فهرست مطالب azizollah askarzadeh

With increasing environmental complexities in market structures, the agency cost gap between companies and shareholders has deepened daily. CEO power plays a crucial role as an important criterion in creating interest discrimination between shareholders and managers or balancing interests. Therefore, this research aimed to design a wisdom model for promoting thick decision-making in the capital market.

This research is exploratory in terms of purpose, developmental in terms of results, and mixed in terms of data type. In the qualitative phase, a wisdom model was presented to promote thick decision-making in the capital market using a grounded theory approach, through interviews with 22 experts in industrial management and finance, including managers and university professors. Then, in the quantitative phase, with the participation of 80 professors, doctoral students, and managers from various levels of the top 50 capital market companies, the designed qualitative model was evaluated using structural equation modeling.

The results indicate that managerial wisdom towards pluralism of shareholder and stakeholder values is influenced by the risk arising from multiple information sources. In cost-oriented components, factors such as facilitating access to organizational financial resources are influential. Market-oriented components include facilitating access to extra-organizational financial resources, while bio-oriented components are affected by the global economy's shift towards a circular economy.

Originality/Scientific Value: 

The research findings can contribute to implementing wisdom strategies for promoting pluralistic social values, which can lead to increased decision legitimacy from stakeholders' perspectives, competitive effectiveness, reduced conflicts of interest in decision-making, and emphasis on social dimensions.

The purpose of this study is Consequences value matrix resulting from the wisdom of financial knowledge of capital market managers.

This research is in the category of developmental research in terms of exploratory purpose and in terms of result and part of mixed research in terms of data type. In the qualitative part, this study, using Glaser (1992) approach in the theoretical analysis of grounded theory, presented a model with positive dimensions of values resulting from the wisdom of financial knowledge of managers through interviews with 15 research experts. In this process, after three steps of open coding; Selective and pivotal, 2 categories and 4 main components were determined in the form of 30 themes. Then, in a small part with the participation of 18 managers of different levels of the top 50 companies in the capital market, first through Shannon entropy analysis, the most influential main component identified in the quality part was determined. Then, through Mic Mac cross-matrix analysis, an attempt was made to determine the most influential main component theme selected in the Shannon entropy analysis step.

The results showed that the market-oriented Consequences values was selected as the most effective component of the wisdom of financial knowledge of managers of capital market companies. It was also found that gaining more market share due to the strengthening of social trust as the most important theme of the market-oriented Consequences values is the most effective theme of wisdom of financial knowledge of managers of capital market companies.

The results of this study indicate the fact that managers with specialized knowledge in the field of finance are better able to assess the market situation and possible scenarios of market change and try to make the best and most effective decisions by observing these changes based on their financial knowledge. Decisions that can help increase a company's competitive performance in the marketplace.