International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Identifying Factors Affecting the Resilience of Iran's Capital Market Based on Meta-Synthesis and Fuzzy Delphi

Document Type : Original Article

Authors
Samiyeh Mehrabnia 1
narges yazdanian 2
Kiumars Arya 2
Hoda Hemmati 2
1 PhD student of Financial Engineering, Department of Accounting and Management, Roudehen Branch, Islamic Azad University, Roudehen, Iran.
2 Assistant Professor, Department of Accounting and Management, Roudehen Branch, Islamic Azad University, Roudehen, Iran.
10.30495/ijfma.2023.67566.2052
Abstract
The current research sought to identify factors influencing the resilience of the Iranian capital market based on metasynthesis and fuzzy Delphi methods. A mixed research design (qualitative-quantitative) was carried out. Therefore, in the first stage, the meta-composite qualitative research method was used to extract the factors affecting the resilience of the Iranian capital market from the relevant literature.
The statistical population in the metacomposite section included books, articles and websites related to the research topic (English articles studied in this research from 2000 to 2022 and Persian articles from 2006 to 2022). In the quantitative part, factors affecting resilience were screened by a survey of experts and professors in this field using the fuzzy Delphi method and a questionnaire.
The results revealed that the factors affecting the resilience of the Iranian capital market include intramarket structural and technical factors, macro structural factors, legal and regulatory factors, and strategies affecting resilience.
Keywords
Market Resilience
Capital Market
Meta-Synthesis
  • Jaafari, A., Arabsalehi, M., and Samadi, S. (2020). Analysis of the impact of market anomalies and growth opportunities on stock returns. Asset Management and Financing, 112-119.
  • Chavoshi, S. K. and Kabirian, M. H. (2020a). Presenting the resilience model of Iran's capital market with structural equation modeling. Financial Engineering and Securities Management (Portfolio Management), 11(43), 106-130.
  • Chavoshi, S. K. and Kabirian, M. H. (2020b). Presenting the resilience model of Iran's capital market with structural equation modeling. Financial Engineering and Securities Management (Portfolio Management), 11(43), 106-130. Retrieved from SID.
  • Hosseini, S. A., Salehifar, M., and Nilchi, M. (2017). Investigating the effect of the months Ramadan and Muharram on the risk and return of mutual investment funds in Iran's capital market. Financial Research, 46(19), 217-238.
  • Mousavi, S. H., Talibnia, Q. A., Vakili Fard, H., and Hajiha, Z. (2020). A comparative study of the relationship between liquidity and stock resilience with expected returns in Tehran Stock Exchange. Stock Exchange, 13(50), 109-140.
  • Naibzadeh, Sh. and Mahmoudi Kohani, Q. (2013). Irregularities of capital market and optimal portfolio selection in Tehran Stock Exchange. Investment Knowledge, 2(6), 15-28.
  • Al Mamun, Md; Syeed, Md Abu; & Yasmeen, Farida. (2015). Are investors rational, irrational or normal? Journal of Economic & Financial Studies, 3(4), 01-15.
  • Allen, Franklin; Krahnen, Jan Pieter; & Rey, Hélène. (2017). Financial resilience revisited: Why consistency in regulation is now paramount-across sectors and regions, and over time. SAFE Policy Letter.
  • Amini, Hamed; Cont, Rama; & Minca, Andreea. (2016). Resilience to contagion in financial networks. Mathematical finance, 26(2), 329-365.
  • Barbera, Carmela; Jones, Martin; Korac, Sanja; Saliterer, Iris; & Steccolini, Ileana. (2017). Governmental financial resilience under austerity in Austria, England and Italy: how do local governments cope with financial shocks? Public Administration, 95(3), 670-697.
  • Berry, Christine; Ryan-Collins, Josh; & Greenham, Tony. (2015). Financial System Resilience Index (p. 76). neweconomics.
  • Bruni, Franco; & Lopez, Claude. (2019). Monetary Policy and Financial System Resilience. Available at SSRN 3356888.
  • Catalano, Amy. (2013). Patterns of graduate students’ information seeking behavior: a meta‐synthesis of the literature. Journal of Documentation, 69(2), 243-274. https://doi.org/10.1108/00220411311300066
  • Damar, H Evren; & Molico, Miguel. (2016). On the nexus of monetary policy and financial stability: effectiveness of macroprudential tools in building resilience and mitigating financial imbalances.
  • Dong, Jiwei; Kempf, Alexander; & Yadav, Pradeep K. (2007). Resiliency, the neglected dimension of market liquidity: Empirical evidence from the New York Stock Exchange. Available at SSRN 967262.
  • Fama, Eugene F.; & French, Kenneth R. (2008). Dissecting Anomalies. The Journal of Finance, 63(4), 1653-1678. https://doi.org/10.1111/j.1540-6261.2008.01371.x
  • Gali, Jordi; & Gambetti, Luca. (2015). The effects of monetary policy on stock market bubbles: Some evidence. American Economic Journal: Macroeconomics, 7(1), 233-57.
  • Glynn, Lindsay. (2006). A critical appraisal tool for library and information research. (S. Cleyle, ed.), Library Hi Tech, 24(3), 387-399. https://doi.org/10.1108/07378830610692154
  • Gray, Peter. (2002). The quality of financial infrastructure and financial resilience: Contrasting Taiwan and Thailand. Review of Pacific Basin Financial Markets and Policies, 5(2), 181-194.
  • Hossain, Md Arafat; & Biglari, Vahid. (2020). Day of the week effect anomaly in Dhaka Stock Exchange post crisis period: evidence from Bangladesh capital market. Afro-Asian Journal of Finance and Accounting, 10(4), 537-553.
  • Joo, Kyuhee; Shim, Hyoung Suk; & Sul, Wonsik. (2017). The long-run effect of environmental issues on stock market performance: Evidence from the us stock market. International Business Journal, 28(3), 101-133.
  • Korostelkina, Irina; Dedkova, Elena; & Varaksa, Natalia. (2020). Resilience of the Russian financial system under external shocks (Vol. 208, p. 3038). Presented at the E3S Web of Conferences, EDP Sciences.
  • Lee, Sungyoon; & Chen, Gang. (2021). Understanding financial resilience from a resource-based view: Evidence from US state governments. Public Management Review, 1-24.
  • Masten, Ann S. (2018). Resilience theory and research on children and families: Past, present, and promise. Journal of Family Theory & Review, 10(1), 12-31.
  • Mazur, Mieszko; Dang, Man; & Vega, Miguel. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690.
  • McDonough, William J. (2003). Promoting financial resilience. Cato J., 23, 11.
  • Olbrys, Joanna; & Mursztyn, Michal. (2019). Measuring stock market resiliency with Discrete Fourier Transform for high frequency data. Physica A: Statistical Mechanics and its Applications, 513, 248-256.
  • Papanastasopoulos, Georgios. (2020). Percent accruals and the accrual anomaly: evidence from the UK (Vol. 44, pp. 287-310). Presented at the Accounting Forum, Taylor & Francis.
  • Pereira, Eder Johnson de Area Leão; da Silva, Marcus Fernandes; da Cunha Lima, IC; & Pereira, HBB. (2018). Trump’s Effect on stock markets: A multiscale approach. Physica A: Statistical Mechanics and Its Applications, 512, 241-247.
  • Sahay, Ratna; cihak, Martin; N’Diaye, Papa; & Barajas, Adolfo. (2015). Rethinking financial deepening: Stability and growth in emerging markets. Revista de Economía Institucional, 17(33), 73-107.
  • Sandelowski, Margarete; & Barroso, Julie. (2007). Handbook for Synthesizing Qualitative Research. Springer Publishing Company.
  • Tabash, Mosab I; Sheikh, Umaid A; & Asad, Muzaffar. (2020). Market miracles: Resilience of Karachi stock exchange index against terrorism in Pakistan. Cogent Economics & Finance, 8(1), 1821998.
  • Venardos, Angelo M. (2010). Current issues in Islamic banking and finance: Resilience and stability in the present system. World Scientific.
  • Wanzala, Richard Wamalwa; Muturi, Willy; & Olweny, Tobias. (2018). Market resiliency conundrum: is it a predicator of economic growth? The Journal of Finance and Data Science, 4(1), 1-15.
  • Wuyts, Gunther. (2007). Stock market liquidity: determinants and implications. Review of Business and Economics, (2), 279-316.
  • Zekos, Georgios I. (2021). Risk Management Developments. In Economics and Law of Artificial Intelligence (pp. 147-232). Springer.