دانش حسابداری و حسابرسی مدیریت

دانش حسابداری و حسابرسی مدیریت

ارزیابی تحمل ریسک مالی با تکنیک تحلیل مقایسه‌ای کیفی فازی در بازار سرمایه ایران

نوع مقاله : مقاله پژوهشی

نویسندگان
قادر زلالی بناب 1
علی بشارت 2
عسگر پاکمرام 3
1 دانشجوی دکتری مهندسی مالی گروه حسابداری و مدیریت مالی، واحد مراغه، دانشگاه آزاد اسلامی، مراغه، ایران
2 استادیار گروه حسابداری و مدیریت مالی، واحد مراغه، دانشگاه آزاد اسلامی، مراغه، ایران.
3 دانشیار گروه حسابداری و مدیریت مالی، واحد بناب، دانشگاه آزاد اسلامی، بناب، ایران
10.22034/jmaak.2025.24069
چکیده
تحمل ریسک به عنوان یک مهارت کلیدی در مدیریت فردی و سازمانی بسیار مهم است. با توجه به مشکلات بورس ایران در حال حاضر با کاهش ایمان سرمایه‌گذاران به بازار مواجهیم. هدف این مطالعه ارزیابی تحمل ریسک مالی با تکنیک تحلیل مقایسه‌ای کیفی فازی در بازار سرمایه ایران است. نوع پژوهش ازلحاظ هدف کاربردی و روش آن بر اساس نحوه گردآوری داده‌ها پرسشنامه‌ای و کمی بوده است. جامعه آماری، شامل سرمایه‌گذاران، خریداران و فروشندگان سهام و سایر اوراق بهادار در بازارهای مالی است که بر اساس جدول مورگان تعداد 278 نفر انتخاب شدند. نتایج نشان می‌دهد که تمام شروط (مستقل، ریسک، تأثیرگذار، تنظیمی، اهرمی ثانویه و هدف) به حداقل یک ترکیب (راه‌حل) تعلق دارد که در ارزیابی تحمل ریسک سرمایه‌گذاران نقش دارند. درنهایت، تجزیه‌وتحلیل fsQCA از اهمیت متغیرهای تأثیرگذار(دانش مالی، رفتار توده‌وارو آنالیز و ارزیابی)؛ متغیرهای ریسک شامل(حسابداری ذهنی، تأثیرات جوی، رفتار مالی و زمان‌بندی سرمایه‌گذاری) و متغیر هدف (عوامل جمعیت شناختی(دموگرافی)) به عنوان شرایط لازم برای ارزیابی تحمل ریسک حمایت می‌کند. نتایج پیکربندی‌های حاصل از تحلیل Fsqca نشان می‌دهد که متغیرهای شناسایی شده به حداقل یک ترکیب (راه‌حل) تعلق دارد که منجر به توسعه مدل ارزیابی تحمل ریسک سرمایه‌گذاران در بازار سرمایه ایران می‌شود. این مطالعه می‌تواند پیامدهایی برای دولت‌ها و سیاست‌گذاران صنعت مالی داشته باشد.
کلیدواژه‌ها
ارزیابی تحمل ریسک مالی
بازار سرمایه ایران
تکنیک تحلیل مقایسه‌ای کیفی فازی

عنوان مقاله English

Assessment of financial risk tolerance with Fuzzy-set Qualitative Comparative Analysis (fsQCA)in Iran's capital market

نویسندگان English

Ghader Zolali Bonab 1
Ali besharat 2
Asgar Pakmaram 3
1 PhD Candidate of Financial Engineering, Department of Accounting and Financial Management, Maragheh Branch, Islamic Azad University, Maragheh, Iran.
2 Assistant Professor, Accounting and Finance Department, Maragheh Branch, Islamic Azad University, Maragheh, Iran
3 Associate Professor., Accounting and Finance Department, Bonab Branch, Islamic Azad University Bonab, Iran.
چکیده English

"The tolerance for risk is a crucial skill in personal and organizational management. Given the current issues in the Iranian stock market and the decreasing confidence of investors in the market, this study aims to evaluate financial risk tolerance using the qualitative fuzzy comparative analysis technique in the Iranian capital market. The research is applied in terms of its objective and utilizes a questionnaire-based and quantitative method for data collection. The statistical population consists of investors, buyers, sellers of stocks, and other securities in financial markets, with a sample size of 278 individuals selected based on Morgan's table. The results indicate that all conditions (independence, risk, influential, regulatory, secondary leverage, and objective) are associated with at least one combination (solution) that plays a role in assessing investors' risk tolerance. Ultimately, the fsQCA analysis highlights the importance of influential variables (financial knowledge, crowd behavior, and evaluation), risk variables (mental accounting, emotional influences, financial behavior, and investment timing), and the objective variable (demographic factors) as necessary conditions for assessing risk tolerance. The configuration results obtained from the fsQCA analysis demonstrate that the identified variables are associated with at least one combination (solution), which leads to the development of a risk tolerance assessment model for investors in the Iranian capital market. This study can have implications for governments and financial industry policymakers, who can utilize the results to educate and raise awareness among potential investors based on the components introduced in this study."

کلیدواژه‌ها English

assessment of financial risk tolerance
Iranian capital market
Fuzzy-set Qualitative Comparative Analysis (fsQCA)
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