Providing a Model for the Impact of Macroeconomic Variables on the Money and Capital Markets with an Approach to the Grounded Theory and Structural Equation Modeling
Providing a Model for the Impact of Macroeconomic Variables on the Money and Capital Markets with an Approach to the Grounded Theory and Structural Equation Modeling
Subject Areas : Financial Knowledge of Securities Analysis
Souzan Hoseinzadeh 1 , Gholamreza Zomorodian 2 , ebrahim chirani 3
1 - Ph.D. Candidate in Finance, Department of Management, Rasht Branch, Islamic Azad University, Rasht, Iran
2 - Assistant Professor, Department of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran. (Corresponding Author)
3 - Assistant Professor, Department of Business Management, Rasht Branch, Islamic Azad University, Rasht, Iran
Keywords: Macroeconomics, Money and capital markets, Mixed approach, The grounded theory (GT), Structural equation modeling (SEM),
Abstract :
Abstract Objective: this research seeks to develop a model for the impact of macroeconomic variables on the money and capital markets based on the grounded theory and structural equation modeling (SEM) technique. Method: this is a basic and exploratory research conducted with a mixed (quantitative-qualitative) approach. The qualitative analysis was performed in MAXQDA software based on the grounded theory (GT). The statistical population included the university professors and scholars with expertise in the area of macroeconomic policies of whom 14 persons were selected, using theoretical sampling. The required information was obtained from the semi-structured interviews held with the sample experts. The quantitative part was performed in SmartPLS software based on the variables identified in the qualitative stage, in which the related data for the period 1989-2019 were extracted from the website of the Central Bank. Findings: using open, axial and selective coding, the preliminary model was formed. Next, consulting experts and profiting from the theoretical framework, the qualitative model was finalized. The relationships between the variables in the final model was tested using the SEM technique. Conclusion: the obtained coefficients of determination for the stock exchange index (TEPIX) and the money market were 0.962 and 0.975, respectively, indicating that 96.2 percent of the changes in TEPIX and 97.5 percent of the changes in the money market index could be explained by the identified macroeconomic variables.
