Dr. Prashant Sharma is Associate Professor (Finance) at IIHMR University. Prior joining to IIHMR University, he was associated with Jaipuria Institute of Management Jaipur as Assistant Professor (Finance) & Program Director of (PGDM & FPM) and National Institute of Financial Management (An institute of Ministry of Finance, Government of India) as fulltime research fellow. At NIFM, he was part of the study team which conducted a research on “Unaccounted Income and Wealth in India and Abroad” popularly known as Black Money Project, sponsored by CBDT, Ministry of Finance, Government of India. With more than 9 years of teaching and research experience, Dr. Sharma is the Fellow of National Institute of Financial Management, Faridabad. He has completed Post Graduation in 2010 in the field of Finance and Marketing Management from School of Management, Gautam Buddha University Greater Noida and graduation in 2008 in field of Mathematics from Dr. B R Ambedkar University Agra. He is a keen resea
EDUCATION
FPM from National Institute of Financial Management, Faridabad
RESEARCH INTERESTS
Asset Pricing, Price Discovery, Corporate Finance, Mobile Payments
Breaking down barriers: prioritizing big data analytics integration in e-commerce sector Srabani Paul Grover, Varun Chotia, Surya Prakash, Prashant Sharma Journal of Advances in Management Research, 2026 PurposeTo remain competitive and meet customer expectations, e-commerce companies have started embracing big data analytics (BDA). However, the successful implementation of BDA in the e-commerce sector is often hindered by various barriers that challenge its adoption and utilisation, especially in regions such as India. This study fills this gap by identifying, analysing and prioritising critical barriers to BDA integration in the e-commerce sector.Design/methodology/approachA review of the extant literature and expert interviews led the authors to identify five barriers and 24 sub-barriers. This study uses a popular modelling method, interpretive structural modelling (ISM), to determine and organise the barriers in a hierarchical order.FindingsThe findings suggest that a lack of data sharing/siloed data, consultants/specialists, knowledge and skills, data complexity, data compatibility and data trialability, support and cooperation from top management and government support are major barriers with the highest driving power in the e-commerce industry for an emerging country like India.Originality/valueThe e-commerce sector in India is gaining traction, and the use of technology for business excellence is the prime driver. This study presents the critical drivers that can impact the use of big data analytics to win competition in an emerging market. This study demonstrates the ISM technique for analysing and synthesising the selected barriers to BDA and offers insightful consequences for practitioners and researchers.
ESG disclosures and capital structure: An analysis of debt and equity dynamics in India Neha Malik, Smita Kashiramka, Prashant Sharma International Review of Economics and Finance, 2026 The current study aims to explore how environmental, social and governance (ESG) disclosures impact the capital structure decisions of the non-financial Indian firms listed on the NSE500 index for the period of 2015–2022. The pooled OLS and system GMM estimations indicate that higher ESG disclosure scores are linked to lower debt-to-equity (DTE) ratio, suggesting that improved ESG disclosures allow a firm to have better access to equity financing via stock markets. Environmental and social disclosures play a key role in reducing leverage. Further, the impact of ESG on DTE is more pronounced for firms in environmentally sensitive industries and those with lower initial ESG scores. Moreover, the relationship strengthens during periods of economic and market downturns particularly during the COVID-19 crisis. The mediation analysis shows that cost of debt and cost of equity are important channels through which ESG affects choices related to debt financing viz-a-vis equity financing respectively. The present study adds to the sustainable finance literature on emerging markets by shedding light on the role of ESG in shaping corporate capital structure. The results of the study offer practical implications for corporate managers, investors, and policymakers, emphasizing the importance of ESG transparency in financial decision-making.
Impact of ESG Disclosure on Price Discovery Process in the Indian Energy Sector Prashant Sharma, Modish Kumar, Sanjeev Kumar, Hanna Olasiuk, Debi Prasad Satapathy, Tetiana Ganushchak International Journal of Energy Economics and Policy, 2025 ESG (environmental, social, and governance) framework has importance in investing environment due to its direct relevance with sustainable investments and long-term stock performance. ESG carries implications for all sectors of the economy and energy sector is no exception to that. In case of energy sector, it supports the investments in sustainable energy, carbon reduction, and ethical governance. The present study tries to assess the relative importance of ESG disclosure scores on the price discovery process of energy firms in Indian stock market. The study also examines the pricing efficiency of future contracts in leading the spot prices of energy sector stocks of Indian economy. Using the data from 12 energy firms in Indian stock market, this study deploys the standard time series methodology including test of stationarity, co-integration and error correction mechanism to assess the causality between future and spot prices of energy firms. The findings indicates that ESG disclosure scores do not have an impact on price discovery for most of the energy sector companies, with no long-term causality. BHEL, a low ESG level manufacturing and engineering company in the energy sector, shows slightly different results, indicating reverse causality. Similarly, insignificant short-term causal relationships are exhibited by most of the firms, except NTPC and TTPW (Tata Power) show significant short term causality.
Understanding the Underlying Knowledge Structure in Business Ethics, Governance and Sustainability Research Mridusmita Duara, Vinay Khandelwal, C.T. Sunil Kumar, Varun Chotia, Prashant Sharma International Review of Management and Marketing, 2025 Given their significant role, this study aims to comprehensively understand the linkages between business ethics, governance, and Sustainability research. The study is focused on knowing the knowledge structure that connects these concepts, identifying the critical areas of focus, and tracking their evolution over time. A comprehensive analysis was conducted on a data set covering 2003 to 2024. Two worldwide repute databases, namely, Scopus and Web of Science (WoS), were used to search scientific publications (Sharma et al. 2023; Sharma et al. 2024). The selection process adhered to the inclusion and exclusion criteria outlined in the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework. The Structural Topic Modeling (STM) approach was employed to group related data segments, revealing underlying patterns and significant content. Specific latent topics such as Experiential learning, corporate governance structure and behavior, Sustainability through energy policy, and Environmental protection acts were identified, which depicted the underlying knowledge areas in this field of study. Future research in business ethics and corporate Sustainability must pay attention to the emerging contextual issues in business contexts and make the future study of business ethics and corporate sustainability move beyond traditional totems and taboos in social ventures, family businesses, start-ups, and SMEs.
Impact of environmental, social, and governance factors on the price discovery process in the Indian stock market Prashant Sharma, Gaurav Agrawal, C. T. Sunil Kumar, Modish Kumar, Sushil Kalyani Investment Management and Financial Innovations, 2025 Environmental, Social, and Governance (ESG) factors are important in evaluating a company’s performance while aligning investment with governance, ethical, environmental, social commitment, and sustainability goals. Recent years have seen an increasing focus on ESG factors, leading to a corresponding evolution in financial markets. ESG is emerging as a key factor among other non-financial performance indicators that impact market dynamics, price, and investment strategies. This study investigates the price discovery process at the firm level in reference to ESG in the Indian stock market. The data were analyzed for 11 key sectors using the daily closing prices in the spot market and futures market prices of selected firms, along with their respective ESG scores. The study used the stationarity test and order of integration test, followed by applying the Johansen cointegration test to analyze long-run co-integrating relationships among futures and spot market prices. Finally, the vector error correction mechanism (VECM) test was applied to detect long-term causality. Findings reveal that the price discovery process takes place in the Indian stock market and is significantly affected by the ESG factor. In the case of a high ESG score, the spot market leads the futures market, while for stocks with low ESG scores, the futures market price leads the spot price. Cement, oil, gas, and pharmaceutical sectors have shown a negative association between the price discovery process and ESG scores, while in the case of the service sector, the positive association is witnessed between ESG scores and the price discovery process between futures and spot prices.
An impact of recent technological reforms in Indian railways on its revenue and its influence on the passenger satisfaction in terms of service International Journal of Innovative Technology and Exploring Engineering, 2018
Pricing ability of four factor model using quantile regression: Evidences from India International Journal of Economics and Financial Issues, 2016
RECENT SCHOLAR PUBLICATIONS
Triple helix trust and spillovers for sustainable innovation: The role of governance, openness, and digital infrastructure L Liu, L Zhou, P Sharma, EA Alzeiby, S Dash Technological Forecasting and Social Change 225, 124548 , 2026 2026 Citations: 3
Breaking down barriers: prioritizing big data analytics integration in e-commerce sector SP Grover, V Chotia, S Prakash, P Sharma Journal of Advances in Management Research 23 (2), 245-276 , 2026 2026
Intelligence by design: Large language model work integration as strategic enablers for supply chain regeneration through digital and cognitive capabilities W Liu, V Chotia, L Wang, P Sharma, N Albishri, S Dash Technological Forecasting and Social Change 224, 124497 , 2026 2026 Citations: 2
Reinforcing Financial and Accounting Resilience in Digital Circular Platforms: The Strategic Role of Digital Governance and Organizational Culture M Zhu, P Sharma, SS Almasabi, V Chotia, GL Gregori, M Del Giudice Technology in Society, 103239 , 2026 2026 Citations: 4
ESG disclosures and capital structure: An analysis of debt and equity dynamics in India N Malik, S Kashiramka, P Sharma International Review of Economics & Finance, 104890 , 2026 2026
Harnessing AI capabilities for startup scalability: unlocking potential through AI-driven innovation ecosystems and AI-infrastructure readiness V Chotia, P Sharma, NO Alshaghdali, D Galgotia, N Sahore European Journal of Innovation Management, 1-38 , 2025 2025 Citations: 4
Does price discovery process hold during post-COVID period in cryptocurrency? Evidence from bitcoin P Sharma, CT Kumar, P Singh, DP Satapathy, A Sharma International Journal of Economics and Financial Issues 15 (5), 317-322 , 2025 2025 Citations: 1
Fintech Adoption and Financial Performance: the unrecognized contributions of supply chain finance and supply chain risk V Chotia, P Sharma, H Alofaysan, V Agarwal, A Mammadov IEEE Transactions on Engineering Management , 2025 2025 Citations: 9
Risk, Reliability and Resilience in Operations Management S Mangla, Y Kazancoglu, G Soni, S Prakash Elsevier , 2025 2025 Citations: 3
Technical efficiency of Ukrainian pharmaceutical firms: Evidence from the COVID-19 pandemic and Russia-Ukraine war HP Olasiuk, P Sharma, G Arora, D Prasad Satapathy, S Kumar Problems and Perspectives in Management 23 (1), 703-716 , 2025 2025 Citations: 2
Impact of environmental, Impact of environmental, social, and governance social, and governance factors on the price factors on the price discovery process in discovery process … M Kumar Investment Management and Financial Innovations , 2025 2025
Impact of supply chain risk and supply chain finance on firm performance: Evidences from Indian SMEs P Sharma, D Pandey, HK Manuj Risk, Reliability and Resilience in Operations Management, 87-102 , 2025 2025 Citations: 1
Impact of Environmental, Social, and Governance Factors on the Price Discovery Process in the Indian Stock Market P Sharma, G Agrawal, SCT Kumar, M Kumar, S Kalyani Investment Management & Financial Innovations 22 (2), 268-278 , 2025 2025
Impact of ESG disclosure on price discovery process in the Indian energy sector P Sharma, M Kumar, S Kumar, HP Olasiuk, DP Satapathy, T Ganushchak International Journal of Energy Economics and Policy 15 , 2025 2025 Citations: 1
Machine Learning Applications for Predicting the Inflation Rate in India P Sharma, A Sharma, H Manuj, A Kambhampati, A Singh International Conference on Soft Computing: Theories and Applications, 233-243 , 2024 2024
Examining the nexus of infrastructure development and economic growth: Evidence from SAARC countries V Khandelwal, V Chotia, P Sharma, S Soni, S Kalyani Problems and Perspectives in Management 22 (4), 649-657 , 2024 2024
Understanding the underlying knowledge structure in business ethics, governance and sustainability research M Duara, V Khandelwal, CT Kumar, V Chotia, P Sharma International Review of Management and Marketing 15 (1), 311-319 , 2024 2024 Citations: 4
Sectoral performance of ESG enabled stocks during covid-19 pandemic in the Indian stock market P Sharma, G Arora, S Kalyani, HP Olasiuk, P Jindal International Journal of Economics and Financial Issues 14 (6), 232-238 , 2024 2024 Citations: 3
Study of factors affecting continued usage intention of mobile news apps in India S Sharma, P Sharma International Conference on E-Business and Applications, 21-28 , 2024 2024
Examining the impact of agency issues on corporate performance: A bibliometric analysis V Khandelwal, P Tripathi, V Chotia, M Srivastava, P Sharma, S Kalyani Journal of Risk and Financial Management 16 (12), 497 , 2023 2023 Citations: 60
MOST CITED SCHOLAR PUBLICATIONS
Role of personalization in continuous use intention of Mobile news apps in India: Extending the UTAUT2 model Y Cheng, S Sharma, P Sharma, K Kulathunga Information 11 (1), 33 , 2020 2020 Citations: 129
ESG Disclosure and Firm Performance: An Asset-Pricing Approach V Khandelwal, P Sharma, V Chotia Risks 11 (6), 1-22 , 2023 2023 Citations: 74
Examining the impact of agency issues on corporate performance: A bibliometric analysis V Khandelwal, P Tripathi, V Chotia, M Srivastava, P Sharma, S Kalyani Journal of Risk and Financial Management 16 (12), 497 , 2023 2023 Citations: 60
Review of research on option pricing: a bibliometric analysis P Sharma, DK Sharma, P Gupta Qualitative Research in Financial Markets , 2023 2023 Citations: 18
Mapping the Intellectual Structure of Mobile Payment Research: A Bibliometric Analysis P Sharma, S Sharma SAGE Open 13 (3) , 2023 2023 Citations: 14
Determinants of Continuous Use Intention of News Apps in India: Towards an Integrated Model S Sharma, C Yanxia, P Sharma International Journal of Human–Computer Interaction, 1-18 , 2022 2022 Citations: 12
Investigating the Efficiency of Bitcoin Futures in Price Discovery P Sharma, P Gupta, KD Sharma, G Agrawal International Journal of Economics and Financial Issues 12 (3), 104-109 , 2022 2022 Citations: 11
Fintech Adoption and Financial Performance: the unrecognized contributions of supply chain finance and supply chain risk V Chotia, P Sharma, H Alofaysan, V Agarwal, A Mammadov IEEE Transactions on Engineering Management , 2025 2025 Citations: 9
Research on Price Discovery in Financial Securities: Trends and Directions for Future Research P Sharma, G Agrawal, G Arora, DK Sharma, V Chotia Journal of Risk and Financial Management 16 (416), 1-19 , 2023 2023 Citations: 8
Evidences on Price Discovery in BRICS P Sharma, G Arora, P Gupta International Journal of Economics and Financial Issues 10 (6), 99-105 , 2020 2020 Citations: 7
Efficiency of Currency Derivatives in Price Discovery Process: Evidences from India P Sharma, V Chotia Theoretical Economics Letters 9 (5), 1669-1681 , 2019 2019 Citations: 7
Volatility spillovers across major emerging stock markets S Kumar, M MoonHaque, P Sharma Asia-Pacific Journal of Management Research and Innovation 13 (1-2), 13-33 , 2017 2017 Citations: 6
PRICING ABILITY OF FOUR FACTOR MODEL USING QUANTILE REGRESSION: EVIDENCES FROM INDIA P Sharma, P Gupta, A Singh International Journal of Economics and Financial Issues 6 (4), 1815-1826 , 2016 2016 Citations: 6
Impact of COVID-19 on the Efficiency of Indian IT Companies H Olasiuk, S Kumar, P Sharma, T Ganushchak Vision, 1-14 , 2023 2023 Citations: 5
Zero-COVID policy and stock market sectoral performance in China P Sharma, S Kumar Investment Management and Financial Innovations 20 (2), 116-126 , 2023 2023 Citations: 5
Reinforcing Financial and Accounting Resilience in Digital Circular Platforms: The Strategic Role of Digital Governance and Organizational Culture M Zhu, P Sharma, SS Almasabi, V Chotia, GL Gregori, M Del Giudice Technology in Society, 103239 , 2026 2026 Citations: 4
Harnessing AI capabilities for startup scalability: unlocking potential through AI-driven innovation ecosystems and AI-infrastructure readiness V Chotia, P Sharma, NO Alshaghdali, D Galgotia, N Sahore European Journal of Innovation Management, 1-38 , 2025 2025 Citations: 4
Understanding the underlying knowledge structure in business ethics, governance and sustainability research M Duara, V Khandelwal, CT Kumar, V Chotia, P Sharma International Review of Management and Marketing 15 (1), 311-319 , 2024 2024 Citations: 4
Financial Management in Health Care P Sharma Healthcare System Management: Methods and Techniques 1, 215-237 , 2022 2022 Citations: 4
Idiosyncratic Volatility and Cross-section of Stock Returns: Evidences from India P Sharma, B Kumar Asian Journal of Finance & Accounting 8 (1), 1-12 , 2016 2016 Citations: 4
