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Sougata  Ray

Specialization
:
Finance and Accounting
Designation
:
Associate Professor
Email
:
sougata.ray@imibh.edu.in
DOJ
:
01-Jan-2021
Type of association
:
Regular

Sougata  Ray

PhD; School of Business, Amrita Vishwa Vidhyapeetham

MA (Economics); Annamalai University

PGDM; Amrita Vishwa Vidhyapeetham

B.Sc (Economics); Calcutta University

Sougata  Ray

Sougata Ray is an Associate Professor in the area of Finance and Economics at IMI Bhubaneswar. He holds Ph.D from School of Business, Amrita Vishwa Vidhyapeetham. Before joining IMI, he was worked at the Department of Management, Amrita Vishwa Vidhyapeetham for about 11.5 years. He also has industry exposure of 7.5 years in the Indian Financial Sector.

 He is also the recipient of Erasmus Mundus Scholarship for Doctoral Research by European Union under the India4EU program (2013 - 2015).

Sougata  Ray

Journal Publications 

  1. Ray, S., Pan, A., Shukla, A., & Rastogi, S. K. (2025). Mapping and decoding green finance research: themes and topic interconnections using a multi-method approach. International Journal of Productivity and Performance Management, 1-38. https://doi.org/10.1108/IJPPM-08-2024-0557
  2. Jena, S. K., Lahiani, A., Dash, A., & Ray, S. (2025). Stock market vulnerability to US monetary policy: Evidenced from quantile coherency analysis. The North American Journal of Economics and Finance, 102536.https://doi.org/10.1016/j.najef.2025.102536
  3. Raman, R., Gunasekar, S., Ray, S., Behera , D., Nedungadi, P., & Dénes, D. L. (2025). A holistic approach to Sustainable Development Goal 8: Integrating economic growth, employment, and sustainability. Equilibrium. Quarterly Journal of Economics and Economic Policy, 20(1), 147-202. https://doi.org/10.24136/eq.3342
  4. Pattnaik, D., Ray, S., & Kabir Hasan, M. (2024). Microfinance: A bibliometric exploration of the knowledge landscape. Heliyon. Vol. 10, No 10 E31216. https://doi.org/10.1016/j.heliyon.2024.e31216
  5. Ray, S. (2024). Coping with Natural Disaster: A Study of Households from Sundarbans, India. Empirical Economics Letters. Vol. 23, Special Issue 1. Pp. 37-44. https://doi.org/10.5281/zenodo.11354288
  6. Ghosh S, Ray S, Nair R, Nath S, Bishu R. (2024). Exploring the Sustainability of Social Enterprises: A Scoping Review. Journal of Sustainability Research. 6(3):e240044. https://doi.org/10.20900/jsr20240044
  7. Pattnaik, D., Ray, Sougata., & Raman, R. (2023). Applications of artificial intelligence and machine learning in the financial services industry: A bibliometric review. Heliyon. Vol. 10, No 1, E23492. https://doi.org/10.1016/j.heliyon.2023.e23492
  8. Ghosh, S., Ray, S., & Nair, R. (2023). Sustainability Factors of Self-Help Groups in Disaster-Affected Communities. Sustainability, 15(1), 647. https://doi.org/10.3390/su15010647
  9. Gunasekar, S., Ray, S., Dixit, S. K., & Raj, M. (2022). AI-enables product purchase on Amazon: what are the consumers saying?. Foresight. https://doi.org/10.1108/FS-10-2021-0212
  10. Shivdas, A., & Ray, S. (2021). Research and development efforts in Indian pharmaceutical industry: How much does it matter?. International Journal of Pharmaceutical and Healthcare Marketing. https://doi.org/10.1108/IJPHM-01-2020-0004
  11. Ray, Sougata and Sushanta Mahapatra (2019), Asset Quality and Performance: An Empirical Study of Indian Microfinance Institution, International Journal of Services, Economics and Management. Vol. 10, No. 3, pp.248–265. (Scopus Indexed ABDC – C category).
  12. Ray, Sougata. (2019); Challenges and changes in Indian rural credit market: a review, Agricultural Finance Review, Vol. 79 Issue: 3, pp.338-352 (Scopus Indexed, ABDC – C Category).
  13. Ray, Sougata; Sushanta Mahapatra and Shyam Nath (2019); Over-indebtedness and its Drivers among Microfinance Borrowers in India, Economic and Political Weekly; Vol. 54, No. 7, pp. 47 - 53. (Scopus Indexed, ABDC – B Category).
  14. Ray, Sougata and Sushanta Mahapatra (2016), Penetration of MFIs among Indian states: an understanding through macro variables, International Journal of Development Issues, Vol.15, No. 3, pp. 294-305. (Scopus Indexed ABDC – C category).
  15. Ray, Sougata (2013), Does Service Sector Growth Explain Manufacturing Growth in India?, IUP Journal of Applied Economics, Vol. 12, No. 1, pp. 68-76. (ABDC – C category) Mukul, Mukesh Kumar, Vikrant Kumar
  16. Ray, Sougata (2012), Gold ETF Performance: A Comparative Analysis of Monthly Returns; IUP Journal of Financial Risk Management, Vol 9, No. 2, pp. 59-63.

 

Conference Proceedings

Ray, Sougata and Hardik Vachhrajani (2011); “Economics of Scale in Microfinance Institutions: Evidences from India", Role of Banking in Rural Economic Development, ICCSR (ISBN978-81-920808-1-9) pp. 62-68.

Ray, Sougata (2012), “Role of New Institutional Economics in Micro Finance”; Published in the Proceedings of the National Conference on Contemporary Issues in Banking & Finance, 17th November 2012; (ISBN 978-93-81102-60-2) pp. 27-37.

Shivdas, A., & Ray, Sougata. (2017, February). Resource utilization by pharmaceutical companies in India: Emphasis on R&D, labor and capital. In Data Management, Analytics and Innovation (ICDMAI), 2017 International Conference on (pp. 19-23). IEEE.

Sougata  Ray

Paper(s) Presented in National / International Conferences

  1. Ray, Sougata (2022), What We Know and What We Need to Know about Microfinance? A Bibliometric Overview. 5th International Conference in Banking and Finance "Recession and Preparedness of Financial Industry". IMI Bhubaneswar.
  2. Ray, Sougata (2022), Gender Pay Gap among fresh MBA graduates in India. 8th International Conference on “Global Business Environment” with a theme “Paradigm Shift in Business through Agile Practices”. IMI Bhubaneswar.
  3. Ray, Sougata (2021),Household Sacrifices : An early warning signal for evaluating over-indebtedness in micro-credit market. 4th International Conference in Banking and Finance “Towards a Sustainable Future in Banking & Finance” . IMI Bhubaneswar.
  4. Ray, Sougata (2021), Sanitation and Toilet Construction Schemes in Rural Scenario: An Empirical Approach to Future Research on Sanitation Programs. 4th International Conference in Banking and Finance “Towards a Sustainable Future in Banking & Finance” . IMI Bhubaneswar.
  5. Ray, Sougata (2021), Role of Microfinance in Climate Change Adaptation: A Review. 7th International Conference on “Global Business Environment” with a theme “Inclusive Businesses in Developing Economies: Converging People, Profit, and Corporate Citizenship”. IMI Bhubaneswar.
  6. Ray, Sougata (2021), Digital Financial Inclusion among small business units during COVID Pandemic. 14th Annual Conference of the EuroMed Academy of Business.
  7. Ray, Sougata (2021), Role of Self-Help Groups in Coping with Natural Disaster: A Study from Sundarban Region in West Bengal. INSEE 11th Biennial Conference. Indian Society of Ecological Economics, New Delhi.
  8. Shivdas, A., and Ray, Sougata (2017), Resource utilization by pharmaceutical companies in India: Emphasis on R&D, labor and capital; International Conference in Data Management, Analytics and Innovation (ICDMAI), Pune, February 24-26, 2017.
  9. Ray, Sougata and Sushanta Kumar Mahapatra (2016), A study on the Performance of Indian MFIs using Panel Regression; 53rd Annual Conference of The Indian Econometric Society (TIES) held at the National Institute of Science Education and Research (NISER) Bhubaneswar during December 22-24, 2016.
  10. Ray, Sougata and Sushanta Kumar Mahapatra (2014), Explaining the Penetration of MFIs among Indian States using the State Level Macro Variables; 1st International Conference of Association for Applied Econometric held at Queen Mary University of London, UK, June 26-28, 2014.
  11. Ray, Sougata (2012), Theories and Concepts in Behavioral Finance: A Review; Seventh International Seminar on Financial Markets: Issues and Challenges held at Bharathidasan University, Tiruchirappalli, January 8, 2012.
  12. Ray, Sougata (2012), Role of New Institutional Economics in Micro Finance; National Conference on Contemporary Issues on Banking and Finance held at KPR School of Business, Coimbatore, November 17, 2012.
  13. Ray, Sougata and Hardik Vachhrajani (2011), Economics of Scale in Microfinance Institutions: Evidences from India; National Level Seminar on "Role of Banking Sector in Rural Economic Development", Dr. N.G.P. Arts and Science College, Coimbatore, sponsored by Indian Council of Social Science Research (ICSSR), September 23, 2011
  14. Ray, Sougata (2011), Indian Stock market reforms: A Review; AICTE National Seminar on Contemporary Practices in Finance & HRM, Dept of Management Studies, VHNSN College, Virudhunagar, July 2010.
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