Vedika Saxena
  •  vedika.saxena@spjimr.org

Vedika Saxena

Assistant Professor, Finance and Accounting

Vedika Saxena holds a Ph.D. in Finance and Accounting from the Indian Institute of Management (IIM) Lucknow. Her research interest areas include corporate cash holdings, intercorporate investments, and MSME financing. She has published her research works in reputed journals such as Asian Review of Accounting, Managerial Finance, Journal of Emerging Market Finance, Review of Finance and Accounting, and International Journal of Financial Studies. Her research has received recognition, winning the ‘Best Paper Award’ at national and international conferences.

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Education

Indian Institute of Management, Lucknow

Ph.D., 2023

Focus: Finance and Accounting

Dayalbagh Educational Institute, Agra

MBA, 2018

Major: Finance

Dayalbagh Educational Institute, Agra

BCom (Hons.), 2016

  • Research interests

    Corporate Cash Holdings

    Waste Disclosure

    MSME Financing

  • Selected publications

    Saxena, V. and Sahoo, S. (2025), Cash or crash? The diversification game and corporate cash holdings in India, Review of Accounting and Finance, Vol. 24 No. 1, pp. 40-58. https://doi.org/10.1108/RAF-02-2023-0060.

    Saxena, V., & Sahoo, S. (2023). Corporate Cash Holdings and Share Buyback: Evidence from Emerging Markets. Journal of Emerging Market Finance, 22(4), 437-463. https://doi.org/10.1177/09726527231184555.

    Saxena, V. and Sahoo, S. (2023), What drives corporate cash holdings in MSMEs?: Evidence from India, Managerial Finance, Vol. 49 No. 2, pp. 291-314. https://doi.org/10.1108/MF-04-2022-0184.

    Saxena, V. and Sahoo, S. (2022), Impact of banking relationships and ownership concentration on corporate cash holdings in India, Asian Review of Accounting, Vol. 30 No. 4, pp. 465-489. https://doi.org/10.1108/ARA-01-2022-0014.

    Saxena, V., & Sahoo, S. (2022). Share repurchase: A review of the literature. International Journal of Indian Culture and Business Management, 25(1), 38–71. https://doi.org/10.1504/IJICBM.2022.120918.

    Saxena, V.; Sahoo, S. Determinants of Intercorporate Investments: An Empirical Investigation of Indian Firms. Int. J. Financial Stud. 2021, 9, 1. https://doi.org/10.3390/ijfs9010001.

    Link to Google Scholar

  • Conferences

    Fourth International Conference on Changing Business Paradigm (ICCBP-2024) at MDI Murshidabad. (January 5 – 7, 2024).

    Research Symposium on Finance and Economics (RSFE) organised by IFMR GSB, Krea University. (June 14 – 16, 2023).

    FORE International Finance Conference (FIFC-2022) at FORE School of Management, New Delhi. (Received the Best Paper Award). (November 25 – 26, 2022).

    International Conference on Contemporary Issues in Emerging Markets (CIEMC-2022) at IIM Bodh Gaya. (October 28 – 29, 2022).

    World Finance Conference at Turin, Italy. (August 1 – 3, 2022).

    Fourth International Conference on Financial Markets & Corporate Finance (ICFMCF 2022) at SJMSOM, IIT Bombay. (July 7 – 9, 2022).

    International Conference on Management of MSMEs (ICMM-2022) at IIM Amritsar. (Received the Best Paper Award). (January 22 – 23, 2022).

  • Working papers

    Voluntary Waste Disclosure and Corporate Cash Holdings

    Use of Proceeds Disclosed in the Prospectus and Pricing of IPOs: An Empirical Investigation

  • Featured in

    BottomLine Magazine (a joint initiative of the finance and investment clubs of IIM ABCL). Article: Drivers of Intercorporate Investments in India. (April 2021 – eighth edition)

  • Courses

    Financial Accounting (MBA)

    Cost and Management Accounting (MBA)

    Healthcare Management Accounting (MBA-Healthcare Specialisation)

    Cost Accounting (Integrated Programme in Management)

  • Awards and honours

    Young Researcher Award 2024 by the Indian Accounting Association. (November 2024).

    Research paper titled ‘What drives Corporate Cash holdings in MSMEs?: Evidence from India’ awarded Bronze Shield for commendable research paper in the finance category at the ICAI International Research Awards 2023 held in Dubai.

    Best Paper Award with a cash prize of ₹ 25000 in the International Conference on Management of MSMEs (ICMM 2022) held at IIM Amritsar for the paper titled ‘Banking Relationship and Ownership Concentration as Determinants of Corporate Cash Holdings: A Study of Indian MSMEs’.

    Best Paper Award with a cash prize of ₹ 5000 at the FORE International Finance Conference (FIFC 2022) at FORE School of Management, New Delhi, for the paper titled ‘Does Corporate Diversification affect Corporate Cash Holdings: Evidence from India’.

    Secured first position (Cash reward of ₹ 3000) in Online Hindi Quiz Competition organised during Hindi week at IIM Lucknow. (September 2021).

    Director’s Medal for scoring the highest grade points (Institute rank 1) in MBA. (2018).

    Junior Research Fellowship (Management), University Grants Commission. (2018).

    President’s Medal for securing the highest grade points in all undergraduate programmes. (2016).

    Director’s Medal for securing the highest grade points (Institute rank 1) in BCom (Hons.). (2016).

    Young System Scientist Award for Best Paper Presentation in Paritantra 2016, tenth Indian Students System Conference organised by DEI-Dayalbagh Chapter of Systems Society of India.

    ISC School Topper (Commerce). (2013).

    Secured first position in Std XI (across all streams).

  • Teaching interests

    Financial Accounting

    Cost and Management Accounting

    Financial Modelling using MS-Excel

    Financial Statement Analysis

  • Work experience

    Academic faculty

    Assistant Professor, Finance and Accounting, S. P. Jain Institute of Management and Research. (June 2025 – present).

    Assistant Professor, Finance and Accounting, Indian Institute of Management, Jammu. (January 30, 2023 – June 27, 2025).

    Administrative assignments

    Area Coordinator, Finance and Accounting, IIM Jammu. (March 2023 – October 2023).

    Co-chairperson, Doctoral Programme, IIM Jammu. (October 2023 – June 2025).

    Co-chairperson, Research, IIM Jammu. (August 2024 – April 2025).

    Committee Member Anandam: Centre of Happiness, IIM Jammu. (October 2023 – April 2025).

    Committee Member: Centre for Diversity and Inclusion, IIM Jammu. (October 2023 – June 2025).

    Committee Member: Internal Quality Assurance Cell, IIM Jammu. (August 2024 – March 2025).

    Committee Member: International Relations, IIM Jammu. (April 2025 – June 2025).

  • MDPs/FDPs

    Attended the NFLP Programme at IIT Bombay. (February 18 – 24, 2025).

    Programme Director, Malviya Mission Teacher Training Programme – Nurturing Future Leadership Programme (NFLP), batch 5. (January 27 – 31, 2025).

    Joint Conference Chair for a 2-day International Finance and Accounting Conference (2nd Edition of IFAC) organised in collaboration with the CFA Institute. (December 12 – 13, 2024).

    Programme Director, MDP for Elected representatives and officials of PRIs of J&K. (July 15 – 17, 2024).

    Session Chair for first edition of IFAC, IIM Jammu. (September 2023).

    Programme Director, FDP on Education Leadership Development training programme for College Principals of J&K. (January 29 – February 2, 2023).

  • Corporate mentoring

    Mentored IIM Jammu students (8 students every year) during their Summer Internship Programme.

  • Reviewer experience

    Review of cases: Case House of IIM Raipur. (CHIRP).

    Journal of Emerging Market Finance. (ABDC-B, ABS-2).

    Journal of Organizational Analysis. (ABDC-B).

    Metamorphosis. (ABS-1).

  • Professional memberships

    Lifetime Member. (Indian Accounting Association).

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