•StFX

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LEARNING FROM ONE ANOTHER: “I never thought in my wildest dreams that I would be getting to go to Africa. Working with a women’s empowerment is something that means a lot to me.”

BAILEY RUSSELL

SCHWARTZ STUDENTS PARTNER WITH ORGANIZATION IN GHANA “How would you feel about going to Africa?” was not a question Bailey Russell was expecting to hear coming out of her entrepreneurship class in the Spring of 2017. Her professor, Dr. Monica Lent, was offering her and her classmate, Jake Buffam, the opportunity to spend three weeks in Ghana working with a non-profit organization dedicated to helping provide opportunities for widows and orphans to lift themselves out of poverty. The organization in question, Widows and Orphans Movement (WOM), was started in 1993 as a women’s empowerment organization supporting widows in Ghana who are left with little social support or economic opportunity when they find themselves without a husband. WOM allows these women to work in basket weaving as well as producing shea butter and Baobab oil and powder to sell, the profits from which are distributed equally and often used to send children to school.

The organization was ready to expand, and so Ms. Russell and Mr. Buffam spent three weeks in Ghana with the organization to determine ways to expand WOM’s reach. “We went through the whole supply chain of business,” explains Miss Russell. “We met all the involved people in the organization and did research on where it could be sold and for how much. We wanted to also find out how to foreground the non-governmental organization and empowerment angle to reinforce sales.” Focusing solely on the baobab oil and powders lines, the two students were involved in developing a marketing plan that would in effect expand WOM’s reach to all of Ghana, thus providing them with the opportunity to expand their revenue stream exponentially.

The experience was a formative one for the two students who benefited immensely from such a unique learning experience so removed from a typical classroom setting. “We drove really far to the community and saw women with very little. They were generous with their time and so welcoming. We sat under the shade of a tree all afternoon. We asked a lot about their daily lives, how they harvested [the baobab pods], and how their practice could be improved,” describes Miss Russell. “At the end of the day”, she continues, “we took pictures, and we realized when the children were so excited to see them that they hadn’t seen their own faces before. They had no mirrors, so this was a new experience for them.” The moment, she says, is one that will stick with her for a long time and gave additional depth to how she thinks about the potential reach of their work in Ghana.

Ms. Russell is appreciative of the opportunity the Schwartz School of Business has provided her: “I never thought in my wildest dreams that I would be getting to go to Africa. Working with a women’s empowerment is something that means a lot to me. All my friends back in Calgary were awestruck that I got this opportunity at StFX. It’s not something they might get to do.”

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The Gerald Schwartz School Of Business•StFX

HONOURING OUR OWN “When I think of my learning experience at StFX, there is one clear standout professor who made a great impression on me. That was Johnny Sears.”

JOHN PEACOCK

StFX has announced the first Dr. John T. Sears Chair in Corporate Social Responsibility, a new faculty position that will strengthen teaching and research in this important field of study.

Dr. Brad Long has been appointed to the position following a national search. Dr. Long is an Associate Professor of Management in the Schwartz School and the current chair of the Department of Business Administration.

He specializes in the fields of business ethics and leadership.

“It’s a tremendous honour to be the inaugural chair holder,” said Dr. Long. “I’m excited to be focusing on corporate social responsibility in a business context, and to build new learning opportunities that show this field is an integral, core aspect of business knowledge.”

Corporate social responsibility examines how businesses and institutions contribute to the well-being of their communities at large. As the Dr. John T. Sears Chair, Dr. Long will create new teaching and research opportunities that further understanding of corporate social responsibility and help cultivate the next generation of globally responsible managers. The new chair was named in honour of Dr. John T. Sears, the distinguished alumnus, professor, administrator and community leader. A graduate from the class of 1952, Dr. Sears returned to StFX as a business professor before later serving terms as dean of arts, dean of science and two appointments as academic vice-president. In 2002, he was the recipient of an honorary degree from his alma mater.

The chair is made possible through a generous $3 million endowment from John and Adrienne Peacock, both members of the StFX Class of 1963. Mr. Peacock was a student of Dr. Sears.

“When I think of my learning experience at StFX, there is one clear standout professor who made a great impression on me. That was Johnny Sears,” said Mr. Peacock, explaining his family’s decision to name the chair in Dr. Sears’ honour. “Johnny Sears served StFX well and was a tremendous supporter of the wider Antigonish community,” said Dr. Tim Hynes, Dean of the Gerald Schwartz School of Business. “It’s fitting this chair is named in his honour, and fitting that Dr. Long – with his expertise in leadership and business ethics – holds the position.”

Dr. Long begins his new position on July 1.

The Gerald Schwartz School Of Business•StFX

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STUDENTS SHARE THEIR PASSION FOR FINANCE THROUGH X-MARKETS MONTHLY “We saw a hole and decided to fill it with a fun and easy way to learn.”

JACK EVANS

Jack Evans, an honours economics student, and James Bouchard, a Gerald Schwartz School of Business finance major, have teamed up to create X-Markets Monthly. The venture is a cross-disciplinary effort to bring key information about finance and investments to Canadian investors, particularly interested StFX students. “Finance affects everyone at some point in their life,” explains Mr. Evans, “and since StFX doesn’t have a financial news publication, we saw a hole and decided to fill it with a fun and easy way to learn.”

X-Markets monthly covers current topics in finance, sector analysis, and economic analysis to help students learn about the financial world. The publication also includes a contributor section, which gives readers a chance to learn from StFX finance graduates detailing what they have been doing since they have received their degree or Bank of Canada and Capital Market professionals, for example, who offer insight or are interviewed for the publication.

To make the publication as strong as it could be, the founders knew they had to reach out to others who shared their passion and also brought their own expertise to the table. They approached the Investment Society and the Economics Society at StFX. Both societies are participating and providing analytical content in their respective fields of expertise. “It’s been very fluid,” Mr. Bouchard says of the collaboration. “It’s such a collective thing, including the tech side. There are so many things we couldn’t do without the help of our team. No one person could do it all. It’s been great to see it work and now we’re like a well-oiled machine.”

Guided by their philosophy to always try to leave a place better than how they found it, the two are pleased with how the publication has evolved since its inception. “We started publishing just in the Schwartz School of Business with our readership consisting predominantly of business students,” Mr. Evans describes, “but we wanted to push the publication out to a wider audience. We got interest from other departments, and now we have an insert in the Xaverian Weekly. We have our own newsrack and our own gear as well as our own space.”

The ambitious culture and passion that is cultivated among students at StFX also helps, Mr. Bouchard adds, “StFX makes it conducive to having an idea and to starting it. People are there to help you and fund you. At a bigger school I don’t know if that would happen and the opportunity to start this might not be there elsewhere.

It’s been really neat.”

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The Gerald Schwartz School Of Business•StFX

INVESTING IN A BETTER, MORE ETHICAL FUTURE: DR. HATEM GHOUMA’S JOURNEY IN FINANCE TO StFX

“I want to help prepare students to understand how the industry runs and how to navigate it.”

DR. HATEM GHOUMA

Shortly after completing his PhD in Montreal, Dr. Ghouma had already established a successful career in finance working in the Treasury Department for the Islamic Development Bank. “I fell in love with the noble mission of the Islamic Development Bank,” says Dr. Ghouma. “As a multilateral financial institution, the Bank has the mission of reducing poverty and fostering the social and economic development of the least developed countries in the world.” During his tenure there, Dr. Ghouma helped finance mega-projects related to education, transportation health, poverty alleviation, and women’s empowerment. The position provided Dr. Ghouma not only with the opportunity to travel globally and to meet with high-ranking government officials, but also provided him with a real insider’s look at the world of finance at the international level. So, in 2014, when Dr. Ghouma joined the Schwartz School of Business, he came with the purpose of leveraging his experience to benefit his students. “I believe I have a mission,” says Dr. Ghouma. “With this experience, I think I can tell students what the industry is like. I want to help prepare students to understand how the industry runs and how to navigate it.”

Since coming back to academia, Dr. Ghouma has been busy and productive. He has published in top-tier finance journals, such as the Journal of Corporate Finance, Journal of Banking and Finance, Quarterly Review of Economics and Finance, Research in International Business and Finance. His research centres on how finance and ethics intersect in the corporate decision-making sphere. Corporate governance is important to scrutinize because of the values and principles they espouse can positively affect financial markets, which in turn affect the wellbeing of everyone, explains Dr. Ghouma. He has published and continues to publish papers on how different governance systems and practices affect financial decisions made by different firms. “Respecting the rules, systems, values, principles, and regulation can only reduce opportunism and bring prosperity and justice to the economy,” explains Dr. Ghouma. He is also actively researching sin stocks, a type of stock in companies that sell products or services sometimes considered to be unethical or immoral (such as, tobacco, gambling, or weapons manufacturers).

Research is another avenue through which Dr. Ghouma helps students learn about the industry. One of his current projects, “Lobbying Expenditures and Sin Stocks’ Market Performance,” is a joint venture with a student, Carissa Hewitt. Together, they investigate the relationship between lobbying activities/spending of sin stocks and their well-documented market outperformance. He is also working with another honours student, Mitchell Martell, on a follow-up research project in the area looking at how these controversial companies target vulnerable populations and regions to generate more revenues and outperform the market.

Listening to Dr. Ghouma speak of his experience and what he wants for his students and the future, it is clear that what drives Dr. Ghouma is his desire to do good. His interest in building the next generation of ethical professionals in finance is something he stressed has important implications beyond their four years at the Gerlad Schwartz School of Business. In fact, when asked what motivates him, Dr. Ghouma does not hesitate: “I want to instill within my students a level of integrity that will help keep our economy very safe.” He also often reminds his students that integrity is what will allow them to make a positive difference and that they will be successful if they act in a way that is ethical and that will make them happy with the person they become in 10 years.

It is through these values, coupled with his commitment to producing high caliber research that Dr. Ghouma has always lived the StFX motto: “Quaecumque Sunt Vera” or, in English: “Whatsoever things are true.”

The Gerald Schwartz School Of Business•StFX

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DRIVEN BY THOSE AROUND HIM,

CRAIG DUININCK IS THIS YEAR’S FRANK H. SOBEY SCHOLAR AT StFX Craig Duininck is one of only eight students from the Maritimes in 2018 to receive a Frank H. Sobey Award for Excellence in Business Studies. The $25,000 award is given out yearly to a few select students studying business at any Atlantic Provinces university who demonstrate academic excellence, extracurricular and community involvement, and entrepreneurial interest. It’s not difficult to imagine why the committee was impressed by Mr. Duininck, a fourth-year entrepreneurship major. The list of his scholastic, athletic, and civic achievements is a long one. He started his first business at the age of 18, has played hockey at an elite level for years, including occupying the role of captain of the X-Men varsity hockey team, and has volunteered inside and outside of school, all while maintaining a stellar academic record.

Whether discussing his scholastic achievements, his passion and dedication to hockey, or his entrepreneurial vision, Mr. Duininck emphasizes that how he got where he is and how he became the person he is today is in no small part due to the people that are in his life. Upon receiving the award, the first thing Mr. Duininck did was to have dinner with friends to thank them for their continuous support. But teamwork and support are not only to what he attributes his success, those things also get him out of bed in the morning. What is most important, he says, is the commitment he has made to others.

Mr. Duininck graduated in May of 2018 and hopes to start his own business, but not before working with a startup or in a similar setting. His time at StFX has equipped him with motivation and the skills needed to confidently enter the workforce: “The business school is amazing and they keep adding things that make it a good place to come to every day,” explains Mr. Duininck, “and I like the culture of giving back to the community. It really makes you feel a part of the place.”

When asked what he would tell someone who is thinking of coming to StFX, Mr. Duininck is enthusiastic: “I couldn’t imagine having gone anywhere else. Everyone talks about the culture and how people know you. It’s true: people know you…. [the faculty] are willing to work with you.”

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The Schwartz School of Business · StFX The Gerald Schwartz School Of Business•StFX

“Thank you to everyone at the university that has helped me along the last four years, and a huge thank you to everyone involved at the Sobey’s Foundation.

Their incredible generosity and selflessness is truly admirable.”

CRAIG DUININCK, 2018 FRANK H. SOBEY AWARD FOR EXCELLENCE IN BUSINESS STUDIES RECIPIENT

Annual Report 2017/18 9 The Gerald Schwartz School Of Business•StFX

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THE NUMBERS PROVE IT: CO-OP STUDENTS ARE COMING OUT AHEAD “We have had wonderful feedback from employers who have hired StFX students.”

JANE MACDONALD

The time and effort students spend completing work placements and the accompanying assignments required of the Co-op program pay big dividends. The 2017-2018 academic year features StFX’s Co-op education program’s largest class yet. Twenty Co-op students graduated this May, and as of early April, 80 per cent of them have already secured either employment or school opportunities after graduation. Co-op plays a substantial role in helping students gain essential skills to succeed in the job market as well as networking opportunities that open doors to further career prospects. Jane MacDonald, Manager of the Co-op program explains that StFX has had students who secured other co-op work terms and even new graduate opportunities due to their ability to network. “Students get real-life experience and develop the transferable required to successfully lead and thrive in the work environment,” she says.

Students participating in Co-op engage in 12-16 months of meaningful employment with small non-profit, government, and large organizations. Students can complete their placements with one or multiple organizations.

While employed, students learn about day-to-day operations of the organizations for which they are working, develop a sense of organizations’ work culture, develop their professional work ethic and business acumen, and engage in team and individual problem-solving. Co-op student, Rae Fox, who recently completed a placement working in a marketing role for the Calgary Stampede, also adds that “the ability to meet and learn from professionals that are extremely knowledgeable and passionate about their work” constitutes one of Co-op’s most rewarding aspects.

Co-op also provides students with life experience, giving them the opportunity to work locally or to experience new cities and sometimes new countries. Gerald Schwartz School Business student, Matthew Donato, recently completed an eight-month placement in a sales role with MagicTouch LTD in the UK. Fourth-year business student, Ming Lui, on the other hand, completed a four-month placement with Port Hawkesbury Paper LD and 12 months in Bedford, NS with Clearwater Seafoods.

StFX students learn, but they also make an important contribution to their places of employment. “We have had wonderful feedback from employers who have hired StFX students,” says Ms. MacDonald. “They find that StFX Co-op students are engaged, are making meaningful contributions to the work environment, and have a positive and energetic outlook to problem solving.”

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The Gerald Schwartz School Of Business•StFX

THE GERALD SCHWARTZ SCHOOL OF BUSINESS:

BY THE NUMBERS

TOTAL ENROLMENT IN THE GERALD SCHWARTZ SCHOOL OF BUSINESS 1000 800

767

793

785

785

2009-10

2010-11

2011-12

2012-13

814

861

935

956

2014-15

2015-16

2016-17

912

600 2013-14

BBA APPLICATIONS

2017-18

973

1000

930

760

800 600

576

585

2011-12

2012-13

2013-14

515

457

618

533

400

2009-10

350

2010-11

2014-15

2015-16

2016-17

318

313

2017-18

BBA CONFIRMATIONS

300

258

2011-12

2012-13

244

232

250

264

276

283

263

200

2009-10

2010-11

2013-14

INCOMING HIGH SCHOOL GRADE AVERAGES 25

80

20

60

15

40

10

20

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82.8 - 2009/10 82.2 - 2012/13 83.0 - 2015/16

•• •

83.3 - 2010/11 83.3 - 2013/14 82.4 - 2016/17

2015-16

2016-17

2017-18

BBA STUDENTS AS % OF TOTAL STFX POPULATION

100

0

2014-15

•• •

0 83.5 - 2011/12 82.9 - 2014/15 84.0 - 2017/18

•• •

16.95 - 2009/10 18.44 - 2012/13 22.04 - 2015/16

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•••

17.73 - 20010/11 19.95 - 2013/14 22.13 - 2016/17

17.61 - 2011/12 21.00 - 2014/15 21.34 - 2017/18

The Gerald Schwartz School Of Business•StFX

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3090 Martha Drive l St. Francis Xavier University l Antigonish, NS l B2G 2W5 12

The Gerald Schwartz School Of Business•StFX