Dr Nikiforos Panourgias

Associate Professor in Financial Market Information SystemsNikiforos Panourgias

Contact details

  • Tel: +44 (0)116 294 4563
  • Email: np220@le.ac.uk
  • Office: Room 0.54, Teaching Centre, Brookfield

  • Office hours: By appointment only (please email)

Personal details

Before joining the University of Leicester School of Business in November 2013, I was Assistant Professor at the Information Systems Management Group of Warwick Business School at the University of Warwick, having joined WBS as a post-doctoral researcher in September 2008 to work on an ESRC-funded project on interdisciplinary collaboration in the design and development of digital games.

For my PhD at the London School of Economics and Political Science, I studied the design and development of the Euroclear ICT-based platform for the cross-border settlement of securities transactions between the UK and Ireland, France, Belgium, and Holland. The PhD was supported through funding from a Royal Dutch Shell Bursary for the study of Information Systems (January 2004-December 2005), an EPSRC doctoral studentship (January 2004-December 2007), and CARR Deutsche Bank Research Student Funding (April 2008). While at the LSE I was also a Research Student at the Centre for the Assessment of Risk and Regulation (CARR).

Before my PhD I worked as a journalist and industry analyst covering the areas of investment and finance in e-business and the internet sector.

I have been a reviewer for the journals Organization Studies, MIS Quarterly, European Journal for Information Systems, Information Systems Journal, Organization, Journal of Valuation Studies, Electronic Markets, Technology Forecasting and Social Change, New Technology Work and Employment, Journal of the Association for Information Systems, Information Technology and People, for the conferences ICIS, AoM, EGOS, HICSS, ECIS, IFIP, and for the book publisher Routledge.

I have also acted as an external examiner for the BSc in Management at the London School of Economics and Political Science (November 2013-November 2016).


  • Technology and financial markets
  • Fintech
  • Clearing and settlement and the post-trade operations of financial markets
  • Digital creativity and innovation
  • How digital technology is changing economic agents and their relations
  • The challenges of valuing digital innovations
  • Organization and collaboration in digital innovation

Current Funded Research Projects

Joint investigator on the role of global digital Legal Entity Identifiers in the regulation of financial markets as part of a consortium of European universities undertaking a European Commission Horizon 2020 Funding Program entitled “Combating Fiscal Fraud and Empowering Regulators” (COFFERS) - (November 2016 – November 2019).

While at Warwick Business School I worked on funded research projects on a) the challenges faced by computer games companies in developing business models for ‘serious games’, and b) interdisciplinary collaboration involved in the design and development of computer games.


Currently supervising PhD students at ULSB in the following areas:

  • The role of measurement devices in defining the field of Social Impact Investment
  • Accounting for the value of digital content platforms such as Netflix and Pandora
  • The challenges of establishing payment systems in post-conflict economies in a way that promotes financial inclusion

Past supervision of PhD students has been in the following areas:

  • Commercialising digital innovations of uncertain market potential
  • Digital service innovation at the ‘Bottom of the Pyramid’
  • The development and evolution of on-line communities
  • The relevance of gender in high-tech innovation


  • BA Management Studies: International Finance (MN2114)
  • BSc Accounting and Finance: Social Studies of Finance (MN3136)
  • BSc and BA Elective: Technology and Financial Markets (MN3139)
  • MSc Elective: Finance, Markets, and Organisations (MN7365)

Past teaching has covered the areas of international finance and globalisation, e-commerce, IT as a strategic resource, information systems and financial markets, technological innovation and change, and corporate finance.


Peer-reviewed journal articles

Henfridsson, O., Nandhakumar, J., Scarborough, H., and Panourgias, N.S. 'Recombination in the open-ended value landscape of digital innovation', Information and Organisation, 28(2), 89-100, (June 2018).

Panourgias, N.S., Capital markets integration: A sociotechnical study of the development of a cross-border securities settlement system. Technological Forecasting and Social Change, 99, pp.317-338, (November 2015).

Scarbrough, H., Panourgias, N. S. and Nandhakumar, J. ‘Developing a Relational View of the Organizing Role of Objects: A study of the innovation process in computer games’. Organization Studies, (January 2015).

Panourgias, N.S., Nandhakumar, J., and Scarbrough H., “Entanglements of creative agency and digital technology: a sociomaterial study of computer games development”; Technological Forecasting & Social Change, (January 2014).

Nandhakumar, J., Panourgias, N.S., and Scarbrough H.,  “From knowing it to ‘getting it’: Envisioning practices in computer games development”; Information Systems Research, (December 2013).

Millo Y., Muniesa F., Panourgias N.S. and Scott S.V. “Organised detachment: Clearinghouse mechanisms in financial markets”; Information and Organization, Volume 15, Issue 3, July 2005, Pages 229-246.


Millo, Y., Panourgias N.S., Zachariadis, M. "Capitalization by certification: creating informatio-based assets through the establishment of an identification infrastructure" in Kornberger M., Bowker, G., Pollock, N., Miller, P., Mennicken, A., Elyacha, J. Thinking Infrastructures, Oxford University Press.

Non-peer-reviewed journal articles

Buschman T., Panourgias N.S. “Applying Standardised, Interoperable and Innovative Automated Solutions: Corporate Treasuries and the Development of Globally Connected Financial Services”; Journal of Internet Banking and Commerce, December 2007, vol. 12, no. 3.

Conference presentations

Panourgias, N.S., From humble 'plumbing' to key strategic locations: the role of clearing and settlement in the integration of financial markets, Workshop on Clearing, Social Accounting and Monetary Systems, University of Picardy, Amiens, France (November 2018).

Panourgias, N.S., Lancastle, N., "From 'camera' to 'engine': understanding performaticity mechanisms through a study of the development of the BGI/iShares family of ETF products, 20th Anniversary Conference of the Association for Heterodox Economics, Leicester, UK (July 2018).

Millo, Y., Panourgias N.S., Zacharidis, M. "Identification as infrastructure: the challenges of establishing the Legal Entity Identifier data standard for financial markets"; 33rd EGOS Colloquium. Copenhagen, Denmark, July 2017.

Panourgias N. S., “From dematerialisation to cross-border settlement: technological explication in the realisation of the new financial order for securities trading in Europe”; Workshop on Digital Currencies, Digital Finance and the Constitution of a New Financial Order organised by the Centre for Legal and Economic Studies at UCL, the European Public Law Organisation, and the Thyssen Foundation, Athens, Greece, July 2016.

Panourgias N.S. and Millo Y. ‘Explication and the changing of market participants’ subjectivities in securities market integration’, 30th EGOS Colloquium. Athens, Greece, June 2015.

Antonopoulou K. Nandhakumar J. and Panourgias N., ‘Reconsidering conceptualizations of value in digital innovation: insights into the performativity of a business model’ 30th EGOS Colloquium. Athens, Greece, June 2015

Antonopoulou K., Panourgias N. S. and Nandhakumar J. “Value proposition for digital technology innovations of uncertain market potential”, European Conference on Information Systems, Tel Aviv, June 2014

Antonopoulou K., Panourgias N. S. and Nandhakumar J. “Rethinking the Value Proposition: Justifications of Value in Digital Games Innovation”, Organizations and Society in Information Systems Workshop, Milan, December 2013

Pecis, L, and Panourgias N. “Innovation in the making: performative dimensions of the innovation process”, 5th International Symposium on Process Organization Studies, Crete, Greece, June 2013 .

Panourgias, N.S., Mengis J., Nandhakumar, J., and Scarbrough H, “Hard Fought Materiality in Games Development: On the Dynamics of Entanglement and Disentanglement", 2012 Academy of Management Annual Meeting, Boston, Massachusetts, USA, August 2012.

Panourgias, N.S. , Nandhakumar, J and Scarbrough H. “‘Game Engines’ And The Relationship Between Digital Creativity And Technological Innovation In Computer Games Development ”, 28th EGOS Colloquium. Gothenburg, Sweden, June 2011.

Panourgias N.S. and Mengis J., “The seduction of closure in a world of emergence: Objects and the performing of materiality and physicality”, 3rd International Symposium on Process Organization Studies, Corfu, Greece, June 2011.

Panourgias N.S., “Collaborative practices of imagining and the engineering of sensations and affect in computer games”, 2nd EIASM Imagining Business Workshop, Segovia, Spain, May 2011.

Panourgias, N. S. “The material production of virtuality: trials of explication in the design and development of computer games”, EASST Conference 2010, University of Trento, Italy, September 2010.

Panourgias, N.S. , Nandhakumar, J and Scarbrough H. “Material Practices of Coordination and Innovation in the Design and Development of Computer Games”, 27th EGOS Colloquium. Lisbon, Portugal, June 2010.

Panourgias, N.S. , Nandhakumar, J and Scarbrough H. “Knowledge Integration and Innovation in a Computer Games Design and Development Studio”. 26th EGOS Colloquium. Barcelona, Spain, July 2009.

Panourgias, N.S., Nandhakumar, J and Scarbrough H. “Objects and their participation in the interdisciplinary design and development of computer games”. 17th European Conference on Information Systems. Verona, Italy, June 2009.

Panourgias, N.S.,  “Towards a semiotics of machines: the participation of texts and documents in the design and development of an information technology-based market device”, Design History Society Annual Conference, University College, Falmouth, UK, September 2008.

Panourgias, N.S., “The Role of ICTs in the development of a cross-border securities settlement system”, Research Student Conference, 21-22nd September 2006, Centre for the Analysis of Risk and Regulation, London School of Economics and Political Science.

Buschman T., Panourgias N.S. “Corporate Treasuries and Risk Management in a Time of Global Connected Financial Services: Can Emerging Markets Benefit?” International Conference on Emerging Markets and Global Risk Management, University of Westminster, June 2004.

Other research outputs

Scott S.V and Panourgias N.S. “The connectivity of clearing and settlement”, Moving Markets Project (Not available publically).

Scott S.V and Panourgias N.S. “Developments and Trends in the Clearing and Settlement Industry: A case study of Globex”. Moving Markets Project, London, (2002).

Scott S.V and Panourgias N.S. “Developments and Trends in the Clearing and Settlement Industry: The case study of Jiway”. Moving Markets Project. London (2002).

Scott S.V., Shaikh, M. and Panourgias N.S. “The Funding of Open Source Projects”. Moving Markets Project, London (2003).

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