Accounting and Auditing Studies

Accounting and Auditing Studies

Identifying The Structural Pattern of Economic Policy Uncertainty, Financial Market Instability and Stock Liquidity of Tehran Stock Exchange

Document Type : Original Article

Authors
Iman Hasanzadeh 1
Mohammad javad Sheikh 2
Meysam Arabzadeh 3
Ali Akbar Farzinfar 3
1 Ph.D. Candidate, Department of Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran
2 Associate Prof., Department of Accounting, Kharazmi University, Tehran, Iran
3 Assistant Prof., Department of Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran
10.22034/iaas.2025.236381
Abstract
The current research was carried out with the title of identifying the structural pattern of economic policy uncertainty, financial market instability and stock liquidity of Tehran Stock Exchange. This research was done in an exploratory way. In the qualitative method, using the theme analysis technique, and in the quantitative method, the modeling has been done with the interpretive structural method. The researched community is stock exchange experts and managers, 12 people were selected as a sample using the snowball method. The data collection tool in this research is a semi-structured interview. Considering its importance in the theme analysis approach, the process of analyzing the data obtained from the text of the interviews was done at the same time as the data was collected through three stages of open coding and they were classified in the form of themes and subcategories. To ensure validity and reliability based on Cohen's kappa index, the value of 0.87 was confirmed. In the following, based on the identified indicators, the input matrix of the interpretive structural technique was formed and interpretive modeling was done Changes in the inflation rate, currency policy, and momentary fluctuations in the market can directly or indirectly affect the liquidity of stocks and the instability of the financial market. These correlations show the rationality of the market in the light of the incomplete market hypothesis and clearly show the importance of capital structure management, income growth, market adaptation, and news and events in stock market policy and management.
Keywords
Economic Policy Uncertainty, Financial Market Instability and Stock Liquidity
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Accounting and Auditing Studies
Volume 14, Issue 55
Autumn 2025
Pages 41-64