درخت حوزه‌های تخصصی

This study examines the key drivers of the Islamic debt securities market (Sukuk). This Sharia-compliant financial instrument is gaining recognition for its role in promoting economic development through ethical, non-usurious financing. As it is being used more in sectors such as infrastructure, energy, housing, and development, Sukuk has emerged as a significant financing tool for both Islamic and international markets. Following a two-step research strategy, the study first identified and categorized key factors influencing Sukuk market development by conducting a qualitative analysis of academic literature, scientific reports, and institutional documents. Twenty-one main components were distilled at this stage. Experts' views were gathered and analyzed at the second stage, based on linguistic variables, a fuzzy ranking technique, and Excel-based modelling, to prioritize factors uncovered while managing uncertainty in expert judgment. The results indicate that increasing the liquidity of Islamic finance instruments is the most significant method for improving Sukuk market growth, followed by the Management of Issuance Costs of Islamic Financial Securities (Sukuk) and Risk management (including exchange rate, interest rate, and credit risk) within the Sukuk structure. The study offers policy relevance to policymakers, regulators, and stakeholders who aim to improve the Islamic finance ecosystem by promoting the development and efficiency of the Sukuk market through targeted, evidence-based policies.

The primary objective of this study is to develop a predictive model for money laundering risk in Iranian listed firms. Initially, firm-level money laundering risk is measured using auditor assessments of anti-money laundering (AML) activities disclosed in annual audit reports. Subsequently, a quantitative modeling approach is employed, using financial and governance-related variables identified in prior research. To validate the quantitative findings, a qualitative approach based on grounded theory is also applied to identify additional explanatory factors. This research follows a mixed-methods design, incorporating both quantitative and qualitative phases. In the quantitative phase, a panel logit regression model is estimated using data from 1,680 firm-year observations covering the period 2012–2023. Independent variables include firm size, return on equity, leverage, investment opportunities, board independence, and board size. In the qualitative phase, semi-structured interviews were conducted with 10 experts to identify key risk factors, followed by the design and administration of an 18-item questionnaire distributed to 110 professionals. Exploratory factor analysis was then used to extract latent variables. The quantitative analysis reveals significant relationships between money laundering risk and several variables, such as firm size (positive), return on equity (negative), leverage (positive), and board independence (negative). The qualitative analysis identifies three core factors: (1) organizational culture and employee training, (2) corporate governance, and (3) a composite factor comprising compliance, organizational complexity, financial performance, firm size, and capital structure. Together, these factors explain over 50% of the variance in expert responses. The convergence of results from both methodological approaches confirms the robustness of the proposed model. Corporate governance indicators—particularly board size and independence—alongside financial attributes such as firm size, profitability, and capital structure, are found to be significant predictors of firm-level money laundering risk. The findings underscore the importance of strengthening internal control mechanisms and compliance structures in reducing money laundering risk.