Designing a Model of Factors Affecting Capital Structure Based on the Balanced Scorecard Considering the Role of Financial Resilience
Keywords:
financial stability, balanced scorecard, financial resilience , Bank capital structureAbstract
The aim of the present study was to design a model of factors affecting capital structure based on the balanced scorecard, considering the role of financial resilience. This research, using a qualitative approach and grounded theory methodology, was conducted through semi-structured interviews with 8 experts and senior managers of banks listed on the Tehran Stock Exchange. The study provided an in-depth identification of the conceptual model of factors influencing capital structure through a combined approach. The findings indicated that components such as liquidity, credit risk, asset quality, statutory reserves, and shareholders’ equity play causal roles in the formation of capital structure. At the contextual level, factors such as the internal control system and the asset–liability management system provide the executive and operational basis for these decisions. Factors such as customer satisfaction, information sharing, and innovation, as intervening variables, can act as facilitators or constraints, influencing the way capital structure interacts with its surrounding environment. Strategies such as establishing an integrated risk management system and enhancing transparency and stakeholder engagement, as overarching orientations, guide capital structure toward resilience. Ultimately, consequences such as financial structure sustainability, improvement of financial resilience, deepening of public trust, and enhancement of bank performance represent the tangible outcomes of this structure within a resilient and forward-looking framework. The results of this study demonstrate that the capital structure of banks is the product of systematic interactions among various factors, and that the balanced scorecard approach, combined with financial resilience, provides an effective framework for strategic decision-making. This model can strengthen financial stability and public trust in the banking system.
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Copyright (c) 2025 Meysam Rahimianfar (Author); Alireza Saranj (Corresponding author)
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