Prof. Nikunj Patel has almost twenty years of standing in his academic career. His areas of teaching and research include Accounting, Financial Management, Investment and Portfolio Management, Behavioral Finance, High-Frequency trading, and International Finance. He has also acted as a resource person in several faculty development and management development programmes. He has been credited for research papers in journals of national and international repute. He taught a full course on Hospital Accounting to the special batch of doctors of Primary Health Centres and Civil Hospitals, sponsored by the Government of Gujarat. He has also completed a minor research project sponsored by Nirma University and a major project on the preparation of the District Human Development Report sponsored by GSIDS, Government of Gujarat. He was the MBA Program chair for the batch 2020-22. Currently, he is a hostel chief warden.
Fiscal-energy synchronization and pollution cost reduction in MEDI-6 countries: a novel modeling approach Dhyani Mehta, Nikunj Patel Carbon Research, 2026 The study examines the dynamic relationship of fiscal instruments, renewable energy consumption and cost of pollution in six Mediterranean economies (France, Italy, Malta, Slovenia, Greece and Croatia) over 2000–2023. Moving beyond conventional emissions-based metrics, pollution cost is employed as a comprehensive indicator of environmental and economic burden. Both an evidential analysis, through the integration of the Kuramoto Dynamic Model (KDM) used to determine the synchronization among environmental tax revenues, environmental protection spending, and renewable energy consumption, in terms of policy and coherence of energy markets has been undertaken, and synchronization has been linked to cost of pollution through a feedback loop, to measure how the conscious and coordinated fiscal energy policies would affect the amount of economic benefits derived from relaxing environmental damage. The feedback loop to the eco-coherence is implemented in a Cross Sectionally Augmented Nonlinear Autoregressive Distributed Lag (CS NARDL) to observe the asymmetric short-run and long-run responses on pollution cost to positive and negative shocks from the three instruments. The results are that greater eco-coherence leads to lower pollution costs, with renewable energy consumption having the greatest level of influence on the system eco-coherence. The asymmetric estimation indicates that decreases in renewable energy consumption or fiscal measures have a more negatively asymmetric influence on pollution cost in comparison to the gains achieved with an equivalent increase, indicating the risk of political retractions of fiscal policies. This combined modelling approach represents a different perspective on measuring environmental policy effectiveness, emphasizing sustained, aligned fiscal commitment, and adopting renewable energy. Policy implications suggest a need for regional alignment to secure any gains from alignment, and to protect against deterioration that could erode environmental and economic advancement. Graphical Abstract
Capturing policy decay and demand inertia in energy transition of MEDIT-5 countries through nonlinear modelling Dhyani Mehta, Nikunj Patel, Abdikafi Hassan Abdi Discover Environment, 2025 Mediterranean countries are undergoing an energy transition due to the continued demand for non-renewable energy and the progressive decay of policy effectiveness. Together, these dynamics restrict the ability of the transition process to achieve sustainable energy systems in line with climate goals. This paper introduces a methodological innovation to address these issues by investigating how energy demand and taxation contribute to the renewable transition in five Mediterranean countries (MEDIT-5: Cyprus, France, Greece, Italy, and Malta). The study combines the Lorenz nonlinear system model with System Dynamics (SD) modelling to capture feedback loops, system inertia, and policy decay. This integrated approach enables the simulation of dynamic interactions among energy demand, policy interventions, and renewable energy adoption. The results suggest that energy taxes can facilitate the transition by incentivizing the use of renewable energy, yet the strong reliance on non-renewable energy remains a structural constraint. Evidence also suggests that policy effectiveness erodes over time and that transition inertia slows the pace of decarbonisation despite policy efforts. The findings underscore the need for adaptive, flexible, and long-term policy frameworks that can maintain momentum, mitigate inertia, and counteract policy decay. For the MEDIT-5 countries, managing the demand for non-renewables is crucial, as passive declines are unlikely to be sufficient to satisfy urgent climate requirements. This study contributes to the literature in environmental economics by proposing a new framework for estimating policy decay and highlighting how policy-driven reductions in non-renewable demand can accelerate renewable energy transitions. The extended model with socio-economic factors confirms the robustness of policy-driven transition dynamics.
Nexus between carbon emissions, economic growth, renewable energy, and innovation of BRICS: Kuramoto dynamic synchronization approach Dhyani Mehta, Nikunj Patel, Abdikafi Hassan Abdi Discover Sustainability, 2025 This study examines the dynamic synchronization among renewable energy sources, innovation and economic growth in their joint influence on carbon emissions, employing a Kuramoto-based oscillator framework alongside a cross-sectional nonlinear autoregressive distributed lag (CS-NARDL) model. Using annual panel data from 2000 to 2024 for the BRICS economies (Brazil, Russia, India, China, and South Africa), we quantify the degree of phase synchronization via the Kuramoto order parameter in Python to derive country- and variable-specific synchronization indices and natural frequencies. Our results indicate that China, India, and Russia exhibit comparatively lower synchronization indices and correspondingly higher carbon emissions than Brazil and South Africa, suggesting less cohesive policy coordination in renewable-energy deployment. Moreover, both technological innovation and increased renewable-energy integration emerge as statistically significant drivers of emissions mitigation. By integrating a novel synchronization methodology into the energy-environment literature, this work lays a rigorous foundation for future research on policy harmonization and supports the need for systemic alignment among green growth variables to achieve sustainability targets.
Impact of COVID-19 Cases, Deaths, Stringency and Vaccinations on the US Stock Market Rohit Mishra, Rajesh Sharma, Yaswanth Karedla, Nikunj Patel Vision, 2025 The socio-economic environment of a country may significantly influence the size and working of the country’s financial markets in the long run. Keeping this in mind, this study aims to analyse the long-run and short-run impact of COVID-19 cases, deaths, stringency index, and vaccinations on the US stock market. Daily time series data ranging from 22 January 2020, to 30 April 2021, was considered in this study. The ARDL bounds test approach was employed to examine long-run and short-run relationships. Our statistical evidence suggests that, in the long run, confirmed cases and stringency have a negative and significant impact on stock markets, whereas vaccinations have a positive and significant effect on the stock markets. This indicates that any public health emergency adversely affects the stock markets, such as a pandemic outbreak. The government should ramp up the efforts towards vaccinating their citizens in the earliest possible timeline. Such actions of resurgence from the pandemic instil confidence in the market. Policymakers should be thoughtful about formulating contingency measures to effectively safeguard the population while preventing the deterioration in investor confidence.
Sustainable development in a carbon-conscious world: Quantile regression insights into CO2 emission drivers Muhammad Shahbaz, Nikunj Patel Natural Resources Forum, 2025 In the face of mounting global concerns over climate change and its far‐reaching consequences, this research paper examines the effect of economic growth, natural resources, energy sources, trade, environment‐related technologies, energy intensity, and environmental tax on carbon dioxide (CO2) emissions. This study employs the Method of Moments Quantile Regression approach with data from 108 countries between 1990 and 2020. The empirical outcomes revealed a positive relationship between economic growth and CO2 emissions, following an inverted U‐shaped pattern known as the Environmental Kuznets Curve. Energy intensity and the use of fossil fuels both raise CO₂ emissions, whereas environmental taxes and the generation of renewable energy significantly reduce carbon emissions, especially at higher quantiles. Hence, implementing higher environmental tax levels and promoting cleaner energy sources mitigate pollution. Trade and the development of environment‐related technologies appear to contribute to mitigating CO2 emissions, yet their statistical significance remains inconclusive. The findings emphasize the importance of sustainable development strategies that balance economic growth with environmental protection. Policymakers should prioritize promoting renewable energy, improving energy efficiency, and reassessing environmental tax levels to align with climate change goals.
Financial distress and earnings management: Indian scenario Aakruti Patel, Nikunj Patel South African Journal of Accounting Research, 2025 Purpose: This study explores the relationship between phases of financial distress and earnings management strategies on a sample of companies listed on India's Bombay Stock Exchange (BSE).Motivation: As India is an emerging economy with evolving laws, Indian companies lack stringent corporate governance norms, leading them to practice more earnings management during difficult phases of the business cycle.Design/methodology/approach: The study examines a sample of 1377 companies for the period from 2017 to 2023 with the help of panel data regression analysis.Findings: It concludes that during the initial phase of distress, companies resort to real earnings management to improve their financial status, while during severe financial distress, managers opt for accrual earnings management and classification shifting.Research implications: Investors need to be aware of earnings management's impact on financial indicators. To mitigate the risks associated with earnings management, regulatory authorities should strengthen corporate governance norms, improve financial disclosure practices, and enhance the role of auditors.Originality: It contributes to existing literature in three ways. Firstly, it is based on a large sample size, taking all the listed manufacturing companies. Second, it examines three types of earnings management: accrual and real earnings management, and classification shifting. Third, it studies the earnings management scenario through companies’ different financial stages.
Unveiling the complexities of sustainable development: An investigation of economic growth, globalization and human development on carbon emissions in 64 countries Nikunj Patel, Pradeep Kautish, Muhammad Shahbaz Sustainable Development, 2024 To achieve Sustainable Development Goals, countries face the challenge of expanding economic activities while mitigating pollution. Using the panel autoregressive distributed lag and panel non‐linear autoregressive distributed lag approach, this study investigates the effects of globalization, economic development, human development, industrialization, non‐renewable energy, and population density on the carbon emissions (CO2) of 64 countries. This study validates the Environmental Kuznets Curve hypothesis in upper‐ and lower‐middle‐income countries. However, low‐income countries exhibit a U‐shaped relationship, while high‐income countries have successfully mitigated CO2 emissions to some extent. The analysis shows bidirectional causality between CO2 emissions and other variables, except for one‐way causality from globalization to CO2 emissions. Manufacturing in upper‐ and lower‐middle‐income countries depends on conventional energy sources, indicating the need for policies to promote renewable energy sources. The findings have significant policy implications for enhancing environmental sustainability and achieving sustainable economic growth while mitigating CO2 emissions to achieve the SDGs.
asymmetric Effects of Trade Openness and National Income on Government size in BRIcs countries: New Evidence for Wagner's Law Dhyani Mehta, Nikunj Patel Economy of Regions, 2024 The growing economic prominence of BRICS nations (Brazil, Russia, India, China, and South Africa) has attracted considerable attention to the macroeconomic dynamics driving their development. As these economies grow rapidly and become more integrated into global markets, it becomes increasingly difficult to balance economic growth, trade liberalization, and sustainable fiscal policies. Government size, a key factor in fiscal management, tends to increase with national income (as suggested by Wagner’s Law) and in response to trade openness (as outlined by the Compensation Hypothesis). Understanding these dynamics is crucial due to the unique fiscal pressures and global competitiveness faced by BRICS countries. This study investigates the validity of Wagner’s law and the Compensation Hypothesis in the context of BRICS. Using a panel nonlinear autoregressive distributed lag model on annual panel data from 1999 to 2023, our findings confirm Wagner’s law, showing a positive relationship between economic growth and government size. Additionally, the results support the Compensation Hypothesis, indicating that trade openness enhances government size. This study underscores the potential trade-offs between promoting economic growth and trade liberalization, as these strategies may inadvertently expand the government sector and affect fiscal stability. As BRICS economies continue to integrate into global markets, this research contributes to the discussion on Wagner’s law and trade openness, offering new insights into sustainable fiscal policies, government expenditure optimization, and the pursuit of global competitiveness and economic growth within the BRICS framework.
The study on co-movement of selected stock markets International Research Journal of Finance and Economics, 2010
RECENT SCHOLAR PUBLICATIONS
Fiscal-energy synchronization and pollution cost reduction in MEDI-6 countries: a novel modeling approach D Mehta, N Patel Carbon Research 5 (1), 15 , 2026 2026
Pollution cost dynamics and regime transitions in emerging Asia: a dissipative-Logit approach D Mehta, N Patel, AH Abdi Scientific Reports , 2026 2026
Microstructure, Mechanical, Thermal and Corrosion Properties of Zn-modified Al–Mg Alloy N Patel, G Mittal, AK Pradhan Transactions of the Indian Institute of Metals 79 (4), 67 , 2026 2026
Surface Reflectivity of Aluminum Alloys in Direct Energy Deposition: A Review N Patel, G Mittal, K Badheka Transactions of the Indian Institute of Metals 79 (2), 31 , 2026 2026
Capturing policy decay and demand inertia in energy transition of MEDIT-5 countries through nonlinear modelling D Mehta, N Patel, AH Abdi Discover Environment 3 (1), 294 , 2025 2025
Energy Storage Solutions and Induction Motor Drives for Sustainable EV Charging V Rai, A Yadav, DK Mishra, M Hazarika, NR Patel, DP Kothari Hybrid Renewable Power Infrastructure for Sustainable Electric Vehicle … , 2025 2025 Citations: 2
Financial distress and earnings management: Indian scenario A Patel, N Patel South African Journal of Accounting Research, 1-19 , 2025 2025
Comparative Performance Analysis of Plug‐In Fuel Cell Electric Vehicle With Battery Electric Vehicle and Fuel Cell Electric Vehicle A Sukhadia, N Patel, J Chavda, R Tandel, B Chaudhari, V Prajapati Fuel Cells 25 (5), e70024 , 2025 2025 Citations: 1
Nexus between carbon emissions, economic growth, renewable energy, and innovation of BRICS: Kuramoto dynamic synchronization approach D Mehta, N Patel, AH Abdi Discover Sustainability 6 (1), 987 , 2025 2025 Citations: 5
Impact of COVID-19 cases, deaths, stringency and vaccinations on the US stock market R Mishra, R Sharma, Y Karedla, N Patel Vision 29 (4), 465-477 , 2025 2025 Citations: 30
Sustainable development in a carbon‐conscious world: Quantile regression insights into CO 2 emission drivers M Shahbaz, N Patel Natural Resources Forum 49 (2), 1560-1583 , 2025 2025 Citations: 28
Challenges to EV Adoption with Future Forecasting Sales Market in India BM Patel, NR Patel, KL Mokariya, KI Patel Electric Vehicle Charging Infrastructures and its Challenges, 145-169 , 2025 2025 Citations: 2
The Role of Institutional Investors in The Indian Stock Markets During the Pandemic N Patel, A Patel, B Patel Capital Markets Review 32 (1), 75-99 , 2024 2024 Citations: 2
A Novel Approach to the Design and Development of a C-Core Sandwich-Type Radial Field Switched Reluctance Motor with On-Shaft Implementation in EV Application NR Patel, KL Mokariya, JK Chavda, S Patil SAE International Journal of Electrified Vehicles 14 (1), 115-129 , 2024 2024 Citations: 1
Supply chain management in the digital age for industry 4.0 NR Patel Industry 4.0, smart manufacturing, and industrial engineering, 179-195 , 2024 2024 Citations: 10
Unveiling the complexities of sustainable development: An investigation of economic growth, globalization and human development on carbon emissions in 64 countries N Patel, P Kautish, M Shahbaz Sustainable Development 32 (4), 3612-3639 , 2024 2024 Citations: 45
From black to green: Quantifying the impact of economic growth, resource management, and green technologies on CO2 emissions M Shahbaz, N Patel, AM Du, S Ahmad Journal of Environmental Management 360, 121091 , 2024 2024 Citations: 51
University Journal of Research N Jotwani, N Solanki, S Chibber, BM Patel, NR Patel, KL Mokariya, ... 2024
Effect of copper addition on microstructure, mechanical and thermal properties of Al-Zn-Mg alloys N Patel, DAK Pradhan Mechanical and thermal properties of Al-Zn-Mg alloys , 2024 2024 Citations: 1
Asymmetric effects of trade openness and national income on government size in BRICS countries: new evidence for wagner’s law D Mehta, N Patel Экономика региона 20 (4), 1300-1314 , 2024 2024 Citations: 2
MOST CITED SCHOLAR PUBLICATIONS
The asymmetry effect of industrialization, financial development and globalization on CO2 emissions in India N Patel, D Mehta International Journal of Thermofluids 20, 100397 , 2023 2023 Citations: 114
The impact of economic growth, trade openness and manufacturing on CO2 emissions in India: an autoregressive distributive lag (ARDL) bounds test approach Y Karedla, R Mishra, N Patel Journal of Economics, Finance and Administrative Science 26 (52), 376-389 , 2021 2021 Citations: 112
The study on co-movement of selected stock markets DAG Modi, B Patel, N Patel Modi, AG, Patel, BK, & Patel, NR (2010). The study on co-movement of … , 2010 2010 Citations: 69
An empirical study on weak-form of market efficiency of selected Asian stock markets NR Patel, N Radadia, J Dhawan Journal of Applied Finance and Banking 2 (2), 99 , 2012 2012 Citations: 66
Are ESG disclosures value relevant? A panel-corrected standard error (PCSE) approach R Kumawat, N Patel Global Business Review 23 (6), 1558-1573 , 2022 2022 Citations: 53
From black to green: Quantifying the impact of economic growth, resource management, and green technologies on CO2 emissions M Shahbaz, N Patel, AM Du, S Ahmad Journal of Environmental Management 360, 121091 , 2024 2024 Citations: 51
Unveiling the complexities of sustainable development: An investigation of economic growth, globalization and human development on carbon emissions in 64 countries N Patel, P Kautish, M Shahbaz Sustainable Development 32 (4), 3612-3639 , 2024 2024 Citations: 45
A novel approach to the design and development of 12/15 radial field C-core switched reluctance motor for implementation in electric vehicle application NR Patel, VA Shah, MM Lokhande IEEE Transactions on Vehicular Technology 67 (9), 8031-8040 , 2018 2018 Citations: 42
Design and performance analysis of radial flux C-core switched reluctance motor for in-wheel electrical vehicle application NR Patel, VA Shah, MM Lokhande 2016 IEEE Transportation Electrification Conference and Expo (ITEC), 1-6 , 2016 2016 Citations: 34
Impact of COVID-19 cases, deaths, stringency and vaccinations on the US stock market R Mishra, R Sharma, Y Karedla, N Patel Vision 29 (4), 465-477 , 2025 2025 Citations: 30
Antistress activity of Argyreia speciosa roots in experimental animals NB Patel, VJ Galani, BG Patel Journal of Ayurveda and integrative medicine 2 (3), 129 , 2011 2011 Citations: 29
Sustainable development in a carbon‐conscious world: Quantile regression insights into CO 2 emission drivers M Shahbaz, N Patel Natural Resources Forum 49 (2), 1560-1583 , 2025 2025 Citations: 28
Calendar anomalies: a survey of the literature N Patel, M Sewell International Journal of Behavioural Accounting and Finance 5 (2), 99-121 , 2015 2015 Citations: 28
Natural resources-environmental sustainability-socio-economic drivers nexus: Insights from panel quantile regression analysis Z Li, N Patel, J Liu, P Kautish Resources Policy 86, 104176 , 2023 2023 Citations: 27
Service quality and customer satisfaction: Study of Indian banks using SERVQUAL P Rijwani, R Patel, N Patel International Journal of Economic Research 14 (18), 199-211 , 2017 2017 Citations: 26
Impact of microfinance on poor women: Lessons from North Gujarat R Patel, M Patel, N Patel Prabandhan: Indian Journal of Management 11 (2), 14-29 , 2018 2018 Citations: 25
Causality and cointegration among stock market indices: A study of developed markets with sensex N Joshi, N., Mehta, D., Patel, B., & Patel International Journal of accounting & Finance Review 7 (1), 31–52 , 2021 2021 Citations: 21
Impact of microfinance on women empowerment: A study from the decision-making perspective R Patel, N Patel Indian Journal of Finance, 52-68 , 2020 2020 Citations: 18
Impact of dividend announcement on the stock prices of Indian companies: An empirical evidence N Patel, K Prajapati ELK Asia Pacific journal of finance and risk management 5 (2), 88-101 , 2014 2014 Citations: 18
