Presenting an Optimal and Efficient Model for Regulating Innovative and Financial Interactions of Organizations in the Capital Market Based on Contracts with an Economic Security Stability Approach
Keywords:
Economic security, Contract, Capital market, The principle of freedom of contractAbstract
This study aims to design an optimal and efficient model for regulating innovative and financial interactions of organizations in the capital market through contracts, with an emphasis on enhancing economic security. A mixed-methods approach was employed. In the qualitative phase, the meta-synthesis method was used to identify key variables affecting capital market contracts, and content analysis was applied to extract economic security components. Then, the fuzzy AHP technique and interpretive structural modeling (ISM) were utilized to prioritize and level these variables. In the quantitative phase, structural equation modeling (SEM) using SMART-PLS software was applied to test and validate the proposed model. The statistical population included experienced managers and experts in capital markets and economic affairs. The findings revealed that governance-related and institutional environment factors have the most significant impact on contract structuring and economic security development. Organizational, economic, and innovative factors also interact mutually and are influenced by governance elements while affecting social factors. Moreover, variables such as financial depth, central bank independence, and regulatory oversight significantly influence economic security. The path coefficient between capital market contracts and economic security was 0.851 with a t-value of 42.674, indicating a strong and significant relationship. The final model suggests that optimizing contract regulations in the capital market, alongside enhancing institutional and economic indicators, plays a crucial role in strengthening national economic security. Therefore, policymaking and institutional restructuring must align with financial development goals and capital market transparency.
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Copyright (c) 2024 Emad Mehranpour, Nadieh Mehranpour (Author); Mohammadreza Bagheri; Hossein Amiri, Mohammad Nasr Esfahani (Author)
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