Board Composition and Performance of Indian State-owned Enterprises: Moderating Role of Leverage Archana Goel, Utkal Khandelwal Business Perspectives and Research, 2026 Debt holders monitoring influence on the business performance has been noted in several research. Another body of research investigates the board of directors and performance linkages. The impact of debtholders on the board composition and firm performance linkage, particularly in State-Owned Enterprises (SOEs), has received little attention in the literature. As a result, this article aims to determine whether the composition of Indian SOE boards has an impact on their performance. It also looks into how leverage influences the association between the composition of Indian SOE boards and their performance. From 2001 to 2019, the panel data regression is performed on 19 Indian SOEs registered on the Bombay Stock Exchange. According to the study, board size, nominee directors improve Indian SOE performance, while independent directors reduce performance. Furthermore, in high-leverage SOEs, board of directors’ supervision is reduced or removed. The findings have implications for policymakers and the government.
Conceptual and intellectual framework of the economic policy uncertainty field: A bibliometric analysis Sukhmani Bhatia, Archana Goel, Jayalakshmy Ramachandran Multidisciplinary Reviews, 2026 This study aims to present a bibliometric analysis in the domain of economic policy uncertainty (EPU) by consolidating existing studies in the area from 2006-2022. The research unravels the knowledge structure of the field by examining intellectual and conceptual aspects. A total of 2025 papers were found from the initial search of the Scopus database, and 1055 were finalized after the screening. To understand the characteristics, hot topics and emerging themes in the field of EPUs, various tools, such as cocitation analysis, bibliographic coupling, alluvial maps, and thematic analysis, that were analyzed via VOS viewer software and Biblioshiny R were used. The most important themes that emerged from the cocitation analysis and bibliographic coupling included stock market volatility, oil price shocks, spillover effects and fluctuations. The thematic analysis highlighted the emerging themes of consumption behavior, disasters, environmental economics, carbon, the energy market and alternative energy and volatility forecasting. This study utilizes only the Scopus database and includes only published works in the field in English. The study presents an overview of the popular and upcoming research fields in this domain to present new arenas with which further research would provide greater insights into the field of EPUs, thus proving relevant to the current world and proving beneficial to researchers as well as policymakers. Understanding the various areas impacted by EPUs can help policymakers prepare for uncertainty and formulate changes to hedge against difficulties. This work contributes significantly to advancing the area of EPUs by analyzing the field's knowledge structure to better understand existing and emerging issues.
Financial crisis, board composition and performance of Indian SOEs Archana Goel International Journal of Public Sector Performance Management, 2025 Board of directors serve as the most crucial internal mechanism to enhance the performance of state-owned enterprises (SOEs). The current economic downturn questions whether the composition of the SOEs board can effectively enhance their performance not only in the pre-crisis and crisis period but also in the post-crisis period. Hence, the study aims to investigate the effect of board composition on the performance of 19 well-governed Indian SOEs for different periods, i.e., the pre-crisis (2001-2007), the crisis (2007-2009) and the post-crisis (2009-2019). Board composition includes board size, executive directors, nominee directors and independent directors. The performance parameter of the study is return on assets. The results depict that during the financial crisis, SOEs with large boards, more nominee directors, less executive and independent directors performed better. Similarly, in the aftermath of the crisis, instead of large boards, Indian SOEs with small boards have been found to perform better.
Three Decades of Consumer Protection Literature: Systematic Review and Future Research Agenda Archana Goel, Utkal Khandelwal, Jayalakshmy Ramachandran Journal of Creative Communications, 2025 Consumer protection (CP) is essential for ensuring fair trade practices, safeguarding consumer rights, and fostering trust in marketplaces. With the rise of digital transactions, financial services and e-commerce, effective CP mechanisms are crucial to addressing fraud, data privacy concerns and regulatory challenges. Despite the significant contribution of research in the CP field, only some studies have reviewed the extant literature. This study aims to fill this gap through a systematic literature review, which helps to identify key themes and sub-themes as well as dominant theories, contexts, and methodologies used in past studies. The researchers analyse 137 manuscripts published in top-ranked academic journals ranked A and above in the Australian Business Deans’ Council (ABDC) list reviewed between 1991 and 2021. The study discerns key themes including Advertising, E-commerce and Financial Services. Conceptual analyses, regression techniques, and qualitative methods emerge as the predominant approaches in CP research. The past researchers also highlight dominant theories and contexts in CP research. Researchers further recommend comprehensive legislation, consumer education, and corporate initiatives to boost consumer confidence and societal well-being.
Systematic Literature Review and Bibliometric Analysis on Fundamental Analysis and Stock Market Prediction Renuka Sharma, Archana Goel, Kiran Mehta Deep Learning Tools for Predicting Stock Market Movements, 2024 The stock market substantially influences every domain in our economy, and each investment in this market endeavors to optimize gains while diminishing associated risks. As a result, investors actively participate in the market to capitalize on their investment horizon. Notwithstanding, the forecasting of stock markets is dingy due to various uncertainties, including general economic conditions at both domestic and international levels. Consequently, considerable research has focused on stock market prediction using technical analysis, fundamental analysis, or a mix of both, and machine learning algorithms. The goal of the current paper is to perform a thorough systematic literature review and bibliometric analysis of 89 research works related to fundamental analysis and stock market prediction for 2002–2023. From the bibliometric analysis, the paper identified the highly contributing authors, institutes, countries, sources, keywords, and articles. The intellectual structure and future research opportunities were visualized using bibliographic coupling. Besides this, the study also explored various algorithms used in machine learning, feature selection criteria, the ratio of training and testing datasets, accuracy, performance metrics, technical indicators, and fundamental variables used in stock market forecasting studies.
Nominee directors and performance evidence from Indian state-owned enterprises Archana Goel, Kiran Mehta, Renuka Sharma Cases on Uncovering Corporate Governance Challenges in Asian Markets, 2023 The effectiveness of board characteristics on the financial organization's performance has been examined in several studies. Studies that looked into the characteristics of the boards of state-owned enterprises (SOEs) are scarce. Therefore, this chapter aims to scrutinize how nominee directors and Indian SOEs' perform. The findings consider that nominee directors raise the performance of the SOEs utilizing a variety of performance parameters and control variables. The research backs up agency theory. The conclusions have specific ramifications that the government and decision makers must address.
Ownership structures and performance of SMEs: An empirical analysis Kiran Mehta, Renuka Sharma, Archana Goel Sustainability Green Management and Performance of Smes, 2023 Ownership structure and its impact on corporate performance have been a prominent and debatable subject within the framework of Corporate Governance. Empirically, the studies have checked the non-linear impact of various ownership structure variables individually on firm performance but not together. The current study uses multiple theoretical perspectives to examine whether the non-linear relationship of multiple ownership variables on the performance of Indian-listed small-cap corporates moves in the same direction or they move in the opposite direction. Promotor(s), Institutional Investor(s), and Non-Institutional Investor(s) are some of the ownership structure variables. Market-based measure, i.e., Tobin's Q, is utilized to capture firm performance. Panel regression indicates that an initial increase in the promoter holdings of small-cap corporates makes them more entrenched in extracting private benefits, which increases the agency cost and reduction in the performance of corporates. However, when the promoter holdings surpass a limit, they have much more incentive and control to oversee the company's performance. On the contrary to it, when the institutional holdings are below a level, any marginal increase in it would significantly increase their monitoring role due to the efficient monitoring hypothesis. After this, numerous institutional investors could trigger "conflicting" interests, thereby hurting the companies' performance. Also, the non-institutional holdings adversely impacted Indian corporate performance. The findings result in specific implications to be addressed by the corporates, government and policymakers.
Corporate governance and performance of Indian companies: the effect of board size and ownership structure Renuka Sharma, Archana Goel International Journal of Business and Globalisation, 2023 The frequently identified failures of big corporates in the last two decades have increased the interest of all stakeholders in corporate governance issues. This requires significant changes to be made in this area so that the performance of the companies can be upgraded. The current study has tried to accomplish this by scrutinising the effect of board size as well as ownership structure on the performance of 229 Indian companies out of S&P BSE 500 Index over the duration of 16 years (2001-2017). Panel data regression is applied to analyse data and various dummy/control variables are also used in the study. The above association is further checked via moderating variables i.e., firm size, board size and size of promoter holdings. The study found affirmative effect of board size, promoter and institutional holdings on the performance of the companies. The study has implications for companies, institutions and regulators.
Board Composition and Performance of Indian Companies: The Moderating Effect of CEO Duality Scms Journal of Indian Management, 2021
Disclosures, board size & composition, ownership structure and firm's performance: Finding future research perspectives International Journal of Applied Business and Economic Research, 2017
