Schwartz Annual Report 2017-18 WEB

THE GERALD SCHWARTZ
SCHOOL OF BUSINESS
ANNUAL REPORT 2017/18
The Gerald Schwartz School Of Business•StFX
1

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
2 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.”
4 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
5

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.”
6 The Gerald Schwartz School Of Business•StFX

INVESTING IN A BETTER,
MORE ETHICAL FUTURE:
“I want to help prepare
students to understand
how the industry runs
and how to navigate it.”
DR. HATEM GHOUMA
DR. HATEM GHOUMA’S JOURNEY IN FINANCE TO StFX
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.”
8
The Schwartz School of Business · StFX
8 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
9

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.”
10 The Gerald Schwartz School Of Business•StFX

THE GERALD SCHWARTZ SCHOOL OF BUSINESS:
BY THE NUMBERS
1000
800
TOTAL ENROLMENT IN THE GERALD SCHWARTZ SCHOOL OF BUSINESS
861
935
814
767 793 785 785
956
912
600
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
1000
BBA APPLICATIONS
973
930
800
600
457
515
533 576 585
618
760
400
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
350
BBA CONFIRMATIONS
318 313
300
250
232
244
264
258
276
263
283
200
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
100
INCOMING HIGH SCHOOL
GRADE AVERAGES
25
BBA STUDENTS AS % OF TOTAL
STFX POPULATION
80
20
60
15
40
10
20
0
5
0
82.8 - 2009/10 83.3 - 2010/11 83.5 - 2011/12
82.2 - 2012/13 83.3 - 2013/14 •
82.9 - 2014/15
83.0 - 2015/16
•
82.4 - 2016/17
• 16.95 - 2009/10 17.73 - 20010/11 17.61 - 2011/12
•
18.44 - 2012/13 19.95 - 2013/14 21.00 - 2014/15
84.0 - 2017/18 22.04 - 2015/16
•
22.13 - 2016/17
•
21.34 - 2017/18
The Gerald Schwartz School Of Business•StFX
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12 The Gerald Schwartz School Of Business•StFX
3090 Martha Drive l St. Francis Xavier University l Antigonish, NS l B2G 2W5