Institutional owners are professional investors who have long-term goals. Considering the amount of investment and the professionalism of the institutional owners, their presence leads to the supervision of the management. This issue can focus on maximizing the long-term value of the company instead of focusing on short-term profitability goals. Institutional investors are always rational actors who neutralize the irrational wave of retail investors through rational arbitrage activities. The rational behavior of institutional investors ensures that the financial market is always operationally and informationally efficient. The aim of the present study was to provide a model for the destructive behavior of institutional investors based on thematic analysis approach and considering the environmental characteristics and the prevailing conditions of the country. In this regard, according to the exploratory approach of the research and using the qualitative approach, the theme analysis method has been used. In the first phase, the literature on destructive behavior of institutional investors was reviewed. Then, qualitative data was collected through interviews with 15 experts and university professors with professional experience in the field of accounting and finance in 1402. These experts were selected based on the purposeful sampling method with the snowball approach, and the interviews continued until reaching theoretical saturation. In the second phase, after reviewing the interviews, the collected qualitative data were coded and categorized using Atride-Sterling's thematic analysis method and with the help of Max Kyuda software. The results of the current research show 2 overarching themes (judgmental destructive behaviors and perceptual destructive behaviors),