Published Papers

The School’s research output in the last decade has been both significant and considerable, as testified by our AACSB accreditation in 2011. We take great pride in the fact that our faculty have contributed more than 150 articles to reputed academic and practitioner journals.

In the past few years, ISB faculty members have published over 60 papers in top-tier journals. Our faculty have received numerous coveted research grants awarded by premier academic institutions, research centres, corporate houses and reputed foundations such as the Bill and Melinda Gates Foundation, Ford Foundation, MacArthur Foundation, WWF, McCombs School of Business, UT-Austin and others. These awards attest to the scope, depth and impact of the research conducted at the ISB.

Published PapersLobo, Gerald., Manchiraju, Hariom., Sridharan (Sri), Swaminathan. (Forthcoming) "Accounting and economic consequences of CEO paycuts", Journal of Accounting and Public Policy
Published PapersArunachalam, S., Ramaswami N Sridhar, P Herrmann, D Walker. (2018) "Innovation Pathway to Profitability: The Role of Marketing Capabilities", Journal of the Academy of Marketing Science
Published PapersDevalkar, Sripad K., Seshadri, Sridhar., Ghosh, Chitrabhanu.,Mathias, Allen. (Forthcoming) "Data science applications in Indian agriculture", Production and Operations ManagementRead Abstract >Close >Agricultural supply chains in the developing world face the daunting task of feeding a growing population in the coming decades. Along with the provision of food, sustaining livelihoods, enhancing nutrition and the ability to cope with rapid changes in the environment and marketplaces are equally important to millions of small farmers. Data science can help in many ways. In this article, we outline the beginnings of data science applications in Indian agriculture. We cover various initiatives such as data collection, visualization and information dissemination and applications of algorithmic data analysis techniques for decision support. We describe one application under development that provides timely price information to farmers, traders and policy makers.

Published PapersDevalkar, Sripad K., Anupindi, Ravi.,Sinha, Amitabh. (Forthcoming) "Dynamic Risk Management of Commodity Operations: Model and Analysis", Manufacturing & Service Operations Management, INFORMSRead Abstract >Close >We consider the dynamic risk management problem for a commodity processor operating in a partially complete market and facing both price uncertainty and significant financial distress costs. The firm procures an input commodity and processes it to produce an output commodity over a multi-period horizon. We use a time-consistent risk measure to approximate the firm’s financial distress costs in a tractable manner and use financial trading to assign a market-based value to the firm’s operational cash flows. We show that the resulting optimal operational policy has the same price and horizon dependent threshold structure that characterizes the known optimal policy when markets are complete or financial distress costs are small. Through numerical studies, we (i) quantify the value of using the optimal operational policy rather than a myopic policy and a policy that neglects to model, even approximately, financial distress costs, finding that this value is significant for firms that face moderate financial distress costs and have excess procurement capacity; (ii) establish that more acute financial distress costs reduce the firm’s throughput; and (iii) show that the benefit of financial hedging is considerable.

Published PapersRay, Sougata.,Mondal, Arindam., Ramachandran, Kavil. (2018) "How does Family Involvement Affect a Firm's Internationalisation? An Investigation of Indian Family Firms", Global Strategy Journal, 8 (1), 73 - 105Thomas Schmidheiny Centre for Family EnterpriseRead Abstract >Close >Research Summary: We investigate whether and how family ownership and management influence firms' internationalization strategies in an emerging economy in which family firms are dominant. Anchoring on the willingness and ability framework and drawing on the socioemotional wealth perspective and agency theory, we theorize how the heterogeneity among family firms in their ownership structures, concentration, and family involvement in management shapes the firms' internationalization strategies. We also theorize how certain contingencies, such as the presence of foreign institutional ownership and family management, moderate the relationship between family ownership and internationalization strategy. We test our predictions by using a proprietary, longitudinal panel dataset of 303 leading family firms from India and find support for most of our theoretical predictions. Managerial Summary: Internationalization has emerged as a dominant strategy for firms in a globally interconnected world. We observe that ownership structure and management have significant bearing on internationalization strategies of family firms, as family owners and managers are more averse to internationalization. Family firms' aversion to internationalize is more pronounced when families can exercise greater control on firms' actions through the combined effect of higher family ownership (primarily through strategic control) and family's participation in management (through strategic, administrative, and operational control). However, certain contingencies, such as the higher ownership of foreign institutions and presence of professional managers, help business families improve their understanding of international markets, reduce the fear of the unknown, and better appreciate the benefits of internationalization, thereby aiding greater internationalization of family firms.

Published PapersSingha, Sumanta., Shenoy, Prakash P. (2018) "An adaptive heuristic for feature selection based on complementarity", Machine Learning, 1--45
Published PapersBhatnagar, Navneet., Ramachandran, Kavil., Ray, Sougata. (2018) "The Role of Familial Socio-Political Forces on New Venture Creation in Family Business", Cross Cultural & Strategic Management, ( ), Thomas Schmidheiny Centre for Family Enterprise
Published PapersSaha, Rajib., Seidmann, Abraham.,Tilson, Vera. (2018) "The Impact of Custom Contracting and the Infomediary Role of Healthcare GPOs", Production and Operations ManagementRead Abstract >Close >Manufacturers and distributors of expensive implants and other medical supplies often require buyers to sign non-disclosure agreements treating all information concerning negotiated prices as trade secrets. Such agreements make it difficult for hospitals to obtain accurate pricing benchmarks. To save on procurement costs and to obtain pricing information, most hospitals in the United States join group purchasing organizations (GPOs). GPOs are believed to lower procurement costs by aggregating hospitals’ demand. Whether GPOs indeed add value to the healthcare supply chain and produce actual savings for hospitals are debated policy issues, as evidenced by the ongoing discussions on the topic in the U.S. Congress. Some hospitals procure using GPO contracts, and some try to improve on prices available via GPO contracts, negotiating custom contracts directly with the GPO vendors. Using a game-theoretic model, we prove that GPOs that operate independently and allow for custom contracting limit the benefit of demand aggregation to smaller hospitals only. The larger hospitals gain primarily from using the GPO as an infomediary to obtain critical pricing information benchmarks. Our results further explain why the introduction of custom contracting lowers the value of access to this pricing information for the hospitals, and how the savings through custom contracting can be misleading. We reveal how GPO vendors can exploit information asymmetry about their prices and earn even higher profits, and why, contrary to the industry’s belief, the resulting savings are never higher for any hospital, not even for the larger ones when the GPOs allow custom contracting.

Published PapersBharadwaj, Anandhi., Mani, Deepa., Nandkumar, Anand. (Forthcoming) "When Companies Want to Innovate But Investors Won’t Let Them", Harvard Business ReviewSrini Raju Centre for IT and the Networked EconomyRead Abstract >Close >Abstract- When investors value firms for their growth potential rather than current profits – as is the case with startups and tech giants – the companies are not only more likely to invest in digital innovation, but also obtain higher market valuations. In contrast, when investors expect current-period profits – such as from industry incumbents – they are not only less likely to invest in digital innovations, but obtain significantly lower market valuations when they try to become digital leaders. In other words, the market rewards “growth” companies for investment in digital technology, but actively punishes more mature, steadily profitable firms for the same.

Published PapersSarkar, A., Subramanian, Krishnamurthy., Prasanna Tantri. (Forthcoming) "Effects of CEO Turnover in Banks: Evidence Using Exogenous Turnovers in Indian Banks", Journal of Financial and Quantitative AnalysisCentre for Analytical FinanceRead Abstract >Close >We examine the effect of CEO turnover on earnings management in banks. Since banking is intrinsically an opaque activity, we hypothesize that an incoming CEO of a bank is more likely to manage earnings than a counterpart in a non- financial firm. To identify the hypothesized effects, we exploit exogenous variation generated by age-based CEO retirement policies in Indian public sector firms. Com- pared to banks where there is no turnover, banks experiencing CEO turnover report 23% lower profit-to-sales and 25% lower return-on-assets in the transition quarter. This decrease occurs due to increased provisions, though such provisions do not associate with increased non-performing assets subsequently. Shorter CEO tenure exacerbates earnings management by the incoming CEO. The stock price declines by 1%, and lending is 2% lower than average, which highlight the real effects of earnings management by incoming CEOs. In contrast to banks, we observe no earnings management coinciding with CEO turnover for other public sector firms. As evidence of motivation, we show that earnings management increases likelihood of directorship positions in other firms within two years of retirement.

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