A Model of Ethical Investment Decision-Making Based on Islamic Values in the Iranian Stock Market

August 17, 2025Accounting and Corporate Governance Research پژوهش های حسابداری و راهبری شرکتیOpen Access

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Key Points

The aim is to develop a theoretical model of Islamic behavioral finance for investment decision-making in Iran's stock market.
Utilized a mixed-methods approach with qualitative and quantitative strands.
Conducted semi-structured interviews with 18 experts in Islamic finance and market participants to collect qualitative data.
Employed grounded theory and Strauss and Corbin's approach for qualitative analysis and structural equations for quantitative analysis.
The conceptual model reveals that Muslim investors' decision-making is influenced by a complex network of contextual factors.
Identified variables include religious and ethical beliefs, social norms, psychological aspects, and economic structures.
Strategies such as selecting halal assets and emotional regulation lead to positive outcomes like spiritual satisfaction and market sustainability.

Develops a model for ethical investment decision-making in the Iranian stock market, suggesting implications for Islamic finance policies.

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Sepehri et al. (2025) studied this question.

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