USEK Business School


The Research Policy
The USEK Business School (UBS) has developed a solid research policy that has been a main driving force behind better quality education in post-graduate, undergraduate and foundation courses. These Faculty competencies, expanded throughout the University, have contributed in the success of USEK becoming a pioneer in scientific research in Lebanon.

The School’s research policy, in line with the University mission, has secured a position for the University on an international level, which continuously presents opportunities for our Faculty and students to share and improve their academic knowledge and expertise.
The CIRAME is a research unit owned by the University, founded on the basis of professionalizing the management of research activities and increasing the national and international production of first class publications and research.

Mission and objectives

The mission of the CIRAME consists of acquiring, evaluating and spreading scientific knowledge in business and management fields related to Lebanon in a research context.

The CIRAME aims to become the first internationally recognized French speaking and the second English speaking research center in business and commercial sciences in Lebanon and all the Arab countries.

In this context, the members of the CIRAME pursue the following objectives:
  • Promoting applied research in the fields of management and economics that are relevant to managers, and private and public organizations;
  • Establishing and maintaining close links between professionals and academic researchers;
  • Proposing solutions to managerial and business problems;
  • Carrying out sponsored research in response to a specific need from one or more organizations;
  • Facilitating research training.
Lines of research
In order to carry out its main mission, the CIRAME has organized its activities along three research axes:

Corporate Governance, Management and Entrepreneurship
1. Boardroom performance and gender diversity
2. Leadership and cross-cultural management
3. Internal and external control
4. Financial distress
5. Employee-management relations and work conditions

Managed by Mario Sassine

Finance and Financial Economics
1. Modelling macroeconomic and financial interactions
2. Financial markets and investments
3. Portfolio management
4. Asset pricing, risk management and volatility modelling
5. Energy finance/economics

Managed by Elie Bouri

1. Advertising and performance
2. Brand perception
3. Consumer behavior and loyalty
4. Marketing strategies and management
5. Social media marketing

Managed by Elie Sayegh
Research Chair
In progress
The CIRAME has access to the entire USEK library which is among the richest in Lebanon. The Library is equipped with the highest quality database and endless references and publications such as Science Direct, Proquest, Les Echos and Financial Times, as well as processing software like Qualtrics, E-Views, SPSS, SAS, Alceste and SPAD; all which are made available to CIRAME members.

The Faculty of Business, which homes the CIRAME center, also boasts a top-of-the-line Dealing Room, considered among the best in the Arab world and comparable to those of renowned institutes such as Massachusetts Institute of Technology (MIT) in the USA, HEC Paris and HEC Montréal, as well as the Reading University in the United Kingdom. The Dealing Room is linked to the respected financial data agency Thomson Reuters Eikon, DataStream and the real time portfolio manager simulator StockTrack. Due to these strategic partnerships all traders are provided with real time financial data that can be used for training and research purposes.
Faculty International Peer Reviewed Journals
The Arab Economic and Business Journal
The Arab Economic and Business Journal results from joint and determined efforts undertaken by the Holy Spirit University of Kaslik (USEK), the Arab Society of Faculties of Business, Economic and Political Sciences (BEPS) and our Arab and International partners, notably the Association of Arab Universities. The journal aims to establish and spread communication among multicultural researchers, for we are truly convinced that science and research are the best tools for a bridge-building among civilizations. The journal focuses on original epistemological, theoretical, and methodological contexts. Our primary concern is to reflect upon, understand, and advance the development of knowledge and therefore implement best practices in Arab organizations. We welcome submissions with a range of theoretical and methodological frameworks.

La Revue Gestion et Organisation
The Revue Gestion et Organisation is an international journal aiming at assessing and updating management within private and public organizations. The review focuses on original epistemological, theoretical, and methodological contexts. Our primary concern is to reflect upon, understand, and improve the effectiveness of strategic management. We seek a balance between empirical research and theoretical reflection upon topics of broad concern. In both cases we look for significant implications for knowledge development and practices. A particular importance will be given to articles relating to managerial practices. The journal’s scope is reflected in its international editorial board. Submissions are encouraged from all management scholars and are not limited to themes dealing only with developing countries.
Useful links Publications
Al-Khazali, O., Bouri, E., Roubaud, D. & Zoubi, T. (2017). The impact of religious practice on stock returns and volatility. International Review of Financial Analysis, 52, C, 172-189.
Balcilar, M., Bouri, E., Gupta, R. & Roubaud, D. (2017). Can volume predict Bitcoin returns? A quantiles-based approach. Economic Modelling, 64, 74-81.
Bouri, E., Kachache, I., Lien, D., Roubaud, D. (2017). Short- and long-run causality across the implied volatility of crude oil and agricultural commodities, Economics Bulletin, 37(2), 1077-1088.
Bouri, E., Azzi G. & Dyhrberg, A.H. (2017). On the return-volatility relationship in the Bitcoin Market around the price crash of 2013. Economics: The Open-Access, Open-Assessment E-Journal, 11 (2017-2), 1-16.
Bouri, E., Molnar, P., Azzi, G., Roubaud, D. & Hagfors, L. I. (2017). On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier? Finance Research Letters, 20, 192-198.
Bouri, E., Chen, Q., Lien, D., & Lv, X. (2017). Causality between oil prices and the stock market in China: The relevance of the reformed oil product pricing mechanism. International Review of Economics & Finance, 48, 34-48.
Bouri, E., de Boyrie, M. & Pavlova, I. (2017). Commodity markets and sovereign CDS spreads in emerging and frontier countries. International Review of Financial Analysis, 49, 155-165.
Bouri, E., Jain, A., Biswal, P.C. & Roubaud, D. (2017). Cointegration and nonlinear causality amongst gold, oil, and the Indian stock market: Evidence from implied volatility indices. Resources Policy, 52, 201-206.
Bouri, E., Jalkh, N., Molnár, P. & Roubaud, D. (2017). Bitcoin for energy commodities before and after the December 2013 crash: Diversifier, hedge or more? Applied Economics, 49:50, 5063-5073.
Bouri, E., Gupta, R., Tiwari, A. & Roubaud, D. (2017). Does Bitcoin Hedge Global Uncertainty? Evidence from Wavelet-Based Quantile-in-Quantile Regressions. Finance Research Letters, 23, 87-95.
Bouri, E., Roubaud, D., Jammazi, R., & Assaf, A. (2017). Uncovering frequency domain causality between gold and the stock markets of China and India: Evidence from implied volatility indices. Finance Research Letters.
Digout, J., Salloum, C., Hajjar, L., & Taha, N. (2017). Effectiveness of female nudity in e-advertising. International Journal of Electronic Marketing and Retailing, 8(4), 331-343.
El Kallab, T., and Salloum, C. (2017). Educational Attainment, Financial Support and Job Creation across Lebanese Social Entrepreneurships. Entrepreneurship Research Journal.
El Khoury, C., Sayegh. E., and Al Alam, A. (2017). Interplay of Mediating Factors in the Relationship between Greenwashed Labels and Consumers' Trust. Asian Journal of Marketing, 11(2), 44-53.
Salloum, C., Jabbour, G. and Mercier-Suissa, C. (2017), Democracy across Gender Diversity and Ethnicity of Middle Eastern SMEs: How Does Performance Differ? Journal of Small Business Management.
Wen, X., Bouri, E. & Roubaud, D. (2017). Can energy commodity futures add value to the carbon emission market? Economic Modelling, 62, 194-206.

Azoury N. and Bouri E. (2016). Ownership Structure and Minority Expropriation in Lebanon. International Journal of Business and Globalisation, 17(2), 149-173.
Awartani, B., Maghyereh, A. I., & Bouri, E. (2016). The directional volatility connectedness between crude oil and equity markets: New evidence from implied volatility indexes. Energy Economics, 57, 78-93.
Bouri, E., & Demirer, R. (2016). On the volatility transmission between oil and stock markets: a comparison of emerging importers and exporters. Economia Politica, 33(1), 63-82.
Bouri, E., Awartani, B., & Maghyereh, A. (2016). Crude oil prices and sectoral stock returns in Jordan around the Arab uprisings of 2010. Energy Economics, 56, 205-214.
Bouri, E., & El Assad, J. (2016). The Lebanese Electricity Woes: An Estimation of the Economical Costs of Power Interruptions. Energies, 9(8), 583.
Bouri, E. I., & Roubaud, D. (2016). Fine Wines and Stocks from the Perspective of UK Investors: Hedge or Safe Haven. Journal of Wine Economics, 11(2), 216-232.
Salloum, C., Bouri, E., Salloum, L. & Mercier-Suissa, C. (2016). Outside directors and performance across family generations in Lebanon. International Journal of Business Performance Management, 17(2), 147-160.
Simin, L., Mercier-Suissa, C., & Salloum, C. (2016). The Chinese born globals of the Zhejiang province: A study on the key factors for their rapid internationalization. Journal of International Entrepreneurship, 14(1),75-95.
Salloum, C., Azzi, G., Mercier Suissa, C. & Khalil, S. (2016). The impact of the presence of women in management on the firms’ performance. International Journal of Entrepreneurship and Small Business, 27(2/3), 213-246.
Salloum, C., Azzi, G., Mercier Suissa, C. & Khalil, S. (2016). The impact of the presence of women in management on the firms’ performance. International Journal of Entrepreneurship and Small Business, 27(2/3), 213-246.

Azoury, N., & Bouri, E. (2015). Principal–principal conflicts in Lebanese unlisted family firms. Journal of Management & Governance, 19(2), 461-493.
Azoury, N., Jreitiny, R., & Azzi, G. (2015). The relationship between corporate governance structure and family firms' performance. EuroMed Journal of Management, 1(1), 2-20.
Bouri E. (2015). A Broadened Causality in Variance Approach to Assess the Risk Dynamics between Crude Oil prices and the Jordanian Stock Market. Energy Policy, 85, 271–279.
Bouri E. (2015). Oil Volatility Shocks and the Stock Markets of Oil-Importing MENA Economies: A Tale from the Financial Crisis. Energy Economics, 51 (C), 590–598.
Bouri E. (2015). Return and Volatility Linkages between Oil Prices and the Lebanese Stock Market in Crisis Periods. Energy, Vol. 89, pp. 365–371.
Bouri, E. & Salloum, C. (2015). Is Bad News Good News in the Lebanese Stock Market? An Asymmetric Model of Return Volatility. Arab Economic and Business Journal, Special Issue, pp. 1-11.
Bouri, E., (2015). Fine Wine as an Alternative Investment during Equity Market Downturns. The Journal of Alternative Investments, 17(4), 46-57.
El Khoury, C., & Azoury, N. (2015). Effects of retailing environmental factors on Lebanese shoppers' responses. International Journal of Sales, Retailing & Marketing, 4(3), 3-19.
Marceau, G., Metzger, T., & Azoury, N. (2015). Gestion territorial et valorisation du patrimoine: Vers un développement régional durable. La Revue Gestion et Organisation, 7(1), 44-56.
Salloum, C., Jabbour, G., Digout, J. & Gebrayel, E. (2015). Managerial dominance over the board and audit committee independence in financial institutions. Investment Management and Financial Innovations, 12(4), 33-42.
Salloum, C., Salloum, L., Jarrar, H., Sassine, M., Gebrayel, E., & Chaanine N. (2015). Corporate governance and audit Committee. International Journal of Managerial and Financial Accounting, 7 (3/4), 198-216.
Salloum, C., Sayah, M. A., & Azouri, A. (2015). The financial involvement of the Lebanese banking sector in corporate social responsibility. EuroMed Journal of Management, 1(1), 21-39.

Bouri, E. (2014). Beyond the negative relation between return and conditional volatility in the wine market: Is fine wine particularly luscious for investors. International Journal of Wine Business Research, 26(4), 279-294.
Bouri, E. (2014). Israeli-Hezbollah war and global financial crisis in the Middle East and North African equity markets. Journal of Economic Integration, 1-19.
Bouri, E., & Azzi, G. (2014). On the dynamic transmission of mean and volatility across the Arab stock markets. Journal of Emerging Market Finance, 13(3), 279-304.
Bouri, E., & Yahchouchi, G. (2014). Do return and volatility traverse the Middle Eastern and North African (MENA) stock markets borders. Journal of Economic Studies, 41(2), 317-344.
Bouri, E., Eid, A., & Kachacha, I. (2014). The Dynamic Behaviour and Determinants of Linkages among Middle Eastern and North African Stock Markets. Economic Issues, 19(Part 1).
Mercier-Suissa, C., Thivant, E., & Hager, J. (2014). Mise en valeur de l’attractivité des zones d’activité sur internet: Essai de comparaison sites publiques versus site privé (No. hal-01145308).
Ndjambou, R., & Sassine, M. (2014). Entrepreneurship: gender differences among Gabonese graduates. International Journal of Business Performance Management, 15(2), 106-116.
Ndjambou, R., & Sassine, M. (2014). Etude de la relation entre profil du dirigeant, culture et performance des PME gabonaises: clarification des compétences et de la vision. La Revue Gestion et Organisation, 6(1), 7-19.
Salloum, C., Azzi, G., & Gebrayel, E. (2014). Audit committee characteristics in financially distressed and non-distressed companies: evidence of the Lebanese banking sector. International Strategic Management Review, 2(1), 39-45.

Azoury, A., Daou, L., & Sleiaty, F. (2013). Employee engagement in family and non-family firms. International Strategic Management Review, 1(1), 11-29.
Azoury, N. M., Daou, L. E., & El Khoury, C. M. (2013). University image and its relationship to student satisfaction: Case of the Holy Spirit university of Kaslik, Lebanon. Journal of Executive Education, 12(1), 4.
Azoury, N. M., Daou, L. E., & El Khoury, C. M. (2013). University image and its relationship to student satisfaction: Case of the Holy Spirit university of Kaslik, Lebanon. Journal of Executive Education, 12(1), 4.
Azoury, N., & Salloum, C. (2013). L'impact de l'affect de marque sur la fidélité des consommateurs. La Revue des Sciences de Gestion, (3), 69-76.
Bouri, E. (2013). Correlation and volatility of the MENA equity markets in turbulent periods, and portfolio implications. Economics Bulletin, 33(2), 1575-1593.
Bouri, E. (2013). Do fine wines blend with crude oil? Seizing the transmission of mean and volatility between two commodity prices. Journal of Wine Economics, 8(01), 49-68.
Bouri, E. and Azzi, G. (2013). Dynamic Interactions between the Markets of Crude Oil and Fine Wine in Light of the Global Economic Growth. Energy Studies Review, 20( 1), 80-91.
Bouri, E., & Salloum, C. (2013). Pairs Trading comme arbitrage statistique à la bourse de Beyrouth: la co-integration entre les cours des actions Solidere A et B. La Revue Gestion et Organisation, 5(2), 203-208.
Mercier-Suissa, C., Collin, P. M., & Khalife, D. (2013). Consommateurs responsables, labellisation et stratégie de relocalisation des entreprises (No. hal-00876454).
Salloum, C., & Ajaka, J. (2013). CRM Failure to apply optimal management information systems: Case of Lebanese financial sector. Arab Economic and Business Journal, 8(1), 16-20.
Salloum, C., Bouri, E. & Samara, G. (2013). Impact of family involvement in ownership management and direction on financial performance of the Lebanese firms. International Strategic Management Review, 1, 30-41.
Salloum, C., Bouri, E., & Khalife, D. (2013). Board of directors and bank performance: beyond agency theory. International Journal of Business Governance and Ethics, 8(3), 265-288.
Salloum, C., Bouri, E., & Schmitt, C. (2013). Board of directors and financial performance in the Middle East. International Journal of Business Performance Management, 14(3), 274-292.
Sarkis, N., & Daou, L. (2013). Giving back to the community, an obligation or an option today?—Case of the educational sector in Lebanon. International Strategic Management Review, 1(1), 59-64.

Bouri, E. (2012). An Attempt to Capture Leptokurtic Returns and to Model Volatility of Returns: The Case of Beirut Stock Exchange. International Research Journal of Finance and Economics, 90, pp. 114-123.
Salloum, C., & Azoury, N. (2012). Corporate governance and firms in financial distress: evidence from a Middle Eastern country. International Journal of Business Governance and Ethics, 7(1), 1-17.
Salloum, C., Schmitt, C. & Bouri, E. (2012). Does board structure affect financial distress? A study with reference to family firms in Lebanon. Investment Management and Financial Innovations, 9(4), 115-125.

Azoury, N. & Salloum, C. (2011). Les effets non linéaires de la prise de participation sur les performances des entreprises familiales. La Revue des Sciences de Gestion, 5(245-246), 53-61.
Salloum, C., Azoury, N. & Azzi, T. (2011). Board of directors’ effects on financial distress: evidence of family owned businesses in Lebanon. International Entrepreneurship and Management Journal, 9(1), 1-17.
Research Projects
In progress
  • 2015-2017, Nehme Azoury, The New Era of Red Wine Production "A Combination of Speed, Safety and Quality”. A Comparative Study of the Mediterranean Basin Countries, CSR USEK, Lebanon.

  • 2016-2017, Charbel Salloum, Diversité du Genre, et Performances des Entreprises, Institut du Genre, France.
  • 2016-2017, Charbel Salloum, "Analyse du risque de contrefaçon dans le cadre des relations donneurs d’ordre /sous-traitants en Chine et au Maroc : cas des PME industrielles françaises", Projet ARC 7 Innovations, Mobilités, Territoires et Dynamiques Urbaines, France.
  • 2015-2016, Charbel Salloum, L’impact du fondateur sur les caractéristiques du conseil d’administration et la performance des entreprises familiales, CSR USEK, Lebanon.
Research Seminars and Workshops
Salloum, C., Workshop: Writing a Scientific Paper. CIRAME. November 16th and December 7th, 2016
Research Activities
May 17th, CODEGE, Conference on ‘Comment évaluer une production scientifique’
May 5th, 2017, Jacques Digout, Seminar on Digital Marketing. CIRAME.
May 3rd, 2017, Slimane Haddadj, Seminar on Social Entrepreneurship. CIRAME.
April 27th, 2017, George Jabbour, Workshop on Global Economic Prospects. CIRAME.
March 22nd, 2017, Salim Sfeir, Conference on ‘From Beirut to the World: A Banker’s Success Story’.
February 16th, 2017, Fouad Zmokhol and Jean-Marc Ingea, Conference on Lebanese Family Businesses, How are they Succeeding?

November 28th, 2016, Fouad Zmokhol, Conference on Ethics and Corporate Social Responsibility: Where do Lebanese Corporations Stand?
November 16th and December 7th, 2016, Charbel Salloum, Workshop: Writing a Scientific Paper, CIRAME.
July 7th, 2016, Charbel Salloum, M.Sc/Ph.D.: What’s Next?, CIRAME.
June 16th, 2016, Jacques Digout, Writing and Publishing a Book, CIRAME.
May 11th, 2016, Adel Al Alam, Workshop on Quantitative Research Methods, CIRAME.
April 28nd, 2016, Ayaman El Tarabishy, ‘A’ Journals, How to Get Published?, CIRAME.
March 10th, 2016, Slimane Haddadj, Workshop on Qualitative Methods, CIRAME.

July 10th, 2015, Catherine Mercier and Daniel Suissa, Eléments de méthodologie pour l’accompagnement des PME à l’export, CIRAME.
April 15th, 2015, Jacques Digout, Ethics and Research in Business, CIRAME.
March 11th, 2015, Workshop on Research Methodology, Charbel Macdissi, CIRAME.
March 23rd, 2015, Adel Al Alam and Mario Sassine, Workshop on Quantitative and Qualitative Methods, CIRAME.
March 9th, 2015, Adel Al Alam, Workshop on Quantitative Research Methods, CIRAME.

April 14th and 15th, 2014, International Colloquium on Corporate Governance across Ethics, Culture & Citizenship: What to give and what to expect.

September 12th and 13th, 2013, Slimane Haddadj, Advanced Qualitative Research Methodology, CIRAME.
April 10th, 2013, Jean Yves Duyck, Qualitative Research Methodology, CIRAME.
February 14th and 15th, 2013, Dominique Besson, How to Conduct an Interview, CIRAME.

November 7th and 8th, 2012, PRME MENA 2nd regional Forum.
July 5th, 2012, CIRAME Prize of Research awarded to Mouïn Hamzé.
April 2nd and 3rd, 2012, International Colloquium on Crises, Globalization and Governance: How to Draw Lessons?
March 14th, 2012, Senator Jean-Yves Leconte, Conference on Relations between Europe and the Mediterranean.
January 5th, 2012, Nicolas Nahas, Conference on Lebanese Economy in 2012: new challenges, new perspectives.

June 23rd, 2011, 10 years of Research in CIRAME: State and Future Perspectives.
June 15th-July 15th, 2011, Grégoire Azar, Workshop on Technical Analysis.
May 2nd-13th, 2011, Grégoire Azar, Workshop on Elliott Waves, explained Principles.
May 9th, 2011, Conference on « Fusions and Acquisitions: Economic and Legal Dimensions»
May 3rd, 2011, International Financial Crisis and Islamic Banking.
Annual Report
In progress
USEK Business School (UBS)
Holy Spirit University of Kaslik
POBOX 446, Jounieh, Lebanon
Tel: +961 9 600 800
Fax: +961 9 600 801
Email :
Holy Spirit University of Kaslik
Tel.: (+961) 9 600 000
Fax : (+961) 9 600 100
© Copyright USEK 2018
Subscribe to our newsletter