Investigating the development potential of the green stock market in Iran's stock market (in line with the realization of the seventh development plan)

Document Type : Original Article

Authors
Ebrahim Baghi 1
Zohreh Hajiha 2
Reza Tehrani 3
1 Department of Financial Engineering, Kish International Branch, Islamic Azad University, Kish Island, Iran
2 Professor, Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran
3 Professor, Management and Insurance Group, Faculty of Management, Tehran University, Tehran, Iran
10.30495/jik.2024.77694.4550
Abstract
Considering Iran's remarkable gift of renewable energy resources and the extensive need for infrastructure investment, an active and developed green stock market plays an important role in supporting sustainable development, which is one of the goals of the Seventh Development Plan. The purpose of this research is to conduct a comprehensive study on the development potential of the green stock market in Iran and, as a result, to understand the obstacles that have prevented publishers and investors from entering the market. at the first, a semi-structured interview was conducted (total of 24 people) in order to examine the general view of green stocks and the challenges of this new tool. In the second part, the auditors and experts of the regulatory body of the Securities and Exchange Organization of Iran (SEO) and the researchers of the sustainability field were interviewed (totally 35 people) to examine the viewpoint of sustainability experts regarding the components of green stock development in Iran. At first, a number of interviewees were selected by purposive sampling, and then interviews were conducted with other people using snowball sampling. The findings showed that the interviewees emphasized the importance and necessity and potential of the green equity market, and green financing and green equity are associated with challenges mainly due to insufficient long-term budget constraints and the lack of specific incentives for developers. The findings of this study can be used in identifying appropriate and practical initiatives for the development and deepening of the green stock market.
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