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This contribution responds to the call of various researchers for a shift in Responsible Management Education (RME) to adopt a more human-centered and less organizational-centered approach. Service learning (SL) is introduced as a possibility to offer didactical opportunities for participants to connect real-world experiences to system thinking in various ways. We suggest an approach called a “Prism of Reflections” to pique participants' hermeneutical, technical, and emancipatory interests so they can delve deeply into local social and environmental issues and be able to connect them to broader global issues as encapsulated in the Sustainable Development Goals (SDGs). We exemplify our method by demonstrating how students reflect on their experiences working at food banks, and how they relate to concerns of sustainability, poverty, and access to food. Our research suggests that this approach offers a way to situate organizational thinking and instrumental reasoning in a larger framework that considers the aims of hermeneutics, technical and emancipatory discourses. Our findings demonstrate that there are conflicts and dissonances when connecting intersubjective real-world perceptions to emancipatory interests and technical knowledge, particularly when it comes to challenges in the realm of food.

Amid the growing investors’ interest in environment, social and governance (ESG) investing, the present study aims to examine the investors’ reactions to the reconstitutions of the prominent Indian sustainability index.

Incorporating both the announcement day (AD) and the effective change day (CD), the market model of event study methodology has been employed to measure the investors’ reactions in terms of abnormal stock returns in both the short and long term. Inclusions in and exclusions from the S&P BSE 100 ESG index are used as an indicator of sustainability.

Surprisingly, our empirical analysis suggests that stock markets do not reward the inclusion of a company in the sustainability index. However, unexpectedly, exclusions are accompanied by significantly positive cumulative average abnormal returns, observed during both the temporary price impact window and the total permanent price effect window. These atypical findings could be linked to the particular clientele composition of included and excluded companies.

The findings of this study carry significant implications for corporate decision-makers, investors and policymakers involved in sustainability and ESG practices within the Indian market. By shedding light on the market’s response to sustainability index reconstitutions, this research can aid in better managing associated opportunities and risks.

While previous research has predominantly focused on American and European markets, our study extends the analysis to understand how Indian investors respond to news of inclusions and exclusions from the BSE 100 ESG index. By offering insights into the price effects associated with the revisions in the S&P BSE 100 ESG index list, the study contributes to the advancement of literature.