Conference Papers

Conference Papers

Haritha, V. H., & Prasanna, K. (January 31, 2026) From People to Performance: Signals that scale startup valuation, Entrepreneurship Research Colloquium 2026, DSSE - IIT Bombay

Madheshiya, Varsha, Leo Liu, Fariborz Moshirian, and Vinay Patel (December 15–16, 2025). “AI Adoption, Knowledge Capital and the Rise of Superstar Firms.” Paper presented at the Sydney Banking and Financial Stability Conference (SBFC), University of Sydney, Australia

Madheshiya, Varsha, Leo Liu, Fariborz Moshirian, and Vinay Patel (December 11–13, 2025). “AI Adoption, Knowledge Capital and the Rise of Superstar Firms.” Paper presented at the Australasian Finance and Banking Conference (AFBC), University of New South Wales, Australia

Nandhini Priya, N. and Thillai Rajan, A. (November 27–29, 2025), Examining the Impact of SDG Initiatives on Financial Performance in India’s Manufacturing Sector. 10th PAN IIM World Management Conference (WMC), IIM Ranchi

Nandhini Priya, N. and Thillai Rajan, A. (September 17–19, 2025), Navigating Challenges: Entrepreneurial Traits Driving Circular Economy Adoption in Indian Manufacturing Start-ups. 2nd International Conference on Circular Economy: The Pathway Towards Sustainable Development, Chania, Greece

Varsha M. and Prasanna K. (June 11–13, 2025), A Tale of Two Major Emerging Markets: How Corporate Financialization and Financial Risk Shape R&D Investments in India and China. 14th International Conference of the Financial Engineering and Banking Society, MBS School of Business, Montpellier campus, France

Varsha M. and Prasanna K., (2025, January). Strategic Shifts: How Financialization Shapes R&D Spending in Non-financial Firms in India, Research Symposium 2025. Department of Management Studies, Indian Institute of Technology, Madras. - Won Best Paper Award

Abstract
This study investigates the impact of financialization on R&D investment, which is essential for driving technological progress, enhancing productivity, and maintaining a competitive edge for firms. In economies like India, where securing funding for R&D remains a significant challenge, understanding the role of financialization becomes crucial. By analyzing a pooled sample of Indian firms, the study finds a positive and significant relationship between financialization and R&D investment. This suggests that firms increasingly rely on financial investments, such as capital market activities and financial assets, to support their innovation strategies. The findings highlight the evolving role of financial resource management in shaping corporate innovation outcomes, emphasizing the importance of integrating financial planning with long-term R&D objectives. These insights contribute to the broader discussion on how firms in emerging economies can optimize financial strategies to sustain technological advancements and remain competitive in a rapidly evolving global market.

Varsha M. and Prasanna K., (2024, December). The Innovation Equation: Does Financialization Impact R&D Investments in India? International Conference on Business Analytics and Management Sciences (BAMS-2024). Shailesh J. Mehta School of Management at Indian Institute of Technology, Bombay

Abstract
This study investigates the impact of financialization on R&D investment, which is essential for driving technological progress, enhancing productivity, and maintaining a competitive edge for firms. In economies like India, where securing funding for R&D remains a significant challenge, understanding the role of financialization becomes crucial. By analyzing a pooled sample of Indian firms, the study finds a positive and significant relationship between financialization and R&D investment. This suggests that firms increasingly rely on financial investments, such as capital market activities and financial assets, to support their innovation strategies. The findings highlight the evolving role of financial resource management in shaping corporate innovation outcomes, emphasizing the importance of integrating financial planning with long-term R&D objectives. These insights contribute to the broader discussion on how firms in emerging economies can optimize financial strategies to sustain technological advancements and remain competitive in a rapidly evolving global market.

Aarthi Ramachandran, Thillai Rajan A., (2024, June). Emerging Technologies in Diabetic Care - An Opportunity for Startups, The Health Tech Asia 2024, Jakarta, Indonesia

Abstract
This review paper explores the landscape of Health Tech Startup interventions and their role in promoting health equity in diabetic care. A literature search was conducted across electronic databases for English-language articles published after 2000, using keywords such as diabetes, startups, entrepreneurship, and health technology. Relevant studies were reviewed for inclusion based on their focus on diabetes. The findings highlight five key areas of technological interventions: treatment and disease reversal, diagnosis and management, data and information security, remote monitoring systems, and educational initiatives. Evidence shows that startups have enhanced diabetes management metrics through innovations such as Twin Precision Treatment (83.9% remission within six months), Intelligent Health Risk Assessment (AUC = 0.88; 86% sensitivity, 93% specificity), and telemedicine (65% increase in healthcare usage). Additional interventions, including e-health tools, AI-driven analytics, and continuous glucose monitoring, have demonstrated improved health outcomes, reduced errors, and cost savings. The review concludes that health tech startups can significantly contribute to advancing healthcare equity in diabetes management, underscoring the need for further research focused on addressing inequities in this domain.

Varsha M. and Prasanna K. (2024, January). Corporate Innovations in India: Funding Strategies. 9th PAN IIM World Management Conference at the Indian Institute of Management, Sambalpur

Abstract
Innovation has emerged as a critical driver of competitiveness and long-term growth for Indian firms, yet financing such activities remains a central challenge. This study examines the funding strategies that corporations in India adopt to support innovation, focusing on research and development (R&D) investment. Using firm-level panel data from 2011 to 2023, we find that internal cash flow plays a significant role in sustaining R&D, which reflects the limited depth of external capital markets. Debt emerges as a preferred financing channel compared to equity, while cash holdings serve as a buffer to smooth innovation expenditures over time. However, the presence of financial constraints sharply limits firms’ ability to invest in innovation, which amplifies reliance on internal resources. Overall, the findings highlight the structural frictions Indian firms face in balancing liquidity with long-term innovation.

Circular Economy Adoption: Exploring the Differential Uptake of Circular Practices between Indian Start-ups and Incumbents Nandhini Priya N, Dr. Thillai Rajan A. 6th International Conference on Financial Markets and Corporate Finance (ICFMCF 2024), IIT (ISM) Dhanbad, 2024.

Abstract
This paper proposes to understand the growing academic interest in understanding the circular economy adoption in both smaller firms (Circular Start-ups) and larger established firms (incumbents) through bibliometric analysis and visualization using VOSviewer software. A final set of 327 relevant articles are identified upon scrutiny from both Scopus and Web of Science (WoS) for the period 2000-2023. The study identified and analyzed the articles in this field and scrutinized them to understand the challenges faced by both small and large firms in implementing CE principles in their business models. Further, along with pointing out the challenges faced by both incumbents and Circular Start-ups (CSUs) in ensuring transition towards CE, the study also identified numerous future research scopes along with narrowing down the sector to focus on. Though there has been an increase in research interest in the field of CE in India, there's a lack of comparative studies between CSUs and incumbents in the existing literature, and hence the study intends to proceed with the comparative analysis in the Indian context. 

Balancing financial value creation and environmental impact: Evidence from Climate Tech startups, Madhavan Nampoothiri, Thillai Rajan A. 1st International Confluence Conference on Startups and Innovation (ICCSI 2023), IIT Madras, 2023

Abstract
Climate tech startups are hybrid organizations that combine environmental and economic objectives to combat climate change. Our multiple case study analysis of 15 Indian climate tech startups reveals that climate tech entrepreneurship is a dynamic construct influenced by time, as a startup scales, financial value creation objectives take precedence over climate impact objectives, and the changing behaviour of external stakeholders, especially the government, shifts the priorities of climate tech entrepreneurs throughout their entrepreneurial journey. This research contributes to the literature of hybrid organizations, shedding light on how the initial entrepreneurial intentions of climate tech entrepreneurs transform over time.

Niroopa Rani Annamalaisami, Thillai Rajan Annamalai, “A Study on Investment Decisions of Angel Investors of Indian Startups”, POMS 30th Annual Conference 2019, Washington Hilton, Washington, D.C., U.S.A

Abstract
Indian startups are growing fastest nowadays and obtained acclamation for being the 3rd largest startup economy. Studies on startups have compared different types of investors naming angel investors, venture capitalists, banks etc., from various perspectives. However, studies analyzing the intra-investors features, especially amongst the angel investors in terms of their characteristics, investment pattern, and risk management strategies, are sparse. Further, studies on angel investors of the Indian economy are very few. This paper attempts to meet the research gap by analyzing the differences amongst angel investors in the Indian context. This study further explores the homogeneity (heterogeneity) nature of the angel investors and the factors influencing their investment decisions and risk-taking ability. Parametric statistical tests were used to analyze 751 angel investments made in Indian startups during the period 2014-2018. The study's findings show that the angel investors belong to different types such as business angels, emerging angels, and technology angels are homogeneous in terms of their demographic and geographic factors and heterogeneous in terms of their behavioral and psychological factors. It is found that the business angels and non-business angels are different in terms of their behavioral factors such as the number of co-investors, deal amount, and psychographic factors such as entrepreneurial experiences and employment status. The emerging angles follow the same pattern as business angels except for the employment status, which does not differentiate between the emerging and non-emerging angels. The technology angels are heterogeneous in terms of investing experience, the number of investors in a round, deal amount, and psychographic factors such as entrepreneurial experiences and employment status.

Niroopa Rani Annamalaisami, Thillai Rajan Annamalai, “Does age make a difference amongst the angel investors”, International Conference on Business, Management and Economics (December 2018), Berlin, Germany

Abstract
Indian startups are growing fastest nowadays and obtained acclamation for being the 3rd largest startup economy. Studies on startups have compared different types of investors naming angel investors, venture capitalists, banks etc., from various perspectives. However, studies analyzing the intra-investors features, especially amongst the angel investors in terms of their characteristics, investment pattern, and risk management strategies, are sparse. Further, studies on angel investors of the Indian economy are very few. This paper attempts to meet the research gap by analyzing the differences amongst angel investors in the Indian context. This is the earliest study to analyze whether the angel investors of different types are homogeneous in terms of their age or not. This study further explores the influences of angel investor's age in their investment decisions and risk-taking ability. Parametric statistical tests were used to analyze 1243 angel investments made in Indian startups during 2014-2018. The study's findings show that angel investors belong to different education levels, occupational background, domicile, industrial experience, functional area experience, investment experience are heterogeneous in terms of age. It is found that the angel investors are living in metro cities holding post-graduation and above, working in the corporate/academic sector with general management expertise, and having investment experience of 11-15 times appear to be significantly older than their other counterparts. A positive correlation found between the age of investors and the age of the startups shows that elderly investors are more risk-averse in nature and tend to invest in well-established firms than early-stage ones.