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Identifying and Leveling the Components of a Sustainable Financing and Capital Attraction Model in Non Governmental Organizations
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Abolfazl Parhizkar1   , Ali Moradi *2 , ALI Bayat1 , Behzad Ghorbani1 |
1- Department of Accounting, Zanjan Branch, Islamic Azad University, Zanjan, Iran
2- Department of Accounting, Zanjan Branch, Islamic Azad University, Zanjan, Iran , Ali.mohammad1353@iau.ac.ir |
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Abstract: (2 Views) |
Sustainable financing and capital mobilization represent among the most significant challenges facing non-governmental organizations (NGOs) in pursuing their social objectives and ensuring the continuity of their activities. The present study aimed to identify and prioritize the components of a sustainable financing and capital mobilization model for NGOs and to explain the structural relationships among them. This study employed a mixed-methods approach (qualitative–quantitative). In the qualitative phase, the principal components of the sustainable financing model were identified through thematic analysis and semi-structured interviews with 15 academic experts and financial managers of NGOs. In the quantitative phase, interpretive structural modeling (ISM) was used to analyze the relationships among the components and determine their hierarchical structure. MICMAC analysis was also employed to assess the driving power and dependence of the variables. The findings led to the identification of 20 key components classified into four main categories: drivers, strategies, outcomes, and the desired state. The results of the ISM model indicated that institutional and governance challenges, professional and ethical challenges, human-resource and educational challenges, technological and infrastructural challenges, as well as cultural and social challenges, were positioned at the lowest level of the model as root and driving factors, exerting the greatest influence on other components. At the intermediate levels, factors such as professional governance, market structure, human resource quality, public trust, and digital transformation played roles as implementation strategies. Finally, organizational, professional, economic, social, and technological outcomes were positioned at the highest level of the model as the results of implementing the sustainable financing model. The findings suggest that achieving sustainable financing in NGOs requires simultaneous attention to institutional infrastructures, human capital development, enhanced transparency and accountability, and the effective use of emerging technologies. The proposed model can serve as a practical framework for managers and policymakers seeking to improve capital mobilization processes and strengthen the financial sustainability of NGOs. |
Article number: 10 |
| Keywords: Sustainable Financing, Capital Mobilization, Non-Governmental Organizations, Interpretive Structural Modeling, MICMAC Analysis |
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Full-Text [PDF 605 kb]
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Article type: Research |
Subject:
Special
Received: 2026/03/9 | Accepted: 2026/04/25 | Published: 2026/08/1
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