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 PapersSubramanian, Krishnamurthy., Tantri, Prasanna.,Sarkar, Arkodipta. (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.

Published PapersBatra, Rishtee Kumar., Ghoshal, Tanuka., Raghunathan, Raj. (Forthcoming) "You Are What You Eat: An Empirical Investigation of the Relationship between Spicy Food and Aggressive Cognition", Journal of Experimental Social PsychologyRead Abstract >Close >The popular saying “you are what you eat” suggests that people take on the characteristics of the food they eat. Wisdom from ancient texts and practitioners of alternative medicine seem to share the intuition that consuming spicy food may increase aggression. However, this relationship has not been empirically tested. In this research, we posit that those who consume “hot” and “spicy” food may be more prone to thoughts related to aggression. Across three studies, we find evidence for this proposition. Study 1 reveals that those who typically consume spicy food exhibit higher levels of trait aggression. Studies 2 and 3 reveal, respectively, that consumption of, and even mere exposure to spicy food, can semantically activate concepts related to aggression as well as lead to higher levels of perceived aggressive intent in others. Our work contributes to the literature on precursors of aggression, and has substantive implications for several stakeholders, including marketers, parents and policy makers.

Published PapersLampel, Joseph.,Bhalla, Ajay., Ramachandran, Kavil. (2017) "Family Values and Inter-Institutional Governance of Strategic Decision Making in Indian Family Firms", Asia Pacific Journal of ManagementThomas Schmidheiny Centre for Family EnterpriseRead Abstract >Close >In this paper we use new venture creation in Indian family firms to explore the family firm as an inter-institutional system. We argue that in societies where the traditional family dominates social and economic life, the relationship between the two institutions, the firm and the family, is managed via inter-institutional logics. These inter-institutional logics help reconcile the tensions that often arise in the family firms during strategic decision-making. We use archival and interview data on thirty-six new ventures in eight Indian family firms to identify these logics. Our analysis shows that the interaction between firm and family institutional logics in Indian family firms generates four sub-logics: Economic, Expertise, Reputation and Attachment. These four logics are used to frame and screen new venture opportunities and justify resource allocation

Published PapersAwate, Snehal., Ajwani, Raji.,Ajith, V. (Forthcoming) "Catch-up as a survival strategy in the solar power industry", Journal of International Management, ForthcomingCentre for Emerging Markets Solutions
Published PapersJain, Tarun., Sood, Ashima. (2017) "How does relationship-based governance accommodate new entrants? Evidence from the cycle rickshaw rental market", Journal of Institutional Economics, 13 (3)Read Abstract >Close >Urban informal self-employment activities are known to be an important destination for rural-to-urban migrants engaged in multilocational livelihood strategies. Yet, the literature suggests that access to working capital required for these occupations may be a significant barrier for temporary migrants. This paper addresses this puzzle using data from a primary field study of the cycle rickshaw rental market in a central Indian city. Employing a multi-dimensional measure of migration and analysing both the driver and the owner-contractor sides of the cycle rickshaw rental market, we argue that informal rental markets may be critical to overcoming credit access issues for migrants.

Published PapersJain, Tarun. (2017) "Common tongue: The impact of language on educational performance", Journal of Economic History, 77 (2), 473-510Read Abstract >Close >This paper investigates the impact of official language policies on education using state formation in India. Colonial provinces consisted of some districts where the official language matched the district's language and some where it did not. Linguistically mismatched districts have 18.8% lower literacy rates and 27.6% lower college graduation rates, driven by difficulty in acquiring education due to a different medium of instruction in schools. Educational achievement caught up in mismatched districts after the 1956 reorganization of Indian states on linguistic lines, suggesting that political reorganization can mitigate the impact of mismatched language policies.

Published PapersAwate, Snehal., Cano-Kollman, Marcelo.,Hannigan, T.J..,Mudambi, Ram. (Forthcoming) "Burying the hatchet for catch-up: open innovation among industry laggards in the automotive industry", California Management Review, Forthcoming
Published PapersMehra, Amit., Saha, Rajib. (2017) "Utilizing Public Betas and Free Trials to Launch a Software Product", Production and Operations ManagementRead Abstract >Close >Many software product firms release a public beta prior to launching its product. Public betas are adopted by innovator consumers and firms use free feedback from these consumers to improve the quality of the product. While trying out the public beta, innovators also learn their product preferences accurately. In addition, opinions expressed by the innovators about the software on public forums like blogs, etc., can introduce a perception bias about the product's quality among the imitator consumers. Therefore, there are demand and cost side trade-offs in introducing public betas. In addition to public beta, firms can introduce product trials along with the product. Product trials serve as a learning mechanism for all consumers (innovators and imitators), unlike in the case of public betas where this benefit accrues only to innovators. We examine the firm's optimal strategies to introduce public beta and/or product trial. We show that introducing public beta does not necessarily result in a higher-quality product. However, even when the quality is lower, consumer surplus and social welfare can be higher. Interestingly, while introducing public beta in addition to trial may appear to be optimal, it may not always be so. We show that similar results hold for products with network effects. We also find that even though the marginal value of quality to consumers is higher for products with network effects, the quality of the product can sometimes be lower than the quality in absence of network effects.

Published PapersMurphy, Dermot., Thirumalai, Ramabhadran S. (2017) "Short-Term Return Predictability and Repetitive Institutional Net Order Activity", Journal of Financial Research, 40 (455-477)Centre for Analytical FinanceRead Abstract >Close >Half-hour returns are predictive of same half-hour returns in subsequent days. Using a unique dataset that provides masked trader identification and trader type, we find that the half-hour net order submission activity of institutional traders is positively and significantly associated with same half-hour returns on subsequent days, and that this relationship subsumes the return predictability in shorter intervals. We hypothesize that institutional net order activity is predictive of returns either because of repetitive order submission activity across days, or because of the slow diffusion of information that is initially revealed by institutional traders. Our evidence supports the former hypothesis.

Published PapersSindhwani, Saumya., Conner, Jerry.,H Thomas, Prof. (2017) "Exposed and Under Pressure: A middle management crisis in the making? Why mid- level leaders aren't prepared for today's challenges", Asian Management Insights
Published PapersSindhwani, Saumya. (2017) "Reverse Logistics: Imperative for Green & Smart Businesses"
Published PapersManchiraju, Hariom., Rajagopal, Shivaram. (2017) "Does corporate social responsibility (CSR) create shareholder value? Exogenous shock-based evidence from the Indian Companies Act 2013", Journal of Accounting Research, 55 (5), 1257-1300
Published PapersMani, Deepa., Barua, Anitesh. (2017) "Reexamining the Market Value of Information Technology Events", Information Systems Research
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