Nikunj Patel

@nirmauni.ac.in

Associate Professor
Institute of Mangement, Nirma University



                 

https://researchid.co/profnikunj

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.

EDUCATION

Ph.D., MBA

RESEARCH INTERESTS

Financial Management, Investment and Portfolio Management, Market Efficiency, Risk Management, Environment Sustainability

23

Scopus Publications

581

Scholar Citations

14

Scholar h-index

17

Scholar i10-index

Scopus Publications

  • 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, and Muhammad Shahbaz
    Wiley
    AbstractTo 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.



  • Sustainable development in a carbon-conscious world: Quantile regression insights into CO<inf>2</inf> emission drivers
    Muhammad Shahbaz and Nikunj Patel
    Wiley
    AbstractIn 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.

  • Impact of economic openness on government size in India
    Dhyani Mehta, Nikunj Patel, Nisarg A. Joshi, and Bhavesh Patel
    Inderscience Publishers



  • data Mining in indian equity Markets: building low Risk, Market Beating Portfolios
    S. R. Mitragotri and N. Patel
    Financial University under the Government of the Russian Federation
    Over the last five decades, business academics have identified over 300 determinants that potentially influence stock returns. However, we still do not know whether all return determinants are equally important, or whether there is a smaller set of determinants that has a disproportionately larger influence on stock returns. Can mining historical data help us find this smaller set of return determinants that has a disproportionately higher influence on stock returns? Using historical data from the Indian market, we build a large database of investments with more than 74,000 investments spread over a period of 132 months. From this database, using “association rule mining” method, we are able to mine a strong set of “association rules” that point to a smaller set of “return determinants” that are seen more frequently in investments that beat index returns. From a pool of thirty-seven return determinants, using “association rule mining”, we were able to find out a small set of key return determinants that are seen most frequently in investments that beat index returns in India. Portfolios created from these “association rules” have a portfolio risk lower than the market risk and provide index-beating returns. “Out-of-sample” portfolios created using these association rules have portfolio “Beta” less than one and provide returns that beat the market returns by a significant margin for all holding periods in the Indian market. Through this paper, we demonstrate how portfolio managers can mine “association rules” and build portfolios without any limits on the number of factors that can be included in the screening process. 

  • Are Economic Advancements Catalysts for Carbon Emissions? Depicting the Indian Experience
    Nikunj Patel, Yaswanth Karedla, Rohit Mishra, and Pradeep Kautish
    Routledge

  • Are ESG Disclosures Value Relevant? A Panel-Corrected Standard Error (PCSE) Approach
    Renuka Kumawat and Nikunj Patel
    SAGE Publications
    Due to rising sustainability concerns across the globe, corporations are now offering voluntary environment, social, and governance (ESG) information to serve stakeholders’ interests. These voluntary ESG disclosures aid investors in making investment decisions by evaluating the firms’ sustainability. However, ESG reporting is still in its infancy and there are no regulatory standards; consequently, it is crucial to understanding the value relevance of ESG disclosures. Using panel corrected standard errors (PCSEs), the study investigates the impact of ESG disclosures on cost of capital. The sample of the study covers listed firms from NSE 500 from 2011 to 2020, that is, 10 years. The present analysis offers the value relevance of enhanced ESG disclosure in the form of reduced cost of capital through reduced information asymmetry. In this study, we employed voluntary disclosure theory and legitimacy theory to investigate disclosure level in emerging market. The study found a negative association between ESG disclosures and cost of capital, following the notion that non-financial disclosures reduce information asymmetry and ultimately cost of capital ( Chauhan &amp; Kumar, 2018 ; Francis et al., 2008 ). However, individual E, S and G disclosure scores were not found significant.

  • Impact of COVID-19 Cases, Deaths, Stringency and Vaccinations on the US Stock Market
    Rohit Mishra, Rajesh Sharma, Yaswanth Karedla, and Nikunj Patel
    SAGE Publications
    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.

  • Integration of stock markets using autoregressive distributed lag bounds test approach
    Nikunj Patel and Bhavesh Patel
    Inderscience Publishers
    Financial integration plays a decisive role to the institutional investors for diversification of their investment portfolio(s). This research investigates the integration of selected stock markets (India, Australia, China, Spain, UK, and the USA) from different continents that are highly affected by COVID-19, employing the autoregressive distributed lag approach using daily data from 2 January 2011 to 7 May 2020. The outcomes show evidence of long and short-run integration among the markets. The rest of the markets are co-integrated with the markets of India, China, and UK. India has a long-run equilibrium with the USA and Spain, whereas China has a long-run association with Spain, and the UK has a long-run association with the USA. In short-run, India is positively influenced by the returns of rest of the markets, whereas all the markets under the study except USA influence China. Further, the UK's market is significantly inclined negatively by its own past innovations. © 2022 Inderscience Enterprises Ltd.. All rights reserved.

  • The impact of economic growth, trade openness and manufacturing on CO2 emissions in India: an autoregressive distributive lag (ARDL) bounds test approach
    Yaswanth Karedla, Rohit Mishra, and Nikunj Patel
    Emerald
    PurposeThe purpose of this study is to examine the impact of economic growth, trade openness and manufacturing on CO2 emissions in India.Design/methodology/approachThe study employed autoregressive distributive lag (ARDL) bounds test approach and uses CO2 emissions, trade, manufacturing and GDP per capita to examine the relationship using an annual time series data from World Development Indicators during 1971 to 2016.FindingsResults depict that there exists a long-run relationship between CO2 emissions and other variables. Trade openness significantly reduces CO2 emissions, whereas manufacturing and GDP have a significant and positive impact on CO2 in the long run.Research limitations/implicationsThe findings of the study contribute to the body of knowledge by providing new evidence on the relationship between developmental metrics and the environment. These findings are critical for policymakers and regulatory bodies to focus on economic development without jeopardizing environmental degradation.Practical implicationsIn order to keep its commitment to sustainability, India needs to develop policies that encourage cleaner production methods and establishment of non-polluting industries. Simultaneously, it must disincentivize industries that emit CO2 by policy frameworks such as carbon taxes, pollution taxes or green taxes.Originality/valueNone of studies examine at how these environmental factors interact in India. Kilavuz and Dogan (2020) used the same variables, but their scope was limited to Turkey. As a result, the study is the first to examine this relationship for India, contributing to the body of knowledge on economic growth, manufacturing, trade openness and environmental concerns.


  • Impact of microfinance on women empowerment: A study from the decision-making perspective
    Ritesh Patel and Nikunj Patel
    Associated Management Consultants, PVT., Ltd.


  • Succession planning in a family-owned hotel business
    Mitesh Patel, Ritesh Patel, and Nikunj Patel
    Associated Management Consultants, PVT., Ltd.

  • Impact of microfinance on women empowerment: A study of rural Gujarat
    Ritesh Patel, Mitesh Patel, and Nikunj Patel
    Associated Management Consultants, PVT., Ltd.

  • Impact of microfinance on poor women: Lessons from North Gujarat
    Ritesh Patel, Mitesh Patel, and Nikunj Patel
    Associated Management Consultants, PVT., Ltd.

  • Service quality and customer satisfaction: Study of Indian banks using SERVQUAL


  • Densities of six commercial ionic liquids: Experiments and prediction using a cohesion based cubic equation of state
    Dharamashi Rabari, Nikunj Patel, Milind Joshipura, and Tamal Banerjee
    American Chemical Society (ACS)
    Ionic liquids (ILs) are eco-friendly solvents due to their low vapor pressure. Properties such as density should be known as it affects the mass transfer rates. Due to its limitless combinations, it is impractical to measure densities experimentally. For the first time, the cohesion factor in the cubic equations of state (CEOS) is used to predict the densities of six commercial ILs, namely, 1-ethyl-3-methylimidazolium methane sulfonate [EMIM][MeSO3], 1-ethyl-3-methylimidazolium acetate [EMIM][Ac], 1-ethyl-3-methylimidazolium thiocynate [EMIM][SCN], 1-ethyl-3-methylimidazolium ethyl sulfate [EMIM][EtSO4], Tris(2-hydroxyethyl)-methylammonium methyl sulfate [TEMA][MeSO4], and trihexyl(tetradecyl) phosphonium bis(2,4,4-trimethylpentyl) phosphinate [TDTHP] [Phosph]. CEOS models such as predictive Soave–Redlich–Kwong (PSRK) coupled with cohesion factor gave better results when compared to the correlations such as Reid et al. (RR), Mchaweh et al. (MH), and the linear generalized model (LGM). In this work the PSR...


  • The study on co-movement of selected stock markets


RECENT SCHOLAR PUBLICATIONS

  • asymmetric Effects of Trade Openness and National Income on Government size in BRIcs countries: New Evidence for Wagner’s Law
    D Mehta, N Patel
    Economy of Regions 20 (4), 1300-1314 2024

  • 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

  • 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

  • Sustainable development in a carbon‐conscious world: Quantile regression insights into CO2 emission drivers
    M Shahbaz, N Patel
    Natural Resources Forum 2024

  • Impact of economic openness on government size in India
    D Mehta, N Patel, NA Joshi, B Patel
    International Journal of Sustainable Economy 16 (1), 113-130 2024

  • 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

  • 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

  • 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

  • Are Economic Advancements Catalysts for Carbon Emissions? Depicting the Indian Experience
    N Patel, Y Karedla, R Mishra, P Kautish
    Economic Growth and Environmental Quality in a Post-Pandemic World: New 2023

  • Bibliometric Analysis of Cost of Capital
    B Dave, C Gupta, N Patel
    Reimagining Management in the post VUCA World, 277 2023

  • Data mining in Indian equity markets: Building low risk, market beating portfolios
    SR Mitragotri, N Patel
    Финансы: теория и практика 27 (5), 115-127 2023

  • Do the fundamentals of the economy have an effect on the Indian stock market? Examination of time series using Indian macroeconomic data
    R Lala, B Pandya, N Patel
    World Journal of Management and Economics 16 (1), 49-65 2023

  • Are ESG disclosures value relevant? A panel-corrected standard error (PCSE) approach
    R Kumawat, N Patel
    Global Business Review 23 (6), 1558-1573 2022

  • Impact of COVID-19 cases, deaths, stringency and vaccinations on the US stock market
    R Mishra, R Sharma, Y Karedla, N Patel
    Vision, 09722629221074901 2022

  • Integration of stock markets using autoregressive distributed lag bounds test approach
    N Patel, B Patel
    Global Business and Economics Review 26 (1), 37-64 2022

  • 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

  • Does microfinance empower women from economic, social, and political perspectives?: Empirical evidence from rural Gujarat
    R Patel, N Patel
    Prabandhan: Indian Journal of Management 14 (3), 32-48 2021

  • Causality and cointegration among stock market indices: A study of developed markets with sensex
    NA Joshi, D Mehta, B Patel, N Patel
    International Journal of accounting & Finance Review 7 (1), 31-52 2021

  • Volatility analysis and volatility spillover across equity markets between India and Europe
    NA Joshi, D Mehta, N Patel, B Patel
    SMART Journal of Business Management Studies 17 (1), 31-41 2021

  • Impact of microfinance on women empowerment: a study from the decision—making perspective
    R Patel, N Patel
    Indian Journal of Finance 14 (8-9), 52-68 2020

MOST CITED SCHOLAR PUBLICATIONS

  • 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
    Citations: 68

  • 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
    Citations: 66

  • 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
    Citations: 65

  • 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
    Citations: 61

  • Impact of COVID-19 cases, deaths, stringency and vaccinations on the US stock market
    R Mishra, R Sharma, Y Karedla, N Patel
    Vision, 09722629221074901 2022
    Citations: 27

  • Are ESG disclosures value relevant? A panel-corrected standard error (PCSE) approach
    R Kumawat, N Patel
    Global Business Review 23 (6), 1558-1573 2022
    Citations: 26

  • Day of the week effect of Asian stock markets
    NR Patel, N Radadia, J Dhawan
    Researchers World 3 (3), 60 2012
    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
    Citations: 22

  • Calendar anomalies: a survey of the literature
    N Patel, M Sewell
    International Journal of Behavioural Accounting and Finance 5 (2), 99-121 2015
    Citations: 22

  • Service quality and customer satisfaction: Study of Indian banks using SERVQUAL
    P Rijwani, R Patel, N Patel
    International Journal of Economic Research 14 (18), 119-211 2017
    Citations: 18

  • Causality and cointegration among stock market indices: A study of developed markets with sensex
    NA Joshi, D Mehta, B Patel, N Patel
    International Journal of accounting & Finance Review 7 (1), 31-52 2021
    Citations: 15

  • 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
    Citations: 15

  • Integration of stock markets using autoregressive distributed lag bounds test approach
    N Patel, B Patel
    Global Business and Economics Review 26 (1), 37-64 2022
    Citations: 14

  • Study of co movement and interdependence of Indian stock market with selected foreign stock markets
    D Ranpura, BK Patel, N Patel
    Asian Journal of Research in Banking and Finance 1 (3), 74-92 2011
    Citations: 14

  • 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
    Citations: 13

  • 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
    Citations: 12

  • 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
    Citations: 11

  • Are Economic Advancements Catalysts for Carbon Emissions? Depicting the Indian Experience
    N Patel, Y Karedla, R Mishra, P Kautish
    Economic Growth and Environmental Quality in a Post-Pandemic World: New 2023
    Citations: 9

  • Impact of microfinance on women empowerment: A study of rural Gujarat
    R Patel, M Patel, N Patel
    Indian Journal of Finance 12 (8), 22-35 2018
    Citations: 9

  • Testing weak form market efficiency of Indian stock markets
    NR Patel, BK Patel, D Ranpura
    SS International Journal of Business and Management Research 1 (3), 1-28 2011
    Citations: 9