Barriers and restrictions on the activity of credit rating agencies of Tehran Secutities (in order to develop the capital market)

Credit ratings reflect the publisher's ability and willingness to fulfill its financial obligations fully and in a timely manner, leading to increased confidence in listed corporations (publishers). The main purpose of the plan is to identify and present the obstacles and limitations of the activities of credit rating agencies of Tehran Stock Exchange (in terms of capital market development).According to the purpose of the research, the questionnaire of opinions of financial experts including academic and capital market experts in the form of Fuzzy Delphi method to gain knowledge and understanding of their views, validity of the theoretical framework and identification of barriers and limitations the activities of credit rating agencies of stock exchange corporations, securities, securities of Tehran have been obtained in accordance with the conditions and environmental situation of Iran. According to the consensus of experts, the research findings show that out of 52 indicators and questions asked for barriers and restrictions on the activities of credit rating agencies in Iran, a total of 13 indicators (including eight cultural, educational,‌ one economical and four legal indicators) were rejected. And 39 indicators were approved by experts. Also, among the 10 components proposed for barriers and restrictions on the activities of credit rating agencies in Iran, a total of two rejected cultural-educational components and a cultural-educational component, three economic components and four legal components were approved by experts. The above results can be interpreted and explained by the theory of information asymmetry and the efficient market hypothesis.