Ambiguity in capital market and equity investment

Document Type : Research Paper


1 Department of Industrial Management, Kashan Branch, Islamic Azad University, Kashan, Iran

2 Department of Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran

3 Department of Business Administration, Kashan Branch, Islamic Azad University, Kashan, Iran



Modeling and predicting fluctuations are important for many financial applications, including asset allocation, risk measurement and option pricing. This paper identifies and ranks the factors affecting market ambiguity and equity investment in companies listed on the Tehran Stock Exchange. This paper reviews the literature to identify the factors affecting market ambiguity and equity investment while conducting semi-structured interviews using the qualitative method of theme analysis. The experts interviewed were eighteen university professors and capital market activists and experts. A literature review, research, and interview results revealed six main themes, categorizing the factors influencing market ambiguity and equity investment in companies. This paper identified and ranked the main factors by the identified key factors and the fuzzy Delphi method. The results showed that the factors of financial performance, market, liquidity, financial analysis, environment, ambiguity and corporate governance are effective in market ambiguity and equity investment of companies, respectively.


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Articles in Press, Corrected Proof
Available Online from 01 February 2024
  • Receive Date: 21 September 2022
  • Revise Date: 01 December 2022
  • Accept Date: 11 December 2022