Quarterly Publication

Document Type : Original Article


1 Ph.D Candidate, Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran

2 Associate Professor, Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran

3 Assistant Professor, Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran


With the increasing competitiveness of the capital market, one topic attracting the attention of many financial researchers in recent years is the formation of abnormal stock returns as a stimulus for restructuring companies due to the difference between actual returns and expected (normal) returns. It can motivate investment in the capital market. The purpose of this study is to evaluate the impact of the reasons for the formation of abnormal stock returns on the content of the autopoietic restructuring theory of companies operating in the petrochemical industry in the capital market. In this study, to identify the components (reasons for the formation of abnormal stock returns) and research propositions (content themes of corporate autopoietic restructuring theory), a combined analysis was used with 15 accounting experts at the university level. In the quantitative part, the components and propositions identified in matrix questionnaires were evaluated by the interpretive ranking process (IRP) by 20 financial managers of capital market petrochemical companies. The results showed that the most compelling reason for the formation of abnormal stock returns is the institutional and regulatory causes of the stock market, which has the most significant impact on the dimension of the autopoietic restructuring strategy of petrochemical companies. In other words, institutional and regulatory changes in the stock market by upstream institutions will be able to influence the restructuring process to match the content with the structural process (the autopoietic approach).


Main Subjects

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