The role of qualitative indicators of capital market improvement in capital market efficiency
نویسندگان
1 Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
2 Department of Accounting, Lahijan Branch, Islamic Azad University, Lahijan, Iran
3 Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
doi
10.30495/ijfma.2023.73899.2030چکیده
The purpose of this research is to determine the relationship between qualitative indicators of capital market improvement and capital market efficiency. By considering the qualitative indicators of capital market improvement and asking experts, we generally reached the conclusion that the indicators that lead to the improvement of the capital market will eventually lead to the efficiency of the capital market. In order to test the hypothesis, 143 companies listed to the Tehran Stock Exchange were investigated during the years 2015 to 2021. In order to measure the qualitative indicators of the capital market improvement, to identify the factors and sub-factors according to 18 capital market experts, we used the fuzzy Delphi method, fuzzy DEMATEL and fuzzy ANP methods, and we used the turnover test to measure the efficiency. Also, the methods of correlation statistics and multivariate regression with the combined data pattern and the estimated generalized least squares method (EGLS) were used. The result indicates that according to the AD variable (qualitative index of capital market improvement) which has a significant level (0.00), there is a significant relationship between the qualitative index of capital market improvement and capital market efficiency.
