Prof. Pankaj Gupta

Prof. (Dr.) Pankaj Gupta

Assistant Professor

B.Sc. (DBRAU, Agra);
MBA (UP Technical University);
FPM (IIM Indore)

Prof. (Dr.) Pankaj Gupta is Fellow of Indian Institute of Management Indore in Finance & Accounting Area. 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” behaviour of group firms. His research articles published in Asian Journal of Accounting and Governance, Global Business Review, and Theoretical Economics Letters. He has presented his research work in several national and international conferences. He is the recipient of BSE Investor Protection Best Proposal Award for presenting his thesis topic in doctoral colloquium at TAPMI-CSU International Conference in Finance. He has also attended several workshops in his domain area held at IIM Indore, IIM Ahmedabad, ISB Hyderabad, and IIM Udaipur.

Research interest

  • Corporate Finance, Corporate Governance, Accounting, Market Microstructure


  • 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.



  • 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 Startups in New Industries (Final Manuscript).

Conference paper presentations 

  • Tunneling versus Value Added: Prediction efficacy of Earnings Announcements. Presented, India Finance Conference 2019, IIM Ahmedabad (Dec 18-21, 2018)
  • Tunneling today, propping tomorrow: Survival Story of Indian Group firms. Presented, India Finance Conference 2018, IIM Calcutta (Dec 20-22, 2018)
  • Tunneling and Propping through Related Party Transactions: Indian Evidence. Presented, Paris Financial Management Conference 2017, Paris (Dec 18-20, 2017).
  • Intragroup propping and role of internal governance mechanism in business groups: Evidence from India. Accepted, India Finance Conference 2017, IIM Bangalore (Dec 20-22, 2017).
  • Control motivations and resource transfer: A study of related lending and loan guarantees for business groups in India. Presented in 17th EBES Conference, October 15-17th, 2015, Venice.
  • Tunneling and propping: An integrated view. Presented in doctoral colloquium of TAPMI-CSU International Conference in Finance, April 16-18, 2015, Manipal, India. Won best proposal award.
  • Tunneling and propping via RPTs: A comparative study of Indian group affiliated firms of different financial health. Presented at India Finance Conference, Dec 16-18, 2014, IIM Bangalore.
  • Financial Accounting
  • Management Accounting
  • Corporate Finance
  • Options, futures, and other derivatives
  • Entrepreneurial Finance
  • Financial Risk Management

Professional Membership

  • Institute of Actuaries of India
  • GARP, USA,
  • CFA, USA,
  • Indian Finance Association


Apart from academic activities he likes spending time in jogging, playing football/cricket and reading newspapers.