ارائه الگویی جهت توانمندسازی سرمایه‌گذاری افراد با ابزارهای نوین بازار سرمایه در ایران بر اساس گراندد تئوری

درسا  اسدی راوری; منصور گرکز; پرویز   سعیدی; علیرضا  معطوفی

Authors

Dorsa Asadi Ravari PhD Student, Department of Accounting, Go.C., Islamic Azad University, Gorgan, Iran Author https://orcid.org/0009-0005-8956-8675
Mansour Garkaz Department of Accounting, Go.C., Islamic Azad University, Gorgan, Iran Corresponding author https://orcid.org/0009-0006-1677-1266
Parviz Saeidi Department of Accounting, Ali.C., Islamic Azad University, Aliabad Katoul, Iran Author https://orcid.org/0000-0002-9457-0949
Alireza Maatoufi Department of Accounting, Go.C., Islamic Azad University, Gorgan, Iran Author https://orcid.org/0000-0002-9877-675X

Keywords:

Grounded theory, investment empowerment, investment intention, capital market

Abstract

This study aimed to develop a comprehensive model for empowering individual investment through innovative capital market instruments in Iran and to explain the causal, contextual, intervening, strategic, and consequential factors associated with the formation of investment intention and behavior. This qualitative study was conducted using a grounded theory approach. The study population consisted of specialists, experts, and university academics with expertise in financial management, accounting, and investment. Twelve participants were selected through theoretical sampling until theoretical saturation was achieved. Data were collected through a review of documentary sources, observation, and open-ended interviews. The data were analyzed in MAXQDA using open, axial, and selective coding. Transferability, dependability, congruence, generalizability, and credibility criteria were also considered to enhance the trustworthiness of the qualitative findings. The analysis generated 16 main categories and 66 subcategories that were integrated into a paradigmatic grounded theory model. The central phenomenon comprised fundamental, legal, and structural actions. Causal conditions encompassed environmental, structural, and investment characteristics, whereas contextual conditions included competitive, economic, and capital-market characteristics. Intervening conditions consisted of regulatory, human, and psychological characteristics. Investment profitability emerged as the most influential causal determinant of investment intention, while investment diversification, financial constraints, financial capacity and assets, and geographical position substantially shaped investors’ evaluations of innovative instruments. Investment development and investment management constituted the principal strategies. These strategies produced financial and social outcomes, among which capital-market strengthening and increased liquidity emerged as the most important consequences. Higher returns, reduced investment risk, and encouragement of long-term investment were also identified as major outcomes of the proposed model. Investment empowerment in the Iranian capital market is a multidimensional process shaped by interactions among economic, structural, behavioral, regulatory, and psychological factors. Accordingly, innovative financial instruments can promote broader and more sustainable investor participation when accompanied by greater transparency and liquidity, effective risk management, macroeconomic stability, and stronger investor capacity for informed and purposeful financial decision-making.

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