Faculty (Area Wise)

Pankaj Gupta

Pankaj Gupta Assistant Professor
Finance, Accounting, and Control

Contact Information



Curriculum vitae

Dr. Pankaj Gupta is Fellow (Ph.D) of the Indian Institute of Management Indore. His thesis entitled “Tunneling and Propping: Indian Evidence” explored different ways of expropriation of public shareholders and emphasizes the importance of corporate governance mechanism in restricting “tunneling” and “propping” behavior of group firms. He has over seven years of experience in teaching and industry.

Dr. Gupta’s research interest is in financial markets and governance issues in emerging economies and business groups, in particular. His research primarily focuses on theoretical and empirical research issues in Corporate Finance, Corporate Governance, Accounting, and Financial Economics related topics. Dr. Gupta published research articles in journals - International Journal of Corporate Governance, Asian Journal of Accounting and Governance, Global Business Review, and Theoretical Economics Letters. He has attended several workshops, and, present research work in national and international conferences of repute.

Dr. Gupta is a recipient of the “BSE Investors Protection Award” for presenting his thesis in Doctoral Colloquium at TAPMI-CSU International Conference in Finance, 2015.

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Core Course - Financial Accounting, Corporate Finance

Elective Course - Entrepreneurial Finance; Mergers, Acquisitions & Corporate Restructuring; Investment Banking; PE & VC Financing; Options, Futures, and Other Derivatives; Corporate Risk Management; Basics of Time-series Analysis

Ph.D./FPM level course – Theory of Corporate Finance; Emerging Issues in Accounting & Corporate Governance Research

Work in Progress/review

The role of corporate governance mechanism in tunnelling and propping transactions in business groups. 

What makes merger deals attractive: Revisiting market timing and pecking order. 

Market reaction to the loan announcements: A study of bank-firm relationship in an emerging economy. 

Research Papers

Gupta, P., & Maheshwari, Y. (2022). Propping today, tunnelling tomorrow: Expropriation motives and firm performance. International Journal of Corporate Governance, 13(1), 84-101. 

Maheshwari, Y., & Gupta, P. (2019). Propping in Business Groups: Prediction Efficacy of Earnings Announcements. Global Business Review, 20(4), 981-995.

Maheshwari, Y., & Gupta, P. (2018). Ownership structures and effects of related lending and loan guarantees on firm performance in business groups. Asian Journal of Accounting and Governance, 9, 77-86.

Gupta, P. (2017). A Review of Corporate Hedging Models and Their Relevance in Corporate Finance. Theoretical Economics Letters, 7(02), 102.

Teaching Cases

The Entrepreneurs Dilemma: NLC. (Co-author – D.L Sunder) for IIM Indore Case Center. Case No – IIMI/Case Center/SM/02/16-17

Nursery Live Dot Com (NLC): Valuation Dilemma for Start-ups in New Industries (In-progress).