Designing a Model of Comprehensive interpretive/structural Mechanism of Effectiveness of Stock Liquidity Tehran Stock Exchange Companies
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

Designing a Model of Comprehensive interpretive/structural Mechanism of Effectiveness of Stock Liquidity Tehran Stock Exchange Companies

Document Type : Original Article

Authors
Mohammadreza Jabari 1
Mohammadreza abdoli 2
Hosin Panahiyan 3
1 PhD student, Department of Accounting, Shahroud Branch, Islamic Azad University, Shahrood, Iran
2 Associate Professor, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran
3 Associate Professor, Department of Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran
10.22034/jse.2020.11194.1414
Abstract
As the capital market becomes more competitive, one of the topics that has attracted the attention of many financial researchers in recent years, is the liquidity of corporate stocks that because of the dynamics it can create in corporate financing, it is of strategic importance. The Purpose of this research is designing a Model of Comprehensive interpretive/structural Mechanism of Effectiveness of Stock Liquidity Tehran Stock Exchange Companies. The one-year study period 2018-2019 in both qualitative analysis and quantitative analysis was conducted with the participation of two members of the panel. In the qualitative analysis section, this research identified through the combination of Delphi and the analysis of three components of the operational mechanism, the structural/governance mechanism, and the investor/mechanism of trading mechanism in the form of the effective statement on stock liquidity. And in the Comprehensive Interpretive / Structural Analysis section, with the participation of four Stock Exchange brokers, members of the panel presented a model based on a spectrum of the most influential statements to the least effective stock liquidity statements. The results show that the Delphi analysis of 25 indicators identified early in the meta-synthesis, 7 Index Remove and 2 indicators have been merged for a total of 16 statements were approved. In the quantitative section, based on a comprehensive interpretive / structural analysis, it was identified that the increase in the number of trading transactions as the component of operational mechanisms was identified as the most influential factor in stock liquidity.
Keywords
Stock liquidity
Liquidity operating mechanism
Structural / strategic mechanism
Investment Trading Mechanism
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Quarterly Journal of Securities Exchange
Volume 14, Issue 54
Autumn 2021
Pages 85-119