Index management in the capital market

Subject Areas : Financial Markets and Institutions

Mojgan Safa ¹ , Yaser Sadeghi ² , Reza Shamsi ³

1 - Department of Accounting, Qom Branch, Islamic Azad University, Qom. Iran.
2 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.
3 - Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran.

Received: 2023-07-25 Accepted : 2024-03-30 Published : 2024-04-17

Keywords: Financial Indicators, Index Management, Index Manipulation, Stock Exchange, Theme Analysis,

Abstract :

Purpose: The basis and economic foundation and their economic structure is the existence of numerous financial markets, including the stock exchange, which is considered one of the main economic pillars due to its strong role in providing drivers. The indicators reflect the performance of companies in this market. But instead of many, they sometimes undergo artificial changes. Identifying the formation of this damage in the period of 2018-2021 is the main goal of the research. Research methodology: conducting research consists of three stages: first; By using the theme analysis, it examines the available evidence to calculate the key factors and types of manipulation in the stock. Second; Using the two-stage Delphi , new findings are identified and combined with the findings and confirmed by experts. Third; Using the Delphi-Fuzzy technique, it screens the previously obtained key factors using the opinion of same experts. Findings: research show that the Tehran Stock Exchange is prone to manipulation of indices and the manipulation and management of indices takes place in two general ways: some of them are real actions, but with ulterior motives and are introduced as real index management, and the other part It is also with fake and ill-intentioned actions, which is categorized and described as artificial index management. Originality/scientific added value: this research can be effective in revising and modifying the guidelines and information transparency framework in the field of indicators. Content innovation in identifying dimensions and how to manipulate the stock market index is one of the other achievements.

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