International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

The Impact of Macroeconomic Variables on the Money and Capital Markets using a Multilevel Model with a Future Studies and Multi-Criteria Decision Making Approach

Document Type : Review paper

Authors
souzan hosseinzadeh 1
Gholam Reza Zomorodian 2
Ebrahim Chirani 3
1 Ph.D. Candidate in Finance, Department of Management, Rasht Branch, Islamic Azad University, Rasht, Iran
2 Assistant Professor, Department of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
3 Assistant Professor, Department of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
10.30495/ijfma.2023.75667.2069
Abstract
Abstract
Objective: the purpose of this study is to develop a multilevel model for the impact of macroeconomic variables on the money and capital markets with a future research and multi-criteria decision making (MCDM) approach.
Method: this is an applied research conducted based on a descriptive survey design and a mixed method approach.
The research was conducted in the course of 2020-2022 through two main phases using VIKO method and ISM technique. The statistical population included professors and PhD students of accounting, financial management, economics, and business administration in Iran. Using purposive (selective) sampling, 15 people were selected as the respondents to an online survey using a questionnaire, which took place in the winter of 2020.
Findings: applying VIKOR method, 18 macroeconomic variables were selected. Next, based on the obtained data from the questionnair, the components were ranked using ISM technique. This ranking took place at six levels of the endvariables.
Conclusion: The results of the interpretive structural modeling showed that the eighteen variables, identified in the VIKOR phase, could be ranked into six levels where government spending, active population, and investment were at the first level, and oil revenues, granted banking facilities, and GDP at the sixth level.
Keywords
Macroeconomics
Money and capital markets
Interpretive Structural Modeling (ISM), Mixed approach
Applied research
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