•  vinay.goyal@spjimr.org

Vinay Goyal

Associate Professor

Finance & Economics

Director – Academic Operations

Vinay Goyal holds a Ph.D. from Devi Ahilya University, with his doctoral research focus on Accounting for Human Efforts in Higher Learning. A Chartered Accountant by qualification, he has completed his master’s degree in Business Administration from the Institute of Management Studies, Devi Ahilya University.

He is a faculty in the area of Accounting and Finance at SPJIMR. In his career spanning 28 years, he worked in the industry in various finance roles, with institutions in banking and higher education. In 2005, he joined academics and pursued his passion for teaching at leading management institutes in India.

His research interests cover topics including Earnings Management, Corporate Governance, Compliance, and Disclosure Norms in Accounting. His research contributions have been presented in leading Finance journals, publications as well as conferences.

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Devi Ahilya University    

MCom, 2012
Major: Accounts & Taxation

Devi Ahilya University    

Ph.D., 2009
Focus: Management

Institute of Management Studies (IMS, Devi Ahilya University) 

MBA, 2003
Major: Finance & HR

Institute of Chartered Accountants of India

CA, 1999 (Rank Holder)

Barkatullah University   

MCom, 1999
Major: Accounting & Taxation


    Earnings Management

    Corporate Governance


    Disclosure Norms in Accounting


    Goyal, V., Chauhan, Y., Jaiswal, M. (2021). Does societal trust affect corporate capital structure? Emerging Markets Review.

    Goyal, V., Mitra, S. K. (2021). Is the asymmetric impact of aggregate revenue and aggregate earnings on the stock index in accordance with the prospect theory? International Review of Finance.

    Goyal, V. (2019). Brand Image and its Determinants: A Stochastic Frontier Approach Analysis. Review of Marketing Science, 17(1), 1-22.

    Goyal, V., Khatwani, R. (2019). Predictor of Financial Dishonesty: Self Control, Opportunity, Attitudes. Academy of Accounting and Financial Studies Journal, 23(5). https://www.abacademies.org/articles/predictor-of-financial-dishonesty-self-control-opportunity-attitudes-8673.html

    Goyal, V., Bawa, J., Mitra, S. K., Basu, S. (2019). An analysis of NPAs of Indian banks: Using a comprehensive framework of 31 financial ratios. IIMB Management Review, 31(1), 51-62.

    Kumar, S. B., Goyal, V., Mitra, S. K. (2019). The relationship between earnings rounds up/down and global financial crisis: evidence from BRICS markets. Asia-Pacific Journal of Accounting & Economics.

    Goyal, V., Gupta, S., Kalakbandi, V., Basu, S. (2018). Overconfidence, trading volume and liquidity effect in Asia’s Giants: evidence from pre-, during-and post-global recession. DECISION, 45(3), 235-257.

    Goyal, V., Gupta, S., Mitra, S. K. (2018). Relationship between energy commodities: Markov Regime Switching approach. Academy of Accounting and Financial Studies Journal, 22(2), 1-8.

    Goyal, V., Thakur, B. P., Kannadhasan, M. (2018). Determinants of corporate credit spread evidence from India. DECISION, 45(1), 59-73.

    Goyal, V., Kumar, S. B., Mitra, S. K. (2018). Do Indian Firms manage earning numbers? An empirical investigation. Academy of Accounting and Financial Studies Journal, 22(1), 1-7. https://www.abacademies.org/articles/do-indian-firms-manage-earning-numbers-an-empirical-investigation-6874.html

    Goyal, V., Malodiya, S., Sengupta, A., Singh, P. (2017). Measuring the impact of brand-celebrity personality congruence on purchase intention. Journal of Marketing Communications, 23(5), 493-512.

    Goyal, V., Mitra, S. K., Bawa, J., Kannadhasan, M., M. (2017). Can profitability through momentum strategies be enhanced by applying a range to standard deviation filters? Finance Research Letters, 20(2), 269-273.

    Goyal, V., Kannadhasan, M., Charan, P. (2016). The Role of Financial Performance as a Moderator on the Relationship between Financial Leverage and Shareholders Return. Journal of Modern Accounting and Auditing, 12(7), 81-98.

    Goyal, V., Kannadhasan, M., Aramvalarthan, S., Mitra, S. K. (2016). Relationship between Biopsychosocial Factors and Financial Risk Tolerance: An Empirical Study. Vikalpa: The Journal for Decision Makers, 41(2), 117-131.


    Goyal, V., Mitra, S. K., Kannadhasan, M. (2018). Yash Building center: Planning & Expansion (pp. 21 pages). Ivey Publishing.

    Goyal, V., Kumar, S. B., Mitra, S. K. (2017). Joneja Bright steel: cash discount decision (pp. 8 pages). Ivey Publishing.

    Goyal, V., Singh, B. P., Kannadhasan, M. (2017). Next India Traveller: A valuation challenge (pp. 9 pages). Ivey Publishing.

    Goyal, V., Mittal, S., Tanted, N. (2016). Wonder Kidz Franchise (pp. 6 Pages). Ivey Publishing. https://www.thecasecentre.org/main/products/view?id=141512

    Goyal, V., Bawa, J. K., Mitra, S. K. (2016). Applied mobile labs: valuation of a start-up (pp. 13 pages). Ivey Publishing. https://www.iveycases.com/ProductView.aspx?id=79639

    Goyal, V., Bhattacharya, N. (2016). The Emergence of Internet Currency: What Is Bitcoin’s Worth? (pp. 22 pages). The Case Center. https://www.thecasecentre.org/main/products/view?id=135879

    Goyal, V., Mitra, S. K. (2016). Anandam Manufacturing company – analysis of financial statements (pp. 6 pages). Ivey Publishing. https://www.thecasecentre.org/main/products/view&&id=135206

    Goyal, V., Prashar, S. (2015). Merger of Kotak Mahindra Bank and Ing Vysya Bank: Creating Strategic Advantage. The Case Center. https://www.thecasecentre.org/programmeAdmin/products/view?id=128585

    Goyal, V., Prashar, S. (2015). Star Bank Limited: Managing the Branch (pp. 8 pages). The Case Center.


    Goyal, V. (Author & Presenter), “Analysis of brand image and its determinants using stochastic frontier analysis,” Deakin University, Melbourne. (February 2017).

    Goyal, V. (Author & Presenter), The Institute of business & finance research, Global conference on Business & finance, “Basel III norms and banks: global trends and Indian experience,” Hawaii Global Conference, Honolulu, USA. (January 2014).

    Goyal, V. (Author & Presenter), 7th ISDSI & 5th OSCM conference, “Corporate Debt Restructuring as a tool for curbing NPA: a critical study,” International Management Institute (IMI), New Delhi. (December 2013).


    Financial Accounting

    Cost and management accounting

    Corporate Valuation

    Corporate Finance

    Banking Management

    Financial Statement Analysis

    Retail Banking


    Rank Holder Chartered Accountant


    Academic Faculty

    Associate Professor, S. P. Jain Institute of Management & Research. (Oct 2020 – Present).

    Associate Professor, Indian Institute of Management, Raipur. (April 2014 – Oct 2020).

    Associate Professor, Goa Institute of Management. (Jan 2012 – March 2014).

    Professor & Principal, Altius Institute of Professional studies. (Jan 2011 – Jan 2012).

    Reader (Associate Professor), CH Institute of Management & Commerce. (Sept 2006 – Jan 2011).

    Reader (Associate Professor), Maharaja Ranjit Singh College of Professional Sciences. (April 2005 – Sept 2006).

    The Daly College (Oct 2003 – Mar 2005)

    Finance Manager

    The Emerald Heights International School. (July 2002 – Oct 2003)

    Finance Manager

    IDBI Bank Ltd. (August 1999 – June 2002)

    Assistant Manager

    Cosmos Bank Ltd. (July 1998 – August 1999)


    TN Unni & Co. Chartered Accountants. (April 1995 – June 1998)

    Articled Clerk


    For Profit Organization, KPMG, Mumbai. (June 2017).


    Management/Executive Development, Online – Advanced Corporate Finance & risk management. (January 2020 – August 2020).

    Management/Executive Development, Online – Advanced Corporate Finance & risk management. (July 2019 – December 2019).

    Management/Executive Development, IIM Raipur. (2014 – 2017).

    Management/Executive Development, IIM Raipur. (2015 – 2016).


    Reviewer Journal of Indian Business Research

    International Marketing Review


    Financial Accounting

    Cost & Management Accounting

    Financial Statement Analysis

    Business Valuations

    Commercial Banking


    Indian Finance association


    IFRS certification from KPMG

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