Experience that shapes future leaders.
Dr. Tushar Ranjan Panigrahi is Professor of Finance and Research Head at Shanti Business School, Ahmedabad, and has 23 years of teaching experience. He holds a Ph.D. in Management from Ravenshaw University, an MBA from Utkal University and an M.A. in Economics from Ravenshaw University. His research interests include foreign direct investment, capital markets, credit risk analysis, time series econometric modelling and panel data analysis. At the school he teaches Business Analytics and Security Analysis and Portfolio Management in the PGDM programme. Before joining in June 2024, he was Program Chair of the Ph.D. programme in Management and Associate Professor at Unitedworld School of Business, Karnavati University, Gandhinagar. His work appears in Scopus indexed and ABDC listed journals. He has guided two Ph.D. scholars to completion and conducts workshops and faculty development programmes on research methodology and bibliometric analysis.
2. Research, Publications and Conferences
2.1 Journal Publications
1. Thawani, B., Bhatia, M., Panigrahi, T., & Mall, S. (2025). Research trends on use of technology in sustainability reporting: A keyword-based bibliometric analysis. International Journal of Disclosure and Governance (Scopus Q1, ABDC B).
2. Panigrahi, T., Kulshrestha, P., Mall, S., & Sharma, N. (2025). Employee contribution to profitability: A comparative analysis of private and public sector banks using panel data. Accountancy Business and the Public Interest (ABDC B).
3. Sachdev, F., Kulshrestha, P., Panigrahi, T., & Singh, H. (2025). Water scarcity challenges and mitigation strategies at household level: A comparative study of three Indian cities. Northern Economic Review (Scopus Q4).
4. Dave, A., Vyas, D., Panigrahi, T., & Thaker, B. K. (2025). Barriers to industry-academia collaboration: A study with a focus on the Indian medical devices sector. Journal of Higher Education Theory and Practice (Peer reviewed).
5. Mall, S., Panigrahi, T. R., & Hassan, M. K. (2024). Neo banking: A bibliometric review of the current research trend and future scope. International Review of Economics & Finance (Scopus Q1, ABDC A). https://doi.org/10.1016/j.iref.2024.103559
6. Thawani, B., Panigrahi, T., & Bhatia, M. (2024). Eleven years of integrated reporting: A bibliometric analysis. International Journal of Disclosure and Governance (Scopus Q1, ABDC B). https://doi.org/10.1057/s41310-024-00229-4
7. Srivastava, A., Kulshrestha, P., Panigrahi, T. R., & Rai, R. (2024). Mandatory IFRS enforcement and value relevance of accounting information in India. Contaduría y Administración (Scopus Q3). http://dx.doi.org/10.22201/fca.24488410e.2024.4827
8. Dalwadi, K., Panigrahi, T. R., Shah, B., & Arunachalam, M. (2023). Understanding emission of formaldehyde through pressed wood products in context to interior space: A literature review analysis. European Chemical Bulletin (Scopus Q4).
9. Shome, S., Hassan, M. K., Verma, S., & Panigrahi, T. R. (2023). Impact investment for sustainable development: A bibliometric analysis. International Review of Economics & Finance (Scopus Q1, ABDC A). https://doi.org/10.1016/j.iref.2022.12.001
10. Mall, S., Panigrahi, T., & Verma, S. (2023). Bibliometric analysis on big data applications in insurance sector: Past, present, and future research directions. Journal of Financial Management, Markets and Institutions (Scopus Q3, ABDC C). https://doi.org/10.1142/S2282717X23300015
11. Panigrahi, T., Mall, S., & Patil, P. (2022). A study of spillovers in banking indices of India and the US: A VAR-MGARCH approach. Finance India (Scopus Q3, ABDC C). https://financeindia.org/data/2022/FI364/FI-364-Art11.pdf
12. Verma, S., Panigrahi, T., & Alok, D. (2021). COVID 19 and online learning in postgraduate management programme: An empirical analysis of students' perception. Journal of Applied Business & Economics (ABDC C). https://doi.org/10.33423/jabe.v23i2.4094
13. Mall, S., & Panigrahi, T. (2019). Capital markets and economic growth: A tale of BRICS countries. Journal of Applied Business & Economics (ABDC C). https://doi.org/10.33423/jabe.v21i6.2404
14. Panigrahi, T., Mall, S., & Thomas, S. (2019). Predicting financial solvency of commercial borrowers: Case of non-banking financial companies. Accounting and Finance Research (ABDC C). https://doi.org/10.5430/afr.v8n3p61
15. Panigrahi, T., & Mall, S. (2017). Relationship between FDI distribution and regional economic aggregates: An evidence from India. Romanian Economic and Business Review (ABDC C).
16. Panigrahi, T., & Mall, S. (2017). India's competitive position amongst the Asian economies: An empirical study on FDI inflow. European Journal of Finance and Banking Research (ABDC C).
17. Panigrahi, T., Patra, R. N., & Satapathy, S. K. (2015). Foreign direct investment in Indian states: A trend analysis. International Research Journal of Business and Management.
18. Panigrahi, T., Patra, R. N., & Satapathy, S. K. (2015). Regional concentration of foreign direct investment in India: A trend estimation. Asia-Pacific Finance and Accounting Review.
19. Panigrahi, T., Patra, R. N., & Satapathy, S. K. (2015). Distribution of foreign direct investment in Indian regions: A trend analysis. Anweshak International Journal of Management.
20. Panigrahi, T., & Panda, B. (2012). Factors determining FDI inflow to India, China and Malaysia: An empirical analysis. Asia-Pacific Journal of Management Research and Innovation.
2.2 Conference Presentations
1. Panigrahi, T., Mall, S., Sharma, N., & Sakarekar, U. (2026). "Youth unemployment and political instability in Nepal: An empirical analysis." Presented at the Harnessing Youth Potential for Inclusive Growth and Shared Prosperity: Advancing Employment through Skills, Innovation, and Entrepreneurship, CEDA, Tribhuvan University, Kathmandu, Nepal, 20 to 21 February 2026.
2. Panigrahi, T., Mall, S., & Sakarekar, U. (2025). "Drivers of GDP in G7 economies: A structural break and causality-based approach." Presented at the IIM Calcutta Finance Research Conference (IIMCFRC) 2025, Indian Institute of Management Calcutta, 26 to 28 December 2025.
3. Thawani, B., Bhatia, M., Panigrahi, T., & Mall, S. (2025). "Mapping and measuring the influence of governance on integrated reporting: Evidence from bibliometric and meta-analysis." Presented at the International Conference on Sustainability, Inclusiveness, and Social Entrepreneurship (ICSISE-2025), Shanti Business School, 11 to 12 December 2025.
4. Panigrahi, T., Mall, S., & Shetye, K. (2025). "Inclusivity at workplace through the lens of employee value proposition." Presented at the International Conference on Sustainability, Inclusiveness, and Social Entrepreneurship (ICSISE-2025), Shanti Business School, 11 to 12 December 2025.
5. Panigrahi, T., Mall, S., & Sachdev, F. (2025). "Uncovering trends and clusters in pervious concrete studies: A keyword centred bibliometric analysis." Presented at the International Conference on Sustainability, Inclusiveness, and Social Entrepreneurship (ICSISE-2025), Shanti Business School, 11 to 12 December 2025.
6. Panigrahi, T., Mall, S., & Sakarekar, U. (2025). "BRICS in transition: Unravelling GDP dynamics through econometric spectrograms." Presented at the 10th PAN IIM World Management Conference 2025, Indian Institute of Management Ranchi, 26 to 29 November 2025.
7. Panigrahi, T., Rola, R., Sharma, N., & Sakarekar, U. (2025). "Structural breaks and the energy-GDP relationship: A panel VAR approach for developed and developing economies (1965 to 2014)." Presented at the Management Education & Research Colloquium (MERC) 2025, Indian Institute of Management Kashipur, 23 to 25 May 2025.
8. Tejnani, B., Panigrahi, T., & Mall, S. (2025). "Mobile wallet adoption through the lens of TAM and resistance theory: A systematic literature review." Presented at the 6th Rajagiri Management Conference 2025, Innovate and Adapt: Building Business Resilience in a Dynamic World, Rajagiri Business School, Kochi, Kerala, 14 to 15 February 2025.
9. Panigrahi, T., Mall, S., & Panda, B. (2025). "Return and risk spillover: A comparative analysis between Indian and global automotive markets using multivariate GARCH modelling." Presented at the 6th Rajagiri Management Conference 2025, Innovate and Adapt: Building Business Resilience in a Dynamic World, Rajagiri Business School, Kochi, Kerala, 14 to 15 February 2025.
10. Tejnani, B., & Panigrahi, T. (2024). "Exploring the challenges and opportunities of mobile wallet adoption: Implications for poverty alleviation and socio-economic empowerment." Presented at the National Conference on Sustainability, Inclusiveness, and Social Entrepreneurship (NCSISE-2024), Shanti Business School, Ahmedabad, 12 to 13 December 2024.
11. Sachdev, F., & Panigrahi, T. (2024). "Use of blockchain for more efficient urban water management system." Presented at the National Conference on Sustainability, Inclusiveness, and Social Entrepreneurship (NCSISE-2024), Shanti Business School, Ahmedabad, 12 to 13 December 2024.
12. Sachdev, F., & Panigrahi, T. (2024). "Water management and the model of innovation rejection." Presented at the 9th PAN IIM World Management Conference, Indian Institute of Management Sambalpur, 21 to 23 January 2024.
13. Sachdev, F., & Panigrahi, T. (2024). "Use of pervious concrete in conjunction with rainwater harvesting system in hills with rocky soil type." Presented at the International Conference on Future of Water Resources (ICFWR-2024), theme: Surface Water and Groundwater Availability, Indian Institute of Technology Roorkee, 18 to 19 January 2024. Best Paper Award.
14. Zala, A., & Panigrahi, T. (2023). "Factors affecting FDI at G7 countries through panel data analysis." Presented at the National Conference on Emerging Trends: A Road to Digitalization, Innovation & Endurable Transformation (DIET), UWSB, Karnavati University, Gandhinagar, 7 to 8 April 2023.
15. Sachdev, F., & Panigrahi, T. (2023). "Groundwater management governance in India." Presented at the National Conference on Emerging Trends: A Road to Digitalization, Innovation & Endurable Transformation (DIET), UWSB, Karnavati University, Gandhinagar, 7 to 8 April 2023.
16. Sachdev, F., & Panigrahi, T. (2023). "Overview of the water scarcity problem in India." Presented at the 3rd International Conference on Management, Leveraging Industry 5.0: Sustainability, Innovation and Disruption, Kohinoor Business School, Mumbai, 31 March to 1 April 2023.
17. Sachdev, F., Panigrahi, T., & Mall, S. (2023). "A time travel of published research articles on pervious concrete through bibliometric analysis." Presented at the International Conference on Business, Digitalization, and Sustainability (ICBDS 2023), UPES, Dehradun, 2 to 4 February 2023.
18. Mall, S., & Panigrahi, T. (2023). "Health fraud detection using Bayesian co-clustering: Case of an Indian insurance company." Presented at the 9th International Communication Management Conference (ICMC 2023), MICA, Ahmedabad, 4 to 7 January 2023.
19. Mall, S., & Panigrahi, T. (2023). "Is artificial intelligence reshaping the health industry? A bibliometric review using thematic analysis." Presented at the 9th International Communication Management Conference (ICMC 2023), MICA, Ahmedabad, 4 to 7 January 2023.
20. Sachdev, F., Panigrahi, T., & Mall, S. (2022). "Study of opinions of the key stakeholders in acceptance of pervious concrete as a sustainable infrastructure solution: A qualitative analysis." Presented at the 9th International Conference on Sustainability (SUSCON 9), Indian Institute of Management Shillong, 3 to 5 November 2022.
21. Panigrahi, T., Mall, S., & Verma, S. (2021). "Return spillover between cryptocurrencies, gold and silver: Analysis before and during COVID-19 pandemic." Presented at the 1st IIM Bodh Gaya Management Conference 2021, Post COVID Management Strategies: Recovery, Resilience & Adaptation, Indian Institute of Management Bodh Gaya, 21 to 22 April 2021.
22. Panigrahi, T., & Verma, S. (2020). "Comparison of market efficiency in the banking stocks listed under Bombay Stock Exchange and New York Stock Exchange." Presented at the National E-Conference on Technology, Innovation and Entrepreneurship: Recent Trends and Practices, Sasmira's Institute of Management Studies & Research, Mumbai, 5 December 2020.
23. Panigrahi, T., Mall, S., & Patil, P. (2020). "Risk and return linkage amongst stock indices, crude oil, gold, silver, currency exchange rates and Bitcoin prices: An examination using econometric model." Presented at the IIF International Conference and Summit on Banking, Money & Crypto Markets, Indian Institute of Finance, New Delhi, 29 August 2020.
24. Ramanathan, S., Panigrahi, T., & Patil, P. (2020). "Return and risk spillover effect amongst Indian automakers and global automakers: A case of multivariate GARCH approach." Presented at the SIMSR International Finance Conference (SIFICO) 2020, Risk Management in Banks and Financial Markets, K. J. Somaiya Institute of Management Studies and Research, Mumbai, 17 to 18 January 2020.
25. Panigrahi, T., Patil, P., & Dhavekar, A. (2019). "Return spillover and volatility spillover amongst stock indices of the top eight economies: A case of multivariate GARCH approach." Presented at the International Conference on Techno-Management Trends (ICTMT) 2019, Institute for Technology and Management (ITM), Kharghar, 15 February 2019.
26. Dhavekar, A., & Panigrahi, T. (2019). "Spillover effect amongst the stock indices, currency futures indices and commodity futures indices: A case of multivariate GARCH approach." Presented at the ANVESHI-2019: 13th National Level Research Conference, St. Francis Institute of Management & Research (SFIMAR), Mumbai, 1 February 2019. Best Paper Award.
27. Chowdhury, S. B., & Panigrahi, T. (2019). "Assessment of market efficiency: A case of major stock indices of emerging Asian countries in pre-recessionary and post-recessionary phase." Presented at the ICSSR sponsored International Conference on Emerging Socio-Economic Trends and Business Strategy, International School of Business & Media (ISB&M), Kolkata, 18 to 19 January 2019. Best Paper Award.
28. Panigrahi, T., Patil, P., & Ray, U. (2018). "A study of spillover effect in the banking sector stocks listed under BSE and NYSE: A case of multivariate GARCH approach." Presented at the First PAN IIT International Management Conference (PANIITIMC) 2018, Indian Institute of Technology Roorkee, 30 November to 2 December 2018.
29. Agarwal, P., Panigrahi, T., & Bhiwandikar, M. K. (2018). "A study of accounting practice of the municipal councils: A case of Konkan region of Maharashtra." Presented at the First PAN IIT International Management Conference (PANIITIMC) 2018, Indian Institute of Technology Roorkee, 30 November to 2 December 2018.
30. Panigrahi, T., Agarwal, P., & Dhavekar, A. (2018). "Impact of credit rating on the stock returns and capital structure: A case of automobile and auto-ancillary companies rated by CRISIL and ICRA." Presented at the National Conference on Industrial Engineering & Technology Management (NCIETM) 2018, NITIE, Mumbai, 30 November to 1 December 2018.
31. Panigrahi, T., Pandey, J., & Mall, S. (2018). "Comparative performance evaluation of relative strength index and moving average convergence and divergence: A case of twenty sectoral indices." Presented at the National Conference on Industrial Engineering & Technology Management (NCIETM) 2018, NITIE, Mumbai, 30 November to 1 December 2018.
32. Mall, S., & Panigrahi, T. (2017). "The relationship between insurance and economic growth in India: A cross-region study using an econometric approach." Presented at the 5th IIMA International Conference on Advanced Data Analysis, Business Analytics, and Intelligence, Indian Institute of Management Ahmedabad, 8 to 9 April 2017.
33. Panigrahi, T., Mall, S., & Thomas, S. (2016). "Credit risk management: A case of Comfort Group of Companies." Presented at the International Finance Conference (IFC) 2016, Indian Institute of Management Ahmedabad, 19 to 21 December 2016.
34. Mall, S., & Panigrahi, T. (2016). "A study on cross selling potential in an Indian insurance company." Presented at the 4th PAN IIM World Management Conference 2016, Indian Institute of Management Ahmedabad, 13 to 15 December 2016.
35. Panigrahi, T., & Mall, S. (2015). "Credit risk management: A case of Indian financial sector." Presented at the International Finance Conference (IFC) 2015, Indian Institute of Management Calcutta, 17 to 19 December 2015.
36. Panigrahi, T. (2014). "Cross selling model on insurance product: An empirical study." Presented at the PAN IIM World Conference, Indian Institute of Management Kozhikode, 5 to 10 November 2014.
37. Panigrahi, T. (2013). "FDI inflow and Indian economy: An analytical study." Presented at the 5th National Seminar on Economic Environment of Business, Aruna Manharlal Shah Institute of Management & Research, 21 September 2013.
2.3 Awards and Recognition
1. Silver Award (second best) in the Accounting category at the ICAI International Research Awards 2024, Chandigarh, for the paper "Eleven Years of Integrated Reporting: A Bibliometric Analysis", 30 August 2024.
2. Best Paper Award, International Conference on Future of Water Resources (ICFWR-2024), Indian Institute of Technology Roorkee, January 2024.
3. Best Paper Award, ANVESHI-2019: 13th National Level Research Conference, St. Francis Institute of Management & Research, Mumbai, February 2019.
4. Best Paper Award, ICSSR sponsored International Conference on Emerging Socio-Economic Trends and Business Strategy, ISB&M Kolkata, January 2019.
3. Institution Building Initiatives
As Research Head of Shanti Business School, Dr. Panigrahi leads the research activity of the institution and works to build a culture of scholarly publication and paper presentation among the faculty.
He has conducted two conferences at the school that serve as platforms for research paper presentation. The National Conference on Sustainability, Inclusiveness, and Social Entrepreneurship (NCSISE-2024) was held on 12 and 13 December 2024, and the International Conference on Sustainability, Inclusiveness, and Social Entrepreneurship (ICSISE-2025) followed on 11 and 12 December 2025. Research papers co-authored by him were presented at both conferences.
On 16 June 2026 he conducted a one-day Faculty Development Programme at the school on Bibliometric Analysis for Literature Review and Research Gap Identification, which supports faculty members and research scholars in developing publishable research.
4. LinkedIn Profile Link
LinkedIn: https://www.linkedin.com/in/dr-tushar-ranjan-panigrahi-b53386206/