Dr. Nikhil M N

@bschool.cms.ac.in

Assistant Professor at CMS, Jain University
Jain University

Dr. Nikhil M N


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https://researchid.co/nikhilmn
Dr. Nikhil M N is an accomplished academic and researcher specialized in finance. Nikhil holds a Bachelor of Commerce degree from Dr. NSAM First Grade College, Nitte, Karkala, Karnataka, India, an MBA in Finance and Marketing Specialization from Justice K.S Hegde Institute of Management, Nitte, and an M.Com in Accounting and Finance from Jain University. He has completed a PhD in Finance from MSCE, MAHE, Manipal. Nikhil also holds UGC-NET in Management and is a life member at the ICA, IAA, SAS, and TIES.

With a strong foundation in theoretical and practical finance, Nikhil gained valuable industry experience during a two-month internship at ATI Electricals Private Limited, Bangalore. Later, Nikhil was assigned the role of Branch Manager at Madhav Prakash Cashews, Delhi, where he successfully managed sales, marketing, customer service, and overall branch operations. At present, Dr. Nikhil is working as an Assistant Professor at CMS B-School, Jain University, Bangalore.

EDUCATION

PhD from Manipal Academy of Higher Education, Manipal, Karnataka, India.
UGC-NET in Management.
Master of Business Administration from JKSHIM, Nitte, Karnataka, India.
Master of Commerce from Jain University, Bangalore, Karnataka, India.

RESEARCH, TEACHING, or OTHER INTERESTS

Finance, Economics, Econometrics and Finance, Social Sciences, General Decision Sciences
8

Scopus Publications

62

Scholar Citations

6

Scholar h-index

1

Scholar i10-index

Scopus Publications

  • Green bond issuance and climate change in developing countries: The role of political stability
    Nikhil M N, Shekhar Mishra, Elie Bouri, M Sandesh
    Finance Research Letters, 2026
  • Does the Ind AS moderate the relationship between capital structure and firm performance?
    Nikhil M N, Sandeep S. Shenoy, Suman Chakraborty, Lithin B M
    Journal of Corporate Accounting and Finance, 2024
    In line with the wide implementation of IFRS around the globe, the significant shift in the Indian accounting system appertained to the Ind AS is expected to have a substantial impact on the firm‐level information environment. Nevertheless, the question of whether the adoption of such standards moderates the relationship between leverage and firm performance remains unanswered. In this backdrop, we aim to close this research gap employing 3120 firm‐year observations from 401 Indian non‐financial firms for a period from 2013 to 2022. Notably, we found that the leverage among Indian firms discourages profitability. Further, the adoption of Ind AS negatively moderates the leverage and firm performance association. The findings suggest that the enhanced transparency and the firm's reporting quality dissuade risk‐averse investors from investing in highly levered companies. As a result, investors avoid risky investments, and firms must strive to foster their trust and motivation. The conclusion of the present research draws significant implications for management and policymakers while also contributing to the ongoing debate on capital structure and firm performance.
  • Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review
    M N Nikhil, Sandeep S Shenoy, Suman Chakraborty, Abhilash Abhilash
    Cogent Business and Management, 2024
    The last few decades have evidenced radical changes in global standards, particularly the International Financial Reporting Standards convergence in India has piqued the curiosity of researchers and professionals. Despite the evolving research, there is no consensus on its consequences in the Indian context. In this backdrop, this paper provides a state-of-the-art summary of empirical archival on determinants and effects of Ind AS for the post-2010 period. To this end, the study employs the systematic literature review method following the Scientific Procedure and Rationales for the Systematic Literature Review approach. A total of 50 articles retrieved from the Scopus and Web of Science database between 2010 and 2024 were reviewed. The results revealed that the perceived benefits of IFRS, globalization, and the urge to enhance reporting quality are the key drivers of IFRS convergence in India. Regarding impact, the review uncovered that Ind AS has increased the quality of financial reporting, value relevance, and firm performance. However, it has led to a decline in the ethical reporting of the firms. Further, Ind AS witnessed the increased length and complexity of financial statements, causing problems with the readability of the reports. Overall, the observed learning curve effect strongly suggested that the Ind AS will have a favourable impact on the Indian accounting realm moving forward. The findings urge that policymakers should adopt concurrent enforcement mechanisms while investors are advised to exercise caution while making investment decisions.
  • Is the nexus between capital structure and firm performance asymmetric? An emerging market perspective
    Nikhil M. N., Sandeep S. Shenoy, Suman Chakraborty, Lithin B. M.
    Cogent Economics and Finance, 2024
    The nature of the relationship between leverage and firm performance has been a subject of investigation in extant literature. We re-examine the nature of the association by using a sample of 78 non-financial firms listed in the Nifty 100 index during the 2013-2023 period by applying the quantile regression technique and comparing the result with the linear regression approach (system GMM technique). Our empirical analysis demonstrates that leverage negatively impacts the performance of firms. Further, results show that the association is non-homogeneous among firms of different quantiles: leverage withers the performance of highly profitable firms (upper quantile) than low profitable firms (lower quantile). The identified concave relationship highlights the prominence of optimal capital structure and the role of finance managers in designing a sound financial policy that matches firm characteristics and borrowing requirements. The findings of our study draw insightful implications for managers and policymakers while contributing to the ongoing leverage and firm performance debate reported in previous studies.
  • Are Liquidity and Credit Risk Key Determinants of Corporate Credit Spreads (CCS) in India?
    Lithin B. M., Suman Chakraborty, Nikhil M. N.
    Indian Journal of Finance, 2023
    Purpose : The crumble of the financial markets through the recent crises wobbled precariousness in the corporate credit spreads (CCS) critical for risk management and bond pricing. Against this backdrop, this study investigated the role of liquidity and credit risk on CCS. Methodology : The study applied three models using a battery of 392 active corporate bonds in India: pooled OLS, fixed effect, and IV-GMM. Data for the research were collected from Bloomberg and analyzed using Stata. Findings : First, while credit risk did have a role in determining CCS, liquidity holds greater significance as a determining factor. Specifically, there was a 0.9560427 basis point increase in CCS for every basis point increase in bid-ask spread (liquidity). In contrast, CCS increased by 0.3460369 for every basis point increase in credit risk. Second, a negative coefficient for the interaction term between bid-ask spread and credit risk suggested that credit risk was a moderating variable that weakened the relationship between bid-ask spread and CCS. Practical Implications : The managers should augment their risk management practices to manage liquidity risk better and maintain a higher credit quality to reduce the negative impact of liquidity risk on CCS. Moreover, the findings affirmed that the better the firm’s credibility, the lesser the CCS would be, implying that firms should try to improve their credit ratings. Originality : The results remained consistent across various regression models, and they held significant implications for the literature concerning the modeling of corporate bond prices.
  • Does the adoption of Ind AS affect the performance of firms in India?
    Nikhil M. N., Suman Chakraborty, Lithin B. M., Lumen Shawn Lobo
    Investment Management and Financial Innovations, 2023
    The increasing prevalence of IFRS adoption has resulted in enhanced transparency, accounting quality, and comparability of financial information among firms, especially in emerging markets worldwide, including India. Nonetheless, the question of whether the adoption of IFRS has led to improved firm performance persists. To address this question, this study examines the impact of transitioning from India’s GAAP-based accounting standards to IFRS-converged standards (Ind AS) on non-financial firms’ performance from 2013 to 2022. The empirical findings reveal that the convergence of Indian accounting standards with IFRS significantly improves firm performance, as demonstrated by a positive coefficient of 0.0166 for Ind AS in the fixed-effect model. The study also validates the original empirical findings using the return on equity (ROE) measure of firm performance, which yielded a coefficient of 0.0197, further confirming that the adoption of Ind AS leads to an increase in the performance of Indian firms. These results contribute new insights to the existing IFRS literature and have implications for policymakers and managers.
  • Modelling asymmetric sovereign bond yield volatility with univariate GARCH models: Evidence from India
    B M Lithin, Suman Chakraborty, Vishwanathan Iyer, M Nikhil N, Sanket Ledwani
    Cogent Economics and Finance, 2023
    Does Indian sovereign yield volatility reflect economic fundamentals, or whether it is a self-generated force flowing through markets with little connection to such fundamentals? To answer the question, this research explores the volatility dynamics and measures the persistence of shocks to the sovereign bond yield volatility in India from 1 January 2016, to 18 May 2022, using a family of GARCH models. The empirical results indicate the high volatility persistence across the maturity spectrum in the sample period. However, upon decomposing the markets into bull and bear phases, our results support the existence of weak volatility persistence and rapid mean reversion in the bear market. This shows that the economic response policies implemented by the government during the pandemic, including fiscal measures, have a restraining effect on sovereign yield volatility. For a positive γ, the results suggest the possibility of a “leverage effect” that is markedly different from that frequently seen in stock markets. Results further indicate that the fluctuations in Indian sovereign yields cannot be dissociated from inflation and money market volatility. Our findings herein provide valuable information and implications for policymakers and financial investors worldwide.
  • Modeling Indian Bank Nifty volatility using univariate GARCH models
    Nikhil M. N., Suman Chakraborty, Lithin B. M., Sanket Ledwani, Satyakam
    Banks and Bank Systems, 2023
    The crumble of financial markets due to the recent crises has wobbled precariousness in the stock market and intensified the returns vulnerability of banking indices. Against this backdrop, this study intends to model the volatility of the Indian Bank Nifty returns using a battery of GARCH specifications. The finding of the present research contributes to the literature in three ways. First, volatility during the sample period, which corresponds to a time of stress (a bear market), is more persistent, with an estimated coefficient of 0.995695. Moreover, when volatility rises, it persists for a long time before returning to the mean in an average of 16 days. Second, for a positive γ, the results insinuate the possibility of an “anti-leverage effect” with a coefficient of 0.139638. Thus, the volatility of the Bank Nifty returns tends to rise in response to positive shocks relative to negative shocks of equal magnitude in India. Finally, the findings demonstrate that EGARCH with Student’s t-distribution offers lower forecast errors in modeling conditional volatility.

RECENT SCHOLAR PUBLICATIONS

  • Green bond issuance and climate change in developing countries: The role of political stability
    MN Nikhil, S Mishra, E Bouri, M Sandesh
    Finance Research Letters, 109391 , 2025
    2025
    Citations: 2
  • Thesis on Capital Structure and Firm Performance with the Moderating Impact of Ind AS
    MN Nikhil
    Manipal Academy of Higher Education , 2025
    2025
  • Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review
    MN Nikhil, SS Shenoy, S Chakraborty, Abhilash
    Cogent Business & Management 11 (1), 2411446 , 2024
    2024
  • Is the nexus between capital structure and firm performance asymmetric? An emerging market perspective
    MN Nikhil, SS Shenoy, S Chakraborty, L BM
    Cogent Economics & Finance 12 (1), 2296195 , 2024
    2024
    Citations: 22
  • The Impact of Cash Conversion Cycle on Firm Performance: Evidence from Indian Automobile Sector
    JS Ghai, T Bhatia, S Chakraborty, MN Nikhil
    Manipal Interdisciplinary Health Science and Technical Reports-2023, 104-108 , 2024
    2024
  • Overview of Precedents of Capital Structure in India: A Bibliometric and Systematic Review Analysis
    MN Nikhil, S Chakraborty
    Manipal Interdisciplinary Health Science and Technical Reports-2023, 67-75 , 2024
    2024
  • Does the Ind AS moderate the relationship between capital structure and firm performance?
    MN Nikhil, SS Shenoy, S Chakraborty, L BM
    Journal of Corporate Accounting & Finance 35 (1), 1-17 , 2023
    2023
    Citations: 9
  • Are Liquidity and Credit Risk Key Determinants of Corporate Credit Spreads (CCS) in India?
    BM Lithin, S Chakraborty, MN Nikhil
    Indian Journal of Finance 17 (6), 8-26 , 2023
    2023
    Citations: 6
  • Does the adoption of Ind AS affect the performance of firms in India?
    MN Nikhil, S Chakraborty, L BM, S Lobo
    Investment Management and Financial Innovations 20 (2), 171-181 , 2023
    2023
    Citations: 8
  • Modelling asymmetric sovereign bond yield volatility with univariate GARCH models: Evidence from India
    BM Lithin, S Chakraborty, V Iyer, MN Nikhil, S Ledwani
    Cogent Economics & Finance 11 (1), 2189589 , 2023
    2023
    Citations: 8
  • Modeling Indian Bank Nifty volatility using univariate GARCH models
    MN Nikhil, S Chakraborty, BM Lithin, S Ledwani
    Banks and Bank Systems 18 (1), 127 , 2023
    2023
    Citations: 7

MOST CITED SCHOLAR PUBLICATIONS

  • Is the nexus between capital structure and firm performance asymmetric? An emerging market perspective
    MN Nikhil, SS Shenoy, S Chakraborty, L BM
    Cogent Economics & Finance 12 (1), 2296195 , 2024
    2024
    Citations: 22
  • Does the Ind AS moderate the relationship between capital structure and firm performance?
    MN Nikhil, SS Shenoy, S Chakraborty, L BM
    Journal of Corporate Accounting & Finance 35 (1), 1-17 , 2023
    2023
    Citations: 9
  • Does the adoption of Ind AS affect the performance of firms in India?
    MN Nikhil, S Chakraborty, L BM, S Lobo
    Investment Management and Financial Innovations 20 (2), 171-181 , 2023
    2023
    Citations: 8
  • Modelling asymmetric sovereign bond yield volatility with univariate GARCH models: Evidence from India
    BM Lithin, S Chakraborty, V Iyer, MN Nikhil, S Ledwani
    Cogent Economics & Finance 11 (1), 2189589 , 2023
    2023
    Citations: 8
  • Modeling Indian Bank Nifty volatility using univariate GARCH models
    MN Nikhil, S Chakraborty, BM Lithin, S Ledwani
    Banks and Bank Systems 18 (1), 127 , 2023
    2023
    Citations: 7
  • Are Liquidity and Credit Risk Key Determinants of Corporate Credit Spreads (CCS) in India?
    BM Lithin, S Chakraborty, MN Nikhil
    Indian Journal of Finance 17 (6), 8-26 , 2023
    2023
    Citations: 6
  • Green bond issuance and climate change in developing countries: The role of political stability
    MN Nikhil, S Mishra, E Bouri, M Sandesh
    Finance Research Letters, 109391 , 2025
    2025
    Citations: 2
  • Thesis on Capital Structure and Firm Performance with the Moderating Impact of Ind AS
    MN Nikhil
    Manipal Academy of Higher Education , 2025
    2025
  • Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review
    MN Nikhil, SS Shenoy, S Chakraborty, Abhilash
    Cogent Business & Management 11 (1), 2411446 , 2024
    2024
  • The Impact of Cash Conversion Cycle on Firm Performance: Evidence from Indian Automobile Sector
    JS Ghai, T Bhatia, S Chakraborty, MN Nikhil
    Manipal Interdisciplinary Health Science and Technical Reports-2023, 104-108 , 2024
    2024
  • Overview of Precedents of Capital Structure in India: A Bibliometric and Systematic Review Analysis
    MN Nikhil, S Chakraborty
    Manipal Interdisciplinary Health Science and Technical Reports-2023, 67-75 , 2024
    2024