فهرست نشریات علمی دسترسی آزاد ایران

Purpose: This study aims to develop a regulatory governance model for investment policy in Iran’s social insurance funds, with a particular focus on the strategic and supervisory role of the Central Bank. Methodology: Employing a qualitative and exploratory research design, the study uses Grounded Theory methodology. Data were gathered through 15 semi-structured interviews with senior investment managers, financial regulators, policy advisors, and social insurance fund experts. The data were analyzed in three stages: open, axial, and selective coding. Findings: The study identifies four key institutional challenges: (1) overlapping roles between policy formulation and execution, (2) lack of integrated and effective regulatory oversight, (3) institutional conflicts of interest, and (4) absence of performance metrics linked to developmental outcomes. In response, a conceptual governance model is proposed, comprising four components: strategic policy formulation, integrated regulatory supervision, outcome-based accountability, and systemic alignment with the Central Bank. Originality: This paper presents an innovative institutional governance framework that bridges the gap between social policy investment and the monetary regulatory system. It contributes to the enhancement of transparency, efficiency, and legitimacy in long-term public fund management.