Design and Explanation of a Model for the Registration and Listing of company's shares to achieve the development of Tehran Stock Exchange based on 1404 vision of Islamic Republic of IRAN

Subject Areas : Journal of Investment Knowledge

Hamid Mirmoini ¹ , Gholamhosein Asadi ² , Mohammadreza Hamidizadeh ³ , Ahmad Roosta ⁴

1 - Ph.D Candidate of Business Management (International Marketing), Faculty of management and accounting, University of Shahid
2 - Associate Professor, Faculty of management and accounting, University of Shahid Beheshti, Tehran, Iran
3 - Professor, Faculty of management and accounting, University of Shahid Beheshti, Tehran, Iran.
4 - Assistant Professor, Faculty of management and accounting, University of Shahid Beheshti, Tehran, Iran.

Received: 2016-04-21 Accepted : 2016-05-30 Published : 2017-02-19

Keywords: Initial Public Offering, Development of stock exchange, accepting stocks, liquidity, 2025 horizon vision,

Abstract :

The present research was conducted with the aim of designing and explaining the model of registration and public offering of stocks in order to develop Tehran Stock Exchange based . The research was applied in terms of aim, correlational and survey based in terms of method of data collection, and mixed (quantitative-qualitative) and exploratory in terms of type of collected data. The population consisted of two parts: qualitative part which is including ten persons of university teachers and economic-financial researchers those selected by targeted method and capital market participants, in Tehran among whom 384 individuals were selected as a sample size using Cochran formula and random sampling method. In the section of questionnaire, a researcher-made questionnaire with 52 questions was utilized which were about pre-offering measures, post-offering requirements, Successful Initial Public Offering of shares, accepting shares, liquidity and Tehran Stocks Exchange. The validity of the interview questions were approved using the opinions of the related experts (Content Validity) while the validity of the questions used in the questionnaire were approved using construct validity in two parts of convergent and divergent. In addition, the reliability of the questionnaire was approved using the Cronbach's alpha method which the results of the validity and reliability were acceptable. On the other hand, analysis of the qualitative data was carried out through coding and content analysis. Moreover, analysis of the quantitative data was done using Correlation test through SPSS software and Structural Equation Modeling (SEM) through Smart PLS software. The results demonstrated that holding meeting for introducing and appropriate informing, advertising initial public offering of securities, determining the right time of initial offering and appropriating pricing are factors affecting pre-offering measures, and management of liquidity of securities, management of fluctuations in securities, and innovation in derivative instruments are among factors influencing post-offering requirements in Tehran Stocks Exchange. According to the identified components, a model was presented in the field of accepting and offering stocks in order to develop Tehran Stock Exchange based on Islamic Republic of Iran's horizon vision in 2025 which the model fitting criteria were acceptable. Moreover, the test results indicated that pre-offering measures and post-offering requirements had impact on IPO in Tehran Stocks Exchange; IPO had impact on Tehran Stocks Exchange; accepting shares had impact on Tehran Stocks Exchange; liquidity had impact on Tehran Stocks Exchange; liquidity had impact on IPO.

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