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Achievements
Find out what our students, faculty, and staff are being recognized for.
Humnath Panta, and Co-authors from University of Texas at Arlington
Business
I’m pleased to share a recent research contribution representing Cal Poly Humboldt. My paper, “CEO Compensation and the Political Environment,” has been accepted for publication in the *Journal of Business Research (A)*. This work is co-authored with faculty at University of Texas at Arlington.
The study examines how U.S. political leadership shapes executive compensation. Using a large sample of 32,222 firm-year observations from 1992 through 2022, we find that CEO pay tends to be higher under Republican presidential administrations and Republican-controlled Congresses. We also find stronger pay-for-performance sensitivity during these periods.
These results point to a nuanced effect: higher compensation may reflect rent extraction, while stronger pay-for-performance alignment suggests more efficient contracting. Overall, the findings highlight how the political environment, a non-financial factor, plays a meaningful role in corporate decision-making.
This publication contributes to ongoing research on executive compensation and governance, and reflects the strong research engagement at Cal Poly Humboldt.
Mikhail Vasenin, Savva Shanaev, Humnath Panta, Binam Ghimire
Business
Humnath Panta, faculty at the School of Business, co-authored the article “ESG Ratings in Motion: The Global Market Response to Upgrades and Downgrades,” published in the Journal of Sustainable Finance & Investment (Taylor & Francis, January 7, 2026). The study analyzes 2,841 MSCI-rated global stocks (2017–2021) using a calendar-time portfolio approach and finds that ESG rating upgrades (downgrades) generate statistically and economically significant abnormal returns of about +1% (–1%) per month. The effects are robust across models, holding periods, sectors, and regions, with stronger impacts for large and growth firms and in low power-distance countries, and increased synchronization post-COVID-19. The findings advance understanding of ESG information efficiency and its implications for global asset pricing and investment strategy.
Josh Zender
Business
Cal Poly Humboldt Business Professor Dr. Josh Zender has received a $25,000 Application Development Grant from PG&E’s Microgrid Incentive Program. In partnership with Syserco and supported by Dr. Pascal Biwole’s Energy Engineering students, Zender will lead a team developing a community microgrid proposal to serve Orick, CA. The grant supports technical development costs for the competitive application process. This project aims to enhance energy resilience for disadvantaged communities and is part of a broader initiative by PG&E to fund clean, locally controlled microgrids throughout California’s high-risk outage zones
Cal Poly Humboldt School of Business
Business
Cal Poly Humboldt's Master of Business Administration recognized as "Top 10 Dark Horse High-Value MBAs" and "Most Affordable MBA Programs at California’s Public Universities".
Sarita Ray Chaudhury, PhD., Professor of Marketing
Business
Professor Sarita Ray Chaudhury published a qualitative analysis of online user-generated content (UGC) titled "Laugh like Surpanakha": Modern Literary Re-imagining of a Famous Villaness in Indian Folkloric Traditions, in the journal Cultural Analysis. This study explores how modern readers perceive Surpanakha’s characterization in Kavita Kane’s novel The Lanka’s Princess. Findings suggest readers’ willingness to accept Surpanakha’s villainous traits as expressions protesting mainstream expectations of the female ideal. https://www.ocf.berkeley.edu/~culturalanalysis/volume22_1/pdf/Chaudhury…
Humnath Panta
Business
Dr. Humnath Panta's recent research, "Ex‐military CEOs and readability of financial reports," published in the Journal of Business Finance & Accounting, ABDC A* rated journal, reveals that firms led by ex-military CEOs issue more precise 10-K reports. Highlighting the value of transparent communication, the research indicates that such CEOs' military backgrounds contribute to straightforward reporting and diminish the obscuring of negative information. This pioneering work sheds light on the influence of a CEO's military experience on financial transparency and offers a behavioral rationale for the improved readability of corporate financial disclosures.
Humnath Panta, Arun Narayanasamy, Ayush Panta
Business
Dr. Humnath Panta, Associate Professor of Finance at School Business, recently published an article entitled "Organizational capital and credit ratings" in Finance Research Letters, an A-level ABDC journal. The study investigates organizational capital's impact on credit ratings using pooled OLS and US firm data from 1989 to 2017. Results indicate that companies with greater organizational capital achieve higher credit ratings. This conclusion withstands various robustness checks, estimation methods, and addressing potential biases. Notably, the positive correlation is especially pronounced for financially constrained firms. Overall, the research's findings reveal the importance of organizational capital in the credit ratings of a firm.
Dr. Humnath Panta
Business
Recently, Dr. Panta published a research article exploring the relationship between organizational capital and the readability of financial reports. Recently, his findings were published in the esteemed Finance Research Letters journal, which is ranked A by the ABDC. According to Dr. Panta's research, financial reports become more readable with increased levels of organizational capital, a crucial factor for investors. This research emphasizes the significance of intangible assets and offers valuable guidance for companies looking to enhance their financial reporting practices. The article can be accessed through this link: (https://doi.org/10.1016/j.frl.2023.103895).
Joshua Zender
Business
Professor Joshua R. Zender was featured in WalletHub's piece about Balance Transfer Credit Cards. Read the piece here: https://wallethub.com/credit-cards/balance-transfer/#expert=Joshua_R._Zender
Josh Zender
Business
Josh Zender recently published a case study titled "Exploiting the Unemployment Insurance Program: A Role Play of the Actions of State Officials at the Height of the Coronavirus Pandemic" in Sage Publications. This case positions the reader to consider the ethical pathways confronting budget planners of a state unemployment compensation system at the height of the COVID-19 pandemic.