Dr Nikiforos Panourgias

Associate Professor of Financial Markets Information Systems

School/Department: School of Business

Telephone: +44 (0)116 294 4563



Dr. Panourgias joined the University Of Leicester School Of Business in November 2013. His research and teaching are in the area of the social studies of technologies relating to markets, finance, and accounting. From August 2020 to August 2022 Dr. Panourgias was a Senior Research Fellow on the Fintechnext project at University Collage Cork in Ireland. The project undertook research on technological innovation in financial services and contributed to the development of Fintech solutions in the areas of Treasury & FX Digital Transactions and Corporate Asset Administration. Before joining ULSB Dr. Panourgias was Assistant Professor at the Information Systems and 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 his PhD at the London School of Economics and Political Science Dr. Panourgias studied the development of the Euroclear platform for the cross-border settlement of securities transactions.


From November 2016 Dr. Panourgias was part of a three-year-long EU Horizon 2020 project named Combating Fiscal Fraud and Empowering Regulators (COFFERS) that undertook interdisciplinary research into ways of combating fiscal fraud and tax-evasion contributing findings on the relevance of the development of a global Legal Entity Identifier to such efforts. He has also been part of ESRC-funded projects in interdisciplinary collaboration in the design and development of digital games and the development of business models for serious games. While studying for his PhD at the LSE Dr. Panourgias received 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) and was also a Research Student at the Centre for the Assessment of Risk and Regulation (CARR).



Peer-reviewed Journal Articles

Henfridsson, O., Nandhakumar, J., Scarbrough, H., & Panourgias, N.S.,  "Recombination in the open-ended value landscape of digital innovation", Information and Organization, 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 and 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).

Book Chapters

Millo, Y., Panourgias, N. and Zachariadis, M. (2021), "Capitalization of Data in the Development of Data-Driven Regulation" in Unger, B., Ferwerda J., Rossel, L. (Ed.) "Combating Fiscal Fraud and Empowering Regulators: Bringing Tax Money Back Into the COFFERS", Oxford University Press.

Millo, Y., Panourgias, N.S. and Zachariadis, M. (2019), "Capitalization By Certification: Creating Information-Based Assets Through the Establishment of an Identification Infrastructure", in Kornberger, M., Bowker, G.C., Elyachar, J., Mennicken, A., Miller, P., Nucho, J.R. and Pollock, N. (Ed.) "Thinking Infrastructures - Research in the Sociology of Organizations", Vol. 62, Emerald Publishing Limited.

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.

Other Research Publications

Palan, R., Panourgias, N.S., Nesvetailova, A., Millo, Y., “Clouds on the Horizon: Emerging Issues in Tax and Regulation”, CITYPERC Working Paper - No. 2018-04, City University of London, (2018).

Scott S.V and Panourgias N.S., "The connectivity of clearing and settlement", Moving Markets Project, London School of Economics and Political Science, London (2002)

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 School of Economics and Political Science, (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 School of Economics and Political Science, London (2002).

Scott S.V., Shaikh, M. and Panourgias N.S., "The Funding of Open Source Projects", Moving Markets Project, London School of Economics and Political Science, London (2003).



  • Technology and financial markets
  • Fintech
  • Digital currencies and payments
  • 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


BSc Accounting & Finance: Social Studies of Finance (MN3136)

BSc & BA Elective: Technology and Financial Markets (MN3139)

MSc Elective: Finance Markets and Organisations (MN7365)

Press and media

  • Clearing and settlement and the post-trade operations of financial markets
  • Payment systems
  • The Global Legal Entity Identifier System
  • Fintech (digital-only banks/Neobanks, Tokenization, Digital assets, Emissions Trading)


Dr. Panourgias has presented the following talks as an invited speaker:

“The Importance of Offerer-Beneficiary Dynamics for value co-creation in Digital Service Innovation: the case of digital-only bank Revolut” ESCP Paris France (November 2021)

“Social Studies of Finance: Implications for Fintech Research” FINTECHNEXT Speaker Series Cork University Business School University College Cork Ireland (September 2019)

“The Legal Entity Identifier: Identification infrastructures and the capitalisation of data for use in regulation” Combatting Fiscal Fraud and Empowering Regulators Masterclass, Copenhagen Business School, Denmark (September 2019)

“Capitalization by certification: Identification infrastructures and their role in the capitalisation of data for use in regulation” KBS Research Seminar Series, Kemmy Business School, University of Limerick Ireland (April 2019)

He has been a reviewer for the following 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; Journal of Fintech; Human Relations; and Information and Organization. Also for the book publisher Routledge.

He has also been a reviewer for the following conferences: ICIS; AoM; EGOS; HICSS; ECIS; and IFIP. 

Dr. Panourgias has acted as an external examiner for the BSc in Management at the London School of Economics and Political Science from November 2013 to November 2016 and PhD Examiner for Warwick Business School (University of Warwick) UK (March 2022), Kemmy Business School (University of Limerick) Limerick Ireland (November 2019), Cork University Business School (University Collage Cork) Ireland (November 2019)


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 performativity 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. Zachariadis 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.

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