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New business density (NBD) is the ratio of the number of newly registered liability corporations to the working-age population per year. NBD is critical to assessing a country's business environment. The present work endeavors to discover and gauge the contribution of 28 potential socio-economic enablers of NBD for 2006–2021 across developed and developing economies separately and to make a comparative assessment between those two regions.

Using World Bank data, the study first performs exploratory data analysis (EDA). Then, it deploys a deep learning (DL)-based regression framework by utilizing a deep neural network (DNN) to perform predictive modeling of NBD for developed and developing nations. Subsequently, we use two explainable artificial intelligence (XAI) techniques, Shapley values and a partial dependence plot, to unveil the influence patterns of chosen enablers. Finally, the results from the DL method are validated with the explainable boosting machine (EBM) method.

This research analyzes the role of 28 potential socio-economic enablers of NBD in developed and developing countries. This research finds that the NBD in developed countries is predominantly governed by the contribution of manufacturing and service sectors to GDP. In contrast, the propensity for research and development and ease of doing business control the NBD of developing nations. The research findings also indicate four common enablers – business disclosure, ease of doing business, employment in industry and startup procedures for developed and developing countries.

NBD is directly linked to any nation's economic affairs. Therefore, assessing the NBD enablers is of paramount significance for channelizing capital for new business formation. It will guide investment firms and entrepreneurs in discovering the factors that significantly impact the NBD dynamics across different regions of the globe. Entrepreneurs fraught with inevitable market uncertainties while developing a new idea into a successful new business can momentously benefit from the awareness of crucial NBD enablers, which can serve as a basis for business risk assessment.

DL-based regression framework simultaneously caters to successful predictive modeling and model explanation for practical insights about NBD at the global level. It overcomes the limitations in the present literature that assume the NBD is country- and industry-specific, and factors of the NBD cannot be generalized globally. With DL-based regression and XAI methods, we prove our research hypothesis that NBD can be effectively assessed and compared with the help of global macro-level indicators. This research justifies the robustness of the findings by using the socio-economic data from the renowned data repository of the World Bank and by implementing the DL modeling with validation through the EBM method.

The purpose of this paper is to analyze the existing literature in the domain of financial inclusion and emphasizing forthcoming trends. It examines recent literature while assessing the geographical distribution, identifying well-known authors, publications, journals and keyword occurrences.

Based on a scientific search technique, bibliometric analysis in the field of financial inclusion was carried out on a sample of 2,125 Scopus documents for the years 2004–2022. A VOS viewer was used in the study as a tool for performance evaluation and analysis of the science mapping.

The bibliometric analysis illustrates that India and the USA are dominating in financial inclusion field with significant contributions. The most well-known authors were Ghosh, S. and Munene, J.C. and International Journal of Social Economics was considered as the best journal. Finally, six prominent clusters were identified through keyword analysis. The major themes revolve around digitalization, economic development, demographic and geographic factors and financial literacy.

The research helps in providing information for formulating financial inclusion policies for RBI and Government of India. A comprehensive literature assessment is useful for future scholars to develop a solid conceptual framework. This research would help practitioners to formulate strategies for rural population to enhance their earnings, investments and money.

This study can supply data to describe the framework of earlier financial inclusion studies and provides potential directions for future research.

Amidst unpredictable and turbulent periods, such as the COVID-19 pandemic, service organization’s responses are required to be innovative, adaptable and resilient. The purpose of this study is to explore the utilization of both reconfiguration and transformational strategies as instruments for cultivating resilience and advancing sustainability in service organizations.

The study examines a proposed resilience model using fuzzy logic. The research also used a semantic differential scale to capture nuanced and intricate attitudes. Finally, to augment the validity of the resilience model, a measurement scale was formulated using business mathematics and expert opinions.

Although investing in resilience training can help organizations gain control and maintain their operations in times of crisis, it may not directly help service organizations understand the external turmoil, seek available resources or create adaptive remedies. Conversely, high levels of reconfiguration and transformation management vigour empower a service organization’s revolutionary, malleable vision, organizational structure and decision-making processes, welcoming talented and innovative employees to enhance capabilities during crises.

The resilience model bestows a comprehensive understanding of the pertinence of building resilience for service organizations identifying the antecedents that influence the adoption of these strategies and introduces a range of theoretical perspectives that empowers service organizations to conceptualize and plan for building resilience. The research guides service organizations to become more resilient to external shocks and adapt to changing circumstances by diversifying their offerings, optimizing their resources and adopting flexible work arrangements. The study elaborates on the enhancement of resilience, increasing innovation, improving efficiency and enhancing customer satisfaction for service organizations to remain competitive and contribute to positive social and economic outcomes through the adoption of both reconfiguration and transformational strategies.

The study also guides the service organizations to become more resilient to external shocks and adapt to changing circumstances by diversifying their offerings, optimizing their resources and adopting flexible work arrangements. Rapid innovation and business model innovation are essential components, enabling service organizations to foster a culture of innovation and remain competitive. In addition, the adoption can lead to improved financial performance, job creation and economic growth, contributing to positive social and economic impacts.

The resilience model bestows a comprehensive understanding of the pertinence of building resilience for service organizations. It identifies the antecedents that influence the adoption of these strategies and introduces a range of theoretical perspectives that empowers service organizations to conceptualize and plan for building resilience. The research also provides a foundation for further investigation into the effectiveness of these strategies and their impact on organizational performance and sustainability. By better preparing service organizations for disruptions and uncertainties, this research triggers ameliorated organizational performance and sustainability.

Within the realm of the service industry, the present investigation has undertaken the development, quantification and scrutiny of both resilience and tenacity. In addition, it has delved into the intricate dynamics surrounding the influencing factors and antecedents that bear upon resilience, elucidating their consequential impact on the operational performance and outlook of service-oriented organizations. The findings derived from this research furnish valuable insights germane to enhancing operational efficacy and surmounting impediments within the sector.

Economists and governments worldwide are largely concerned about sustainability, CO₂ footprint and climate change, which are mostly caused by fossil fuel emissions. This study aims to provide an in-depth analysis of the significant role played by renewable energy (RE) sources in generating clean energy for achieving sustainable net-zero standards and mitigating climate change.

A thorough review of literature was conducted on the topic to provide insights into the existing state about the adoption of RE sources to achieve the net-zero goals.

As a result of the extensive review, it is found that all forms of RE, such as hydropower, solar energy, wind energy, bioenergy and geothermal power, are currently being used in many countries. Also, application of these sources across various sectors and their environmental consequences also vary for each RE source.

This chapter emphasises that adoption of RE sources is crucial to reduce the usage of limited fossil-based natural resources, which have significant negative effects on the environment. The adoption of RE at large scale requires the implementation of new regulations and policies along with technological progress for enhancing the affordability and effectiveness of these sources.

This chapter provides compelling evidence to support the acceleration of the transition from a vulnerable fossil fuel–dependent economy to a sustainable low-carbon one, with RE sources playing a central role.

The purpose of this study is to learn how the incorporation and use of leanness, agility and innovation in Indian manufacturing micro, small and medium enterprises (MSMEs) affect their bottom lines and how much these factors contribute to the MSMEs’ ability to meet their long-term sustainability goals.

The suggested model was subjected to data validation and additional empirical validation using a sample of 411 Indian manufacturing MSMEs. The analysis of construct measures is conducted through the utilization of confirmatory factor analysis, a statistical technique that is grounded in the theoretical framework of structural equation modeling (SEM). In addition, path model analysis was applied for the purpose to validate the assumptions that were included in the structural models.

Consistent with the proposed model, the findings of this study demonstrate that leanness, agility and innovation have a substantial favorable impact on the sustainability of a company’s performance. These findings may be helpful in gaining professionals, academics and policymakers to acknowledge the significance of leanness, agility and innovation in enhancing the long-term sustainability of MSMEs and enhancing the overall performance of a particular company. This research excluded the service industries-based research papers.

Many research in the field of manufacturing industries that have adopted leanness, agility, innovativeness and sustainability as individual approaches or as a collective methodology of two or more were considered in the current study. This research excluded the service industries-based research papers.

This literature review has recognized and analyzed various dimensions and roles of leanness, agility, innovativeness and sustainability that are prevalent in manufacturing industries that include the positive and negative effects on the performance of the industries. The research enlightens the path and shows future directions for research to develop efficient, effective and sustainable manufacturing industries.

By promoting the concept of focusing on the “human factor”, namely, stakeholder perspectives, the MSME sector is propagating a strategy that moves away from an excessive focus on technology and toward a more humane one. Through the application of the three key concepts of leanness, agility and innovation, this work aims to create a framework for measuring the sustainability performance of micro-, small- and medium-sized enterprises (MSMEs), with the ultimate goal of assisting the country in achieving the Sustainable Development Goals in the fields of industry, innovation and infrastructure by supporting environmentally friendly and resource-conserving businesses that give back to society and the natural environment.

The objective of this research is to assess the importance and effectiveness of integrating various approaches such as leanness, agility, innovativeness and sustainability within the framework of manufacturing micro, small, and medium enterprises (MSMEs). The authors hope that by going further into these concepts, they will be able to broaden their understanding and get a more comprehensive insight into the role that these concepts play and how they might be successfully used within this environment.

Are divestitures really just the “flip side” of acquisitions? Both divestiture and acquisition are important processes for firm scope change. Frequently, these processes are considered to be “two sides of the same coin” wherein a divestiture is simply an acquisition performed “in reverse.” In contrast to this perspective, the authors submit that these two corporate strategic processes have fundamental differences in their motivations, implementation, and ramifications. Failure to recognize and address these differences could have serious consequences for firms, especially in the domains of capability development and deployment. In this chapter, the authors begin by recognizing the similarities between divestitures and acquisitions that have contributed to their “mirror image” reputations. The authors then identify and categorize the major differences between divestitures and acquisitions and explain how these distinctions can present significant challenges to firms when building and utilizing their corresponding divestiture and acquisition capabilities. Finally, the authors leverage these insights to develop not only suggestions for future research but also recommendations for firms to avoid succumbing to the fallacy of sameness between divestitures and acquisitions – and perhaps even successfully exploit it – when building, wielding, and honing the tools in their capability portfolios.

The case study is designed to help students understand how the “growth at all costs” attitude can lead to compromised corporate governance in a start-up leading to disastrous implications for all the stakeholders. This case study aims to make students understand the components of the fraud triangle, the impact of financial fraud on various stakeholders, the role of venture capitalist (VC) investors and the importance of good corporate governance in start-ups. The case study presents an excellent opportunity for students to discuss the consequences of ignoring good governance in the pursuit of growth in a start-up. After analyzing the case study, the students shall be able to explain the concept of the fraud triangle and to be able to identify the motivation, opportunity and rationalization of financial irregularities in a start-up; analyze the impact of financial irregularities on various stakeholders; comprehend the business model of VCs and evaluate its influence on VC-funded start-ups; and appraise the importance of good corporate governance in start-ups.

The case study revolves around the confession of financial irregularities made by one of the cofounders of GoMechanic, a start-up headquartered in Gurugram, India. On January 18, 2023, Amit Bhasin confessed to financial irregularities in the company’s financial statements, leading to laying off 70% of the workforce of the company. GoMechanic had earlier raised close to US$62m [1] from maverick global investors including Sequoia Capital, Tiger Global, Orios Venture Partners and Chiratae Ventures, and was negotiating to raise Series D financing from the Japanese multinational SoftBank with aspirations to be a unicorn (start-up with a valuation of over $1bn). The confession led to a debate about the consequences of the “growth at all cost” culture being followed by start-ups as well as VCs. GoMechanic was not an isolated instance of a lack of governance in the start-ups. The confession had consequences not only for the GoMechanic but for the entire start-up ecosystem of India, which was the third largest in the world. Bhasin stated that the founders take full responsibility for the situation, and they were working on a plan which was most viable under the circumstances. However, it was not going to be easy to regain the confidence of the investors.

The case study is best suited for senior undergraduate- and graduate-level business school students and in executive education programs in courses such as corporate governance and ethics, private equity and entrepreneurial finance.

Teaching notes are available for educators only.

CSS 1: Accounting and finance

This study aims to provide a scientific framework for the selection of suitable substation technology in an electrical power distribution network.

The present paper focuses on adopting an integrated multi-criteria decision-making approach using the Delphi method, analytic hierarchy process (AHP) and technique for order preference by similarity to ideal solution (TOPSIS). The AHP is used to ascertain the criteria weights, and the TOPSIS is used for choosing the most fitting technology among choices of air-insulated substation, gas-insulated substation (GIS) and hybrid substation, to guarantee educated and supported choice.

The results reveal that the GIS is the most preferred technology by area experts, considering all the criteria and their relative preferences.

The current research has implications for public and private organizations responsible for the management of electricity in India, particularly the distribution system as the choice of substations is an essential component that has a strong impact on the smooth functioning and performance of the energy distribution in the country. The implementation of the chosen technology not only reduces economic losses but also contributes to the reduction of power outages, minimization of energy losses and improvement of the reliability, security, stability and quality of supply of the electrical networks.

The study explores the impact of substation technology installation in terms of its economic and environmental challenges. It emphasizes the need for proper installation checks to avoid long-term environmental hazards. Further, it reports that the economic benefits should not come at the cost of ecological degradation.

The present study is the first to provide a decision support framework for the selection of substation technologies using the hybrid AHP-TOPSIS approach. It also provides a cost–benefit analysis with short-term and long-term horizons. It further pinpoints the environmental issues with the installation of substation technology.

This chapter adopts a historiographical methodology, meticulously retracing the lineage of Augmented Reality (AR) from the 16th century and scrutinizing the conceptual genesis of Virtual Reality (VR) in the mid-20th century. It rigorously scrutinizes the fundamental principles and applications of AR and VR, extending the discourse to encompass the foundational tenets and ramifications of the burgeoning Metaverse. Thoroughly examining ethical considerations and challenges, there is an emphasis on perpetuating research, judicious implementation, and establishing ethical frameworks. Elucidating the profound ramifications of AR on sundry industries, the transformative potential of VR in crafting immersive environments, and the emergent interconnected virtual realm of the Metaverse, key principles such as spatial mapping, interaction modalities, and cross-platform interoperability are accentuated. Ethical challenges inherent in Metaverse development, notably digital identity, and privacy are identified. The narrative steadfastly underscores the significance of perpetuated research and ethical considerations in steering the evolutionary trajectory of avant-garde technologies. The findings hold far-reaching implications for diverse sectors, encompassing navigation, marketing, healthcare, architecture, education, and entertainment. The Metaverse’s potential to reconfigure digital experiences ubiquitously and its consequential impact on privacy and content moderation accentuate the exigency for circumspect consideration in development and implementation. This chapter fervently advocates for responsible usage and the facilitation of equitable access. This chapter contributes to the scholarly corpus by synthesizing historical perspectives, core principles, and ethical considerations across the domains of AR, VR, and the Metaverse. The unique emphasis on sustained research endeavors and the establishment of ethical frameworks adds distinctive insights, thereby guiding the sagacious evolution of these paradigm-shifting technologies.