Presenting a model of investment ethics with financial crises based on grounded theory approach

Document Type : Original Article

Authors

1 PhD Student in Financial Engineering, Department of Finance, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran.

2 Correspondence Manager, PhD in Financial Management, Faculty Member of Electronic Unit, Islamic Azad University, Tehran, Iran.

3 PhD in Financial Management, Faculty Member, North Tehran Branch, Islamic Azad University, Tehran, Iran.

4 PhD in Financial Management, Faculty Member, Ghods Branch, Islamic Azad University, Tehran, Iran.

10.30495/ijfma.2022.64658.1763

Abstract

The formation and emergence of new scientific branches in management shows the complexity of management. The present study aims to provide a model of investment ethics with financial crises based on the grounded theory approach and this research is applied in terms of purpose and has been done with an exploratory approach and quantitative research design. Participants in the interview consisted of 9 experts and experts in the field of finance and the total number of questionnaires distributed was 180. Interviews were analyzed using theme analysis method using MaxQDA software and statistical analysis was performed using SPSS software version 21. The results showed that 5 main categories, 31 sub-categories and 74 open codes were obtained from the interview. According to the confirmation of the fit of the studied model in Smart PLS software and the general fit indices of GOF and Q2 criterion, the optimal model of investment ethics in the financial crisis was presented.

Keywords

References

Alziyadat, N, Ahmed, H. (2018). Ethical decision‐making in Islamic financial institutions in light of Maqasid Al‐Sharia: A conceptual framework. Thunderbird Int. Bus. Rev.; 61: 707– 718. https://doi.org/10.1002/tie.22025
2) Cadozier V. (2002). The Moral profession: A study of moral development and professional ethics of faculty. Texas: University of Texas.
3) DeSousa, E. (2020). The Ethical Dilemmas Behind the 2008 Global Financial Crisis.
4) Labidi, C., Laribi, D., & Ureche-Rangau, L. (2021). National culture and socially responsible
fund flows. Emerging Markets Review, 46, 100751.
5) Rhodes, M., & Soobaroyen, T. (2010). Information Asymmetry and Socially Responsible Investment. Journal of Business Ethics, 95(1), 145-151. Retrieved June 2, 2021, from http://www.jstor.org/stable/40784944
6) Peck, Sarah. “Investment ethics.” John Wiley &sons. INC. 2011
7) Bor, Michael. “Framing the Infrastructure Market.” Mergers & Acquisitions Report (July 6, 2009), 32.
8) Jes villa (2015), ethics in banking: the role of moral value and judgments in finance.
causal causal causal causal conditionsconditions conditions conditions conditions
- Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do Freedom to do businessbusinessbusinessbusinessbusinessbusinessbusiness
- Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use Ability to use equal informationequal informationequal informationequal informationequal informationequal informationequal informationequal informationequal informationequal informationequal informationequal information equal informationequal informationequal informationequal information
- Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of Possibility of equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining equal bargaining powerpowerpowerpowerpower
- Fair priceFair priceFair priceFair priceFair priceFair priceFair priceFair priceFair priceFair price
- Capital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocationCapital allocation
Central category Central category Central category Central category Central category Central category Central category Central category Central category Central category Central category Central category Central category (ethical (ethical (ethical (ethical (ethical investment)investment) investment)investment)investment)investment)investment)investment) investment)
- HonestyHonesty HonestyHonesty
- Neutrality NeutralityNeutralityNeutrality
- LogicismLogicism Logicism LogicismLogicism
- Religious beliefsReligious beliefsReligious beliefsReligious beliefsReligious beliefsReligious beliefsReligious beliefs Religious beliefsReligious beliefs Religious beliefsReligious beliefsReligious beliefsReligious beliefs
-Trustworthiness TrustworthinessTrustworthiness TrustworthinessTrustworthiness TrustworthinessTrustworthinessTrustworthinessTrustworthiness
- GreedGreedGreedGreedGreed
-obligation obligationobligationobligation obligationobligation
- CautionCaution CautionCaution
- SelfSelfSelfSelf-monitoringmonitoringmonitoring monitoringmonitoring monitoring
StrategiesStrategiesStrategies Strategies StrategiesStrategies
-Financial Financial Financial Financial Financial instrumentsinstruments instrumentsinstrumentsinstruments instrumentsinstruments instruments
- Supervision and Supervision and Supervision and Supervision and Supervision and Supervision and Supervision and Supervision and Supervision and Supervision and control of control of control of control of control of financial financial financial financial statementsstatementsstatements statementsstatementsstatementsstatements statements
- Investment Investment Investment Investment Investment Investment Investment Investment knowledge knowledgeknowledge knowledge
- FuturismFuturism Futurism FuturismFuturismFuturism
- Continuous Continuous Continuous Continuous Continuous Continuous interactioninteraction interactioninteractioninteraction interactioninteraction
consequences consequencesconsequences consequencesconsequences consequences
- Respect for Respect for Respect for Respect for Respect for Respect for the rights of the rights of the rights of the rights of the rights of the rights of the rights of the rights of others others othersothers
-Social Social Social Social WelfareWelfareWelfareWelfare WelfareWelfare
- Efficiency of Efficiency of Efficiency of Efficiency of Efficiency of Efficiency of Efficiency of Efficiency of the financialthe financial the financial the financialthe financial the financial systemsystemsystemsystemsystemsystem
- Preventing Preventing Preventing Preventing Preventing Preventing Preventing Preventing Preventing the financial the financial the financial the financial the financial the financial the financial crisis crisiscrisiscrisiscrisis
-
Underlying conditionsUnderlying conditions Underlying conditionsUnderlying conditionsUnderlying conditionsUnderlying conditionsUnderlying conditions Underlying conditions Underlying conditions Underlying conditionsUnderlying conditionsUnderlying conditions
- Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the Full transparency in the capital market capital marketcapital market capital market capital market capital market
- Liquidity in the marketLiquidity in the marketLiquidity in the market Liquidity in the market Liquidity in the marketLiquidity in the marketLiquidity in the market Liquidity in the market Liquidity in the market Liquidity in the market Liquidity in the market Liquidity in the marketLiquidity in the market
- IT infrastructure IT infrastructure IT infrastructureIT infrastructureIT infrastructure IT infrastructure IT infrastructure
- regulationregulationregulationregulation regulation regulationregulation
Intervention conditions Intervention conditionsIntervention conditionsIntervention conditions Intervention conditionsIntervention conditions Intervention conditionsIntervention conditions Intervention conditionsIntervention conditionsIntervention conditions
- social normssocial norms social norms social norms social norms
- society society culture cultureculture culture
- ethics ethics ethics ethics ethics fundamental fundamentalfundamentalfundamental fundamental
R=0.90.90.905
R=0.20.20.292
R=0.10.10.176
R=0.508
R=0.90.90.906
136 / Presenting a model of investment ethics with financial crises based on grounded theory approach
Vol.8 / No.30 / Summer 2023
9) John Raymond Boatright (2014), ethics in finance, 3rd edition, Wiley Black ell.
10) . Hosseinian S. (2009). Ethics in counseling (Fundamentals). Tehran, Publishing Perfection Training. (In Persian).
11) Cadozier V. (2002). The Moral profession: A study of moral development and professional ethics of faculty. Texas: University of Texas.
12) Hessmer LT. (1998). Ethics in management. Translation by: Erabi M, Izai D. (2003). Tehran: Cultural Research Bureau. (In Persian)
13) Hartog M. (2007). Ethics and human resource management: Professional. J Bus Prof Ethics; 21(2):14-25.
14) Sylvander J. (2015). The development of the auditor managerial ethical profile scale. EAA: 1-35.
15) Dissanayake D, Tilt C, Lobo MX. (2016). Sustainability reporting by publicly listed companies in Sri Lanka. Journal of Cleaner Production; 1: 1-14.

Files

Share

How to cite

Statistics