Providing a model for wise financial decision making by company managers

Articles in Press

Document Type : Original Article

Authors
Mohammadmehdi Rajabieslami
Ali Ismaeilzade Moghri
Amir reza Keyghobady
Department of Accounting, Ct.C, University of Azad, Tehran, Iran
10.22034/jik.2026.78344.4705
Abstract
Objective: Wise decision-making with positive financial results is one of the pillars of ensuring the interests of stakeholders. Accordingly, this study has attempted to explain wisdom and decision-making methods based on it, while identifying the factors affecting decision-making based on wisdom, and to propose a model for its development.

Method: The present study is based on ground theory. This research was based on both field and library methods. In line with the implementation of the data approach Foundation and For the purpose of identifying the category core categories, causal conditions, contextual conditions, strategies, intervening conditions, and outcomes for developing the research model.

Findings: Results The results of the research indicate that the model based on prudent financial decision-making includes 462 open codes , 105 concepts, and 22 categories and identifications . and classified. As a result, 9 solutions, 3 consequences, Two intervening conditions, two background conditions, and six causal conditions resulted.

Conclusion: According to the research findings, a model can be developed for managers' prudent financial decision-making. Companies presented, but it should be noted that the presented model, taking into account individual and organizational intervening conditions , as well as controllable and uncontrollable factors , including political and economic conditions , competitive economic environment , and government regulations and laws , can have different consequences .
Keywords
Wise financial decision-making
wisdom
company managers
grounded theory
financial information
  1. مصلحی، و همکاران. (۱۴۰۳). واکاوی مؤلفه‌های ساختاری تصمیم‌گیری بر اساس اندیشه مولوی. فصلنامه مطالعات مدیریتی عرفانی، ۵(۲)، ۱۲۳–۱۴۵.
  2. اسلامی، محمدامین، (1400)، بررسی تاثیر اطلاعات سیستم های مالی و گزارشات آن بر کیفیت تصمیم گیری و استراتژی مدیران و روسا مطالعه موردی: شرکت های خصوصی شهرک های صنعتی  کرمان، پایان نامه کارشناسی ارشد دانشگاه شهید باهنر کرمان.
  3. خان محمدی فرد، جعفر، رضایی، فرزین، احمدی موسی آبادی، ایوب، (1401)، آزمون تجربی تطبیق دهی تصمیمات عقلایی مدیران و سهامداران مبتنی بر درجات ابهام زیاد در اطلاعات حسابداری، فصلنامه علمی پژوهشی دانش حسابداری و حسابرسی مدیریت، سال11، شماره41، 372-357.
  4. صفری گرایلی، مهدی (1401)، ارائه مدلی برای تبیین اثر کالاتیا در تصمیم گیری بخردانه حسابرس، نشریه دانش حسابرسی، جلد22،شماره86، 56-36.
  5. گل بو، محمدعلی، یزدانی، ناصر (1401)، آینده نگری راهبردی در خلق انعطاف پذیری راهبردی و تصمیم گیری عقلایی، مطالعات  مدیریت راهبردی، دوره13، شماره51.
  6. مشایخی فرد، سعید، پورزمانی، زهرا و جهانشاد، آزیتا، (1398)، نقش میانجی ذهنیت فلسفی حسابرس بر تاثیر اعتماد اجتماعی و هویت  اجتماعی روی قضاوت حرفه ای حسابرس، فصلنامه حسابداری ارزشی و رفتاری، 4 (7)، 23-62.
  7. ولیان، حسن، عبدلی، محمدرضا، کوشکی جهرمی، علیرضا، (1398)، مفهوم سازی تصمیم گیری خردمندانه حسابرسان براساس تحلیل داده بنیاد، فصلنامه بررسی های حسابداری و حسابرسی، دوره26، شماره2، 326-301.
  8. Boston Institute of Analytics. (2025). Smart Investment in 2025: How Data Analytics Transforms Financial Decision-Making. Retrieved from Digital Transformation in the Digital Economy
  9. Cohen. Sotiros karatzimas. (2017). Accounting Quality, Stock Price Delay and Future Stock Returns, Contemporary Accounting Research, Vol 30, Issue 1, Pp 269-295.
  10. Csikszentmihalyi, M., Rathunde, K. (1990). The psychology of wisdom: An evolutionary interpretation, In R. Sternberg (Ed.), Wisdom: Its nature, origins, and development, Cambridge. New York. PP. 25-51
  11. Eslami, Mohammad Amin, (1400), Investigating the impact of financial systems information and its reports on the quality of decision-making and strategy of managers and directors, case study: private companies in Kerman industrial parks, master's thesis of Shahid Bahonar University of Kerman.
  12. Hadinia, S., Abdi, R., Pakmaram, A., & Jafari, A. (2022). Designing a model of wise decision-making process in auditing with a fuzzy Delphi approach. International Journal of Nonlinear Analysis and Applications.
  13. Intezari, A., Pauleen, D. and Nazim, Taskin, N. (2016), “The DIKW Hierarchy and Management Decision- Making”, Proceedings of HICSS '16 Proceedings of the 49th Hawaii International Conference on System Sciences (HICSS), 4193-4201
  14. Khan Mohammadifard, Jafar, Rezaei, Farzin, Ahmadi Musa Abadi, Ayub, (1401), Experimental test of adapting rational decisions of managers and shareholders based on high degrees of ambiguity in accounting information, Scientific Research Quarterly Journal of Accounting and Management Auditing Knowledge, Year 11, Issue 41, 372-357.
  15. Mashayekhi Fard, Saeed, Pourzamani, Zahra and Jahanshad, Azita, (2019), The mediating role of auditor's philosophical mindset on the impact of social trust and social identity on auditor's professional judgment, Value and Behavioral Accounting Quarterly, 4 (7), pp. 23-62. Valian, Hassan, Abdoli, Mohammad Reza, Koushki Jahromi, Alireza, (2019), Conceptualizing auditors' wise decision-making based on data-driven analysis, Quarterly Journal of Accounting and Auditing Studies, Volume 26, Issue 2, 326-301.
  16. Nguyen, L., Umemoto, K., Kohda, Y. and Blake, J. (2015), “Knowledge Management in Auditing: A Case Study in Vietnam”. In Massaro, M. and Garlatti, A. (ed) Proceedings of the 16th European Conference on Knowledge Management (ECKM), Udine, Italy, 571- 577
  17. Nguyen, Youji Kohda(2017). Toward a Model of Wisdom Determinants in the Auditing Profession Proceedings of the 50th Hawaii International Conference on System Sciences 2017
  18. Paranoan, N., Roreng, P, P., Tandirerung, C, J., Tandungan, E, S. (2018). Disclosing Professionalism Behaviour of Internal Auditor in Preventing Fraud by Using the Local Cultural Wisdom ‘Longko’ (A Case Study at Toraja Tribe, South Sulawesi, Indonesia), The 2018 International Conference of Organizational Innovation, DOI 10.18502/kss.v3i10.3462
  19. Pourian, Mohammad Taghi (1396), Criticism of rational choice theory in strategic policy decision-making, Strategic Policy Research Quarterly, Year 6, Issue 23, Serial Number 53, 227-210.
  20. Racaza, J. P. S. (2022). Financial Decision Making-Skills among Managers of Small and Medium En-terprises in Relation to Business Performance. International Journal of Multidisciplinary: Applied Business and Education Research, 3(4), 538-547.
  21. Rajabalizadeh, Javad, Hesarzadeh, Reza and Bagherpour, Mohammad Ali, (2016), Investigating the relationship between two dimensions of skepticism and impartiality of professional doubt with the auditor's professional judgment, Accounting and Auditing Reviews, 23 (2), 173-192.

 

  1. Rohali, Y., Basri, Y. Z., Ismail, R., & Septian, R. A. D. (2022). Factors affecting the decision-making of Indonesian Sharia Banking companies. ADI Journal on Recent Innovation, 4(1), 13-25.
  2. Rooney, D. (2013). Being a wise organizational researcher: Ontology, epistemology and axioloxy. In W. M. K¨upers, & D. J. Pauleen (Eds.), A handbook of practical wisdom: Leadership, organization and integral business practice. Aldershot: Gower, 79–98
  3. Saeedi Garaghani, Moslem and Nasseri, Ahmad, (2017), The effect of personality type on the auditor's professional judgment in allocating time budget to accounts containing estimates, Bi-Quarterly Journal of Value and Behavioral Accounting, 2 (3), 169-184.
  4. Safari Graili, Mehdi (2012), presenting a model to explain the Calathea effect in the auditor's prudent decision-making, Danesh Auditing Journal, Vol. 22, No. 86, 56-36.
  5. Sternberg, What is wisdom and how can we develop it?, Ann. Amer. Acad. Politic. Soc. Sci. 591 (2004), no. 12, 164–174.
  6. Valentine, S., Godkin, L. (2019). Moral intensity, ethical decision making, and whistleblowing intention, Journal of Business Research, 98(4): 277-288