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Developing a Financial Decision-Making Model Based on a Novel Psychological Empowerment Approach
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Zahra Shirkavand1   , Nemat Rostami *2 , Yousef Taghi Pouryan3 , Razieh Alikhani3 , Reza Fallah3 |
1- Department of Accounting, Ch.C.,Islamic Azad University, Chalus, Iran
2- Department of Accounting, Ch.C.,Islamic Azad University, Chalus, Iran. , nemat.rostami@iau.ir
3- Department of Accounting, Ch.C.,Islamic Azad University, Chalus, Iran. |
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Abstract: (6 Views) |
Classical financial models, relying on the assumption of perfect rationality, have neglected the role of behavioral dynamics in accounting analyses. Therefore, this study aims to design a comprehensive model for developing financial decision-making in companies listed on the Tehran Stock Exchange through novel psychological empowerment mechanisms. Adopting an interpretative paradigm, this fundamental-exploratory and qualitative study was conducted using the grounded theory approach (Strauss and Corbin). Data were collected through in-depth semi-structured interviews with 8 experts, strategists, and senior financial managers of the Tehran Stock Exchange, selected via purposive judgmental and chain-referral sampling, and were analyzed using MAXQDA software. The coding process led to the extraction of 60 open codes and 15 sub-categories within the framework of a paradigm model, indicating that causal conditions—including market uncertainty and the reductionism of traditional models—impose the re-engineering of the decision-making system as the core phenomenon. Influenced by contextual conditions (centralized bureaucracy and a blame-oriented culture) and intervening conditions (political-economic instability and seasonal profitability requirements), this process necessitates strategies such as the development of native behavioral governance documents, process-oriented reward systems, and safe experimental structures. Ultimately, the implementation of this integrated system leads to the organic mitigation of cognitive biases, enhanced portfolio agility, and systemic corporate resilience. By engendering a paradigmatic shift from a techno-computational perspective to cognitive empowerment, this framework revitalizes experts’ professional judgment and minimizes errors.
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| Keywords: Financial Decision-Making, Psychological Empowerment, Tehran Stock Exchange, Grounded Theory, Behavioral Finance. |
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Full-Text [PDF 816 kb]
(2 Downloads)
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Article type: Research |
Subject:
General
Received: 2026/07/22 | Accepted: 2026/10/26
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