Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making Techniques

The purpose of this study is to identify and prioritize the factors affecting the presence of emerging actors in the Iranian financial markets. In the financial crisis started in 1396, the general public, along with the three other actors (government, central bank, and dealers), as the fourth actor,...

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Main Authors: Ramin Sadeghian, Leila Ghaemi Far
Format: Article
Language:fas
Published: Alzahra University 2022-03-01
Series:راهبرد مدیریت مالی
Subjects:
Online Access:https://jfm.alzahra.ac.ir/article_6255_ea1de790ce994c3fe58ecdf38dd2e474.pdf
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author Ramin Sadeghian
Leila Ghaemi Far
author_facet Ramin Sadeghian
Leila Ghaemi Far
author_sort Ramin Sadeghian
collection DOAJ
description The purpose of this study is to identify and prioritize the factors affecting the presence of emerging actors in the Iranian financial markets. In the financial crisis started in 1396, the general public, along with the three other actors (government, central bank, and dealers), as the fourth actor, entered the financial markets and had the most significant impact on causing inflammation and environmental expansion of the market. In this paper, using the opinions of 85 economic experts and implementing exploratory factor analysis, the effective parameters in the presence of emerging actors in the four criteria of "rules and regulations", "psychological factors", "market performance and response", and “financial awareness" category has been classified. In this study, using pairwise comparisons of 15 economic experts in monetary and financial policy institutions and implementing DANP and VIKOR processes, it was found that the criteria of "psychological factors", "market performance and reaction", "rules and regulations", and "financial awareness" are influential in the presence of emerging financial market players. In other words, the psychological factors resulting from unrealistic information for the growth of false demand and market contraction and expansion shocks have been more influential than any other parameter in the unbridled entry of fourth actors into the financial markets.
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spelling doaj.art-84f16ee4330c489dab5ff49f67a4a2c32022-12-22T00:32:25ZfasAlzahra Universityراهبرد مدیریت مالی2345-32142538-19622022-03-0110113315610.22051/jfm.2022.33720.24486255Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making TechniquesRamin Sadeghian0Leila Ghaemi Far1Associate Professor, Department of Industrial Engineering, Payame Noor University, Tehran, IranM.Sc., Department of Engineering Management, Payame Noor University, Tehran. IranThe purpose of this study is to identify and prioritize the factors affecting the presence of emerging actors in the Iranian financial markets. In the financial crisis started in 1396, the general public, along with the three other actors (government, central bank, and dealers), as the fourth actor, entered the financial markets and had the most significant impact on causing inflammation and environmental expansion of the market. In this paper, using the opinions of 85 economic experts and implementing exploratory factor analysis, the effective parameters in the presence of emerging actors in the four criteria of "rules and regulations", "psychological factors", "market performance and response", and “financial awareness" category has been classified. In this study, using pairwise comparisons of 15 economic experts in monetary and financial policy institutions and implementing DANP and VIKOR processes, it was found that the criteria of "psychological factors", "market performance and reaction", "rules and regulations", and "financial awareness" are influential in the presence of emerging financial market players. In other words, the psychological factors resulting from unrealistic information for the growth of false demand and market contraction and expansion shocks have been more influential than any other parameter in the unbridled entry of fourth actors into the financial markets.https://jfm.alzahra.ac.ir/article_6255_ea1de790ce994c3fe58ecdf38dd2e474.pdfemerging actorsfinancial rules and regulationspsychological factorsmarket performance and responsefinancial awareness
spellingShingle Ramin Sadeghian
Leila Ghaemi Far
Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making Techniques
راهبرد مدیریت مالی
emerging actors
financial rules and regulations
psychological factors
market performance and response
financial awareness
title Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making Techniques
title_full Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making Techniques
title_fullStr Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making Techniques
title_full_unstemmed Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making Techniques
title_short Identifying and Ranking the Factors Affecting Iran's Financial Crises Using Multi-Criteria Decision-Making Techniques
title_sort identifying and ranking the factors affecting iran s financial crises using multi criteria decision making techniques
topic emerging actors
financial rules and regulations
psychological factors
market performance and response
financial awareness
url https://jfm.alzahra.ac.ir/article_6255_ea1de790ce994c3fe58ecdf38dd2e474.pdf
work_keys_str_mv AT raminsadeghian identifyingandrankingthefactorsaffectingiransfinancialcrisesusingmulticriteriadecisionmakingtechniques
AT leilaghaemifar identifyingandrankingthefactorsaffectingiransfinancialcrisesusingmulticriteriadecisionmakingtechniques