Prof. Varadraj Bapat

Professor, Accounting, and Finance
Address: 107, SJM School of Management, Indian Institute of Technology, Mumbai – 400076
Phone: +91-22-25767787 / 9892413119
E-mail:, varadraj.iitb[at]
Prof. Varadraj Bapat

Teaching Interests

Financial Accounting, Management Accounting, Indian Financial, and Business Model

Research Interests

Accounting, Financial Inclusion, Bankruptcy Prediction, Corporate Governance, Family Business, Portfolio Management, Spirituality, Indian Business Model


  • Ph.D. (Finance), IIT Bombay
  • Chartered Accountant, Institute of Chartered Accountants of India, New Delhi
  • Cost Accountant, Institute of Cost Accountants of India, Calcutta
  • Information Systems Audit, ICAI, New Delhi
  • Master of Commerce, University of Pune, Pune

Awards and Honours

  • 22nd All India Rank in C.A. final examination in May 1995.
  • 47th All India Rank in C.A. intermediate examination in November 1993.

Professional Assignments

  • Member of Board of Governors for IIT, Guwahati.
  • Member of All India Board of Management Studies of AICTE, Delhi.
  • Ex-Member of Board of Governors for NIT, Manipur.
  • Visitor Nominee for Faculty Selection of NITs.
  • Member of NAAC peer team.
  • Member of MHRD Autonomy team.

Teaching Experience

  • Faculty in Accounting and Finance, Indian Institute of Technology, Mumbai  ( Teaching MBA, BTech, EMBA,  MDP )       – July 2008 to date                     
  • Earlier, Faculty in Accounting and Finance, National Institute of Industrial Engineering (NITIE), Mumbai and Somaiya, Vidyavihar, Mumbai
  • MOOCs
  • 2019, Financial Accounting (20 hours) 6000+ registration on Swayam portal, Cost Accounting (10 hours) 7500+ registrations. Both courses are repeatedly offered.
  • 2016, Management Accounting Course ( Video + Web course ) (40 hours)
  • Corporate Training Programmes on Finance

Professional Experience

As Chartered Accountant in Audit, Taxation, and Finance – 1995 to 2007

Research Projects

  • The Issue of Migration in North East India (ICSSR Sponsored Project), 2018
  • Does National Mission of Women Empowerment Promote Social Entrepreneurship among women ( CO-PI for ICSSR Sponsored Project), 2018
  • The impact of Socioemotional Wealth on Succession in Indian Family Firms
  • Financial Inclusion – Status and its impact on Human Development: A special Focus on North East India ( IRCC Sponsored Project )



  • Taxation ( 2018 ), YCMOU, Nasik
  • Securities Analysis and Portfolio Management ( 2018 ), YCMOU, Nasik,
  • Management Control Systems ( 2018 ), YCMOU, Nasik,
  • Accounting and Finance for Managers ( 2016 ), YCMOU, Nasik
  • Financial Accounting-A Managerial Perspective ( 2012 ), Tata McGrawHills Publishing, Delhi. (ISBN 978-12-59004889)

            Research papers

(1 A, 11 B, 8 C) (since 2016, citations 211, h index 6, i10 index 6)

  1. Chhimwal, B., Bapat, V. and Gaurav, S. (2021), “Investors’ preferences and the factors affecting investment in the Indian stock market: an industry view”, Managerial Finance, Vol. 47 No. 5, pp. 723-744, (ABDC: B).
  2. Chhimwal, B., Bapat, V. (2021), Comparative Study of Momentum and Contrarian Behavior of Different Investors: Evidence from the Indian Market, Asia-Pacific Financial Markets, 28(1), pp.19-53 (ABDC: C) (ABS 2).
  3. Chhimwal, B., Bapat, V. (2020), Impact of foreign and domestic investment in stock market volatility: Empirical evidence from India. Cogent Economics & Finance, 8(1), p.1754321 (ABDC: B).
  4. Ballal, J., Bapat, V. (2020), Impact of Women Directors and Board Independence on Family Firm Performance: Evidence from India, Indian Journal of Industrial Relations, 56 (2) (ABDC: C).
  5. Ballal, J., Bapat, V. (2020), Socioemotional Wealth and Its Effect on Family Firm Performance, Handbook of Research on the Strategic Management of Family Businesses, IGI GLOBAL, 201-22
  6. Disha Bhanot and Varadraj Bapat (2019), Contributory factors towards sustainability of bank-linked self-help groups in India. Asia-Pacific Sustainable Development Journal, 26(2), 25-55 (ABDC: B).
  7. Prasad M, Mishra T, Bapat V (2019), “Corporate Social Responsibility and Environmental Sustainability: Evidence from India using Energy Intensity as an indicator for Environmental Sustainability” IIMB Management Review 31 (4), 374-384 (ABDC: B)
  8. Nagale, A. and Bapat, V. (2017), “Prediction of Industrial Sickness in India” The Empirical Economic Letters, Vol. 16 No. 1, pp. 497-502 (ABDC: C).
  9. Prasad M, Bapat V., et al. (2017), “Environmental claims in Indian print advertising: an empirical study and policy recommendation”, Social Responsibility Journal 13 (3), 473-490 (ABDC: B)
  10. Disha Bhanot and Varadraj Bapat (2016), Multiplier Effect of Self Help Groups (SHGs) on Financial Inclusion Performance: Analysis of Indian States, Economic and Political Weekly, 51(33) (ABDC: B).
  11. Nagale, A. and Bapat, V. (2015), “Corporate Bankruptcy Prediction Using Neural Network” The Chartered Accountant Journal, Vol. 64 No. 5, pp. 741-745
  12. Nagale, A. and Bapat, V. (2015), “Post IPO performance of Indian Companies”, Journal of Development Research, Vol. 8 No. 2 pp. 29-32
  13. Raithatha Mehul and Bapat Varadraj (2014), ” Ranking of Mutual Fund Performance: Comparison of Various Measures”, The Journal, Academy of Taiwan Business Management Review. (ABDC: B).
  14. KS Ranjani, V Bapat (2014), “Deepening Financial Inclusion beyond account opening: Road ahead for banks”, Business Perspectives and Research, (ABDC: C)
  15. Raithatha Mehul and Bapat Varadraj (2014), ” Impact of Corporate Governance on Financial Disclosures: Evidence from India”, Corporate Ownership and Control. (ABDC: B).
  16. Raithatha Mehul and Bapat Varadraj (2014), ” Accounting Standards Compliance: Comparison between Manufacturing and Service Companies”, International Journal of Economics and Finance, Vol 6, No. 9, 158-164. (ABDC: C)
  17. Nagale, A. and Bapat, V. (2014), Bankruptcy Prediction of Indian Listed Companies Using Discriminant Analysis, Logistic Regression and Neural Network. Academy of Taiwan Business Management Review (ABDC: B)
  18. Nagale, A. and Bapat, V. (2014), “Comparison of Bankruptcy Prediction Models: Evidence from India”,  Accounting and Finance Research, Vol. 3 No. 4, pp. 91-98 (ABDC: C)
  19. Nagale, A. and Bapat, V.  (2014), An Empirical Analysis of Altman’s and Ohlson’s Model. The Empirical Economic Letters (ABDC: C)
  20. Disha Bhanot and Varadraj Bapat (2013), Sustainability Index of Microfinance Institutions (MFIs) and Contributory Factors, International Journal of Social Economics, 42(4), 387-403 (ABDC: B).
  21. Nagale, A. and Bapat, V. (2013), Comparison of Financial Statements prepared as per International Financial Reporting Standards and Indian GAAP, The Chartered Accountant Journal, 61(9), 1406-1411.
  22. Raithatha Mehul and Bapat Varadraj (2013), “A Panel Data Analysis of Corporate Attributes and Stock Prices for Indian Manufacturing Sector”, Journal of Modern Accounting and Auditing. (ABDC: C) 
  23. Raithatha Mehul and Bapat Varadraj (2013), ” Corporate Disclosures in Financial Statements and its Determinants: An Empirical Study”, The journal, Academy of Taiwan Business Management Review, Vol 9,No 2, Aug 2013. (ABDC: B) 
  24. Raithatha Mehul and Bapat Varadraj (2012), “Corporate Governance Compliance Practices of Indian Companies”, Research Journal of Finance and Accounting, Vol 3, No 8, 2012. (ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)) (IC Impact factor 6.26)
  25. Bapat Varadraj and Raithatha Mehul (2012), “Off Balance Sheet Disclosures: A Comparison between Indian and US Companies”, Indian Journal of Finance, May. (ISSN 0973-8711) (IC Impact factor 5.09)
  26. Disha Bhanot, Varadraj Bapat and Sasadhar Bera (2012), Studying Financial Inclusion in North East India, International Journal of Bank Marketing, 30(6), 465-484 (ABDC: A).
  27. Bapat Varadraj and Raithatha Mehul (2010), “An Empirical Study of Disclosure Practices in Listed Non-Financial Indian Companies”, Prabandhan- Indian Journal of Management, June. (ISSN 0975-2854) (IC Impact factor 5.09)
  28. Bapat Varadraj and Raithatha Mehul (2010), “Corporate Transparency through Implementation of Indian Accounting Standards”, International Journal of Management Prudence, March.( ISSN: 0975-6671)
  29. Bapat Varadraj and Raithatha Mehul (2010), “Corporate Governance Models and Practices: An International Cross Cultural Comparison,” IMS Management Journal, January (ISSN- 0975-0800)

Conferences ( Since 2016 )

  1. Chhimwal, B., Bapat, V. (2020), “Revisiting Momentum Strategy: A New Paradigm for Investment Management” presented at the Twenty Seventh Annual Conference of the Multinational Finance Society (MFS) between June 28 – 29, 2020.
  2. Chhimwal, B., Bapat, V. (2020), “Impact of Foreign and Domestic Investment in Stock Market Volatility: Empirical Evidence from India” presented in Changing Landscape of Securities Markets conference jointly organised by NISM and SEBI.
  3. Ballal, J. and Bapat, V. (2020). “Measuring Socioemotional Wealth of Indian Family MSMEs” presented at the Indian Academy of Management conference held at IIM Trichy, India.
  4. Chhimwal, B., Bapat, V. (2019), “Comparative Study of Momentum and Contrarian Behaviour of Different Investors: Evidence from Indian Market” presented in 1st Annual Capital Markets Conference (CMC) organised by NISM.
  5. Ballal, J. and Bapat, V. (2019). The impact of Socioemotional Wealth on Succession in Indian Family Firms. In the Seventh Asian Invitational Conference on Family Business Proceedings. ISB Hyderabad, India.
  6. Ballal, J., Dagar, C., Bapat, V., & Pandey, A. (2019), A Dharmic
    Perspective on the Contemporary Theories of Family Business Management. International Conference for Development Discourse Proceedings. Hyderabad, India.
  7. Mousami Prasad, Trupti Mishra and Varadraj Bapat, (2017), “An empirical assessment of the role of corporate
  8. osystem: An Indian context”, Conference of the Indian Society for Ecological Economics (INSEE) at KILA, Thrissur.
  9. Mousami Prasad, Trupti Mishra and Varadraj Bapat (2016), “Eco-efficiency of Metal sector: An application of Output Distance Approach in Indian context”, presented at ISEE 2016 – Transforming the Economy: Sustaining Food, Water, Energy, and Justice at the University of District of Columbia, Washington DC, US.
  10. Mousami Prasad, Trupti Mishra and Varadraj Bapat (2016), “Investigating Firm Response towards Environmental Sustainability in Indian context”, INSEE Conference 2016 at the Indian Institute of Science, Bangalore

Research guidance

Doctoral research guidance ( Completed: 5, Ongoing: 3 )

Name Completed/ongoing Thesis topic
   Mehul Raithatha Completed Financial Reporting by Indian Companies: Disclosures required by Accounting Standards
Currently Associate Professor, IIM Indore
   Abhay Nagale Completed A Cross Model Study of Bankruptcy
Currently Asso. Prof., NISM, Mumbai
   Disha Bhanot Completed Financial Inclusion in India: A Study on Sustainability of Self Help Group (SHG) Bank Linkage Programme
Currently Asst. Prof., SP Jain IMR
   Mousami Prasad Completed Assessment of Corporate Environmental Sustainability in Indian Context
Currently Research Fellow, Australian National University
   Ajinkya Navare Ongoing “Karma Yoga: Conceptualization, Scale Development, and the
Implications on Spirituality and Positive Psychological Outcomes at the Workplace”.
Currently Asst. Prof., IIM Jammu
   Bhaskar Chhimwal Ongoing Comparative Study of Foreign and Domestic Investment in Emerging Market: An Evidence from India
   Nidhi Batta Ongoing Corporate Governance
   Juili Ballal Ongoing Family Business Management
  Himansu Sethi Ongoing Portfolio Management

Masters’ research guidance

Thesis topic

  • Developing Credit Rating Model
  • Feasibility of Social Capitalistic Models on Indian Infrastructure Projects
  • Disclosures by Banking Companies
  • India Equity Mutual Fund: Performance Evaluation
  • Corporate Disclosures GAAP in India and Canada
  • Performance of Close and Open-ended Funds
  • A study of Efficiency and Sustainability of Microfinance Institutions
  • A study of the Cost structure of Educational Institutions

Visit to Cornell University, U.S.A under Exchange Programme

Visited Cornell University, U.S.A. on an invitation from Parker Centre for Investment Research, Johnson School of Management, Cornell University, New York, U.S.A. (Spring Semester 2004)

Invited Speaker for lectures/ interviews at many institutions and on TV channels.
Large number of recorded videos on YouTube.

Has participated in various Finance/ Budget/ Taxation/ Career sessions including on many TV channels.

Presented papers at various National and International Conferences

  • Speaker for lectures/ interviews on TV channels and various other forums
  • Conducted various corporate training programs/ MDPs for several leading companies/ Government organizations, NGOs. Topics include Finance for Non-Finance Executives, Indian Economy, Understanding Self, How to achieve health and wealth, Corporate Governance, Demographic Dividend

Social Interests

  • Voluntary Yoga Teacher and BrahmaVidya Sadhak.
  • Large number of recorded videos on YouTube.
  • Invited in various Finance/ Budget/ Taxation/ Career sessions including on many TV channels.
  • President of Yuva Vikas Society (It is Non-Government Organization (NGO), actively involved in Skill Development. It is an Affiliated Training Partner for National Skill Development Corporation (NSDC) and Pradhan Mantri Kaushal Vikas Yojana). (
  • Trustee of Enviro-Vigil (It is an NGO, working for environmental issues. Has undertaken several innovative activities and projects to create environmental awareness incl. BioMedical Waste Disposal, Paryavaran Shala) (
  • Advisor to several trusts and charitable organizations.