Dr. Santanu K. Ganguli

Fellow of the Institute of Chartered Accountants of India (FCA), PhD


Email: santanu.ganguli@jaipuria.ac.in
Location: Jaipuria Indore

Research Areas

Agency Theory, Corporate Governance, Capital Structure, Dividend Policy, Earning Quality and MBAR ( Market Based Accounting Research)

Teaching Areas

Corporate Finance, Financial Derivatives, Financial Statement Analysis, Business Valuation, Fixed Income Securities and International Financial Management


Dr. Santanu K. Ganguli is a chartered accountant (FCA) and Ph.D. in finance. He has a total experience spanning 35 years that includes full-time teaching experience of 11 years in XIMB, IMT - Ghaziabad, and IMT- Nagpur. He is a visiting faculty of IIM- Calcutta, XLRI, IIM- Indore & Sambalpur.

He has international exposure in teaching and has taught at the university of Warshaw - Poland and in IMT-Dubai. He is a prolific researcher on corporate Finance and governance. His papers have been published in ABDC and Scopus listed international journals of Emerald and Sage publication. He was a regular columnist of the Hindu Business Line. He has presented papers on finance at Cambridge University (UK), University of London (UK), finance conference in Miami (USA).

He has trained IRS, PSU officers, and corporate executives in a number of training programs. His teaching areas include corporate Finance, Financial Statement Analysis for Valuation, Portfolio Management, Derivatives, and Fixed Income Securities.

He is active on social media and writes for Linkedin covering contemporary topics on economics, finance, and taxation. He is a trustee on the board of a school of Sri Aurobindo Ashram, Pondicherry.

Currently, he is working with India's best b school in Indore, Madhya Pradesh named Jaipuria Institute of Management, as Professor.


  • Ganguli, Santanu K, Varun Dawar and Rakesh Arrawatia (2020), Corporate Dividend Policy, Minority Shareholders Rights and Equity Value of Firm: Evidence from Singapore – Journal of Public Finance - Forthcoming( Willey publication)
  • Ganguli, Santanu K,(2019), “Excessive Corporate Liquidity and Stock Return: Evidence from Indian Business Environment”, Global Business Review (Sage Publication,) Vol 20, No 4, ( online on July 23, 2019, http://journals. sagepub.com)
  • Ganguli, Santanu K, (2016) “Persistent High Liquidity, Ownership Structure and Firm Performance: Indian Evidence” , Corporate Ownership and Control. Vol. 14 (1), pp-38-47
  • Datta Debabrata, Ganguli, Santanu K and Manu Chaturvedi (2014), “Announcement Effect of Dividend in Presence of Dividend Tax: Possible Agency Problem and Macro Level Inefficiency?” South Asian Journal of Macro-economics and Public Finance (Sage Publication). Vol 3, No 2, pp – 195-220
  • Datta, Dababrata and Ganguli, Santanu K(2014), “Political Connection and Firm Value. Theory and Indian Evidence”. South Asian Journal of Global Business Research (Emerald Publishing), Vol 3, No 2, pp. 170-189
  • Ganguli, Santanu K(2013), “Capital Structure, Does Ownership Structure Matter? Theory and Evidence”. Studies in Economics and Finance, (Emerald Publishing), Vol. 30, No (1), pp. 56-72.
  • Ganguli, Santanu K (2011)), “Tax on Dividend Distribution, Agency Problem, and Firm Value – Unique Indian Perspective (2011)”, The Business Review, Cambridge, Vol.18, No 2, pp 132-140
  • Ganguli, Santanu K (2011) “Information Content of Accounting Data and Post-Earning Announcement Drift: An Insight from Event Study of the Turnaround Companies in India” IUP Journal of Accounting Research and Audit Practice, Vol X, No 1, pp. 1-13
  • Ganguli, Santanu K(2011), “Accounting Earnings, Book Value and Cash Flow in Equity Valuation: An Empirical Study on CNX NIFTY Companies” ” IUP Journal of Accounting Research and Audit Practice, Vol X, No 3, pp-68-76
  • Ganguli, Santanu K(2010), “Financial Valuation – the US vs. India – Professional Standing, Methodologies and Judicial Acceptance – An Analysis”, The Chartered Secretary Journal, Vol XL, No 3. pp. 352-357
  • Ganguli, Santanu K, and Agarwal, S. (2009), ‘Ownership Structure and Firm Performance: An Empirical Study on Listed Mid-Cap Indian Companies’, IUP Journal of Applied Finance, 15 (12), pp. 37-52
  • Ganguli, Santanu K (2009), ‘Overview of Fair Value Accounting Of Financial Instruments and Related Issues’ Accounting World (IBS-Hyderabad). Published in January 2009 issue
  • Ganguli, Santanu K (2008), Indian Corporate Backdrop: Dividend Payout and Agency Issues, SCMS Journal of Indian Management, 5 (2), pp 23-29 .

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