Designing an Optimal Model for the Development of Risky Investments in the Tehran Stock Exchange Using Grounded Theory and Fuzzy AHP

Document Type : Research Paper

Authors

1 Associate Professor of Industrial Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran.

2 PhD Student in Financial Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran.

3 Assistant Professor of Economics, Tabriz Branch, Islamic Azad University, Tabriz, Iran.

4 Associate Professor of Economics, Tabriz Branch, Islamic Azad University, Tabriz, Iran.

10.22103/jdc.2021.16509.1104

Abstract

Objective: This research is the design of an optimal model for the development of risky investment in the Tehran Stock Exchange using the underlying theory and fuzzy AHP hierarchical analysis process.
 
Methods: A mixed quantitative and qualitative approach has been used to achieve the research goal. For this purpose, in the first stage, using a qualitative approach based on the research paradigm model including causal conditions, intervening conditions, contextual conditions, strategies, consequences and the main category of risky investment are extracted and in the quantitative stage each The extraction of categories was verified using factor analysis. In the quantitative part, descriptive statistics such as mean, standard deviation, tables and graphs are used to examine the descriptive status of research variables and the structural equation model in LISREL software is used to test the main model. The sample size of the qualitative stage is determined based on theoretical saturation and the sample size of the quantitative part is determined based on the recommendations of confirmatory models. Data collection tool in the qualitative part of the interview and in the quantitative part of the data collection tool was a researcher-made questionnaire that was designed based on the concepts extracted from the qualitative part. This questionnaire was distributed among the members of the statistical sample after determining its validity and reliability. Finally, it is ranked using the fuzzy AHP model.
 
Findings: a question that this research seeks to answer. On the other hand, the researcher has faced the issue that in our country, due to the growth of knowledge and expertise of individuals, the number of start-up companies is increasing every day and these companies need risk capital to finance. Accordingly, in the first purpose of this research, it examines the conditions for the formation of risky investments and in the next stage and purpose, it pays attention to what factors should be considered for the success of risky investments in the Tehran Stock Exchange. do. Exchange. It can be said that in order to develop risky investment in the management dimension, the experience and skills of business managers in various sectors should be strengthened. They have more managerial and leadership skills. The next issue in the paradigm model of venture capital development is the different strategies that can lead to the development of venture capital. Strategies in the paradigm model show the types of paths to reach the goal.
 
Conclusion: The results of this section show that the factors of supporting venture capitalists and government support can be considered as two main strategies in this field. The results show 67 concepts in the form of 15 subgroups for the development of risky investments. He said: "Each of the main and sub-categories extracted from research experts can be generalized to the managers of listed companies." In the present study, in order to prioritize the main categories of the study, the fuzzy AHP technique was used and to calculate the compatibility, Gogus and Butcher methods were used. 2009) The weight of the components is obtained and the categories are prioritized based on them.

Keywords

References

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Journal of Development and Capital
Volume 6, Issue 1 - Serial Number 10
September 2021
Pages 53-80

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History

  • Receive Date: 20 September 2020
  • Revise Date: 29 May 2021
  • Accept Date: 13 July 2021

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