Faculty

Ranjitha Ajay

Associate Professor

Area of Expertise: Corporate finance, corporate governance, financial reporting quality

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Dr. Ranjitha Ajay holds a PhD in Management specializing in Finance from Department of Management Studies, DoMS, Indian Institute of Technology (IIT) Madras. She has completed MS (by Research) in Finance from IIT Madras. Prior to joining Great Lakes, she worked as visiting faculty in Madras School of economics. Her teaching interest include courses like financial management, financial statement analysis, strategic financial management. Her main research interest includes corporate finance, financial reporting quality, corporate governance, environment, social and governance scores, and the corporate bond market. She has published papers in peer reviewed journals and presented research papers in national and international conferences. She has received a highly commendable paper award at a conference organized by IIM Kozhikode and second outstanding paper award at a conference organized by Indian Institute of Capital Markets.

Google scholar link: https://scholar.google.com/citations?user=oOD-l-AAAAAJ&hl=en

Research Interests

Corporate finance, corporate governance, financial reporting quality

Research Grants

  • Recipient of Half Time Teaching/Research Assistantship (HTRA) from MHRD for MS and Ph.D. program at IIT Madras

Peer-Reviewed Journal Articles

  • Ranjitha Ajay, Surendranath Rakesh Jory, Syamraj K.P (2024), “Advancing Understanding of ESG score and Executive Compensation Relationships in the Indian Context, Global Finance Journal, https://authors.elsevier.com/sd/article/S1044-0283(24)00065-6.
  • Benamraoui, Abdelhafid, Eleni Chatzivgeri, Surendranath Rakesh Jory, and Ranjitha Ajay (2022), "VfM audit and the UK public sector: A critical review of the VfM reports." Financial Accountability & Management,DOI: 10.1111/faam.1233.
  • Ranjitha Ajay, "Link between diversification strategies and earnings management: An empirical investigation of manufacturing firms (2022)", Afro-Asian J. of Finance and Accounting, Forthcoming.
  • Ranjitha Ajay and R.Madhumathi (2021), “Earnings management and Executive compensation: A study of Indian Manufacturing sector”, Journal of Commerce & Accounting Research, Volume 11, No.2, pp. 45-55.
  • Ranjitha Ajay and R.Madhumathi, (2019) “Relationship between firm valuation, business practices and earnings management: A meta-analysis”, Asia-Pacific Management Accounting Journal, Volume 14, No. 1, pp. 115-134.
  • Ranjitha Ajay and R.Madhumathi (2015), “Do corporate diversification and earnings management practices affect capital structure?”, Journal of Indian Business Research, Emerald publication, Volume 7(4), pp. 360-378.
  • Ranjitha Ajay and R.Madhumathi (2015), “Institutional Ownership and Earnings Management In India”, Indian Journal of Corporate Governance, Sage publication, Volume 8(2), pp.119-136.
  • Ranjitha Ajay and R.Madhumathi (2012), “Impact of Diversification Strategy on the Capital Structure Decisions of Manufacturing Firms in India”, International proceedings of Economic Development and Research, volume 43, pp.125-129.
  • Ranjitha Ajay and R.Madhumathi (2012), “Diversification strategy and its influence on the capital structure decisions”, International Journal of Social Science and Humanity (IJSSH), Volume 2 (5), pp. 421-426.

Academic conference

  • Ranjitha Ajay and R Madhumathi, “Earnings management and Executive compensation: A study of Indian Manufacturing sector”, Sixth Biennial Conference of the Indian Academy of Management (INDAM 2020), January 2-4, 2020 at Indian Institute of Management Tiruchirappalli (IIM Trichy).
  • Ranjitha Ajay and R Madhumathi, “Earnings management and Firm Valuation: an empirical examination of manufacturing firms in India, 5th PAN-IIM World Management Conference scheduled between December 14-16, 2017 at the Indian Institute of Management Lucknow.
  • Ranjitha Ajay and R.Madhumathi, “Impact of corporate diversification strategies on earnings management”, DoMS Research Symposium, January 16-17, 2015, Indian Institute of Technology, Madras.
  • Ranjitha Ajay and R.Madhumathi, “Diversification Strategy and Earnings Management: An Empirical Investigation of Firms in Manufacturing Sector”, 6th Financial Markets and Corporate Governance Conference, April 9-11, 2015, Curtin University, Western Australia.
  • Ranjitha Ajay and R.Madhumathi,“Ownership structure and earnings management: A study of listed manufacturing firms”, Doctoral symposium, April 8th, 2015, Curtin University, Western Australia.
  • Ranjitha Ajay and R.Madhumathi, “Institutional ownership and earnings management in India”, Conference on corporate governance and growth of capital markets, April 11, 2014, Indian Institute of Capital Markets in Mumbai.
  • Ranjitha Ajay and R.Madhumathi, “Impact of corporate diversification strategy on earnings management”, 1st corporate governance conference, June 13-14,2014, Indian institute of Management, Thiruchirappally.
  • Ranjitha Ajay and R.Madhumathi, “Impact of Diversification Strategy on the Capital Structure Decisions of Manufacturing Firms in India”, 2nd International Conference on Financial Management and Economics– ICFME 2012, July 24-25, 2012 in Singapore.
  • Ranjitha Ajay and R.Madhumathi, “The Effect of diversification strategy on capital structure decisions of MNCs in India”, India finance conference, December 20-23, 2011 in IIM Bangalore.

Invited speech/Panel discussion

  • C-Suite Executives International Conference held on 22nd July 2021 on a theme "opportunity, breakthrough & prosperity"
  • Basics of Accounting, Madras School of Economics, July 3, 2019.

Media Articles

Working papers

  • Cost of newly issued corporate bonds and Earnings management: Evidence from India (with Sowmya Subramaniam and Eshan Mehta), Int. J. of Managerial and Financial Accounting (Under review).
  • Impact of Ownership Identity on Real Earning Management: the role of ‘firm level’ Competitive Advantage and ‘industry level’ Competitive Rivalry (with Suresh Srinivasan), Asia Pacific Journal of Management (Under review).
  • Credit union performance during Covid-19 (With Ngo Thanh and Rakesh Jory), Manuscript being prepared for Journal submission.

Associations

  • Cornell University
  • Chicago Booth
  • Skema Business School
  • Universite Bordeaux
  • IESEG
  • Frankfurt School of Finance and Management
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