International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Identification and Ranking of Indicators Affected by Political Shocks in Iran’s Capital Market: An Exploratory Approach with CVR and CVI Validation

Articles in Press

Document Type : Original Article

Authors
mohammad mirzaei 1
Reza Qolami Jamkarani 2
Meysam Doaie 3
Aliraza Davoodi 4
1 PhD Student in Financial Engineering, Department of Finance and Accounting, Qom Branch, Islamic Azad University, Qom, Iran
2 Associate Professor, Department of Finance and Accounting, , Qom Branch, Islamic Azad University, Qom, Iran
3 Assistant Professor, Department of Finance and Accounting, , Qom Branch, Islamic Azad University, Esfarayen, Iran
4 Associate Professor, Department of Mathematics, , Qom Branch, Islamic Azad University, Nishabur, Iran
10.22034/ijfma.2026.78512.2258
Abstract
One of the most significant characteristics of any capital market is its sensitivity to political developments. Political issues, due to their ability to alter economic perspectives, exert a direct and immediate impact on the stock exchange. Today, political risk is a highly complex and multidimensional phenomenon that poses serious challenges to the global business community, particularly in terms of its accurate assessment and effective management. This study aims to identify the indicators affected by political risk in companies listed on the Tehran Stock Exchange and the Iran Fara Bourse.
Accordingly, after reviewing the theoretical foundations, indicators influenced by political shocks were extracted. The general framework of the study, including its objectives, was then developed based on an exploratory approach. Subsequently, by analyzing key terms and reviewing relevant empirical studies, and through expert consultation, the most influential indicators related to political shocks in the capital market were identified. Finally, using standardized CVI and CVR questionnaires, the final set of effective indicators was identified and ranked. This research is exploratory-simulation in nature.
Keywords
Political Shock, Iran&rsquo
s Capital Market, Indicator Ranking, Exploratory Approach, CVR and CVI Validation
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International Journal of Finance & Managerial Accounting

Articles in Press, Accepted Manuscript
Available Online from 10 May 2026