Identifying factors and explaining the behavior pattern of capital market efficiency in Iran

The purpose of the present study is to identify key factors and provide a model to enhance the efficiency of the capital market.

This study was part of the Qualitative Research Group. In line with the research's purpose, data was collected through interviews with 14 capital market experts and university faculty members in 2023. The information gathered was analyzed using the data theory method. The qualitative section utilized deep and semi-structured interviews as the research tool, and the research sample was selected through a combination of unquestioned methods and snowball sampling.

Legal infrastructure, participants, market information systems, internal factors, political factors, and economic factors have been identified as central issues that explain the capital market performance model. The patterns and concepts presented in the present study open a new door in strengthening the efficiency of the capital market in developing countries, including Iran. The efficiency of the capital market at a semi-strong level will be implemented as a result of its implementation.

The pattern outlined in this study can assist stock market managers and policymakers in enhancing the efficiency of the capital market.