Publications
Paari School of Business works in a variety of areas. The students and faculty do cutting-edge research in classic areas (like customer satisfaction and capital budgeting) and emerging ones (like gamification and fintech). The school collaborate not just internally amongst one another but also with faculty from leading schools in India, for example, IIM Trichy, IIM Lucknow, IIM Kozhikode and abroad (e.g. Curtin University, Australia; University of Puerto Rico, USA).
1. The Impact of Corporate Governance on the Contribution of Listed Firms to Sustainable Development Goals (SDGs) Disclosures in Ghana
Ms Shahin Sultana Mohammed, Musah Mohammed Saeed., Abiola Adeniyi., Michael Osei
Effective corporate governance is essential for aligning corporate contributions with Sustainable Development Goals (SDGs). Companies must embed SDG priorities into their strategies to balance social and financial objectives. This study examines how corporate governance influences SDG disclosures by publicly listed firms, focusing on prioritized SDG areas. Grounded in stakeholder theory, it explores how governance structures meet stakeholder expectations, promoting transparency and accountability in SDG reporting. The research highlights the urgency of integrating sustainability into corporate strategies to advance global SDG efforts. A quantitative analysis utilized data from 2009 to 2020 annual reports of financial firms listed on the Ghana Stock Exchange, supplemented by secondary data. The sample included 13 firms with at least 12years of operation, totaling 156 firm?year observations. Probit regression and descriptive statistics were applied for analysis. Findings reveal a limited impact of corporate governance on SDG contributions, with older firms more likely to engage in SDG efforts. Education and health?related SDGs dominate the focus among contributing firms. The study recommends policies mandating environmental, social, and governance (ESG) disclosures to strengthen corporate SDG contributions. Policymakers could incentivize compliance through tax benefits or sustainability?linked financing for firms aligned with SDGs. Capacity?building programs for corporate leaders and board members are also necessary to integrate SDGs into business strategies. These findings offer critical insights for policymakers and a foundation for further research on corporate governance's role in advancing SDGs, particularly in sub?Saharan Africa.2. Effect of board attributes on the quality of integrated reports: evidence from India
Dr Lalita Mohan Mohapatra, Devarapalli Suman., Sasikanta Tripathy
Integrated reporting (IR) is a novel concept in corporate sustainability reporting, which prompts corporates for voluntary adoption of the reporting practice to generate value. The board features play a significant role in the adoption of IR. The IR has received significant attention but the impact of the board features on IR quality is still not extensively examined in developing countries like India. This study fills the gap by examining the association between board characteristics and IR quality in Indian context. The study employed fixed effect and random effect models for 46 corporates for a period of three years, i.e., 20192021. The empirical analysis found that board size, CEO duality, number of board meetings, and firm size had significant association with IR quality. In contrast, the number of independent members on board, percentage of women on board, liquidity and solvency has insignificant relationship with IR quality. This study extends the applicability of agency and stakeholders' theories to the IR framework. The study has implications for corporate executives and academicians on the effectiveness board features on IR quality.3. The Impact of Women on Corporate Boards on Intellectual Capital Efficiency and Business Performance in Sub?Saharan Africa
Musah Mohammed Saeed
This paper aims to investigate the impact of women on corporate boards on intellectual capital efficiency and business performance in sub-Saharan Africa, specifically Ghana. A longitudinal panel data regression analysis was conducted using data from 31 publicly listed companies on the Ghana Stock Exchange (GSE) over the period 20092022, yielding a dataset of 434 observations, followed by a two-stage least squares (2SLS) analysis to address potential endogeneity issues. The findings indicate that intellectual capital efficiency significantly and positively influences business performance. However, the study found no statistically significant effect of female representation on corporate boards on business performance. These results suggest that policymakers and corporate leaders should prioritize enhancing intellectual capital efficiency by investing in employee training, fostering innovation, and optimizing knowledge management systems, as these have a demonstrated positive impact on performance. Moreover, the study highlights the need to reevaluate diversity initiatives aimed at increasing female representation on corporate boards. Such initiatives should move beyond numeric targets to include structural and cultural changes that empower diverse leadership to contribute meaningfully to organizational success. This underscores the importance of integrated strategies that combine diversity efforts with broader measures to leverage intellectual and human capital for sustainable business growth4. Determinants of integrated reporting quality: a case study from India
Dr Lalita Mohan Mohapatra, Devarapalli Suman., Ranjitha Ajay
This study investigates the impact of financial and other factors, including profitability, firm value, board size, firm size, and the influence of COVID, on the quality of integrated reporting (IR). The sample comprises 46 listed Indian corporates observed over a three-year period (2019-2021). A scoring system was devised to assess IR quality through content analysis of annual reports. Empirical estimation employed pooled ordinary least square, fixed effect, and random effect models. The findings revealed no significant relationship between profitability, firm value, and IR quality. However, board size, firm size, and the COVID dummy variable exhibited a positive impact on IR quality. Robustness checks provided further support to the panel regression estimates.5. Corporate social responsibility (CSR) and corporate financial performance (CFP): a panel data analysis of BSE 500 companies in India
Dr M I Nafeesathul Basariya, Ms Shahin Sultana Mohammed, Dr Premkumar Borugadda, Musah Mohammed Saeed., Manisha Kumari
Corporate social responsibility (CSR) has become a significant focus in the corporate world, emphasizing ethical practices and sustainable development. CSR is important because it ensures that businesses act ethically, contribute positively to economic growth, and improve societal well-being, addressing stakeholder interests while fostering trust and reputation. It is imperative in India due to legal mandates under the Companies Act, of 2013, requiring companies to allocate a portion of profits to CSR, thus aligning corporate goals with national priorities like education, healthcare, and sustainability. CSR's role in addressing climate change is crucial, especially in India, a country vulnerable to extreme weather, where companies contribute to reforestation, renewable energy, and community resilience projects, supporting Indias commitments to global climate goals such as the Paris Agreement and net-zero targets. This study explores the interplay between CSR and CFP within BSE 500 companies in India, offering insights into their interconnected impact on business sustainability and profitability. The study analyzed data from the annual reports of 204 Indian firms from 2016 to 2023, yielding a dataset of 1,632 observations. The research design was explanatory, and the results indicate that CSR has no significant impact on CFP. The findings that CSR has no significant impact on CFP suggest several policy implications. Policymakers should focus on creating frameworks that encourage companies to align CSR activities with their core business strategies, ensuring these initiatives are both impactful and economically beneficial. Additionally, there is a need to enhance stakeholder awareness and engagement, so that CSR efforts are more valued in the market. Regulatory bodies might also consider offering incentives for innovative and sustainable CSR projects that demonstrate measurable economic and social benefits. Lastly, fostering transparency and improved reporting standards for CSR activities could help bridge the gap between CSR investments and their perceived financial returns6. The Entrepreneurial Spark: a Systematic Review of Entrepreneurial Attitude and its Impact on Business Creation and Growth
Dr A Lakshmana Rao, Navin Y, Anusha Rajan V R
Entrepreneurship research constantly evolves, making a comprehensive understanding of current trends necessary. This study addresses this need through a systematic literature review (SLR) following the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) framework. The study explores the evolving research landscape in entrepreneurship by analyzing 88 articles published from the earliest available to the present, retrieved across databases including SCOPUS, Web of Science, Google Scholar, and Research Gate. The research identifies factors influencing entrepreneurial development and growth and bridges the knowledge gap regarding entrepreneurial attitudes and their impact. This study provides a comprehensive perspective by examining research approaches, methodologies, geographic focus, data collection techniques, and prominent journals. Researchers further explored the antecedents and outcomes of entrepreneurship research, analyzed author demographics, and investigated the research timeframes. This approach provides a rich understanding of the current state of entrepreneurship research by identifying themes in the research area. It offers valuable insights for policymakers and researchers, particularly those seeking to illuminate the role of entrepreneurial mindsets and governance in economic growth7. Effects of Fiber Weight Percentage, Surface Modification, and Hybridization on the Physical and Mechanical Properties of Date-Palm Stem and Glass Fiber Epoxy Composite
Dr Satchidananda Tripathy, Janaki Dehury, Alok Behera
Amid growing environmental concerns, natural fibers such as date palm stems (DPS) emerge as viable alternatives in polymer composites. This study investigates the mechanical and physical properties of short-length DPS-Glas epoxy composites, incorporating E-glass hybridization and alkali treatment. Unlike previous studies that focused on long fibers or fiber dust, this research employs short DPS fibers through the hand layup method to enhance composite processability. The impact of fiber content and alkali treatment on physical, mechanical, and water-absorption properties was explored. Results show that tensile strength improved significantly with alkali treatment and was further enhanced through glass fiber hybridization. Similar trends are observed in both flexural strength and microhardness also. SEM analysis revealed superior fiber-matrix adhesion in hybrid composites, while hybridization and surface treatment reduced water absorption. However, fiber clustering at 20 wt % led to surface imperfections and compromised mechanical properties. These findings highlight the potential of DPS fibers in sustainable composites and emphasize the importance of optimizing fiber content for enhanced performance.8. The Era of Digitalization: A Systematic Examination of Emerging Trends and Research Directions for Supply Chain 4.0
Dr Satchidananda Tripathy
Supply Chain 4.0 represents the digital transformation of supply chain systems through technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data analytics, blockchain, and automation. This study employs a combined bibliometric and qualitative analysis of 88 Scopus-indexed publications from 2016 to 2025 to explore emerging trends, research hotspots, and future directions in Supply Chain 4.0. The analysis reveals strong interdisciplinary engagement, with significant contributions from computer science, engineering, and management. Key themes include digitalization, sustainability, cybersecurity, and real-time analytics. The study also highlights gaps in conceptual frameworks, human capital development, data governance, and policy alignment. Through co-occurrence networks, bibliographic coupling, and thematic mapping, the research provides a comprehensive overview of global contributions and collaborative patterns. These findings offer a foundation for advancing theoretical development and guiding practical implementation in digitally enabled, agile, and sustainable supply chains. The study concludes by outlining several avenues for future research and strategic policy development.9. Optimal Pricing Strategy for Multi-Generational New and Remanufactured Short-Lived Products
Dr Satchidananda Tripathy, Akhilesh Kumar
Short-lived technology products such as smartphones and laptops are characterized by frequent generational updates and rapid obsolescence. While new generations enter the market quickly, previous versions often decline in value, creating opportunities for remanufacturing and resale. However, these dynamics generate complex pricing challenges due to inter-generational cannibalization, consumer perception of remanufactured products, and sustainability-driven take-back regulations. Existing research has investigated either multiple product generations or remanufacturing, but few studies jointly address their interaction under time-dependent, price-sensitive demand. This study contributes by modeling both new and remanufactured products across multiple generations, comparing outcomes under coordinated and uncoordinated supply chain structures. The novelty lies in explicitly incorporating consumer reluctance to return products—a critical yet underexplored barrier in short-lived product remanufacturing.10. Linkages between financial development and the growth dynamics of the manufacturing industry: empirical evidence from India
Dr Mrutyunjaya Sahoo, Sahoo, M., Mohanty, S.P., and Sahu, P.
The study aims to investigate the relationship between financial development and the growth dynamics of the manufacturing industry, offering empirical evidence from India. This study employs the time series autoregressive distributed lag (ARDL) model to empirically examine the effectiveness of financial development on the growth performance of India’s manufacturing industry in both the long run and short run. Financial development includes specific variables such as commercial banks’ credit, foreign direct investment inflows, market capitalization, real exchange rate and foreign trade openness have a significant positive effect, while money supply has a significant negative effect on the growth performance of the manufacturing industry in the long run. In the short run, money supply has a significant positive impact, whereas commercial banks’ credit has a significant negative effect on the growth performance of the manufacturing industry. Thus, an advancement in financial development will enhance the manufacturing industry’s growth performance in India over the short run as well as the long run. The outcomes of this study are of significant importance to the Government of India (GoI) for fiscal consolidation and to the Reserve Bank of India (RBI) for effective monetary policy transmission, particularly in their efforts to promote financial inclusion and financial development in relation to the growth of the manufacturing industry amidst challenging market conditions. As a developing economy, India faces the challenge of advancing its financial infrastructure to boost national output and employment, particularly through the manufacturing industry. However, there has been a dearth of research focused on this crucial intersection. So, the study aims to provide a renewed perspective on the interconnection, offering valuable insights.11. Informal workers in India as an economic shock absorber in the era of COVID-19: A study on policies and practices
Manisha Kumari., Minakshi Paliwal., Sumanjeet Singh., Alka Suri., Rohit Raj., Vimal Kumar., Nagendra Kumar Sharma
With greater uncertainties and economic divides in Indian formal and Informal economies; the lockdown in its unprecedented ways severely knocked the crucial vulnerabilities of majorly the informal sector of the economy. METHODS: The study was conducted across the Indian population who have suffered from the bad impact of COVID-19 and the lockdown. The data collection process was conducted during the COVID-19 outbreak from June 2020 to October 2020. Multiple regression analysis and independent-sample t-test were applied to test the hypothesis. RESULTS: The study closely highlights the role of the government system towards non-government organizations those who played a crucial role in the welfare of the informal workers. The results suggest that the most affected group of people in the COVID-19 lockdown are the informal workers who were working on daily wages for their bread and butter. The government endeavor was also found significant in supporting the informal workers.12. Do ESG disclosures lead to superior firm performance? A method of moments panel quantile regression approach
Veeravel V., Erra Kamal Sai Sadharma., Kamaiah Bandi
We verify the effect of ESG disclosures on firm performance using NSE 500 index listed companies spanning from 2010 to 2020. The study employs a method-of-moments quantile regression approach to test whether ESG disclosures lead to superior firm performance. We find evidence that environmental, social, and governance disclosures positively influence firm performance. Higher quantiles of ESG disclosures are associated with better market performance (Tobin's Q), and the same lead to lower profitability (ROA). The present study suggests that companies aspiring to improve their financial performance may pay more attention to ESG disclosure practices.13. Exploring the disclosure quality of Integrated Reporting in India
Dr Lalita Mohan Mohapatra, Ammar Jreisat., Sasikanta Tripathy., Devarapalli Suman
Information is one of the elementary and important tools assessed by the corporate stakeholders for strong decision making. Further, providing accurate, transparent, and concise report is always a challenging task. In this context, this groundwork explores the advancement of integrated reporting (IR) in India. Moreover, the exploration also focuses on the level of disclosure and quality of reporting through individual parameters of IR, i.e., four guiding principles (GP), eight content elements (CE), and six capitals of the IR system. The analysis selected annual reports of 81 Indian companies for 2020 and 2021 and examined 162 integrated annual reports by employing a scoring system for converting qualitative information in the integrated reports to quantitative data. The study constructed the capital disclosure index (CDI) and integrated reporting index (IRI) to measure the overall quality of IR. Wilcoxon signed ranks test, the sign test and paired sample t-test were employed to capture the trend of the IR. This study found that quality of IRI improved in 2021 compared to 2020; however, the individual items did not show much variation. This research has practical implications for the top management, market regulators and policy makers.14. Factors influencing intention for reusing virtual reality (VR) at theme parks: the mediating role of visitors satisfaction
Mohammad Nurul Alam., Jamshid Ali Turi., Abul Bashar Bhuiyan., Sami Al Kharusi., Michael Oyenuga., Norhayah Zulkifli., Juman Iqbal
This paper investigates the factors that influence visitors intention to reuse virtual reality (VR) in theme parks in Malaysia, specifically focusing on perceived usefulness, perceived ease of use, enjoyment, and compatibility, as well as the mediating role of visitor satisfaction. A field survey was conducted with 357 visitors using a quantitative research design, and the collected data was analyzed using SPSS and Smart-PLS software. The results indicate that perceived ease of use, enjoyment, and compatibility positively influence visitors intention to reuse VR, while visitors satisfaction mediates the relationship between perceived ease of use, compatibility, and intention to reuse VR. The study recommends that park owners and administrators ensure customers ease of use of VR and create innovative ideas and materials to enhance enjoyment, as retaining old customers is more feasible and less expensive than acquiring new ones. The studys limitations include a small sample size and limited geographic scope, suggesting the need for future research to increase generalizability and incorporate variables such as subjective norms. Theme park managers can use the studys findings to incorporate VR technology into their roller coasters and create a variety of VR experiences for visitors. Overall, the study advances theoretical understanding of related constructs and offers practical insights for theme park management.15. The impact of healthcare 4.0 technologies on healthcare supply chain performance: Extending the organizational information processing theory
Esha Saha., Pradeep Rathore
Increasing supply chain performance in an uncertain environment is a challenge for every industry, predominantly, healthcare sector. To address such issues, there is an urgent need for healthcare organizations like hospitals to build new capabilities. We suggest using organizational information processing theory (OIPT) as theoretical foundation for developing research model that investigates how healthcare 4.0 technologies (big data analytics, artificial intelligence and blockchain) enhance hospital supply chain processes and thereby the performance. According to our analysis of survey data from around 255 hospital managers in Indian hospitals, the three hospital supply chain processes, viz., operations, innovations, and risk management, and the supply chain performance are significantly impacted by these healthcare 4.0 technologies. Additionally, hospital supply chain operations and innovations partially mediate the association between healthcare 4.0 technologies and performance. We also found, the interaction between healthcare 4.0 technologies and hospital supply chain operations is moderated by type of healthcare organizations (private, and public hospitals). In addition to extending and validating the OIPT in context of digital hospital supply chains, these findings offer healthcare professionals empirical evidence to further maximize the benefits of healthcare 4.0 technologies for sustained hospital supply chain performance and integrate digital supply management into health system development.16. Impact of Branding on Customer Purchase Decision in Apparel Industry: An Application of Stimulus-organism-response Theory
Pradeep Rathore., Esha Saha., Krantiraditya Dhalmahapatra., Murali Sambasivan
The success of a branded apparel industry in the long run depends on whether the customers are purchasing branded products. However, one of the biggest challenges is to influence customers decision to purchase various branded apparels available in the market. Our study addresses the challenge by: (a) examining the role that branding plays in customers purchase decisions for apparels, and (b) providing managerial implications to promote purchases of branded apparel. The study follows the stimulus-organism-response theory and uses structural equational modelling to test the developed hypotheses on a sample of around 222 Indian customers responses. Results indicate that branding influences customers preferences for apparel. In fact, it is found that branding influences customers perceptions towards the brand which in turn influences their purchase decision. The moderator role of gender and information medium is also found to be significant. Male customers are found to have more impact of branding on their preferences and perceptions compared to females. Further, information through online mediums is found to have more impact on the relationship between branding and customers preferences and perceptions compared to information through offline mediums. Overall, the outcome of this study is the developed managerial implications for enhancing the sales of apparel through branding initiatives.17. Short-term Persistence Performance of Equity Mutual Fund Returns: Evidence from India
-18. Airline Social Media Recovery Satisfaction: Has COVID Changed Everything?
Prof. Bharadhwaj Sivakumaran, Tripti Ghosh Sharma., Mahima Gupta., Vinu Cheruvil Thomas.,
This study deals with airlines handling of customer complaints pre- and post-Covid 19. Authors extracted airlines responses regarding redress, timeliness, apology, credibility, facilitation, and attentiveness and analyzed them pre- and post-pandemic. The results indicate the differential impacts of organizational responses on recovery satisfaction pre- and post-pandemic. Attentiveness (timeliness) had a significant role only pre- (post-) pandemic. Redress, credibility and facilitation remained crucial in both scenarios. Further, pre-pandemic results showed that the impact of organizational responses (credibility, timeliness, and facilitation) on recovery satisfaction was greater for failures associated with core rather than augmented elements of airline service. In the post-pandemic scenario, the impact of organizational responses on consumers recovery satisfaction was the same for both categories of service failures. Thus, post-pandemic, airlines may emphasize redress, credibility, timeliness, and facilitation responses in their social media posts for both service failure types.19. Does ESG disclosure really influence the firm performance? Evidence from India
Vijaya Prabhagar M., Vijayakumar N
We examine the influence of ESG disclosure scores on firm performance of companies listed in the National Stock Exchange (NSE). The study uses 167 sample firms from 2010 to 2020. We capitalise overall ESG disclosure scores taken as a proxy to measure the effect of sustainability disclosure on firm performance. Further, we consider the return on assets (ROA), return on equity (ROE), Tobins Q, and Price Earnings ratio (P/E ratio) as firm performance measures. We employ dynamic panel data regression analysis to examine the influence of ESG disclosures on performance of the firm. In order, to address the endogeneity issues, we apply Generalised Method of Moments (GMM) model. The study results show a positive relationship between ESG disclosure and firm performance. It suggests that companies desire to enhance their performance need to pay more attention towards sustainability disclosures.20. Exploring the landscape of human resource analytics: a systematic literature review and future agenda
Dr A V S Kamesh, Dr Lalita Mohan Mohapatra, Jayashree Roul
This papers objective is to scientifically identify the present research trends for future research agenda in Human Resource Analytics (HRA) domain by conducting a comprehensive literature study. Our proposed article applied the existing SPAR-4-SLR protocol for the systematic assessment of the HRA literature. Based on search parameters including subject, function, and language, the authors discovered 226 publications from the Scopus database. We performed a systematic literature review by considering the top 60 highly cited publications and identified five key themes such as HR analytics, Training and Development, Performance Management, Big Data, AI and ML, and Human Resource Information System and Organisation Development. This study extends the HRA research by incorporating systematic assessment to build a systematic grasp of the field of study and highlights the emerging relevance of HRA for effective, objective, and transparent Human Resource Development (HRD).