Future Study on Drivers of Startup Financing Based on Libertarian Philosophical Strategies (Metaphysics) in Capital Market Firms

Document Type : Research Paper

Authors

1 PhD Candidate, Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran.

2 Prof., Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran.

3 Associate Prof., Department of Physics, Shahrood Branch, Islamic Azad University, Shahrood, Iran.

4 Assistant Prof., Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran.

5 Associate Prof., Department of Accounting, Bandargaz Branch, Islamic Azad University, Bandargaz, Iran.

10.22059/frj.2024.358228.1007459

Abstract

Objective
This study aims to evaluate the drivers of startup financing in capital market firms through the lens of libertarian or metaphysical strategies. The goal is to develop insights that enhance the appeal of investment in startups, ultimately fostering a more attractive environment for investors interested in this sector.
 
Methods
This study is exploratory, with practical applications based on the analysis and data collection methods. It employs a mixed-method approach to integrate various data for comprehensive insights. In the qualitative phase, thematic analysis and link matrix analysis were conducted, involving 14 university experts in financial management. For the quantitative phase, 50 managers from capital market firms participated through reciprocal matrices and assessments to determine the data scenarios. In this step, pairwise comparison matrices were created in the form of row " " and column " " to determine the most important drivers of financing startups at the level of capital market firms. Drawing the results of the matrix in the form of a MICMAC diagram the two basic axes for scenario planning were determined.
 
Results
In the qualitative phase, the findings indicated that among 12 initial studies and 6 additional studies aimed at determining key dimensions, 8 main themes were identified as factors influencing the sustainability of startup financing drivers. These themes were also validated through the Delphi process. In the quantitative phase, the results yielded four scenarios, each accompanied by explanatory statements: the Market Leadership Matrix, the Intelligent Competition Matrix, the Territory Conquest Matrix, and the Left Behind Matrix. These scenarios serve as a foundation for selecting the most advantageous approach to startup financing from the perspective of libertarian philosophical strategies within capital market firms. As a result of the quantitative analysis, the Territory Conquest scenario emerged as the most significant context for influencing startup financing drivers. This scenario, shaped by the critical thinking strategy as a philosophical foundation rooted in entrepreneurial metaphysics, offers substantial potential for fostering the growth of startups within capital market firms in the future.
 
Conclusion
The findings of this study indicate that advanced technology in the development of startups enhances their sustainability, allowing firms to capture a greater market share in the future. Capital market firms are in the process of changing their production lines, starting new production units, supplying new products to the market, or even entering international markets. According to this matrix, they should focus on technological capabilities to attract financial providers, ensuring that firms do not encounter challenges in developing their startup businesses.

Keywords

Main Subjects

References

 
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Financial Research Journal
Volume 26, Issue 4
2024
Pages 758-790

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