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Professor Devendra Kodwani

BA (Honors) Philosophy, Politics and Economics (Open University, UK),BCom (Gujarat), MBA (Gujarat), PhD (Manchester)

Profile summary

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Professional biography

Devendra has significant academic leadership experience of building institution and programmes. He has been a member of the Vice Chancellor's Executive since 2018. Since December 2023 he is responsible for international and post graduate programmes development . From 2017-18 Devendra was executive dean of the faculty of business and law and he led the two schools of business and law. The Open University Business School which has distinction of being triple accredited by AACSB, EQUIS and AMBA. The Open University Business School pioneered part time distance learning model and is leading business school known for online management education. The Open University Law School  is one of the largest providers of part time online distance qualifying law degree in the UK. 

Devendra joined The Open University Business School in 2004 and is Professor of Financial Management and Corporate Governance based in Department of Accounting and Finance. He was previously employed in India at the Indian Institute of Management, Ahmedabad; Gujarat University and the Tolani Institute of Management Studies.

Over the years Devendra has built sound experience in learning design for online education and platforms. He was non-executive director on the Board of Directors of FutureLearn a global online education which is leading a revolution in innovating online learning. In 2020 he was member of task force on Digitalisation and Management Education of European Foundation for Management Development that has been considering what digitalisation means for future of management education and quality standards. 

His teaching portfolio includes undergraduate and post graduate accounting and finance courses. These include Financial accounting (B291), Financial strategy (B821), Issues in international finance and investment (B854).  As Masters Programme Director during 2010-2013, Devendra led the redevelopment of the Open University's flagship MBA programme, and the development of two specialist masters MSc Finance and MSc Human Resources Management. As Associate Dean Curriculum, Learning and Teaching (2013-2017), Devendra shaped learning design and learning teaching strategy for all qualifiations offered by the Faculty of Business and Law. Recently he also led on development of management and finance programmes on Massive Online Open Courses (MOOCs) programme on Future Learn. He also developed MOOC on Bookkeeping for Personal and Business Accounting. He has inspired and steered creation of new curriculum products micro-credentials launched on Future Learn.

His current research focuses on the evolution of regulatory institutions in India, corporate governace and ethics. He has been examining the reforms in the electricity, water and telecommunications industries in the UK and India. He is currently engaged in research on corporate governance, institutional endowments and regulatory capabilities in India. His other research interests include behavioural finance, governance, management and accounting in utilities, and derivatives. He supervises masters and doctoral students in area of finance. He also contributes to the blog accompanying the Money Programme - see his views on tele-marketing and understanding cartels.

He was until 2013 a panel member for the Association of Certified Chartered Accountants (ACCA) for the Professional Accountant paper, which is part of the ACCA qualification. He is member of British Accounting and Finance Association.

Research interests

Corporate governance, regulatory economics; efficiency/productivity; measurement in utility industries using Data Envelopment Analysis (DEA); ethics, privatization of PSU, particularly utilities such as power, water, telecoms and gas; financial economics. He is also a contributor to the blog accompanying the Money Programme.

Teaching interests

Finance and accounting.

Member of Academic Council of CUTS Institute for Regulation and Competition India.

Research groups

NameTypeParent Unit
Socially Responsible Management and Regulation ThemeThemeThe Faculty of Business and Law


The impact of compliance, board committees and insider CEOs on firm survival during crisis (2024-01)
Ahmad, Sardar; Ullah, Subhan; Akbar, Saeed; Kodwani, Devendra and Brahma, Sanjukta
International Review of Financial Analysis, 91, Article 102979

Compliance or non‐compliance during financial crisis: Does it matter? (2023-07)
Ahmad, Sardar; Akbar, Saeed; Kodwani, Devendra; Halari, Anwar and Shah, Syed Zubair
International Journal of Finance and Economics, 28(3) (pp. 2348-2366)

Governance disclosure quality and market valuation of firms in UK and Germany (2021-10-12)
Ullah, Subhan; Ahmad, Sardar; Akbar, Saeed; Kodwani, Devendra and Frecknall-Hughes, Jane
International Journal of Finance and Economics, 26(4) (pp. 5031-5055)

Analysing corporate governance and accountability practices from an African neo-patrimonialism perspective: Insights from Kenya (2021-07)
Kimani, Danson; Ullah, Subhan; Kodwani, Devendra and Akhtar, Pervaiz
Critical Perspectives on Accounting, 78, Article 102260

International Evidence on the Determinants of Organisational Ethical Vulnerability (2019-07-12)
Ullah, Subhan; Ahmad, Sardar; Akbar, Saeed and Kodwani, Devendra
British Journal of Management, 30(3) (pp. 668-691)

Living in a refugee camp and making way in life through education (2019-05-23)
Kodwani, Devendra
Widening Participation and Lifelong Learning, 21(2) (pp. 20-23)

Is the disposition effect related to investors’ reliance on System 1 and System 2 processes or their strategy of emotion regulation? (2018)
Richards, Daniel W.; Fenton-O'Creevy, Mark; Rutterford, Janette and Kodwani, Devendra G.
Journal of Economic Psychology, 66 (pp. 79-92)

Big data academic and learning analytics: connecting the dots for academic excellence in higher education (2018)
Chaurasia, Sushil S.; Kodwani, Devendra; Lachhwani, Hitendra and Ketkar, Manisha Avadhut
International Journal of Educational Management, 32(6) (pp. 1099-1117)

Stock market investors' use of stop losses and the disposition effect (2017)
Richards, Daniel W.; Rutterford, Janette; Kodwani, Devendra and Fenton-O'Creevy, Mark
European Journal of Finance, 23(2) (pp. 130-152)

Shareholder wealth creation following M&A: evidence from European utility sectors (2013-03)
Datta, Sanjukta; Kodwani, Devendra and Viney, Howard
Applied Financial Economics, 23(10) (pp. 891-900)

The impact of ICT-enabled offshoring announcements on share prices (2009)
Daniel, Elizabeth; Kodwani, Devendra and Datta, Sanjukta
Journal of Enterprise Information Management, 22(3) (pp. 241-256)

Economic Regulation of Utility Industries (2000-07)
Kodwani, Devendra
Economic & Political Weekly, 35(30) (pp. 2657-2661)

The regulation of the United Kingdon electricity industry: an event study of price-capping measures (1998)
Dnes, Anthony W.; Kodwani, Devendra G.; Seaton, Jonathan S. and Wood, Douglas
Journal of Regulatory Economics, 13(3) (pp. 207-226)

Privatisation policy and power sector reforms: lessons from British experience for India (1997-09-13)
Wood, Douglas and Kodwani, Devendra
Economic and Political Weekly, 32(37) (pp. 2350-2358)

Action research: bridging the gap between theory and practice (1997)
Kodwani, Devendra
Synerygy, S.P. University Journal of Management, 1(2)

Capital Markets: a consumers' handbook (1994)
Kodwani, Devendra
Publisher : Consumer Education and Research Center, Ahmedabad and Friederich Naumann Foundation | Published : New Delhi

Infrastructure in India (2010-11-10)
Kodwani, Devendra
In: Budhwar, Pawan S. and Varma, Arup eds. Doing Business In India (pp. 79-100)
ISBN : 9780415777544 | Publisher : Routledge | Published : Abingdon, Oxford, UK

Regulatory challenges in electricity markets in India (2009)
Kodwani, Devendra
In: Mehta, Pradeep S. and Evenett, Simon J. eds. Politics Trumps Economics: Political Economy and the Implementation of Competition Law and Regulation in Developing Countries (pp. 361-409)
ISBN : 9788171887255 | Publisher : Academic Foundation | Published : New Delhi, India

Competition and regulation in energy sector in India (2006)
Kodwani, Devendra
In: Mehta, Pradeep S. ed. Towards a functional competition policy for India (pp. 189-197)
ISBN : 8171884490 | Publisher : Academic Foundation | Published : New Delhi, India

An Analytical Study of Option Greeks on Derivative Markets in India (2005-10)
Kodwani, Devendra G.
In: Motamen-Samadian, Sima ed. Risk management in emerging markets. Centre for the Study of Emerging Markets (pp. 17-34)
ISBN : 1403991537 | Publisher : Palgrave Macmillan Ltd | Published : Basingstoke, UK

Good quality management education (2002)
Kodwani, Devendra
In: Srivastava, S.S. ed. Development of management education In India
Publisher : Anmol Publications Pvt. Ltd. | Published : New Delhi, India

Ensuring good quality management education in India: Role of Educational Markets (2002)
Kodwani, D. K.
In: Srivastava, S. S. ed. Development of Management Education in India (pp. 28-45)
ISBN : 8126112727 | Publisher : Anmol Publications Pvt. Ltd. | Published : New Delhi, India

Privatisation issues and methods: lessons from British experience for India (1997)
Kodwani, Devendra and Wood, Douglas
In: Titus, Varkey K. ed. Economic Liberalisation: its impact on Indian economy, business and society (pp. 61-74)
Publisher : Association of Indian Economic Studies | Published : Kansas, USA

Restructuring PES: the case of a public utility (1994)
Kodwani, Devendra and Gopalkrishnan, C.
In: Gupta, Nirmal K. and Ahmad, Abad eds. Managing Transition (pp. 361-375)
ISBN : 9788122406689 | Publisher : Wiley Eastern Limited | Published : New Delhi, India

Financial Strategy (2nd Edition) (2006-02)
Rutterford, Janette; Upton, Martin and Kodwani, Devendra eds.
ISBN : 470016558 | Publisher : John Wiley and Sons Ltd | Published : Chichester, UK

Global Diffusion of Anglo-American Governance: Evaluating Responses Across Three Emerging Economies (2017)
Areneke, Geofry Nfortaw Agbor; Kimani, Danson; Yusuf, Fatima; Kodwani, Devendra and Viney, Howard
In : The 77th Annual Meeting of the Academy of Management (4-8 Aug 2017, Atlanta, Georgia, USA)

Non-compliance, board structures and the performance of financial firms during crisis: UK Evidence (2016-06-01)
Ahmad, Sardar; Kodwani, Devendra and Upton, Martin
In : International Finance and Banking Society (IFABS), Risk in Financial Markets and Institutions: New challenges, New solutions (1-3 Jun 2016, Universitat Autònoma de Barcelona (UAB), Casa Convalescència, Barcelona)

Exploring the perception of corporate governance actors on corporate governance implementation process, regulatory compliance and firm performance in emerging markets (2015-09-03)
Areneke, Geofry; Yusuf, Fatima; Kimani, Danson; Kodwani, Devendra and Viney, Howard
In : African Accounting and Finance Association Conference (1-4 Sep 2015, Balaclava, Mauritius)

Corporate Governance in Less Developed Countries (2015-01)
Kimani, Danson; Viney, Howard and Kodwani, Devendra
In : 75th Annual Meeting of the Academy of Management (7-11 Aug 2015, Vancouver, BC, Canada)

Trust me, I'm an entrepreneur! Can trust help SMEs to gain the credit they need? (2010-01)
Moro, Andrea and Kodwani, Devendra
In : 5th Workshop on Trust within and Between Organisations (28-29 Jan 2010, Madrid, Spain)

SMEs and banks: investigating the link between trust and the pledging of personal collateral (2010)
Moro, Andrea; Lucas, Michael and Kodwani, Devendra
In : International Conference on Business and Finance (12-13 Mar 2010, Hyderabad, India)

Small and medium sized enterprises (SMEs) and their cost of capital (2010)
Moro, Andrea; Lucas, Michael and Kodwani, Devendra
In : International Conference on Management of SMEs 2010 (17-18 Sep 2010, Nagpur, India)

Governance mechanisms for telecommunications and electricity industries in India: 19th Century to 21st Century (2010)
Kodwani, Devendra
In : International Conference on Regulation and Competition Policy for Development: Practice and Challenges (27-28 Jan 2010, University of Jordan, Amman)

M&A in utilities in Europe: testing for agency and hubris hypotheses (2009)
Datta, S. and Kodwani, D.
In : ESRC Conference on Corporate Governance and Development (5 Sep 2009, Birmingham Business School)

Accounting judgement test and teaching of ethics (2009)
Kodwani, Devendra and Schillinger, Marcia
In : Moral and Social Action Interdisciplinary Colloquium (27-31 Jul 2009, Universität Konstanz, Konstanz)

Market for corporate control and privatised utilities (2008)
Datta, S.; Kodwani, D. and Viney, H.
In : European Financial Management Association Annual Conference (25-28 Jun 2008, Athens, Greece)