اولویت‌بندی مؤلفه‌های شناسایی‌شده الگوی شرکت‌های خدمات مشاوره مالی و سرمایه‌گذاری از منظر تصمیمات سرمایه‌گذاران نهادی با استفاده از دیمتل فازی

پوریا  قادری دهکردی; ایرج ترابی; بهاره  بنی طالبی دهکردی

Authors

Pouria Ghaderi Dehkordi Department of Accounting, ShK.C., Islamic Azad University, Shahrekord, Iran Author https://orcid.org/0009-0003-8430-3067
Iraj Torabi Department of Accounting, ShK.C., Islamic Azad University, Shahrekord, Iran Corresponding author https://orcid.org/0009-0009-5162-380X
Bahareh Banitalebi Dehkordi Department of Accounting, ShK.C., Islamic Azad University, Shahrekord, Iran Author https://orcid.org/0000-0002-3528-7633

Keywords:

Financial consulting services, institutional investors, investment decision-making, fuzzy DEMATEL, capital market, economic uncertainty

Abstract

This study aimed to identify and prioritize the components of a model for financial and investment consulting service companies from the perspective of institutional investors’ decisions and to determine the causal relationships among these components using fuzzy DEMATEL. This applied study employed a sequential mixed qualitative–quantitative design. In the qualitative phase, grounded theory and semi-structured interviews were used with 37 experts, including 12 institutional-investor representatives, 13 experts from financial consulting companies, and 12 regulatory experts. Participants were selected through purposive and criterion-based sampling, and interviews continued until theoretical saturation. Data were analyzed through open, axial, and selective coding using MAXQDA 20. In the quantitative phase, 24 principal criteria extracted from the qualitative model were evaluated using fuzzy DEMATEL. Of 37 pairwise-comparison questionnaires distributed to experts, 34 complete questionnaires were included in the analysis to determine the prominence, influence, and dependence of the criteria. The findings produced a paradigmatic model comprising causal conditions, central phenomenon, contextual conditions, intervening conditions, strategies, and consequences. Causal conditions received the highest overall weight of 0.347. In the final prioritization, macroeconomic uncertainty ranked first with a final weight of 0.148, institutional investment decision-making ranked second with 0.140, and use of financial consulting services ranked third with 0.083. Fuzzy DEMATEL analysis showed that the necessity of developing financial consulting companies had the highest network prominence at 17.2823, whereas sanctions and severe market volatility had the strongest causal effect, with a causal index of 0.7543. The findings indicate that an effective model for financial and investment consulting companies should emphasize uncertainty management, structured support for institutional decision-making, professional analysis, independence, information transparency, risk management, and customization of services to capital-market conditions. Sustainable development of the industry therefore requires simultaneous improvement in economic, regulatory, technological, and organizational dimensions.

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