Slim Mseddi

The rapid expansion of clean energy markets, coupled with the growing importance of non-ferrous metals and technological innovation, has created a highly interconnected financial and economic system. Understanding the dynamics of these interdependencies is essential for assessing market resilience, investment diversification, and the sustainability of the global energy transition. This paper investigates the dynamic dependence and connectedness between clean energy, non-ferrous metals, and technological innovation indices, with particular attention to the impact of the COVID-19 pandemic as a global stress event. Using daily data from December 2004 to July 2020, we employ a comprehensive empirical framework that combines copula-based dependence modeling with a dynamic connectedness approach. This methodology allows us to capture nonlinear relationships, tail dependencies, and volatility spillovers across markets. The results reveal that the dependence structure between clean energy and the other sectors is symmetric and time-varying, with stronger linkages observed between clean energy and technological innovation than with non-ferrous metals. The connectedness analysis indicates a moderate level of total spillovers, with clean energy acting as the main transmitter of shocks and technological innovation as the primary receiver. Focusing on the COVID-19 period, we find a significant increase in both dependence and connectedness, suggesting that these markets become more severely integrated during periods of extreme uncertainty. These findings support the presence of contagion effects and highlight the reduced effectiveness of diversification strategies during crisis episodes. The results offer forward-looking implications for investors and policymakers regarding risk transmission, portfolio management, and the resilience of markets supporting the global transition toward sustainable energy.

This study empirically investigates the determinants of financial success for startups engaged in impact versus conventional investment, performing a landscape analysis of the MENA region’s financial ecosystem. Using the total equity funding amount (TEFA) as a performance proxy, we analyzed data from Crunchbase on 6772 deals involving 4381 startups and 1771 investors across 23 countries from 2009 to 2023. The sample was categorized into impact (702 firms) and conventional (2431 firms) investment groups. The results reveal a significant negative effect of impact investment on startup funding levels; a nonparametric test confirmed that impact-backed startups exhibit a significantly lower mean TEFA than their conventional counterparts. Other factors, including the number of funding rounds, founders, employees, and investors, positively influenced financial success. The study concludes that, within the MENA context, a discernible trade-off exists, with startups pursuing impact investment receiving less equity funding than those utilizing conventional investment models. Our study provides the first large-scale empirical evidence from the MENA region, revealing a significant funding penalty for impact-aligned startups. This quantifies a structural trade-off between socio-environmental goals and equity capital access. These findings address a critical literature gap and provide actionable insights for investors and policymakers in this emerging ecosystem.

Purpose: There have been few investigations regarding the relationship of gender and role models with students’ entrepreneurial intention (EI). The purpose of this study is to apply a conceptual framework to explain the relationship of gender and role models with the theory of planned behaviour (TPB) constructs: attitudes towards behaviour (ATB), subjective norms (SN), perceived behaviour control (PBC) and intentions.Design/methodology/approach: The study is based on data collected from a questionnaire survey completed by 1,496 freshman Saudi students enrolled during the 2016-2017 academic year in business, finance and economics undergraduate programmes. To analyse the data and test the proposed hypotheses, a confirmatory factor analysis and structural equation modelling (SEM) are applied.Findings: The results show that the TPB constructs are validated in the specific Saudi context. In fact, these constructs were significantly related to EI. Only the SN and PBC constructs mediate the relationship between role models and EI. Furthermore, gender moderates the relationships of role models with EI, PBC with EI and role models with the SN. More precisely, this study reveals that gender differences in SN and PBC, and women’s EI are more likely to be influenced by the SN and PBC than men’s EI. However, PBC is a relevant determinant for both male and female students. These results differ from those of previous studies on gender influences. These results could be explained by two main reasons, such as women’s socialization and institutional processes.Research limitations/implications: The main limitation is that it was not possible to claim generalization of findings. Theoretical and managerial implications are proposed to add new evidence in the field. These results could help all stakeholders engaged in promoting entrepreneurship in Saudi Arabia and stimulate appropriate and customized entrepreneurial initiatives, curriculum and policies for both men and women.Originality/value: This study is one of the first to conduct such investigations in Saudi Arabia and in institutions of higher education. This study removes the stereotypes about the entrepreneurial potential of women.

Islamic financial institutions have recently extended their activities in capital markets. Currently, sukuk are the most important tools of the Islamic capital market. They play a significant role in mobilizing resources. Islamic investors prefer that the money is repaid, managed in compliance with Shari'ah and generates an acceptable rate of return. The main objective of this paper is to develop and evaluate an appropriate rating methodology for the issuers of sukuk. First, this research begins with studying the differences between sukuk and conventional bonds. The key idea is to detect the real factors that affect the rating decision for the issuer of sukuk. Second, referring to the structure of sukuk and the international rating agencies (i.e. S&P, Moody's, Fitch, MARC, and IIRA) and using literature based on previous rating research for the issuers of conventional bonds (financial and operational risks) and fiduciary rating (systems failure risk, governance and quality of management), this study proposes an integrated methodology that combines sukuk rating and fiduciary rating that analyses a firm's ability to repay its debt, manage compliance with Shari'ah and provides acceptable performance compared to the market. It investigates major factors influencing an issuer of sukuk and offers a suitable rating methodology. Our research will try to provide a more comprehensive rating methodology suitable for the issuer of sukuk that can be used by investors, financial institutions and the financial market.

The investment concept of sukuk was created as an alternative to conventional bonds since interest-bearing instruments are prohibited under Islamic law. Sukuk (commonly referred to Islamic bonds) represent a proportional ownership of tangible assets or a pool of assets. However, the key to understanding these instruments as a financial innovation is to focus on their pricing and risk characteristics. The challenge for sukuk issuing entities becomes to provide an efficient pricing model, which is compliant with Islamic law principles. The aims of this paper are two-fold. Firstly, we explore empirically the determinants of sukuk yield spreads and we describe within a coherent empirical framework the economic implications of the links between sukuk yield spreads, stock market conditions and macroeconomic variables; Secondly, we provide a methodology for estimating the fair price of sukuk in the presence of default risk. This paper presents the first empirical study for the determinants of sukuk spreads using available data and it has several practical implications that are of value for investors, risk managers and the development of Islamic financial markets.