شناسایی و الگوسازی روابط بین مولفه‌های اقتصادی و غیراقتصادی استرس مالی سرمایه‌گذاران حقیقی بازار سرمایه(رویکرد تلفیقی فراترکیب-دلفی‌فازی-دیمتل)

آزادیان, یوسف; داداشی, ایمان; تقی‌پوریان گیلانی, یوسف

doi:10.22051/jfm.2023.36833.2573

شناسایی و الگوسازی روابط بین مولفه‌های اقتصادی و غیراقتصادی استرس مالی سرمایه‌گذاران حقیقی بازار سرمایه(رویکرد تلفیقی فراترکیب-دلفی‌فازی-دیمتل)

نوع مقاله : مقاله پژوهشی

نویسندگان

¹ دانشجوی دکتری حسابداری، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران .

² استادیار گروه حسابداری دانشگاه قم

³ گروه حسابداری، واحد چالوس، دانشگاه آزاد اسلامی، چالوس، ایران

10.22051/jfm.2023.36833.2573

چکیده

هدف این مطالعه، شناسایی مؤلفههای موثر بر استرس مالی سرمایه‌گذاران حقیقی بازار سرمایه و تبیین الگوی روابط بین مؤلفههای اقتصادی و غیراقتصادی استرس مالی و پیامدهای ناشی از آن میباشد. برای شناسایی گویههای استرس مالی و پیامدهای ناشی از آن، به کمک منابع کتابخانهای و میدانی از تکنیک فراترکیب استفاده شد؛ جهت تصمیمگیری گروهی و مؤلفهبندی گویهها از شاخص لاوشه و تکنیک دلفی فازی؛ و با بکارگیری روش دیمتل روابط بین مؤلفههای اقتصادی و غیراقتصادی الگوسازی شد. این پژوهش از لحاظ رویکرد، آمیخته اکتشافی از نظر استراتژی پژوهش، پیمایشی و از نظر زمان اجرا، تک مقطعی است و از نرم افزارهای MAXQDAv₁₀، SPSS و Excel جهت تحلیل دادههای جمعآوری شده در بازار اوراق بهادار کشور استفاده شده است. یافتههای پژوهش شامل شناسایی الگوی روابط بین 10مؤلفه (5مؤلفه اقتصادی و 5مؤلفه غیراقتصادی) برای متغیر استرس مالی و 4 مؤلفه (2مؤلفه اقتصادی و 2مؤلفه غیر اقتصادی) برای متغیر پیامدهای ناشی از استرس مالی می باشد. نتایج پژوهش نشان میدهد که مؤلفه «عوامل اقتصادی» با میزان خالص اثرگذاری 6858/1 مهمترین مؤلفه استرس مالی سهامداران حقیقی و مؤلفه «پیامدهایی برای جامعه» با میزان خالص اثرگذاری 2013/2- مهمترین مؤلفه پیامد(معلول) استرس مالی میباشد. با ریشهیابی عوامل استرسزای مالی سهامداران حقیقی زمینه بسیار موثری در راستای ایجاد افقهای جدید تصمیمسازی در بازار سرمایه، زیربخشهای اقتصادی و خصوصاً حوزههای سیاستگذاری بازار سرمایه برای سرمایهگذاران حقیقی فراهم میآید.

کلیدواژه‌ها

موضوعات

مالی رفتاری

عنوان مقاله [English]

Identifying and Modeling the Relationships Between Economic and Non-economic Components Financial Stress of Individual Investors of the Capital Market (Integrated Approach of Techniques Meta-Synthesis - Fuzzy Delphi - Dematel)

نویسندگان [English]

Yousef Azadian ¹
Iman Dadashi ²
Yousef Taghipouryan Gilani ³

¹ PhD Student in Accounting, Babol Branch, Islamic Azad University, Babol, Iran

² Assistant professor of accounting university of Qom

³ Department of Accounting, Chalus Branch, Islamic Azad University, Chalus, Iran

چکیده [English]

Today, achieving the economic goals of any country is impossible without the public participation of society, because the accumulation of micro-savings of the people leads to the formation of capital, which economists consider one of the most important factors of economic development. Therefore, the purpose of this study is to identify the components affecting the financial stress of Individual capital market investors and to explain the pattern of relationships between economic and non-economic components of financial stress and its consequences. Hypertext technique was used to identify items of financial stress and its consequences with the help of library and field resources; For group decision making and component classification of items from Lawshe index and fuzzy Delphi technique; Using the Demetel method, the relationships between economic and non-economic components were modeled. This research is an exploratory mix in terms of research strategy, survey and one-time in terms of execution time, and MAXQDAv10, SPSS and Excel software have been used to analyze the data collected in the country's securities market. Findings include identifying the pattern of relationships between 10 components (5 economic components and 5 non-economic components) for the variable of financial stress and 4 components (2 economic components and 2 non-economic components) for the variable consequences of financial stress. The results show that the component of "economic factors" with a net effect of 1.6858 is the most important component of the cause of financial stress of Individual shareholders and the component of "consequences for society" with a net effect of -2/2013 is the most important component of the outcome (effect) of financial stress. By rooting out the financial stressors of Individual shareholders, a very effective ground is provided for Individual investors to create new horizons of decision-making in the capital market, economic sub-sectors and especially capital market policy areas.

کلیدواژه‌ها [English]

Financial Stress
Individual Investors
Capital Market

مراجع

Atashsuoz, A. Faizi, K. Kazazi, A & Ulfat, L. (2016). Interpretive-structural modeling of supply chain risks in the petrochemical industry. Journal of Industrial Management Studies. 14(14). 39-63. (In Persian).

Azadian, Y. Dadashi, I & Taghipourian, Y. (2021). Factors affecting the financial stress of Individual stock market investors and its consequences: the Meta-Synthesis technique. Quarterly Journal of Financial Engineering and Securities Management.12(47).112-136. (In Persian).

Duca, M.L., & Peltonen, T.A. (2011). Macro-Financial Vulnerabilities and Future Financial Stress Assessing Systemic Risks and Predicting Systemic Events. European Central Bank.Working Paper No. 1311. Ebrahimi, M. Babajani, J & Ebadpour, B. (2016). Decision model of Individual shareholders of the stock exchange. Quarterly Journal of the Stock Exchange. 9(36). 97-115. (In Persian).

Farmanara, V. Komijani, A. Farzinoush, A.& Ghaffari, F. (2019). The Role of Capital Markets in Financing and Economic Growth (A Case Study of Iran and a Selection of Developing Countries). Financial Economics Quarterly. 13(47). 19-37. (In Persian).

Hassanzadeh Rangi, N. Alhayari, T. Khosravi, Y. Zairi, F & Saremi, M. (2012). Design of Occupational Cognitive Failure Questionnaire: Determining the Validity and Reliability of Tools. Iranian Occupational Health Quarterly. 9(1). 29-40. (In Persian).

Heidarian, M. Falahati, A. & Sharif Karimi, M. (2019). Calculation of the Financial Stress Index and its Impact Analysis on Iran's Economic Growth; Application of the Markov-Switching Autoregressive Model. Financial Research Journal.21(3). 447-417. (In Persian).

Illing, M & Liu, Y. (2006). Measuring Financial Stress in a developed Country: An Application to Canada. Journal of Financial Stability. 2(3). 243-265

Naziri, K. Mohammad Jafari Seresht, D. & Sharifi, M. (2012). The effect of political variables on the volatility of the return of the total index of Tehran Stock Exchange. Thesis for a bachelor's degree in economics. Bu Ali Sina University. Faculty of Economics and Social Sciences. (In Persian).

Latifi, S. Raheli, H. Yadavar, Ho. Saadi, H& Shahrestani, S Ali. (2018). Identification and explanation of the implementation stages of conservation agriculture development in Iran with fuzzy Delphi approach. Iranian Journal of Biosystem Engineering.9(1). (In Persian).

Landeta, J. (2006). Current validity of the Delphi method in social sciences. Technological Forecasting and Social Change.73 (5):467-482.

Louzis, D.P. & Vouldis, A.T. (2013). A Financial Systemic Stress Index for Greece. European Central Bank. Working Paper Series No. 1563.

Matoufi, A & Babakordi, S. (2016). Study of the effect of earnings quality and financial stress on companies listed on the Tehran Stock Exchange. Master Thesis. Jorjani Institute of Higher Education. 1-118. (In Persian).

Ma'toufi, A. (2018). The Features of Financial Stress in Iran's Capital Market. Journal of Investment Knowledge.7(26).258-237. (In Persian(

Miran Dumicic, MSc (2015). Financial stress Indicators for small, open, highly euroized countries: the case of Croatia. financial theory and practice. Croatian National Bank.Trg hrvatskih velikana 3, Zagreb, Croatia. 39 (2). 171-203.

Monin, P. (2017). The OFR Financial Stress Index. OFR 17-04. Available at SSRN: https://ssrn.com/abstract=3062143 or http://dx.doi.org/10.2139/ssrn

Northern, J., O’Brien, W. H., & Goetz, P. W. (2010). The development, evaluation, and validation of a financial stress scale for undergraduate students. Journal of College Student Development. 51(1). 79-92.

Okoli, C., & Pawlowski, S. (2004). The Delphi method as a research tool: an example, design considerations and applications. Information & Management. 42(1). 15-29.

Paydar, M & Ishraqi Samani, R. (2019). Investigating the relationship between financial stress and quality of working life of villagers (Case study of your city of Ilam). Journal of Village and Scholarship.21 (4). 113-133. (In Persian).

Razmi, Z. Haji Heydari, N & Hosseini Kia, A. (2014).A study on the impact of the value proposition of the customer interface to design a business model with a BMO approach. Journal of Development Management Process.27(4).129. (In Persian).

Rahmati, K. (2010). The Relationship between Individual Factors in Creating Stress and Manpower Productivity: A Case Study: Kermanshah Disciplinary Command Police Station Staff. Journal of Social Order. 2 (1). 99-124. (In Persian).

Rezagholizadeh, M. Milaelmi, Z & Mohammadi majd, S. (2021). The Effect of Financial Stress on the Stock Return of Accepted Industries in Tehran Stock Exchange. Journal of Economics Quarterly. Doi:10.22055/jqe.2021.35405.2284. (In Persian).

Roodpashti Rahnama, F & Rostami Mazooi, N. (2015). Review of Psychological Theories in Management Accounting Research. Journal of Management Accounting. 8(26). 1-21. (In Persian).

Sandelowski, M., & Barroso, J. (2007). Handbook for synthesizing qualitative research. New York: Springer publishing company. Inc.P 1-273. Saini, M. and Shlonsky, A. (2012). Systematic Synthesis of Qualitative Research.Oxford University Press, New York. http://dx.doi.org /10.109 3 /acprof: oso/9780195387216.001.000. p 224.

Witherspoon, D, R. (2017). The effects of financial strain on health, morale, and social functioning. School of Family Studies and Human Services. College of Human Ecology Kansaz State University. http://hdl.handle.net /20 97/38206.