Published Papers

The School’s research output in the last decade has been both significant and considerable, as testified by our AACSB accreditation in 2011. We take great pride in the fact that our faculty have contributed more than 150 articles to reputed academic and practitioner journals.

In the past few years, ISB faculty members have published over 60 papers in top-tier journals. Our faculty have received numerous coveted research grants awarded by premier academic institutions, research centres, corporate houses and reputed foundations such as the Bill and Melinda Gates Foundation, Ford Foundation, MacArthur Foundation, WWF, McCombs School of Business, UT-Austin and others. These awards attest to the scope, depth and impact of the research conducted at the ISB.

Published PapersA, Prashar., Sunder M, Vijaya. (Forthcoming) "A bibliometric and content analysis of sustainable development in small and medium-sized enterprises", Journal of Cleaner Production
Published PapersJ, Antony., Sunder M, Vijaya., V, Sreedharan R.,A, Chakraborty.,A, Gunasekaran. (Forthcoming) "A Systematic Review of Lean in Healthcare: A Global Perspective", International Journal of Quality and Reliability Management
Published PapersV, Gijo E.,J, Antony., Sunder M, Vijaya. (Forthcoming) "Application of Lean Six Sigma in IT support services–a case study", The TQM Journal
Published PapersV, Sreedharan., Sunder M, Vijaya., M, Vandana.,A, Gurumurthy. (Forthcoming) "Development of Lean Six Sigma Training Module: Evidence from Emerging Economy", International Journal of Quality and Reliability Management 8.
Published PapersSunder M, Vijaya., Prashar, Anupama. (2020) "Empirical examination of critical failure factors of continuous improvement deployments: stage-wise results and a contingency theory perspective", International Journal of Production ResearchRead Abstract >Close >Organisations implement various Continuous Improvement (CI) practices such as Total Quality Management, Lean, Six Sigma and Lean Six Sigma (LSS) for improving their processes. Drawing from the success and failure stories of these structured CI practices, scholars enumerated Critical Success Factors and Critical Failure Factors (CFFs). This study empirically examines the occurrence of various CFFs across different stages of CI deployment. Further, from a contingency theoretic perspective, this study investigates their associations with contextual variables by collecting survey data from 213 business units from the USA, the UK, China, and India. Principal Component Analysis is used to group CFFs across five CI deployment stages leading to an empirically refined framework for CI. Crosstab analysis using the chi-square likelihood ratio presented associations of CFFs with contextual variables. Findings reveal significant differences in the occurrence of CFFs across countries. There is evidence that LSS is less prone to failures when compared with TQM, Lean and Six Sigma. The occurrence of CFFs has been relatively lower in smaller and medium-sized enterprises operating in the service sector. Findings also reveal that lessons learned from each CI deployment cycle, contribute to organisational learning, and thence, leading to success at the strategic CI level of maturity.

Published PapersM, Haerizadeh., Sunder M, Vijaya. (Forthcoming) "Impacts of Lean Six Sigma on improving a higher education system: a case study", International Journal of Quality and Reliability Management
Published PapersSunder M, Vijaya., S, Mahalingam.,M, Krishna.,N, S. (Forthcoming) "Improving patients’ satisfaction in a mobile hospital using Lean Six Sigma–a design-thinking intervention", Production Planning and Control
Published PapersSunder M, Vijaya., S, Ganesh L.,R, Marathe R. (Forthcoming) "Lean Six Sigma in Consumer Banking – An empirical inquiry", International Journal of Quality and Reliability Management
Published PapersSunder M, Vijaya., N, Kunnath R. (Forthcoming) "Six Sigma to reduce claims processing errors in a healthcare payer firm", Production Planning and Control
Published PapersKunnumkal, Sumit M., Talluri, Kalyan. (Forthcoming) "A Strong Lagrangian Relaxation for General Discrete Choice Network Revenue Management", Computational Optimization and ApplicationsCentre for Learning and Management PracticeRead Abstract >Close >The choice network revenue management (RM) model incorporates customer purchase behavior as customers purchasing products with certain probabilities that are a function of the offered assortment of products, and is the appropriate model for airline and hotel network revenue management, dynamic sales of bundles, and dynamic assortment optimization. The underlying stochastic dynamic program is intractable and even its certainty-equivalence approximation, in the form of a linear program called Choice Deterministic Linear Program ($CDLP$) is difficult to solve in most cases. The separation problem for $CDLP$ is NP-complete for MNL with just two segments when their consideration sets overlap. The affine approximation of the dynamic program is NP-complete for even a single-segment MNL. This is in contrast to the independent-class or perfect-segmentation case where even the piecewise-linear approximation has been shown to be tractable. In this paper we investigate the piecewise-linear approximation for network RM under a general discrete-choice model of demand. Furthermore, we show that the piecewise-linear approximation is polynomially-time solvable for a fixed consideration set size, solvable in fact as a linear program. Small consideration sets are a reasonable modeling tradeoff in many practical applications. Our solution relies on showing that for any discrete-choice model the separation problem for the linear program of the piecewise-linear approximation can be solved exactly by a Lagrangian relaxation. We give modeling extensions and show by numerical experiments the improvements from using piecewise-linear approximation functions.

Published PapersKunnumkal, Sumit M., Talluri, Kalyan. (Forthcoming) "Choice network revenue management based on new tractable approximations", Transportation ScienceCentre for Learning and Management PracticeRead Abstract >Close >The choice network revenue management model incorporates customer purchase behavior as a function of the offered products, and is the appropriate model for airline and hotel network revenue management, dynamic sales of bundles, and dynamic assortment optimization. The optimization problem is a stochastic dynamic program and is intractable. A certainty-equivalence relaxation of the dynamic program, called the choice deterministic linear program ($CDLP$) is usually used to generate dyamic controls. Recently, a compact linear programming formulation of this linear program was given for the multi-segment multinomial-logit (MNL) model of customer choice with non-overlapping consideration sets. Our objective is to obtain a tighter bound than this formulation while retaining the appealing properties of a compact linear programming representation. To this end, it is natural to consider the affine relaxation of the dynamic program. We first show that the affine relaxation is NP-complete even for a single-segment MNL model. Nevertheless, by analyzing the affine relaxation we derive a new compact linear program that approximates the dynamic programming value function better than $CDLP$, provably between the $CDLP$ value and the affine relaxation, and often coming close to the latter in our numerical experiments. When the segment consideration sets overlap, we show that some strong equalities called product cuts developed for the $CDLP$ remain valid for our new formulation. Finally we perform extensive numerical comparisons on the various bounds to evaluate their performance.

Published PapersKunnumkal, Sumit M., Martinez-de-Albeniz, Victor. (Forthcoming) "Tractable Models and Algorithms for Assortment Planning with Product Costs", Operations ResearchCentre for Learning and Management PracticeRead Abstract >Close >Assortment planning under a logit demand model is a difficult problem when there are product specific costs associated with including products into the assortment. In this paper, we describe a tractable method to obtain an upper bound on the optimal expected profit. We provide performance guarantees on the upper bound obtained. Computational experiments reveal that our method can obtain significantly tighter bounds compared to benchmark methods. We describe how our method can be extended to incorporate additional constraints on the assortment or multiple customer segments.

Published PapersAlok, Shashwat., Kumar, Nitin., Wermers, Russ. (2020) "Do Fund Managers Misestimate Climatic Disaster Risk?", Review of Financial Studies, 33 (3), 1146–1183 Read Abstract >Close >We examine whether professional money managers overreact to large climatic disasters. We find that managers within a major disaster region underweight disaster zone stocks to a much greater degree than distant managers and that this aversion to disaster zone stocks is related to a salience bias that decreases over time and distance from the disaster, rather than to superior information possessed by close managers. This overreaction can be costly to fund investors for some especially salient disasters like hurricanes and tornadoes: a long-short strategy that exploits the overreaction generates a significant DGTW-adjusted return over the following 2 years.

Published PapersAlok, Shashwat., Ayyagari, Meghana. (Forthcoming) "Politics, State Ownership, and Corporate Investments", Review of Financial StudiesCentre for Analytical FinanceRead Abstract >Close >We document a political cycle in the investment decisions of state-owned enterprises (SOEs) by using the constitutionally mandated election schedule in India as a source of exogenous variation in politicians’ incentive to cater to voters. Using a project-level investment database, we find that SOEs announce more capital expenditure projects in election years, especially in infrastructure, and in districts with close elections, high-ranking politicians, and left-wing incumbents. SOE projects in election years have negative announcement returns, suggesting a loss in shareholder value. These patterns are not seen in nongovernment firms or in off-election years.

Published PapersRamachandran, Kavil., Antony, Sanjay Paul. (2020) "Decision-Making Processes in Indian Joint Families and Their Implications for HR Professionals", NHRD Network, Volume: 13 (1), 62-72Thomas Schmidheiny Centre for Family EnterpriseRead Abstract >Close >Family businesses constitute a large portion of successful enterprises in India, as it does in different parts of the world. In its journey from a founder-driven small entity to a professionally run organisation, one key transformation it has to go through is the process of ‘institutionalisation’. The human resource (HR) leader plays a key role in this process. An exploration of the role the HR function has to play during the various phases of this transformation journey could serve as a guide to HR professionals building their careers with family businesses. Our effort has been to develop a model which could work along with validated tools which measure the influence a family could have on a business. We hope that such knowledge would prepare the HR leader to be better prepared to play the role of a partner during the evolution of the organisation into a professionally run entity.

Published PapersKATHURIA, ABHISHEK., Karhade, Prasanna P.,Konsynski, Benn R. (Forthcoming) "In the Realm of Hungry Ghosts: Multi-Level Theory for Supplier Participation on Digital Platforms", Journal of Management Information SystemsRead Abstract >Close >Digital platforms have transformed various industries, with profound changes witnessed in settings characterized by repeated, low value, and novel transactions, such as ride sharing, household services, and food delivery. Platform providers need to understand the factor(s) that suppliers consider before choosing to participate on their platforms. We argue that multi-level theorizing is necessary to explain the patterns of decision criteria that constitute the complex, yet boundedly-rational decision of platform participation. We draw on multiple theoretical perspectives which include predictors from firm-level strategic behavior, firm-level digital predictors, institutional predictors, and platform level, competition and contextual (environmental) predictors to model restaurant's decision to participate on food delivery platforms, which are an exemplar of platforms that digitize transactions of ubiquitous and episodic nature. The population of 95,735 restaurants, serving a total of 135 different cuisines, located in the 37 largest cities of India, forms the dataset for developing our multi-level theory. Our decision tree induction methodology, which employs high levels of pruning, empowers us to discover context-specific rules that serve as credible approximations of the partial ordering of decision flows tacitly used by restaurants in deciding to participate on platforms. We identify six combinations of predictors, i.e., decision rules, that are situated in at least four theoretical perspectives, to succinctly explain supplier participation on digital platforms. Finally, we abduct away from these specific decision rules to develop generalizable theoretical propositions. The decision trees, context-specific rules, general forms of the rules, and generalized propositions together form our multi-level theory for supplier participation on digital platforms. Our findings aid platform providers identify suppliers who can be the focus of efforts to increase platform participation, and help suppliers identify the participation status of competitors. For policymakers, our findings imply that incentives at the ends of the pricing spectrum can increase supplier participation on digital platforms.

Published PapersKarhade, Prasanna P., KATHURIA, ABHISHEK. (Forthcoming) "Missing Impact of Ratings on Platform Participation in India: A Call for Research in G. R. E. A. T. Domains", Communications of the Association for Information SystemsRead Abstract >Close >The objective of this study is to propose that research conducted in western, educated, industrialized, rich and democratic (W.E.I.R.D.) domains does not necessarily generalize to the rest of the world. Growing, rural, eastern, aspirational, transitional (G.R.E.A.T) domains now account for a significant proportion of world economic output, thereby warranting special attention. We submit that a tolerant stance under which scholars investigate G.R.E.A.T. domains with an open mind that allows for theoretical plurality is likely to enrich IS theories. As an exemplar of this stance, we consider how online ratings affect ratee decisions to participate in financial transactions on a digital platform in a G.R.E.A.T. economy. The production and consumption of food affects every strata of society and thus, we choose to investigate our research question in the context of platform-enabled food delivery. We apply decision tree induction on a population level dataset of restaurants, their features, online ratings, and financial participation decisions from a major food discovery and delivery platform in India. Tree induction makes no distributional assumptions and makes no a priori assumptions on the combinations of factors, thereby enabling us to put forth the most lenient test for uncovering any impact of online ratings on the decisions tacitly made by ratees. After conducting multiple computational experiments, we consistently find that online restaurant ratings did not have a significant bearing on their decision to participate on the food delivery platform. Our counterintuitive finding serves as an exemplar of a W.E.I.R.D. domain logic that does not generalize to a G.R.E.A.T. domain and forms a credible basis for our call for additional research in G.R.E.A.T. domains.

Published PapersSaldanha, Terence J.V..,Sahaym, Arvin.,Mithas, Sunil.,Andrade Rojas, Mariana G.., KATHURIA, ABHISHEK., Lee, Hsiao-Hui. (Forthcoming) "Turning Liabilities of Global Operations into Assets: IT-enabled Social Integration Capacity and Exploratory Innovation", Information Systems ResearchRead Abstract >Close >Although the ability to produce exploratory innovations is important for firm performance, firms face difficulties in producing exploratory innovations because knowledge is often distributed across cultures and geographies. In this study, we examine whether information technology (IT) helps firms to overcome the liabilities of global operations particularly when it comes to creation of exploratory innovations. We argue that information technologies that promote social integration facilitate more novel knowledge recombinations help to overcome the difficulties arising from global operations. We draw on the knowledge-based view of the firm and hypothesize that IT-enabled Social Integration Capacity influences exploratory innovation by leveraging global cultural diversity and global geographical dispersion. Our empirical analyses using archival panel data from 120 public U.S. manufacturing firms from 2003-2014 support these hypotheses. A key implication of our results is that IT helps firms to achieve greater exploratory innovation by turning the potential liabilities of cultural diversity and geographical dispersion associated with global operations into assets.

Published PapersBhowal, Subhendu., Subramanian, Krishnamurthy., Tantri, Prasanna. (Forthcoming) "Costs Of Job Rotation: Evidence From Mandatory Loan Officer Rotation", Management ScienceCentre for Analytical FinanceRead Abstract >Close >Job rotation inside an organization creates two conflicting effects. It disciplines agents by creating the fear that their successors may discover and report their hidden information. Thus, the agent takes actions that align with the principal's objective. However, job rotation can create a moral hazard. If information is soft and, therefore, non-verifiable, the principal cannot attribute blame to the agent or the successor. Agents shirk, thereby hurting performance. Thus, the importance of disciplining versus moral hazard effects depends on the availability of hard information. Using unique loan-level data, we show that job rotation hinders performance when the information is soft.

Published PapersPedada, Kiran., , S. Arunachalam., Dass, Mayukh. (Forthcoming) "A Theoretical Model of the Formation and Dissolution of Emerging Market International Marketing Alliances", Journal of the Academy of Marketing Science
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