Dr Suman Lodh


I am a full-time Associate Professor in Finance at the Kingston Business School, Kingston University London. My research career started in 2010 with a PhD in Applied Economics under the supervision of Professor Maria R Battaggion (University of Bergamo, Italy) and Professor Gina O'Conor (Rensselaer Polytechnic Institute, USA). My research lies at the intersection of corporate finance, financial reporting, and sustainability. My publications and projects have focused on corporate accountability towards climate change, biodiversity, corporate lobby, digital currency, and SME finance. I have published in top international journals including Journal of Business Ethics, International Review of Financial Analysis, Corporate Governance: An International Review and The International Journal of Accounting. My recent funded projects commissioned by the National Science Foundation (USA), Natural Environment Research Council, UKRI, Department of Business Strategy and Industrial Strategy (BEIS), UK government, and London Borough of Hounslow emphasise on recovering green economy. My work has been featured on BBC Asian Network, UK Parliament website and CFA Digest.

I serve as the Treasurer and a member of the Executive Trustees of British Accounting and Finance Association, UK (BAFA) since 2021. I am an associate editor of Journal of Applied Accounting Research and in the editorial board of International Journal of Financial Studies, and Risk Governance & Control: Financial Markets & Institutions, and International Journal of Business Governance and Ethics

My research always feeds into his teaching and helps him to become an experienced educator with the ability to engage, inspire and demystify complex issues relevant to real world. I have taught Financial Econometrics, Corporate Finance, Financial Statement Analysis in the Post Graduate Programmes. I am passionate about the green recovery of economy as well as improving access to finance of early-stage local businesses.

For working paper see his personal website www.sumanlodh.com and Google Scholar.

Academic responsibilities

Associate Professor in Finance


  • PhD in Applied Economics
  • PGCert HE (Fellow of the Higher Education Academy)

Teaching and learning

Suman's passion has always been teaching Econometrics and its application in Accounting and Finance at postgraduate and PhD level. He designed and delivered successfully Advanced and Applied Econometrics modules for more than 10 years at Middlesex University, with an outstanding students' performance record. He also has taught a range of modules including corporate finance and corporate social responsibility at various levels. Here is a list of modules:

Courses taught - Applied and Advanced Econometrics (Post Graduate), Research Methods and Dissertation (Post Graduate), Financial Econometrics and Financial Modelling (Post Graduate), Corporate Finance (Postgraduate), Business Management in Emerging Market (Undergraduate), Corporate Social Responsibility (undergraduate).

Doctoral Students- Supervised to completion

1. Marian Mgbame: Thesis title- Risk management of CEO and CEO compensation 

2. Vishwanath Sadanand: Thesis title - FDI Spillovers in Emerging Market.

3. Tung Le: Thesis title - Momentum trading and investor sentiment.

4. Samirah Jugoo: Thesis title- Corporate governance and investment fund performance.

5. Jose Arias: Thesis title- Banking supervision and bank culture.

6. Shamol Miah: Thesis title - Mergers and acquisition and corporate reputation.

Current PhD students

1. Ibrahim Khan: Environment performance and political connection (Thesis Submitted 2024).

2. Arma Kulenovic: Digital Currency and Blockchain Technology

3. Bella Nyamse: Financial Inclusion and women empowerment

Qualifications and expertise

  • PhD in Economics

Postgraduate courses taught


Suman's research interests include topics that can make an impact and a positive difference to businesses. Currently he is working on application of machine learning and blockchain in business, bank's performance, sustainability and few other related areas.


Suman has worked with small local companies in the UK and published the evidence on the UK Parliament website related to the impact of Covid-19 on their survival. He has also co-authored a few blog posts which are available on Institute for Small Business and Entrepreneurship (ISBE) website. His research has attracted the media and had an interview on BBC Asian Network radio channel in October 2020. His previous research has also got attention by CFA Digest (2015) and Mediterranean Dialogue (2017). Recently, he completed an impactful project funded by Chartered Institute of Taxation on Net-zero carbon target of UK.

Some of his research works are covered by media, such as CFA Digest, The Conversation, Mediterrnean Dialogue and BBC Asian Network.

Happy to speak to media.

Research Student Supervision

  • Bella Nyamse
  • Arma Kulenovic

Qualifications and expertise

  • Financial econometrics, Machine Learning, and AI
  • Corporate Finance

Areas of specialism

  • Cryptocurrency and Blockchain Technology
  • SME Finance and Sustainability
  • Climate Change and Carbon Accounting
  • Earnings Management
  • Banking

Scholarly affiliations

  • Exec Trustee and Treasurer, British Accounting and Finance Association
  • Fellow, Association of International Accountants
  • UKRI Talent Peer Review College
  • British Academy of Management Peer Review College

Research student supervision


Number of items: 49.


Bhattacharjee, Anindita, Nandy, Monomita and Lodh, Suman (2024) COVID-19 and persistence in the stock market : a study on a leading emerging market. International Journal of Disclosure and Governance, ISSN (print) 1741-3591 (Epub Ahead of Print)

Grym, Jori, Aspara, Jaakko, Nandy, Monomita and Lodh, Suman (2024) A crime by any other name : gender differences in moral reasoning when judging the tax evasion of cryptocurrency traders. Behavioral Sciences, 14(3), p. 198. ISSN (print) 2076-328X

Lodh, Suman, Deshmukh, Nitin and Rohani, Alireza (2024) Stemming the tide : does climate risk affect M&A performance? Business Strategy and the Environment, 33(2), pp. 858-881. ISSN (online) 1099-0836

Chakraborty, Sushmita, Nandy, Monomita, Lodh, Suman and Ntim, Collins C (2023) Relation between environmental sustainable development goals and sustainable tourism : current status and future prospects. Tourism Analysis, ISSN (print) 1083-5423 (In Press)

Alaamri, Yazen, Hussainey, Khlaed, Nandy, Monomita and Lodh, Suman (2023) Impact of audit quality and climate change reporting on corporate performance : a review and future research agenda. Journal of Accounting Literature, ISSN (print) 0737-4607 (Epub Ahead of Print)

Uyar, Ali, Lodh, Suman, Nandy, Monomita, Kuzey, Cemil and Karaman, Abdullah S. (2023) Tradeoff between corporate investment and CSR : the moderating effect of financial slack, workforce slack, and board gender diversity. International Review of Financial Analysis, 87, p. 102649. ISSN (print) 1057-5219

Owen, Robyn, Botelho, Tiago, Mac an Bhaird, Ciarán, Ghulam Hussain, Javed, Pierrakis, Yannis, Scott, Jonathan M. and Lodh, Suman (2023) Editorial : Entrepreneurial finance for green innovative SMEs. IEEE Transactions on Engineering Management, 70(3), pp. 942-949. ISSN (print) 0018-9391

Afolabi, Hammed, Ram, Ronita, Hussainey, Khaled, Nandy, Monomita and Lodh, Suman (2022) Exploration of small and medium entities' actions on sustainability practices and their implications for a greener economy. Journal of Applied Accounting Research, ISSN (print) 0967-5426 (Epub Ahead of Print)

Nandy, Monomita, Kuzey, Cemil, Uyar, Ali, Lodh, Suman and Karaman, Abdullah S. (2022) Can CSR mechanisms spur GRI adoption and restore its lost value relevance? Journal of Applied Accounting Research, ISSN (print) 0967-5426 (Epub Ahead of Print)

Lodh, Suman, Nandy, Monomita and Kaur, Jaskaran (2022) Influence of governance bundles and directors' social capital on cash holding in foreign cross-listed firms. International Journal of Finance & Economics, ISSN (online) 1099-1158

Stelly, Britain, McCarroll, John, Nandy, Monomita and Lodh, Suman (2022) The 'journey of a hero' and sustainable development. World Review of Entrepreneurship, Management and Sustainable Development, ISSN (print) 1746-0573 (In Press)

Mustafa, Fairouz, Lodh, Suman, Nandy, Monomita and Kumar, Vikas (2022) Coupling of cryptocurrency trading with the sustainable environmental goals : is it on the cards? Business Strategy and the Environment, 31(3), pp. 1152-1168. ISSN (online) 1099-0836

Hassan, Abeer, Elamer, Ahmed A, Lodh, Suman, Roberts, Lee and Nandy, Monomita (2021) The future of non-financial businesses reporting : learning from the Covid-19 pandemic. Corporate Social Responsibility and Environmental Management, 28(4), pp. 1231-1240. ISSN (online) 1535-3966

Nandy, Monomita, Lodh, Suman, Wang, Jin and Kaur, Jaskaran (2021) Does lobbying of firms complement executive networks in determining executive compensation? International Journal of Finance and Economics, 26(3), pp. 4137-4162. ISSN (online) 1099-1158

Roberts, Lee, Nandy, Monomita, Hassan, Abeer, Lodh, Suman and Elamer, Ahmed A. (2021) Corporate accountability towards species extinction protection : insights from ecologically forward-thinking companies. Journal of Business Ethics, 178(3), pp. 571-595. ISSN (print) 0167-4544

Nandy, Monomita, Lodh, Suman and Tang, Audrey (2021) Lessons from COVID-19 and a resilience model for higher education. Industry and Higher Education, 35(1), pp. 3-9. ISSN (print) 0950-4222

Egwuonwu, Ambrose, Lodh, Suman and Nandy, Monomita (2021) Stock co-movement and governance bundles : does the quality of national governance moderate this relationship? International Journal of Finance & Economics, ISSN (print) 1076-9307 (Epub Ahead of Print)

Chaney, Paul, Lodh, Suman and Nandy, Monomita (2021) How does culture impinge upon managers' demeanor of earnings management? Evidence from cross-country analysis. The International Journal of Accounting, 56(02), p. 2150009. ISSN (print) 1094-4060

Chaney, Paul K, Lodh, Suman and Nandy, Monomita (2021) A reply to the discussion of “How does culture impinge upon managers’ demeanor of earnings management? Evidence from cross-country analysis”. The International Journal of Accounting, 56(02), p. 2180007. ISSN (print) 1094-4060

Nandy, Monomita, Lodh, Suman, Kaur, Jaskaran and Wang, Jin (2020) Impact of directors' networks on corporate social responsibility : a cross country study. International Review of Financial Analysis, 72, p. 101601. ISSN (print) 1057-5219

Nandy, Monomita, Marocchi, Giovanni, Lodh, Suman and Corradini, Alessandro (2020) The comprehensive environmental management model in post-Covid19 era. Journal of Business and Management Studies, 2(1), pp. 1-15. ISSN (online) 2709-0876

Caporale, Guglielmo Maria, Lodh, Suman and Nandy, Monomita (2018) How has the global financial crisis affected syndicated loan terms in emerging markets? Evidence from China. International Journal of Finance & Economics, 23(4), pp. 478-491. ISSN (print) 1076-9307

Artemenkov, Andrey, Lodh, Suman and Nandy, Monomita (2018) Fair value in the professional valuation : concept and models. International Journal of Critical Accounting, 10(6), pp. 427-446. ISSN (print) 1757-9848

Caporale, Guglielmo Maria, Lodh, Suman and Nandy, Monomita (2017) The performance of banks in the MENA region during the global financial crisis. Research in International Business and Finance, 42, pp. 583-590. ISSN (print) 0275-5319

Lodh, Suman and Nandy, Monomita (2017) Gender inequality and disabled inclusivity in accounting higher education and profession during financial crisis. Industry and Higher Education, 31(5), pp. 335-347. ISSN (print) 0950-4222

Braam, Geert, Nandy, Monomita, Weitzel, Utz and Lodh, Suman (2015) Accrual-based and real earnings management and political connections. The International Journal of Accounting, 50(2), pp. 111-141. ISSN (print) 0020-7063

Lodh, Suman and Battaggion, Maria Rosa (2015) Technological breadth and depth of knowledge in innovation : the role of mergers and acquisitions in biotech. Industrial and Corporate Change, 24(2), pp. 383-415. ISSN (print) 0960-6491

Lodh, Suman, Nandy, Monomita and Chen, Jean (2014) Innovation and family ownership : empirical evidence from India. Corporate Governance : An International Review, 22(1), pp. 4-23. ISSN (print) 0964-8410

Nandy, Monomita and Lodh, Suman (2012) Do banks value the eco-friendliness of firms in their corporate lending decision? Some empirical evidence. International Review of Financial Analysis, 25, pp. 83-93. ISSN (print) 1057-5219


Lodh, Suman [Editor] and Nandy, Monomita [Editor] (2023) Corporate risk management after the COVID-19 crisis. London, U.K. : World Scientific. 229p. (Transformations in banking, finance and regulation, (7)) ISSN (print) 2752-5821 ISBN 9781800614222

Book Section

Lodh, Suman and Nandy, Monomita (2023) Introduction : problematising the post-pandemic corporate risk management — future directions of research. In: Lodh, Suman and Nandy, Monomita, (eds.) Corporate risk management after the COVID-19 crisis. London, U.K. : World Scientific. pp. XV-XXIX. (Transformations in banking, finance and regulation, (7)) ISSN (print) 2752-5821 ISBN 9781800614222

Goel, Puneeta, Misra, Rupali, Lodh, Suman, Nandy, Monomita and Mishra, Nandita (2023) B Corps in India : a sustainable business model. In: Peter, Henry , Vargas Vasserot, Carlos and Alcalde Silva, Jaime, (eds.) The International Handbook of Social Enterprise Law. Cham : Springer. pp. 621-649. ISBN 9783031142154

Nandy, Monomita and Lodh, Suman (2020) Post Covid-19 and business analytics. In: Joshi, Amit , Dey, Nilanjan and Santosh, K. C., (eds.) Intelligent Systems and Methods to Combat Covid-19. Singapore : Springer. pp. 83-91. (Springer Briefs in Applied Sciences and Technology) ISBN 978981156571

Lodh, Suman and Nandy, Monomita (2017) The impact of international financial reporting standards adoption on earnings management: evidence from EU countries. In: Ekanem, Ignatious U, (ed.) Understanding Bankruptcy: Global Issues, Perspectives and Challenges. Nova Science Publishers. pp. 173-194. ISBN 9781536123999

Conference or Workshop Item

González Cortés, Daniel, Akbar, Saeed, Nandy, Monomita and Lodh, Suman (2024) Climate reporting by the UK companies : application of machine learning model. In: 46th Annual Congress of the European Accounting Association (EAA); 15-17 May 2024, Bucharest, Romania. (Unpublished)


Nandy, Monomita, Pallotta, Alberto, Ciciretti, Vito, Matharu, Mann and Lodh, Suman (2023) Non-fungible tokens (NFTs) and the blockchain. (Other) U.K. : UK Parliament. 6 p.

Owen, Robyn, Lyon, Fergus, Burnett, Amy and Lodh, Suman (2022) SME finance for biodiversity (‘FinBio’) in the UK. (Project Report) London, U.K. : Centre for Enterprise, Environment and Development Research (CEEDR) and GreenFin Research Cluster, Middlesex University. 5 p.

Owen, Robyn, Lyon, Fergus, Burnett, Amy and Lodh, Suman (2022) SME financing for biodiversity : building nature measurement and impacts into SME financing (‘SME FinBio’) : key findings and recommendations (policy-orientated). (Project Report) London, U.K. : Middlesex University. 14 p.

Owen, Robyn, Lodh, Suman, Anwar, Osman and Plekhanov, Sergei (2022) Exploring external finance to build back better a green UK SME economy. (Technical Report) Enterprise Research Centre.

Jelfs, Peter, Lodh, Suman and Nandy, Monomita (2021) Can environmental tax reform contribute towards net zero carbon for the UK? (Other) UK Parliament. 5 p. (Submitted)

Nandy, Monomita and Lodh, Suman (2020) [Contribution to Public Consultation on draft revisions to the G20/OECD Principles of Corporate Governance]. (Other) OECD. 2 p. (Submitted)

Nandy, Monomita and Lodh, Suman (2020) [Post-pandemic economic growth]. (Other) UK Parliament. 22 p. (Submitted)

Lodh, Suman and Nandy, Monomita (2020) A comprehensive coronavirus recovery model for small business. (Other) UK Parliament. 3 p. (Submitted)

Owen, Robyn, Botelho, Tiago, Anwar, Osman, Harrer, Theresia and Lodh, Suman (2019) An investigation of UK SME access to finance, growth and productivity, 2015-2017 - ERC Research Paper 79. (Technical Report) Enterprise Research Centre (ERC).


Ciciretti, Vito, Pallotta, Alberto, Nandy, Monomita, Senyo, PK, Lodh, Suman and Kartasova, Jekaterina (2022) Early risk signal model for SME. ISBE Blog.

Nandy, Monomita and Lodh, Suman (2022) Energy crisis : how to help small businesses survive and become more sustainable. The Conversation.

Nandy, Monomita, Tang, Audrey and Lodh, Suman (2021) Efficacious oscillation model for SME : strategies during Covid-19. ISBE Blog.

Lodh, Suman, Rosli, Ainurul and Nandy, Monomita (2020) Small business surviving Covid-19 crisis : What we can learn from previous research? ISBE Blog.

Nandy, Monomita and Lodh, Suman (2018) Record spend on Christmas advertising as companies try to stem Brexit losses. The Conversation.

This list was generated on Mon Jul 22 06:55:47 2024 BST.

Business, knowledge transfer and international

Suman has been a guest speaker at many leading universities including Amity University, Gaur Banga University, and University of Engineering and Management, St Xavier's College(India), University of Eastern Finland (Finland), Dhofar University(Oman) and Brunel University London (workshops for PhD programme). In addition, he served as a panel member for International Congress on Information and Communication Technology (ICICT - 2017, 2018, 2019, 2020) to discuss topics on related to blockchain and digital finance reports. He was also one of the esteemed panellists at the World Summit on the Information Society Forum 2022 (Accelerating progress on SDGs). 

Recent funded Projects:

  • Natural Environmental Research Council (NERC): "Nature Positive SME Finance" -  Co-Investigator. (£184K). (2023)
  • Developing framework for measuring London Borough of Hounslow (LBH) 2030 Green Economy Doubling Strategy – For London region, West London sub region and LBH. Academic Partner of Green Economy Programme of LB Hounslow. Co-investigator.(£120K) (2022-2024).
  • Natural Environmental Research Council (NERC) and Finance for Biodiversity (F4B): SME Financing for Biodiversity: Building Nature Measurement and Impacts into SME Financing (‘SME FinBio') - with Agri-Food Sector Case Study Example. Principal Investigator (with Owen R and Lyon, F). (£100K). (2022)
  • Early stage high growth SMEs in the UK. - Department of Business, Energy and Industrial Strategy (BEIS-UK) (£10K) (2022).
  • Green tax and sustainable recovery (2021). Funder: Chartered Institute of Taxation, UK.
  • Social Enterprise and market trends (LSBS Survey Analysis). Funder: Department for Digital, Culture and Media Support (DCMS), UK.
  • The evaluation of the English ERDF 2014-20 Operational Programme (OP). In association with Regeris Consultant, Belmana and BMG Research (2018-21)- £1.9m
  • Productivity project funding: Round 2 (Productivity Insight Network) with Owen, R, Harier, T. (2020)- £46k.
  • Enterprise Research Center- Phase 3 Longitudinal Small Business Survey: SME Access to Finance. with Owen, R., Anwar, O., Botelho, T.(2018-2019)-£5k

Professional practice, knowledge exchange and impact

Suman is an active member of:

  • UKRI Talent Peer Review College
  • British Academy of Management Peer Review College

Leadership and management

Suman served as the Research Lead in Accounting and Finance department and was one of the chairs of Research Ethics Committee at Middlesex University London. He co-founded the Green Finance Research Hub, a multi-disciplinary research group within the Middlesex University Business School. The main aim of this research group is to do research on sustainability, climate change and SME finance as well as share skill and knowledge in classroom and with colleagues. 

In addition, Suman was one of the country experts of International Corporate Governance Society (icgsociety.org/about/country-experts/) who contributed to compile country level resources to understand governance environment.

He is also the Treasurer and a member of the Executive Trustees of British Accounting and Finance Association (BAFA) since 2021. Previously,  He had the role of the Secretary (2018-2021) of BAFA-SEAG (British Accounting and Finance Association- South-East Area Group). 

Associate Editor:

  • Journal of Applied Accounting Research

Editorial board member: 

  • International Journal of Financial Studies
  • Risk Governance & Control: Financial Markets & Institutions

Qualifications and expertise

  • Leading with Excellence (certification from Middlesex University)

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