Posted on January 27, 2025 by Rebekah Alegria
Binay Adhikari, associate professor of finance at the Carlos Alvarez College of Business at UTSA, has been named a Lutcher Brown Fellow for 2024-2025.
The fellowship recognizes newly tenured faculty for their innovative research and dedication to student success.
“This recognition affirms the importance of my research on the human side of financial decision-making,” said Binay Adhikari. “The fellowship will allow me to pursue key projects and bring more hands-on guidance to my Ph.D. students.”
Adhikari’s research in corporate finance investigates how behavioral and cultural factors influence financial decision-making and risk management. His recent projects delve into how characteristics such as manager demographics, including gender and political orientation, and local cultural influences, such as religion, affect corporate policies.
"Understanding the human element in financial decision-making helps us see beyond the numbers and into the motivations and behaviors that drive corporate strategies,” said Adhikari. “This perspective is crucial for addressing challenges in corporate governance and risk management, ensuring that financial systems are not only efficient, but also resilient.”
His work, which has been featured in the Journal of Corporate Finance and the Journal of Financial and Quantitative Analysis, has demonstrated that banks in highly- religious areas tend to take fewer financial risks, and that firms led by women are less prone to litigation due to more conservative decision-making practices.
The fellowship funding will enable Adhikari to access advanced datasets, acquire cutting-edge tools and participate in academic conferences where he can share his findings and collaborate with leading scholars. “This opportunity strengthens my ability to contribute to UTSA’s mission of impactful research and student development,” he noted.
Looking ahead, Adhikari plans to expand his focus to include how emerging technologies like artificial intelligence and blockchain are transforming corporate finance and investment strategies. “Technological advancements are reshaping how financial decisions are made,” said Adhikari. “I’m particularly interested in exploring how these innovations influence corporate behavior and contribute to more efficient and adaptive financial systems.” The Lutcher Brown Fellowship, awarded by UTSA Academic Affairs, supports high-achieving faculty as they advance their research and mentoring efforts. Each year the fellowship provides resources to enhance faculty scholarship and support their students’ academic and professional growth.
— Rebekah Alegria
