Validation of the model of factors influencing the attraction of foreign capital in Tehran Stock Exchange for sustainable development

Document Type : Original Article

Authors
Hassan Golbaz 1
Arefeh Mohaghegh 2
Reza Ziyari 2
Razieh Fatehpour 3
1 Ph.D. Student, Department of Accounting, Semnan Branch, Islamic Azad University, Semnan, Iran.
2 Assistant Professor, Department of Accounting, Semnan Branch, Islamic Azad University, Semnan, Iran.
3 Assistant Professor, Department of Accounting, North Tehran Branch, Islamic Azad University, Tehran, Iran.
10.30495/jik.2024.78073.4630
Abstract
Paying attention to factors affecting the attraction of foreign capital in the Tehran Stock Exchange can pave the way for sustainable economic development. In this research, firstly, in the qualitative section, using the database method, a model of factors affecting the attraction of foreign capital in the Tehran Stock Exchange for sustainable development was presented. By conducting interviews with fourteen experts in the Tehran Stock Exchange, 13 main categories have been identified based on the paradigm model and structured in six dimensions: supportive laws and policies, appropriate political communication and appropriate infrastructure as "causal conditions", inflation and state economy as "intervening conditions". sanctions as "ground conditions", the introduction of modern technology and knowledge, increasing exports, increasing production productivity and preventing the departure of intellectual and financial capital as "interactive dimension", attracting foreign capital as "phenomenon-oriented" and sustainable development and improving the position Internationalization of the country as "consequence dimension". In the quantitative part, the model was tested by structural equation modeling, and the results showed that supportive laws and policies, appropriate political communication, and appropriate infrastructure have a significant effect on attracting foreign capital. Attracting foreign capital has a significant impact on the entry of modern technology and knowledge, increasing exports, increasing production efficiency and preventing the outflow of intellectual and financial capital. Inflation as well as the state economy have a significant impact on the introduction of modern technology and knowledge, increasing exports, increasing production efficiency and preventing the outflow of intellectual and financial capital. Sanctions have a significant impact on the entry of modern technology and knowledge, increasing exports, increasing productivity, and preventing the departure of intellectual and financial capital. The introduction of modern technology and knowledge, increasing exports, increasing production productivity and preventing the outflow of intellectual and financial capital have a significant impact on sustainable development and also on improving the international status of the country
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