Nisha Prakash

@sibmbengaluru.edu.in

Assistant Professor, Finance
Symbiosis Institute of Business Management

Nisha Prakash


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https://researchid.co/nisha.prakash

RESEARCH INTERESTS

Sustainable finance, climate finance, CSR
15

Scopus Publications

342

Scholar Citations

8

Scholar h-index

8

Scholar i10-index

Scopus Publications

  • Innovative Financial Instruments for Sustainable Urban Infrastructure Development
    Nisha Prakash, Madhvi Sethi
    Climate Change Management, 2026
  • Artificial Intelligence as an Enabler for Financing Social Entrepreneurs
    Nisha Prakash, Rajitha Burra
    Building AI Driven Decision Making Competencies for Sustainability, 2026
    Traditional financial systems often fail social entrepreneurs as they focus on conventional profitability metrics and lack tailored support. Artificial intelligence (AI) enabled entrepreneurial support platforms offer a transformative solution to bridge the gap. These platforms leverage advanced AI tools, such as predictive analytics, machine learning, and intelligent automation, to provide customised financing solutions to social enterprises. This chapter explores the role of AI in reshaping how social entrepreneurs address financing challenges. Drawing on real-world applications and case studies, the chapter demonstrates how AI tools can bridge financial gaps in scaling up sustainable enterprises. The chapter will discuss how to ensure fairness, affordability, and inclusivity so that entrepreneurs from all backgrounds can benefit. The chapter would be of interest to academics, technology developers, social entrepreneurs and policymakers as it builds a case to use AI-powered systems to support businesses that prioritise the triple bottom line.
  • Market Reaction to Dividend Announcements During Pandemic: An Event Study
    Nisha Prakash, Yogesh L
    Vision, 2025
    This study analyses the difference in stock market reactions to dividend announcement during the pandemic. The thirty constituent stocks of Sensex, the index of Bombay Stock Exchange (BSE), is used for analysis. This allows cross-industry comparison of the market reaction. The study examines stock market reactions covering 44 days around the dividend announcement dates. The primary objective of this study is to understand whether the price adjustment linked to the dividend announcement news during the pandemic was different from the earlier years. This empirical study employs the conventional event study methodology using abnormal returns (ARs) to examine the stock market reaction to dividend announcement. The market reaction to dividend announcement was increasingly positive during the pandemic, compared to previous years. The statistical pooled t-tests showed there was a significant relationship between the pandemic and ARs. The findings also indicate that the difference in the market reaction to dividend announcement was more prominent in services stocks than that in manufacturing. Further, the results also verify the weak-form of efficiency of Indian stock exchange.
  • Moderating role of firm characteristics on the relationship between corporate social responsibility and financial performance: evidence from India
    Nisha Prakash, Aparna Hawaldar
    Journal of Economics and Development, 2024
    PurposeThe effect of corporate social responsibility (CSR) on corporate financial performance (CFP) is shown to depend on both firm-specific and external factors. This study investigates the moderating role of two firm-specific factors – the firm life-cycle stage and ownership structure – on the CSR–CFP relationship in a developing economy setting – India.Design/methodology/approachThe study covers 1,419 listed companies in India during 2015–21. The firm lifecycle is represented using firm age and future growth prospects. Ownership is represented through a dummy variable and promoters’ holding percentages. Return on assets (RoA) is used as a measure of CFP, while CSR intensity, i.e. the ratio of CSR expenditure to profit after tax (PAT), is used to represent CSR. Fixed effect panel regression and generalized method of moments (GMM) models are used for data analysis.FindingsCSR expenditure has a significant negative impact on CFP. Firm age and future growth prospects amplify this negative impact, indicating that the firm life-cycle has a significant negative moderating effect on the CSR–CFP relationship. Furthermore, the impact of CSR on CFP is worse for government companies than private ownership. Promoters’ holdings have a positive impact on the CSR–CFP relationship.Research limitations/implicationsThe results question the validity of mandatory CSR expenditure on companies operating in developing countries and call for a differentiated policy approach to CSR expectations based on firm characteristics. This study also enhances the existing literature on CSR–CFP.Originality/valueThe growing research on CSR–CFP has limited coverage of firm characteristics as contributing factors. Hence, this paper helps in enhancing the existing literature on CSR–CFP and makes it more relevant to firms with specific characteristics.
  • Emissions-foreign trade nexus: establishing the need to harmonize environment and economics in RCEP
    Nisha Prakash, Madhvi Sethi
    Journal of Economic and Administrative Sciences, 2024
    PurposeThis article investigates the impact of foreign trade on carbon emissions of the member countries of the largest trade bloc, the Regional Comprehensive Economic Partnership (RCEP).Design/methodology/approachThe aggregate bilateral trade with members of RCEP during the period 1991–2020 was considered for analysis. The study also examines the impact of foreign trade (between member countries) on economic development, represented by GDP per capita. Dumitrescu–Hurlin panel Granger causality test was conducted to understand the impact of foreign trade on GDP per capita and carbon emissions.FindingsResults indicate that though foreign trade is heterogeneously Granger causing GDP per capita, it also aggravates carbon emissions in RCEP bloc.Originality/valueThe study is of significance to the policymakers in the member countries as it provides evidence to include climate impact in trade agreements. The wealthier RCEP member countries can support the green transition of low-income countries through transfer of eco-friendly technologies.
  • Investigating the Determinants of Financial Well-Being: A SEM Approach
    Nisha Prakash, Aparna Hawaldar
    Business Perspectives and Research, 2024
    Studies reveal that the financial well-being of employees has a direct bearing on their productivity and overall well-being. The wellness initiatives organized by the information technology (IT) companies operating in India have also started focusing on the contributing aspects of financial well-being. In this context, the article explores the determinants of financial well-being of IT professionals in India. The article utilizes confirmatory factor analysis (CFA) for the analysis. The study employs a survey questionnaire covering financial literacy, financial behavior, and financial fragility. It also attempts to recognize the influence of gender and job roles (technical or managerial) in ascertaining financial well-being. The sample data used in the study include 237 professionals employed in the IT sector. The study uses partial least squared structured equation modelling (PLS-SEM) to understand the connection between the determining factors. The results indicate that financial well-being is positively influenced by financial literacy and financial behavior while financial fragility has a substantial negative impact. The financial literacy and financial fragility are significantly different between technical and managerial roles. Gender appears to have a sizeable impact on the financial behavior and financial fragility levels—women employees performed better in both the factors. Interestingly, financial literacy levels of the two genders are not significantly different. The results show that there is a need to focus on literacy, behavior, and fragility in financial wellness programs organized by the IT industry. Further, the study recommends offering tailored financial wellness training modules created based on the job levels and gender instead of following “one program, fits all” standardized approach.
  • The impact of external debt on economic growth in emerging economies: investigating the role of capital formation
    Nisha Prakash, Swarupa Ranjan Panigrahi
    International Journal of Economic Policy in Emerging Economies, 2024
  • Role of management education in adapting the Indian public sector to market-based economic reforms
    Nisha Prakash, Aparna Hawaldar
    International Journal of Public Sector Management, 2023
    PurposeIn 1991, India embarked on market-based economic reforms initiatives pillared on liberalization, privatization and globalization (LPG). The reforms exposed the public sector enterprises to competitive market forces, raising the need to identify and develop the competencies necessary for survival. Executive training programs were initiated to prepare public enterprises for the market-based reforms. Three decades later, the reforms especially privatization is witnessing renewed interest under the current administration. In this context, the article takes a closer look at the structure of management education provided to public sector officers in India. The article also identifies barriers for implementing the learnings from the management courses in the workplaces and suggests approaches for closing the gap.Design/methodology/approachThe study follows a thematic approach based on unstructured interviews of senior executives of Indian public sector enterprises covering oil and gas, aeronautical, power and transportation sectors. New public management (NPM) is used as a yardstick of “business-like” characteristics of public sector enterprises.FindingsDespite heavy investment, trainings have had only partial success in implementing the core objective of NPM, i.e. to provide quality services in a professional manner to meet citizen requirements. The study found that though concepts of NPM are introduced at multiple management training programs, the public enterprises lag in the implementation of NPM. The ingrained hierarchical and procedural culture of the enterprises was often highlighted as the challenge to its implementation.Practical implicationsThe study will be of significance to Indian policymakers in designing management education programs to public sector employees. It brings out – (1) various models of management education provided to public servants across industries, (2) provide evidence on the extent of NPM implementation, (3) identify barriers for transitioning the learnings from the management courses to workplace and (4) suggest changes for improving effectiveness.Originality/valueThe existing research on LPG in India covers the economic transformation post-implementation and the factors contributing to the success of its implementation. This study adds to the limited literature available on the management education of public servants in the country.
  • The impact of Covid-19 on the capital structure in emerging economies: evidence from India
    Nisha Prakash, Aditya Maheshwari, Aparna Hawaldar
    Asian Journal of Accounting Research, 2023
    PurposeCapital structure is an important corporate financing decision, particularly for companies in emerging economies. This paper attempts to understand whether the pandemic had any significant impact on the capital structure of companies in emerging economies. India being a prominent emerging economy is an ideal candidate for the analysis.Design/methodology/approachThe study utilizes three leverage ratios in an extended market index, BSE500, for the period 2015–2021. The ratios considered are short-term leverage ratio (STLR), long-term leverage ratio (LTLR) and total leverage ratio (TLR). A dummy variable differentiates the pre-epidemic (2015–2019) and pandemic (2020–2021) period. Control variables are used to represent firm characteristics such as growth, tangibility, profit, size and liquidity. Dynamic panel data regression is employed to address endogeneity.FindingsThe findings point out that Covid-19 has had a significant, negative effect on LTLR, while the impact on STLR and TLR was insignificant. The findings indicate that companies based in a culturally risk-averse environment, such as India, would reduce the long-term debt to avoid bankruptcy in times of uncertainty.Research limitations/implicationsThe study covers the impact of the pandemic on Indian companies. Hence, generalization of the findings to global context might not be valid.Practical implicationsTo maintain economic growth in the post-crisis period, Indian policymakers should ensure accessibility to low-cost capital. The findings provide impetus to deepen the insignificant corporate bond market in India for future economic revival.Originality/valueDeveloping countries are struggling to revive the economies postpandemic. This is particularly true for Asian economies which are heavily reliant on banks for survival. This research finds evidence to utilize bond market as a source of raising capital for economic revival.
  • Relationship between fixed capital formation and carbon emissions: Impact of trade liberalization in India
    Nisha Prakash, Madhvi Sethi
    Cogent Economics and Finance, 2023
    The liberalization of economies is aimed at boosting domestic growth through foreign investment and trade. The proponents of liberalization argue that opening up markets in developing economies provides access to capital to enhance production. However, proponents of the pollution haven hypothesis (PHH) argue that liberalization and trade agreements have led to the export of carbon-intensive production from wealthier countries to developing economies. The difference between the two outcomes lies in the nature of fixed assets built by developing countries. In this study, we examine the role of fixed capital formation on carbon emissions during two distinct periods of India’s economic development. India liberalized its economy with trade reforms in 1991, thereby providing two distinct time periods of closed and open trade policies. The economic data during 1971–2021 is divided into two parts—before (1971–1990) and after (1991–2021) liberalization. Gross fixed capital formation (GFCF) is used as a measure of capital formation while carbon emissions are used to represent environmental impact. Auto-regressive distributed lag (ARDL) model is used for analysis. Results indicate that GFCF had no significant relationship with carbon emission before liberalization, whereas, there was a significant, positive impact post-liberalization. The study is of significance to policymakers in developing countries as it suggests a change in the capital formation towards low carbon-intensive products and services. It also strengthens the argument for investing capital in cleaner energy and technologies.
  • Does Gender and Family Income Impact Stock Trading of B-School Students? Findings from a Stock Simulation Exercise
    Nisha Prakash, Subburaj Alagarsamy
    Vision, 2022
  • Demographic characteristics influencing financial wellbeing: a multigroup analysis
    Nisha Prakash, Subburaj Alagarsamy, Aparna Hawaldar
    Managerial Finance, 2022
  • A review of innovative bond instruments for sustainable development in Asia
    Nisha Prakash, Madhvi Sethi
    International Journal of Innovation Science, 2022
  • Investigating the foreign trade-emission nexus in RCEP
    Madhvi Sethi, Nisha Prakash
    International Journal of Green Economics, 2022
  • Green Bonds Driving Sustainable Transition in Asian Economies: The Case of India
    N. Prakash, Madhvi Sethi
    Journal of Asian Finance Economics and Business, 2021

RECENT SCHOLAR PUBLICATIONS

  • Innovative Financial Instruments for Sustainable Urban Infrastructure Development
    N Prakash, M Sethi
    Green Horizons: Advancing Climate Solutions Through Green Finance, Circular … , 2026
    2026.0
  • Artificial Intelligence as an Enabler for Financing Social Entrepreneurs
    N Prakash, R Burra
    Building AI-Driven Decision Making Competencies for Sustainability, 189-220 , 2026
    2026.0
  • Market reaction to dividend announcements during pandemic: An event study
    N Prakash, L Yogesh
    Vision 29 (2), 209-217 , 2025
    2025.0
    Citations: 22
  • Moderating role of firm characteristics on the relationship between corporate social responsibility and financial performance: evidence from India
    N Prakash, A Hawaldar
    Journal of Economics and Development 26 (4), 346-361 , 2024
    2024.0
    Citations: 20
  • Emissions-foreign trade nexus: establishing the need to harmonize environment and economics in RCEP
    N Prakash, M Sethi
    Journal of Economic and Administrative Sciences 40 (1), 130-141 , 2024
    2024.0
    Citations: 5
  • The impact of external debt on economic growth in emerging economies: investigating the role of capital formation
    N Prakash, SR Panigrahi
    International Journal of Economic Policy in Emerging Economies 19 (1), 1-14 , 2024
    2024.0
    Citations: 3
  • Investigating the Determinants of Financial Well-Being: A SEM Approach
    N Prakash, A Hawaldar
    Business Perspectives and Research 12 (1), 11-25 , 2024
    2024.0
    Citations: 13
  • Relationship between fixed capital formation and carbon emissions: Impact of trade liberalization in India
    N Prakash, M Sethi
    Cogent Economics & Finance 11 (2), 2245274 , 2023
    2023.0
    Citations: 19
  • The impact of Covid-19 on the capital structure in emerging economies: evidence from India
    N Prakash, A Maheshwari, A Hawaldar
    Asian Journal of Accounting Research 8 (3), 236-249 , 2023
    2023.0
    Citations: 44
  • Role of management education in adapting the Indian public sector to market-based economic reforms
    N Prakash, A Hawaldar
    International Journal of Public Sector Management 36 (4/5), 315-332 , 2023
    2023.0
    Citations: 2
  • Does Gender and Family Income Impact Stock Trading of B-School Students? Findings from a Stock Simulation Exercise
    N Prakash, S Alagarsamy
    Vision 26 (4), 454-460 , 2022
    2022.0
    Citations: 2
  • A review of innovative bond instruments for sustainable development in Asia
    N Prakash, M Sethi
    International Journal of Innovation Science 14 (3/4), 630-647 , 2022
    2022.0
    Citations: 51
  • Demographic characteristics influencing financial wellbeing: a multigroup analysis
    N Prakash, S Alagarsamy, A Hawaldar
    Managerial Finance 48 (9/10), 1334-1351 , 2022
    2022.0
    Citations: 97
  • Investigating the foreign trade-emission nexus in RCEP
    N Prakash, M Sethi
    International Journal of Green Economics 16 (3), 219-234 , 2022
    2022.0
    Citations: 3
  • Green bonds driving sustainable transition in Asian economies: The case of India
    N PRAKASH, M SETHI
    The Journal of Asian Finance, Economics and Business 8 (1), 723-732 , 2021
    2021.0
    Citations: 54
  • Leveraging Fintech for sustainable development in emerging economies–A policy perspective
    N Prakash, M Sethi
    International Journal of Innovative Technology and Exploring Engineering 9 … , 2020
    2020.0
    Citations: 6
  • PROJECT CREDIT APPRAISAL PROCESS AT LEADING POWER FINANCING COMPANY IN INDIA: A REVIEW
    N Mohanty, N Prakash
    PIMT 5, 55 , 2019
    2019.0
    Citations: 1
  • An Empirical Investigation of Determinants Influencing Climate Finance Flows
    N Prakash
    Pune , 0

MOST CITED SCHOLAR PUBLICATIONS

  • Demographic characteristics influencing financial wellbeing: a multigroup analysis
    N Prakash, S Alagarsamy, A Hawaldar
    Managerial Finance 48 (9/10), 1334-1351 , 2022
    2022.0
    Citations: 97
  • Green bonds driving sustainable transition in Asian economies: The case of India
    N PRAKASH, M SETHI
    The Journal of Asian Finance, Economics and Business 8 (1), 723-732 , 2021
    2021.0
    Citations: 54
  • A review of innovative bond instruments for sustainable development in Asia
    N Prakash, M Sethi
    International Journal of Innovation Science 14 (3/4), 630-647 , 2022
    2022.0
    Citations: 51
  • The impact of Covid-19 on the capital structure in emerging economies: evidence from India
    N Prakash, A Maheshwari, A Hawaldar
    Asian Journal of Accounting Research 8 (3), 236-249 , 2023
    2023.0
    Citations: 44
  • Market reaction to dividend announcements during pandemic: An event study
    N Prakash, L Yogesh
    Vision 29 (2), 209-217 , 2025
    2025.0
    Citations: 22
  • Moderating role of firm characteristics on the relationship between corporate social responsibility and financial performance: evidence from India
    N Prakash, A Hawaldar
    Journal of Economics and Development 26 (4), 346-361 , 2024
    2024.0
    Citations: 20
  • Relationship between fixed capital formation and carbon emissions: Impact of trade liberalization in India
    N Prakash, M Sethi
    Cogent Economics & Finance 11 (2), 2245274 , 2023
    2023.0
    Citations: 19
  • Investigating the Determinants of Financial Well-Being: A SEM Approach
    N Prakash, A Hawaldar
    Business Perspectives and Research 12 (1), 11-25 , 2024
    2024.0
    Citations: 13
  • Leveraging Fintech for sustainable development in emerging economies–A policy perspective
    N Prakash, M Sethi
    International Journal of Innovative Technology and Exploring Engineering 9 … , 2020
    2020.0
    Citations: 6
  • Emissions-foreign trade nexus: establishing the need to harmonize environment and economics in RCEP
    N Prakash, M Sethi
    Journal of Economic and Administrative Sciences 40 (1), 130-141 , 2024
    2024.0
    Citations: 5
  • The impact of external debt on economic growth in emerging economies: investigating the role of capital formation
    N Prakash, SR Panigrahi
    International Journal of Economic Policy in Emerging Economies 19 (1), 1-14 , 2024
    2024.0
    Citations: 3
  • Investigating the foreign trade-emission nexus in RCEP
    N Prakash, M Sethi
    International Journal of Green Economics 16 (3), 219-234 , 2022
    2022.0
    Citations: 3
  • Role of management education in adapting the Indian public sector to market-based economic reforms
    N Prakash, A Hawaldar
    International Journal of Public Sector Management 36 (4/5), 315-332 , 2023
    2023.0
    Citations: 2
  • Does Gender and Family Income Impact Stock Trading of B-School Students? Findings from a Stock Simulation Exercise
    N Prakash, S Alagarsamy
    Vision 26 (4), 454-460 , 2022
    2022.0
    Citations: 2
  • PROJECT CREDIT APPRAISAL PROCESS AT LEADING POWER FINANCING COMPANY IN INDIA: A REVIEW
    N Mohanty, N Prakash
    PIMT 5, 55 , 2019
    2019.0
    Citations: 1
  • Innovative Financial Instruments for Sustainable Urban Infrastructure Development
    N Prakash, M Sethi
    Green Horizons: Advancing Climate Solutions Through Green Finance, Circular … , 2026
    2026.0
  • Artificial Intelligence as an Enabler for Financing Social Entrepreneurs
    N Prakash, R Burra
    Building AI-Driven Decision Making Competencies for Sustainability, 189-220 , 2026
    2026.0
  • An Empirical Investigation of Determinants Influencing Climate Finance Flows
    N Prakash
    Pune , 0