A Model of Iran’s Capital Market Resilience Using Structural Equation Modeling
Subject Areas : Financial engineeringSayyed Kazem Chavoshi 1 , Mohammad Hossein Kabirian 2
1 - Department of Business Management, Faculty of Management, Kharazmi University, Tehran, Iran.
2 - Department of Business Management, Faculty of Management, Kharazmi University, Tehran, Iran.
Keywords: risk management, Capital Market, resilience,
Abstract :
Economic shocks like sanctions and its influences against capital market, manifested the vulnerability of this market and its requirement to find a resolution for reinforcing it against external shocks. In this research, a conceptual framework is provided. Using structural equations modeling framework, hypothesis test and goodness of fit of the proposed model are evaluated.The evaluation results show that the relation of resilience of the capital market with “financial institutions”, “financial instruments”, “regulatory, rules and regulation” and “markets and publishers” is significant, which positive effect of financial institution and negative effect of financial instruments on resilience is considerable. On the other hand, market resilience does not have a significant relation with the external environment of the market. The research also discusses the executive and policy implications of resilience, using numerical outputs. If the capital market of the Iran including the financial institutions, instruments, the regulatory entity, rules and regulation, and its markets and publisher hold the resiliency characteristics, it can be concluded that the whole capital market is strong enough against environmental shocks and can recover and adapt itself to longterm trends in the case of the occurrence of a crisis.
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