Identification of Stock Return Components Using Novel Composite Variables in the Tehran Stock Exchange
Keywords:
Stock returns, composite variables, stock exchangeAbstract
The aim of this study is to identify the components of corporate stock returns using novel composite variables in the Tehran Stock Exchange. Employing a systematic review and meta-synthesis approach, the researcher analyzed the findings and outcomes of previous scholars. Through the application of the seven-step method proposed by Sandelowski and Barroso, the influential factors were identified. Out of 553 articles, 51 were selected based on the CASP method, and the validity of the analysis was confirmed with a Kappa coefficient of 0.747. In this context, the Kappa index was used to assess reliability and quality control, and the value indicated an excellent level of agreement for the identified indicators. The analysis of the collected data using MAXQDA software led to the identification of 48 initial concepts based on 12 indicators across 4 dimensions. To identify the components of stock returns using novel composite variables in the Tehran Stock Exchange, the meta-synthesis technique was applied. The identified dimensions include financial and economic factors, behavioral and emotional factors, technological and data-driven factors, and institutional and regulatory factors. The findings of this study indicate that stock returns are influenced by a network of diverse factors that interact in complex ways. Attention to these factors and the adoption of appropriate strategies in investment management, economic policymaking, and the development of technological and regulatory infrastructures can enhance market efficiency and increase investor returns. Therefore, innovative and comprehensive analytical approaches are deemed essential for a better understanding of the mechanisms influencing the stock market.
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Copyright (c) 1404 Seyyed Mohammad Mahdi Afshin (Author); Amir Mohammad Zadeh (Corresponding author); Farzin Rezaee, Ebrahim Abasi (Author)
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