International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Interpretive and Structured Development of Comprehensive Risk Management for Investing in Renewable Energy

Document Type : Original Article

Authors
Nilofar Ghomian 1
Heydar Foroghnezhad 2
Amir Gholam Abri 3
Seyyed Atefeh Hosseini 4
1 PhD student of financial engineering, Islamic Azad University, Firuzkoh branch.
2 Assistant Professor, Department of Financial Management, North Tehran Branch, Islamic Azad University, North Tehran, Iran
3 Associate Professor, Department of Mathematics, Firuzkoh Branch, Islamic Azad University, Firozkoh, Iran.
4 Assistant Professor of Accounting Department, Firuzkoh Branch, Islamic Azad University, Firozkoh, Iran.
10.30495/ijfma.2025.78209.2220
Abstract
The aim of the present study was to develop interpretive and structured comprehensive risk management for investing in renewable energy. The research methodology is mixed and is categorized as developmental research. In this study, interviews are used to collect data in the qualitative part, and matrix checklists based on paired comparisons are used in the quantitative part. The statistical population of the study consisted of 14 experts and university professors and members of the risk committees of companies in 1403, who were selected based on the purposive sampling method with a snowball approach. The results of the present study in the qualitative section showed 2 overarching themes, 8 organizing themes, and 33 basic themes. Then, aimed at assessing the reliability of the identified organizing themes, Delphi analysis was used. Based on the average evaluation of the first and second phases of Delphi, it was determined that all dimensions were approved, and the possibility of measuring them through interpretative and structured analysis was provided. based on the fourth research question, an attempt was made to determine the most effective themes of the comprehensive risk management model for investing in renewable energies. industry-related risks (B) were the most effective theme of the comprehensive risk management model for investing in renewable energies. A comprehensive risk management framework for renewable energy investment can be seen as a key element for improvement. These measures not only contribute to financial and economic efficiency, but contribute to environmental protection and sustainable energy supply.
  • Sami’e Nasab, Mustafa. (2024). Strategies for financing the country’s renewable energies in line with the law on removing production barriers. Monthly scientific journal of “Economic Security” 12(1). 4-14.
  • Sheikhzadeh, Mohammad, Bani-Asad, Reza (2020). Content Analysis: Concepts, Approaches and Applications, Tehran: Logos Publications.
  • Abedi Jafari, Hassan; Taslimi, Mohammad Saeed; Faghihi, Abolhassan; Sheikhzadeh, Mohammad (2011). Thematic analysis and thematic network: A simple and efficient method for explaining patterns in qualitative data. Strategic Management Thought, 2(5). 151-198.
  • Latifi, Saeed (2012). The Impact of Investment Risk in Renewable Energy and Environment in Iran, Fifth International Conference on Interdisciplinary Studies in Management and Engineering, Tehran
  • Mousavi, Mir Hossein, Khoshkalam Khosrowshahi, Musa Ahmadi, Razieh. (2022). The feasibility of financing renewable energy projects through public-private partnerships in the Iranian economy. Research on Planning and Development 3(1), 7-41.
  • Yeganagi, Seyed Kamran and Ghasem Lou, Mohammad Reza (2022). Investment Management on Renewable Energy, Scientific Quarterly of New Business Attitudes, 3(2). 54-61.

 

  • Abba, Z. Y. I., Balta-Ozkan, N., & Hart, P. (2022). A holistic risk management framework for renewable energy investments. Renewable and Sustainable Energy Reviews, 8(11).162-186.
  • Abbas, J., Wang, L., Belgacem, S. B., Pawar, P. S., Najam, H., & Abbas, J. (2023). Investment in renewable energy and electricity output: Role of green finance, environmental tax, and geopolitical risk: Empirical evidence from China. Energy4(11).269-283.
  • Ainou, F. Z., Ali, M., & Sadiq, M. (2023). Green energy security assessment in Morocco: green finance as a step toward sustainable energy transition. Environmental Science and Pollution Research, 30(22), 61411-61429.
  • Attride-StirlingŲŒ J. (2001). Thematic networks: An analytic tool for qualitative research. Qualitative research, 1(3): 385-405.
  • Berghorn, G. H., & Matt Syal, M. G. (2016). Comprehensive Risk Assessment Framework and Model Development for Energy Performance Contracting Retrofits in Correctional Facilities. In Construction Research Congress 16(4). 2751-2761).‏
  • Braun, V., and V. Clarke. (2006). Using thematic analysis in psychology. Qualitative research in psychology, 3(2): 11-101.
  • Burns, N., and S. K, Grove. (2006). Understanding nursing research, building an evidence-based practice. 4th ed. Philadelphia: Saunders Co.12(5).101-125.
  • Canabarro, E. (2024). Model risk management in stress testing: The road up to here. Journal of Risk Management in Financial Institutions, 17(4), 370-382.‏
  • Cornwell, N., Bilson, C., Gepp, A., Stern, S., & Vanstone, B. J. (2023). The role of data analytics within operational risk management: A systematic review from the financial services and energy sectors. Journal of the Operational Research Society, 74(1), 374-402.‏
  • Harjoni, H., Giovanni, J., & Zakiah, W. (2024). COSO enterprise risk management design in higher education academic administration services. Journal of Interest: Economics, Business, and Accounting Review,9(22). 18-28.‏
  • Ige, A. B., Kupa, E., & Ilori, O. (2024). Analyzing defense strategies against cyber risks in the energy sector: Enhancing the security of renewable energy sources. International Journal of Science and Research Archive, 12(1), 2978-2995.‏
  • IlbaharŲŒ E., Kahraman, C., & Cebi, S. (2022). Risk assessment of renewable energy investments: A modified failure mode and effect analysis based on prospect theory and intuitionistic fuzzy AHP. Energy5(8),239-253.
  • Ke, Y., Liu, J., Meng, J., Fang, S., & Zhuang, S. (2022). Comprehensive evaluation for plan selection of urban integrated energy systems: A novel multi-criteria decision-making framework. Sustainable Cities and Society, 81(7).126-146.
  • Kou, G., Pamucar, D., Dinçer, H., & Yüksel, S. (2023). From risks to rewards: A comprehensive guide to sustainable investment decisions in renewable energy using a hybrid facial expression-based fuzzy decision-making approach. Applied Soft Computing, 142, 110365.
  • Kvale, S. (1996). Interviews: An Introduction to qualitative research interviewing. Thousand Oaks, CA: Sage.
  • Lin, C. Y., Chau, K. Y., Tran, T. K., Sadiq, M., Van, L., & Phan, T. T. H. (2022). Development of renewable energy resources by green finance, volatility and risk: empirical evidence from China. Renewable Energy, 4(201), 821-831.
  • Liu, X., Hu, Y., & Xiao, Y. (2017). Risk management for rural energy industry of Sichuan Province in China. Renewable and Sustainable Energy Reviews, 69(8), 1029-1044.‏
  • Lopes, A. (2010). Grounded theory method: an essential approach to analyse design. In The 9th European Conference on Research Methods in Business and Management: IE Business School Madrid, Spain: 24-25.
  • Mangla, S. K., Srivastava, P. R., Eachempati, P., & Tiwari, A. K. (2024). Exploring the impact of key performance factors on energy markets: From energy risk management perspectives. Energy Economics, 6(11).89-97.‏
  • Wing, L. C., & Jin, Z. (2014). Risk management methods applied to renewable and sustainable energy: a review. Journal of Electrical and Electronic Engineering, 13(2), 1-12.‏
  • Yüksel, S., Eti, S., Dinçer, H., & Gökalp, Y. (2024). Comprehensive risk analysis and decision-making model for hydroelectricity energy investments. Journal of Soft Computing and Decision Analytics, 2(1), 28-38.‏
  • Yuni, S., Yuniati, A., & Umbing, G. B. (2024). A COSO ERM integrated framework evaluation of it governance risk management. Journal of Interest: Economics, Business, and Accounting Review,11(48). 38-42.‏
  • Zeng, F., & Wu, H. (2024). Analysis of Chinese investment in renewable energy generation in Brazil. Frontiers in Energy Research, 12(5).185-193.
  • Zhang, D., Zhao, M., Wang, Y., Vigne, S. A., & Benkraiem, R. (2024). Technological innovation and its influence on energy risk management: Unpacking China’s energy consumption structure optimisation amidst climate change. Energy Economics, 15(52).131-153..‏
  • Zhang, S., Zhuang, Y., Liu, L., Zhang, L., & Du, J. (2019). Risk management optimization framework for the optimal deployment of carbon capture and storage system under uncertainty. Renewable and Sustainable Energy Reviews, 11(8).113-136.
  • Zhao, D., Chaudhry, M. O., Ayub, B., Waqas, M., & Ullah, I. (2024). Modeling the Nexus between geopolitical risk, oil price volatility and renewable energy investment; evidence from Chinese listed firms. Renewable Energy4(12).285-299.