COMMERCE RESEARCH REVIEW

Revisiting the Phillips Curve in Keralam: An Empirical Analysis of Inflation-Unemployment Dynamics

N Karunakaran, Suprabha K — Mon, 20 Jul 2026 00:00:00 +0000

Research on the pattern of unemployment and inflation in Keralam from 2017-2025 is aimed at establishing the existence of
Phillips curve in the economy. There is ample evidence of the fact that higher unemployment is related to the rates of
inflation. Unemployment is high among the educated youth and women while low inflation has continued to be associated
with supply-side elements including price of food and fuel. Using data the study was conducted to ascertain whether there
was an inverse relationship between inflation and unemployment. Phillips curve theory has not been applied to Keralam's
economy. The cost-push dynamics and significant unemployment have been attributed to this.

Corporate Waste Management Policies in India and SDG 12 Achievement

Pankaj Kumar Mahato — Thu, 10 Sep 2026 09:30:01 +0000

India faces a major challenge in balancing industrial growth with the Sustainable Development Goals (SDGs). This research evaluates how corporate waste management policies in India align with SDG-12 targets. The study specifically focuses on the private sector’s role in promoting conscientious consumption and production practices across various industries.

The research uses a qualitative design. It analyses sustainability reports from the industrial, consumer goods, and technology sectors and evaluates key strategies such as the circular economy and Extended Producer Responsibility. It also reviews official data from the NITI Aayog SDG India Index Reports.

The findings show that India has significantly improved its waste treatment capabilities. Bio-medical waste treatment reached 91.52% by 2024. Hazardous waste recycling also increased to 54.99%. However, total waste generation and fossil fuel use continue to rise. Large companies use advanced tools, such as artificial intelligence, for resource recovery. But small companies struggle with high costs and technical barriers. This creates a big gap in national sustainability performance.

The originality of this paper lies in its comparison of corporate reports with official national indicators. It identifies a disconnect between policy goals and real-world outcomes.

A primary limitation of this research is its focus on large corporations. These companies have greater resources than small enterprises. Additionally, gaps in national reporting systems make it difficult to track chemical waste accurately.

The findings imply that future regulations must provide more support to smaller businesses. The policymakers should strengthen reporting systems and the administration of waste regulations. These changes are necessary to safeguard the environment and improve public health. According to the analysis, India needs to shift from managing waste to preventing it at the source to meet the SDG 2030 targets.

Circular Economy and Indian SMEs: Systematic Review of Practices, Progress, and Financial–Environmental Outcomes

Saif Maurya, Rajesh Viswakarma — Thu, 10 Sep 2026 00:00:00 +0000

The need to transition from linear to circular business models is becoming a necessity and a strategic value for India's small
and medium enterprises (SMEs) because of limited resources, environmental conditions, and regulation. (Ellen MacArthur
Foundation, 2016; Rizos et al., 2016; Rosa & Paula, 2023; Nemilentseva, Tariq, Tariq, Aghajani, & Torkkeli, 2024). This
study presents a review of the present scenario of circular economy (CE) practices in manufacturing SMEs in India and the
reported financial and environmental benefits of CE in the emerging economies (Fernando, 2024). Combinations of the
words circular economy, SME(s)/MSME(s), financial performance and environmental performance were applied for the
structured searches in the main academic databases (Wiley Online, Web of Science, Scopus, ScienceDirect, and
SpringerLink) and selected policy portals from 2015 to 2025 were screened. Studies were chosen and coded into a final set
of studies for evidence synthesis on CE practices, drivers and barriers, performance outcomes and policy frameworks based
on pre-defined inclusion and exclusion criteria.
Indian SMEs are still in the initial phase of adopting CE and are progressing rapidly with most entities implementing basic
initiatives like cutting waste and material recovery, along with relatively few in the country have applied more advanced
practices like remanufacturing, product-service systems or fully circular supply networks (Mathivathanan et al., 2022;
Rosa et al., 2023; (Trivedi et al., 2025)). The scholarly work, CE adoption is associated with cost savings, efficiency, and
environmental performance; evidence has been found to be variable and the way rigour is measured has also been quite
different. The review also highlights enablers and the ongoing financial, technological, and institutional hurdles and
provides a set of suggestions for the empirical studies and policy design in Indian SME context in the future.

From Sensory Appeal to Sustainable Choice: Unravelling the Role of AI-Augmented Sensory Experience and Green Positioning

Rajneesh Chandra Shukla, Gyanendra Tiwari, Amarendra Pratap Singh, Ajay Wagh — Thu, 10 Sep 2026 10:00:38 +0000

The growing use of artificial intelligence (AI) and experience-based marketing is changing how consumers interact with
brands, yet it remains unclear whether engaging sensory and AI-enabled experiences are sufficient to encourage sustainable
purchasing. This study addresses this issue by examining how Sensory Marketing (SM) and AI-Augmented Sensory
Experience (AIS) contribute to Sustainable Purchase Behaviour (SPB) and whether Green Positioning (GP) explains these
relationships. A quantitative, cross-sectional research design was adopted, and data were collected from 321 consumers
through a structured questionnaire. The data were analysed using Structural Equation Modelling (SEM) in JASP to assess
the direct, mediating, and serial mediating relationships among the four constructs. The findings show that Sensory
Marketing significantly enhances AI-Augmented Sensory Experience and positively influences Green Positioning. AIAugmented
Sensory Experience also has a significant positive effect on Green Positioning. However, neither Sensory
Marketing nor AI-Augmented Sensory Experience has a significant direct effect on Sustainable Purchase Behaviour. In
contrast, Green Positioning emerges as the strongest direct predictor of Sustainable Purchase Behaviour (β = 0.866, p <
.001). The mediation results further reveal that Green Positioning significantly mediates the effects of both Sensory
Marketing and AI-Augmented Sensory Experience on Sustainable Purchase Behaviour. Most importantly, the serial
pathway from Sensory Marketing through AI-Augmented Sensory Experience and Green Positioning to Sustainable
Purchase Behaviour is significant (β = 0.416, p < .001). The study shows that sustainable consumption is not just a
consequence of sensory stimulation or technological engagement but becomes effective once it leads to a significant
perception of the company's environmental sustainability.

Artificial Intelligence in Chartered Accountancy Practice in India: From Compliance Tool to Strategic Advantage

Sofia Khan — Thu, 10 Sep 2026 00:00:00 +0000

India's accounting profession is undergoing substantial change as Artificial Intelligence spreads across nearly every part of
core service delivery. This paper examines how machine learning, natural language processing, robotic process automation
and generative AI are reshaping Chartered Accountancy (CA) practice in India. Drawing on academic literature, guidance
from the Institute of Chartered Accountants of India (ICAI), regulatory material and documented industry practice, the
study looks at how AI is changing audit methods, tax compliance, financial reporting, forensic investigation and CFO
advisory functions. A SWOT framework is applied to assess where the profession currently stands and where it might go
next, with the analysis grounded in empirical data and industry statistics rather than conjecture. The picture that emerges is
one of human-AI collaboration: AI substantially broadens what a practitioner can analyse, yet professional judgment,
ethical accountability and statutory authority remain squarely with the Chartered Accountant and cannot be delegated to a
machine. The paper concludes with a phased roadmap and recommendations directed at individual practitioners, CA firms
and regulators, including ICAI, so that the profession can approach AI-enabled practice deliberately rather than reactively.
This is a qualitative, descriptive study based on secondary data — peer-reviewed research, ICAI guidance, industry reports
and regulatory documents. Its central finding is consistent throughout: AI adds analytical capacity, while judgment, ethics
and statutory authority remain the Chartered Accountant's domain.

Performance Chasing versus Investment Persistence in SIPs: Evidence from Indian Equity Mutual Funds

Madhu Bhartia, Anjanee Rai — Mon, 20 Jul 2026 00:00:00 +0000

This study examines whether shifting Systematic Investment Plan (SIP) contributions to recently top-performing Indian
equity mutual funds generates better long-term outcomes than continuing SIP investments in the same fund. The study
covers 50 actively managed open-end equity schemes across five categories—Large-Cap, Mid-Cap, Small-Cap, Flexi-Cap,
and ELSS January 2015 to March 2025.Data are drawn exclusively from publicly available sources, including AMFI,
SEBI, NSE, BSE, Value Research Online, CRISIL, and RBI. Two investment strategies are compared. The Persistence
Portfolio continues a fixed monthly SIP of ₹5,000 in the same fund throughout the investment period, whereas the
Performance-Chasing Portfolio shifts the SIP annually to a fund that belonged to the previous year's top-performing quartile
within the same category. Panel regression, paired t-tests, Wilcoxon signed-rank tests, and binary logistic regression are
used to examine the study's five formal hypotheses and compare investment persistence with performance-chasing
behaviour.
Findings indicate that recent absolute returns exert a significantly stronger influence on SIP inflows (β = 0.31, p < 0.001)
than risk-adjusted performance (β = 0.09, p = 0.048). Investors who maintained uninterrupted SIPs earned an average
annual return advantage of approximately 340 basis points over those who switched funds based on past performance,
accumulating materially higher terminal wealth with lower volatility and smaller maximum drawdowns. These results
suggest that investment discipline consistently outperforms performance chasing and carry direct implications for investor
education, mutual fund distribution practices, and policy design aimed at sustaining long-term retail participation in India

Strategic Leadership in the Age of Digitalization: Transformation and Sustainable Growth

Pradeep Mishra, Ambrish Singh — Thu, 10 Sep 2026 00:00:00 +0000

Purpose : The accelerating convergence of digital transformation, sustainability imperatives and stakeholder expectations
is fundamentally reshaping the strategic leadership landscape. Existing research study remains fragmented across digital
leadership, organisational transformation, dynamic capabilities and sustainability domains, limiting a holistic
understanding of how strategic leaders can simultaneously drive digital transformation and sustainable organisational
growth. This study develops an integrative perspective on the leadership capabilities and organisational mechanisms
required to align digital innovation with long-term sustainability outcomes.
Design/methodology/approach : A systematic literature review (SLR) guided by the PRISMA framework was conducted. A
corpus of 124 peer-reviewed journal articles published between 2010 and 2024 was systematically examined across the
intersecting domains of strategic leadership, digital transformation, sustainability, organisational capabilities and ESG. The
analysis is theoretically anchored in Dynamic Capabilities Theory, Upper Echelons Theory, Stakeholder Theory,
Organisational Ambidexterity and Servant Leadership.
Findings : Effective strategic leadership in digitally transforming organisations depends on the integration of five
interrelated capabilities: digital strategic vision, organisational agility, innovation orchestration, stakeholder-centric
governance and sustainability-oriented decision-making. Digital transformation generates sustainable value only when
technological investments are complemented by human capital development, organisational learning, ethical governance
and environmental and social accountability. The study proposes the Strategic Digital Leadership for Sustainable Growth
(SDLSG) framework, which explains the co-evolutionary relationship between strategic leadership, digital capabilities,
organisational transformation, ESG integration and sustainable competitive advantage.
Originality/value: The study extends strategic leadership and dynamic capabilities perspectives by positioning leadership
as a critical integrative mechanism linking digital transformation with sustainability outcomes. The proposed SDLSG
framework provides actionable implications for senior executives, boards, policymakers and management educators
seeking to develop digitally resilient, innovation-driven and sustainability-oriented organisations.

User Awareness and Perception of Central Bank Digital Currency (CBDC) in India: Implications for Future Payment Systems and Digital Financial Inclusion

P Govindan — Mon, 20 Jul 2026 00:00:00 +0000

The rapid development of Central Bank Digital Currencies (CBDCs) has transformed the debate surrounding the evaluation
and transformation of money, payment systems and digital financial inclusion. Although India has established a substantial
digital-payment ecosystem and introduced the Digital Rupee, evidence concerning users’ awareness, perception and
intention to use CBDC at the regional level remains limited. This study examines the levels of CBDC awareness, perception
and intention to use among users in five districts of Tamilnadu, India. The study adopted a quantitative research design
incorporating descriptive and analytical methods with primary data collected through a structured questionnaire. Of the 250
questionnaires distributed, following data screening, 210 valid responses were retained for subsequent analysis, yielding an
84% usable response rate. CBDC awareness and perception were measured using 20-item five-point scales, the intention to
use construct was measured using two items. Descriptive statistics, chi-square tests, independent-samples t-tests, one-way
ANOVA, correlation, Factor analysis and regression analysis were employed at the 5% significance level. The findings
indicate low overall CBDC awareness (M = 2.09, SD = 0.63), compared with moderate perception (M = 2.35, SD = 0.68)
and intention to use (M = 2.54, SD = 0.89). Approximately 63.3% of respondents demonstrated low awareness, while 52.4%
reported low perception. The analysis revealed no statistically significant differences in awareness or perception across
demographic groups. The measurement scales demonstrated excellent reliability and factorability. Awareness was
positively associated with perception, (r = .398, p < .001) and intention (r = .368, p < .001), while perception showed the
strongest relationship with intention (r = .495, p < .001). Regression results further demonstrated that awareness
significantly predicted perception (β = .414, p < .001), while awareness and perception jointly explained 28.0% of the
variance in intention to use. The study establishes awareness → perception → intention as an empirically supported
behavioural pathway and highlights the need for user-centred CBDC education, trust-building, privacy assurance and
practical engagement strategies to strengthen India's Digital Rupee adoption.

Customer Satisfaction Among Electric Vehicle Users: An Empirical Study in Lucknow

Krishna Kumar Verma, Jyoti Singh — Thu, 10 Sep 2026 00:00:00 +0000

Electric Vehicles (EVs) are increasingly regarded as a sustainable and promising mode of transportation for the future
because they generate lower carbon emissions, produce less noise, offer greater energy efficiency, they provide chances for
connection with contemporary electrical grids. EVs have been increasingly popular in recent years because of their small
size, economical operating costs, and relatively affordable prices. The growing adoption of EVs has also increased the need
to understand users’ perceptions and levels of satisfaction with these vehicles. This survey looks at consumer satisfaction
among electric vehicle users in Lucknow. Data gathered from primary and secondary sources served as the study's
foundation. The findings aim to provide insights into the factors influencing customer satisfaction and the general user
experience of electric vehicles.
This paper studies the degree of contentment customers derives from use of their e-vehicles in Lucknow. Data gathered
from primary and secondary sources forms the basis of the study. The findings aim to provide insights into the factors
influencing customer satisfaction and the general user experience of electric vehicles. Both primary and secondary sources
of information were taken into account for the study. Secondary data was acquired from government reports, scholarly
journals, research articles, and other relevant publications. Primary information was acquired from 200 electric vehicle
users in Lucknow using a structured survey intended to evaluate customer satisfaction using the Service Quality
(SERVQUAL) dimensions of tangibility, reliability, empathy, assurance, and responsiveness. Simple random sampling
was used to choose the responders. Descriptive statistics, index estimation, correlation analysis, regression analysis, and
correlation matrices were employed to examine the association between customer satisfaction as the variable that is reliant
on the identified service-quality dimensions as independent variables. The regression analysis produced an R² value of
0.9186, indicating that the chosen explanatory elements together explain approximately 91.86% of the variation in
customer satisfaction. The reported coefficient for assurance (X4) was 0.302, indicating a positive contribution of assurance
to overall customer satisfaction. Further, X4 demonstrated a favourable correlation with customer satisfaction (Y), with a
correlation coefficient of 0.579568. The correlation values for X1 and X5 were 0.540, indicating a favourable correlation
between these factors and customer satisfaction. Therefore, it may be stated that Electric Vehicles(EV) are helpful for a
clean environment as they keep environment clean; cost-effective and incur low maintenance costs. These features make
Electric vehicles (EVs) the best alternative mode of transportation.