Faculty Details

Prof. Santanu K. Ganguli

Professor, Finance
FCA, Ph.D.
Home Page:www.ximb.ac.in

Teaching Interests

Corporate Finance, Portfolio Theory & Management, Financial Statement Analysis and Business Valuation, Derivatives

Research Interests

Agency Theory, Corporate Governance, Capital Structure, Dividend Policy, Market based Accounting Research (MBAR).

Significant Research Publication :
a) Ganguli, Santanu K, (2016) “Persistent High Liquidity, Ownership Structure and Firm Performance: Indian Evidence” , Corporate Ownership and Control, Vol 14, No 1, pp 38-47
b) 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
c) 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
d) 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.
e) 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
f) 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
g) Ganguli, Santanu K (2011), “Accounting Earning, 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
h) Ganguli, Santanu K (2010), “Financial Valuation – US vs. India – Professional Standing, Methodologies and Judicial Acceptance – An Analysis”, The Chartered Secretary Journal, Vol XL, No 3. pp. 352-357
i) 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
j) Ganguli, Santanu K. (2009), ‘Overview of Fair Value Accounting Of Financial Instruments and Related Issues’ Accounting World (IBS-Hyderabad). Published in January 2009 issue
k) Ganguli, Santanu K. (2008), Indian Corporate Backdrop: Dividend Payout and Agency Issues, SCMS Journal of Indian Management, 5 (2), pp 23-29


Ganguli, Santanu K. (2007), “Bata India Limited- A Catch 22 Situation”, In Select Cases in Management. Allied Publisher

Ganguli, Santanu K. (2005), “ A Practical Guide To Deferred Tax Problems”, Kamal Law House Publisher, Kolkata, 40(5)

Ganguli, Santanu K., Excess Liquidity in Uncertain Business Environment: Evidence from the UPA 2 Regime in India (June 15, 2015). Available at SSRN: http://ssrn.com/abstract=2618389

Ganguli, Santanu K. (2014), “Dividend, Minority Shareholders, Legal Protection, and Firm Value: Evidence from Singapore”,Available at SSRN: http://ssrn.com/abstract=2442035

Ganguli, Santanu K.,(2014), “Excessive Corporate Liquidity and Stock Return: Evidence from Indian Business Environment”, Available at SSRN: http://ssrn.com/abstract=2393981


a) Ganguli, Santanu K. (2001), “Law Laid to Rest”, Hindu Business Line, Dated-17.03.2001

b) Ganguli, Santanu K. (2001), “Professional problems on the tardy treatment of the term profession in the I-T Act”, Hindu Business Line, Dated-20.01.2001

c) Ganguli, Santanu K. (2000), “When is Interest Payable”, Hindu Business Line, Dated-28.10.2000

d) Ganguli, Santanu K. (2000), “Taxing representative Assessees-II”, Hindu Business Line, Dated-03.01.2000

e) Ganguli, Santanu K. (1999), “Taxing representative Assessees-I”, Hindu Business Line, Dated-27.12.1999

f) Ganguli, Santanu K. (1999), “AQ & A Session on Tax”, Hindu Business Line, Dated-27.09.1999

g) Ganguli, Santanu K. (1999), “Leave Encashment Conundrum”, Hindu Business Line, Dated-12.06.1999

h) Ganguli, Santanu K. (1999), “Tackling Book Profit Computation”, Hindu Business Line, Dated-11.01.1999

i) Ganguli, Santanu K. (1998), “ICAI Not the Last Word, Hindu Business Line, Dated-28.03.1998

j) Ganguli, Santanu K. (1997), “The Right Course of Action, Hindu Business Line, Dated-08.11.1997
k) Ganguli, Santanu K. (1997), “Company Law v I. T. Act (Time Dimension and Procedure), Hindu Business Line, Dated-01.11.1997

l) Ganguli, Santanu K. (1997), “The building promotion business–II: Streamlining cost information, Hindu Business Line, Dated-17.03.1997

m) Ganguli, Santanu K. (1997), “The building promotion business–I: Aspects of Revenue Recognition , Hindu Business Line, Dated-27.02.1997

Administrative Responsibilities

Head - Centre of Corporate Governance.
In former institution:
1) Chairperson - Student Affairs
2) Chairperson - Library Committee
3) Area Coordinator - Finance and Accounting Area

Research & Publications



2014, JOURNAL: Announcement Effect of Dividend in Presence of Dividend Tax: Possible Agency Problem and Macro Level Inefficiency?”, Sage Publication

2014, JOURNAL: Political Connection and Firm Value. Theory and Indian Evidence, Emerald Publishing.

#Working Paper

2016, WorkingPaper: Board Composition, Ownership Structure and Firm Performance : New Indian Evidence in a Unique Regulatory Enviornment,

2015, WorkingPaper: Dividend, Minority Shareholders, Legal Protection, and Firm Value : Evidence from Singapore,


2016, Conference-Attended: Dividend, Minority Shareholders, Legal Protection, And Firm Value: Evidence From Singapore, Venue: University of London

2016, Conference-Conducted: Credit Rating and Beyond, Venue: XIMB

2016, Conference-Attended: Excessive Corporate Liquidity and Stock Return: Evidence from Indian Business Environment , Venue: IIM - Ahmedabad

Work Experience


a) Institute: Xavier Institute of Management -Bhubaneswar
Professor of Finance (2015 - )

b) Institute: International Management Institute – Bhubaneswar
Designation : Professor (Full Time)
Duration: December, 2014 –February, 2015

c) Institute: Institute of Management Technology (IMT)-Ghaziabad
Designation: Professor (Full Time)
Duration: June 2009-September 2014 (over 5 years)

d) Institute: IFIM Business School, Bangalore
Designation: Professor (Full Time)Duration: September 2008-May 2009
e) Institute: Institute Management Technology, Nagpur
Designation: Professor (Full Time)
Duration: April 2008-August 2008

f) Institute: Institute Management Technology, Nagpur
Designation: Associate Professor (Full Time)
Duration: April 2007-March 2008


a) Institute : Great Lakes Institute of Management, Chennai
Designation: Visiting Faculty
Duration: February-April, 2014

b) Institute : Institute of Chartered Accountants of India
Designation: Guest Faculty
c) Institute : Institute of Management Technology, Dubai
Designation: Visiting Faculty
Year: 2012

d) Institute : University of Warsaw, Poland
Designation: Visiting Faculty
Year: 2010

e) Institute : Indian Institute of Management, Calcutta
Designation: Visiting Faculty
Duration: 2001-2005 (PGDM and PGDCM programmes), and 2005-2006 PGDBM (Off-campus)

f) Institute : Globsyn Business School, Calcutta
Designation: Visiting Faculty
Duration: 2002-2004

Practicing Chartered Accountant (1989-2007)


Traveling and Reading