Presenting a comprehensive risk management model for investing in renewable energy: with thematic analysis approach

Document Type : Original Article

Authors
Niloufar Ghomian 1
Heydar Foroghnezhad 2
Amir Gholam Abri 3
Atefe Hosseni 4
1 PhD student of financial engineering, Islamic Azad University, Firuzkoh branch.
2 Assistant Professor, Department of Financial Management, North Tehran Branch, Islamic Azad University, North Tehran, Iran
3 Associate Professor, Department of Mathematics, Firuzkoh Branch, Islamic Azad University, Firozkoh, Iran
4 Assistant Professor of Accounting Department, Firuzkoh Branch, Islamic Azad University, Firozkoh, Iran.
10.22034/jik.2025.78040.4620
Abstract
Investing in renewable energy, like any other investment, is associated with risks that in order to ensure proper investment return, it is necessary to first identify all types of risks and perform a detailed analysis on them; Therefore, the present study presents a comprehensive risk management model for investing in renewable energy: with thematic analysis approach. This study is considered qualitative research in terms of exploratory methodology and in terms of method. Because due to the lack of a coherent framework regarding comprehensive risk management for investing in renewable energy, through thematic analysis, it is used to identify the themes of the study by analyzing previous researches and interviewing experts. The statistical population of the research included 14 experts and university professors with professional experience in the field of capital market and members of the risk committee of companies in 1403, who were selected based on the purposeful sampling method with the snowball approach. The results of this research show 2 overarching themes (structural risk management and institutional risk management), 8 organizing themes (strategic risks, industry-related risks, internal environment risks, operational risks, technological and technical risks, political and legal risks, environmental risks and economic risks) and 33 basic themes. The findings of this research can have important policy implications for policy makers. The economic policymaker, especially the capital market policymaker, should note that any changes in the comprehensive risk for investing in renewable energy, especially large changes in it, can be a stimulus for the formation of investment behaviors in such projects in the capital market.
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