International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Identifying and Prioritizing the Constituent Factors of the Governance System of Holdings Based on Risk Appetite

Document Type : Original Article

Authors
MohammadTaghi Abolhassani 1
Ebrahim Chirani 2
Gholamreza Mahfoozi 3
Fraydoon Rahnamay Roodposhti 4
1 Department of Business Management, Ra.C., Islamic Azad University, Rasht, Iran.
2 Department of Business Management, Ra.C., Islamic Azad University, Rasht, Iran
3 Department of Accounting, Faculty of Management and Economics, University of Guilan, Rasht, Iran
4 Department of Financial Management, SR.C., Islamic Azad University, Tehran, Iran.
10.22034/ijfma.2025.78747.2308
Abstract
The present research was conducted with the aim of identifying and prioritizing the constituent factors of the governance system of holdings based on risk appetite. In terms of purpose, this research is applied; in terms of data type, it is sequential mixed (qualitative–quantitative) with an exploratory approach; in terms of data collection method, in the qualitative section, it is qualitative content analysis with a thematic analysis approach, and in the quantitative section, it is descriptive–correlational. In the qualitative section, the statistical population consisted of all theoretical experts (university professors in the fields of financial management, accounting, and economics) and practical experts (senior financial managers of holdings). For calculating the validity of the questionnaires, content validity (Lawshe forms) and construct validity (convergent and discriminant) were applied, and for reliability, Cronbach’s alpha coefficient, composite reliability coefficient, and McDonald’s omega used. The results indicated the instrument was valid and reliable.Finally, data analysis conducted in the qualitative section using thematic analysis with the approach of Braun and Clarke (2012) via Maxqda-2018 software, and in the quantitative section using descriptive and inferential statistics (confirmatory factor analysis) via SmartPLS-V3 software. The findings indicated that the governance system of holdings based on risk appetite comprises the dimensions of organizational structure, decision-making processes, risk management, information transparency, and social responsibility. Prioritization of the dimensions and components of the governance system of holdings based on risk appetite showed that the highest priority among the dimensions, respectively, belonged to decision-making processes, social responsibility, organizational structure, information transparency, and risk management.
Keywords
Governance system
Holding companies
Risk appetite
Risk management
Information transparency
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