Designing a legal and financial model for capital changes in public joint stock companies in Iranian and English laws

Subject Areas : Financial Knowledge of Securities Analysis

Reza Mohammadi Darvishvand ¹ , Ali Zare ² , Mehdi Montazer ³ , Seyedyaghoub zeraatkish ⁴

1 - PhD Student in Financial Law, Faculty of Economics and Management, University of Science and Research, Tehran, Iran
2 - Assistant Professor, Department of Private Law, College of Law, Theology and Political Science, Tehran science and research branch, Islamic Azad University, Tehran, Iran.
3 - Assistant Professor, Private Law, Faculty of Human Sciences, Islamic Azad University, Damavand Branch, Tehran, Iran
4 - Associate Professor, Department of Agricultural Economics, Islamic Azad University, Science and Research Branch, Tehran, Iran.

Received: 2022-11-26 Accepted : 2023-05-29 Published : 2024-03-11

Keywords: Financial legal analysis, capital changes of public companies, Iranian and British law, mixed approach,

Abstract :

This study was conducted with the aim of designing the financial legal model of capital changes (increase) of public companies in Iranian and British law. The research method of the present study is mixed and it is done with two types of qualitative and quantitative (mixed) approaches. In the qualitative part of the research, in order to collect data, interview questions were developed. In the following, the ISM questionnaire was used. The statistical population of the research included 10 qualified experts who were selected using non-probability and purposive sampling method, and in-depth and semi-structured interviews were conducted with them. The first step of the current study was using the qualitative analysis method (interview editing approach, summarizing them and interpreting concepts and words) to identify the main and subcategories of the research. Then, in the second and quantitative part of the research, the modeling method was used. Structural-interpretive and MICMAC software were used to identify the causal relationships between the main research categories. By extracting the main and sub-categories of the research using the results of the qualitative analysis of the theme and the ISM method, the final model was presented. In total, the pattern obtained consists of 10 main categories. The results of the research showed that the capital structure has an effect on short-term debt, equity and long-term debt. The aforementioned variables also affect the company's behavior in financing operations. The behavior of the company affects the lease and bank loan, long-term debt and bond issuance and further affects the risk management. Risk management also leads to the increase of capital of public companies. In the same way, the amount of influence on the next levels is reduced and the variables of the same level, that is, have mutual interaction with each other.

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