International Journal of Management and Sustainability Practices

The results indicate that the sample IPOs were significantly underpriced on their respective listing days, as the average listing-day gain was 10.36% (t=2.587, p=0.014), and 65% of IPOs posted positive first-day returns. To measure long-term wealth creation over a period of one year, an average return of 60.69% was calculated (t=2.951, p=0.005), although a small number of extraordinary performers skews this large return; the median long-term return was 12.28% and 45% of the IPOs during this period had negative returns and destroyed wealth for investors. Importantly, this study demonstrates that the short-term and long-term performance of IPOs are independent statistically (r=0.025, p=0.876), which represents the most significant contribution of this study. Furthermore, using a paired sample t-test, the researchers confirm that there is a high level of significance regarding this independence (t=6.175, p<.001). The subscription level can be regarded as the major predictor of performance for initial day transactions (correlation coefficient of +0.719) (R² ≈ 50%), however, the profitability ratios (return on average assets (ROA), return on average equity (ROE) and earnings per share (EPS)) would not be a statistically significant predictor for the short-term return on investment as indicated by an ANOVA analysis (F = 0.595, p-value = 0.623 (R² = 4.72%)). The very strong negative relationship between the price-to-earnings (P/E) ratio on the date of listing and the amount gained on the first trading day (r = −0.648) provides corroboration for the overvaluation hypothesis. There is no statistically significant predictive power of the time in business on either time period. Furthermore, the results tend to suggest that Behavioural Finance Theory has much greater relevance than Fundamental Valuation Theory for the primary market; however, these results do indicate that long-term value is generated through fundamental underlying business performance. The implications of these findings are important for retail investors, issuers, merchant bankers and other regulatory bodies, particularly the Securities and Exchange Board of India (SEBI). ____________________________________________________________________________________________________________

The Micro, Small and Medium Enterprises (MSMEs) are one of the key pillars in Indian economy contributing 30% to GDP, 36% to manufacturing output and nearly 46% to total exports employing over 250 million people. However, 2022 statistics show that the sector is still largely reliant on fossil fuels — with a total emissions output of around 135 MtCO₂e/year. Green technologies — ranging from energy-efficient equipment and rooftop solar, to waste recycling systems and cleaner alternative fuels — not only save substantial costs (up to 30% in electricity bills) but also help meet India's national climate pledges of reaching net-zero by 2070 as well as a 45% reduction in carbon intensity over the decade (by 2030). However, even with federal stimulus schemes like the MSE-GIFT scheme, ZED certification, MSE-SPICE and the RAMP programme, uptake has remained dismally low across MSME. Major barriers include the high upfront capital cost, limited access to institutional finance, low levels of technical know-how among owner-managers, resistance to change within organisations and weak enforcement of regulations. The current paper performs an exploratory conceptual and thematic review of academic studies, which includes government reports and policy documents mapping the existing situation of green technology adoption among Indian MSMEs. Using the Technology Organisation Environment (TOE) framework and entrepreneurship skill development theory, it explores the main barriers and enablers of adoption alongside assessing their potential for scaling green transitions. The paper suggests that green entrepreneurship Modules should be incorporated into existing MSME Skill development programmes (through cluster-based ESCO models, awareness campaigns and enhanced concessional finance) to accelerate adoption. Findings that are of interest to policy makers, educators, financial institutions and to MSME owner–managers working to realise sustainable industrial transformation.

Amid a rising tide of unethical organizational behavior and declining employee confidence in management's integrity, Authentic Leadership (AL) is now being studied as a theoretical construct that could support ethically driven leadership focused on employees' identities. Although scholars are increasingly interested in this area, there remains a significant lack of understanding of how AL leads to positive organizational outcomes. This conceptual paper proposes a new comprehensive framework that links AL which includes characteristics such as self-awareness, relationship transparency, balanced processing, and internalization of a moral perspective with four organizational outcome measures (employee job satisfaction, employee work engagement, employee Organizational Citizenship Behaviour [OCB], and employee well-being), and links both to two mediation variables: psychological empowerment (PE) and Trust In Leadership (TL). Further, the proposed framework introduces organizational culture and employee personality as theoretically motivated moderator variables. Based on theories including Self-Determination Theory, Social Learning Theory, Positive Psychology, and Person-Environment Fit Theory, this model offers six formally stated propositions and responds to recent calls for process-based authentic leadership theorising.