Value Creation Framework in Capital Market Financing: A Thematic Analysis Approach

Document Type : Research Paper

Authors

1 Ph.D. Candidate, Department of Project Management and Construction, Faculty of Arts, Tarbiat Modares University, Tehran, Iran.

2 Associate Prof., Department of Project Management and Construction, Faculty of Arts, Tarbiat Modares University, Tehran, Iran.

10.22059/frj.2025.375344.1007596

Abstract

Objective
Value and value creation constitute the core elements of any business strategy, and corporate success largely depends on the ability to create value that is perceived as meaningful by customers and other stakeholders. Firm value is directly associated with the strategic decisions undertaken by organizations, among which financing decisions represent one of the most critical. In this regard, capital markets are recognized as one of the main channels of financing within an economy and play a pivotal role in the efficient allocation of financial resources. Capital markets possess the capacity to reduce financing gaps that the banking system alone has been unable to fully address and provide firms with a wide range of alternative financing instruments. Consequently, more than a decade after the global financial crisis, firms have increasingly shown a preference for utilizing diversified financing instruments available through capital markets. Alongside the banking network, capital markets can substantially contribute to alleviating financing constraints and play a significant role in enhancing macroeconomic dynamism. Moreover, capital markets exhibit unique characteristics that, beyond merely addressing financing needs, can facilitate value creation at both the firm level and within the broader economic environment. Accordingly, this study aims to examine the concept of value creation in the context of financing through capital markets and to propose an integrated framework for value creation in capital market financing.
 
Methods
A thematic analysis approach was employed within the framework of a systematic literature review. Relevant factors influencing value creation in capital market financing were identified, and their underlying themes were extracted and categorized. The identified open codes and themes were examined, refined, and prioritized. This process ended in the development of a comprehensive and structured framework that reflects both theoretical insights and expert perspectives on value creation in capital market financing.
 
Results
The findings indicate that the key themes constituting the value creation framework in capital market financing, in order of priority, include targeted, high-quality, and integrated disclosure and reporting, financial leverage, corporate governance, managerial performance, macroeconomic impact, risk and return considerations, investor protection, and drivers of intangible asset creation. These themes collectively illustrate the multidimensional nature of value creation in capital markets and emphasize the interplay between firm-level practices and broader economic factors.
 
Conclusion
The results suggest that, in examining value creation frameworks for capital market financing, even when profitability is considered as the primary focus, stakeholder theory demonstrates a superior capacity for integrating the diverse factors and themes associated with value creation. Therefore, financial managers and decision-makers are encouraged to adopt a multidimensional perspective on value creation and to consider the interests of all stakeholders in order to achieve more sustainable value outcomes. Furthermore, the findings indicate that capital markets possess the potential to realize value creation from this perspective. A comparison between the results of the systematic literature review and the prioritization derived from the focus group reveals that themes such as disclosure, reporting quality, and corporate governance are consistently emphasized and validated in both approaches. In contrast, themes related to drivers of intangible asset creation, despite their frequent appearance and growing prominence in recent literature, were assigned lower priority by the focus group participants. This discrepancy highlights the necessity for empirical and field-based studies that take into account the institutional and economic characteristics specific to Iran.
 

Keywords

Main Subjects

References

 
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Financial Research Journal
Volume 28, Issue 1
2026
Pages 236-260

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