Designing Financial Transactions for Implementing Corporate Governance in Thermal Power Plants from the Perspective of Physical Asset Management: A Grounded Theory Approach
Keywords:
Physical Asset Management, Corporate Governance, Financial Strategy, Thermal Power Plants, Data-Based ApproachAbstract
The present study aimed to design financial transactions for implementing corporate governance in the country’s thermal power plants from the perspective of physical asset management using a grounded theory approach. This study was qualitative in terms of data nature and fundamental-exploratory in terms of purpose. The participants included experts and specialists in thermal power plants in the fields of electricity economics, accounting and finance, energy management, and power system planning. Theoretical sampling was employed and continued until theoretical saturation was achieved, resulting in the participation of 14 experts. Data were collected through semi-structured interviews lasting between 45 and 55 minutes. Data analysis was conducted using Strauss and Corbin’s grounded theory approach, and MAXQDA 2020 software was utilized for open, axial, and selective coding. Lincoln and Guba’s criteria, including credibility, transferability, dependability, and confirmability, were used to assess validity. Reliability was examined through recoding and intra-subject agreement, yielding an agreement coefficient of 87.8%. The findings revealed that 668 code frequencies corresponding to 83 open codes were extracted during open coding. In the axial coding stage, 22 axial categories were identified, including economic, investment, macroeconomic, managerial, operational, asset life-cycle, asset risk management, asset-oriented data and information, structural and institutional barriers, strategic management perspective, and governance accountability dimensions. In the selective coding stage, the final model of financial transactions for implementing corporate governance in thermal power plants was developed. The results indicated that designing value-, risk-, and long-term performance-based financial mechanisms, improving maintenance and targeted renovation programs, enhancing reliability, increasing transparency in investment and cost flows, and strengthening coordination among technical, financial, and managerial units were among the most significant components of the final model. Furthermore, effective physical asset management was found to simultaneously improve financial efficiency and operational sustainability in thermal power plants. The findings demonstrated that implementing an integrated physical asset management system alongside corporate governance can improve financial performance, enhance transparency, strengthen managerial accountability, and reduce operational risks in thermal power plants. Moreover, emphasizing asset life-cycle management, risk management, and asset-oriented information plays a crucial role in sustaining power plant performance and optimizing financial resource allocation.
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Copyright (c) 2025 Fatemeh Eyni Ghorbaee (Author); Mojtaba Maleki Chubari (Corresponding author); Sina kheradyar (Author)
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