A Digital-Development Model for the Stock Market with Emphasis on Technology Acceptance by Investors: The Case of the Iraq Stock Exchange

Jamal Ahmed, Jabar; Seifollahi Anar, Naser; Zarei, Ghasem; Bashokouh Ajirlou, Mohammad

doi:10.22034/ijumes.2025.741199

A Digital-Development Model for the Stock Market with Emphasis on Technology Acceptance by Investors: The Case of the Iraq Stock Exchange

Document Type : Case Study

Authors

Jabar Jamal Ahmed ¹

Naser Seifollahi Anar ²

Ghasem Zarei ³

Mohammad Bashokouh Ajirlou ⁴

¹ Ph.D. Student, Department of Business Management, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran

² Professor, Department of Business Administration, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran

³ Professor, Department of Business Management, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran

⁴ Professor, Department of business management, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran

10.22034/ijumes.2025.741199

Abstract

The aim of this research is to provide an efficient and localized model for the digital development of the Iraqi stock market with an emphasis on the acceptance of technology by investors, and to fill the gaps in the literature, especially the neglect of cultural, social, and ethical factors in post-war and emerging contexts. The study used a sequential qualitative–quantitative mixed design grounded in a pragmatist paradigm. In the
qualitative phase, grounded theory was used to analyse 20–25 semi-structured interviews with investors, managers and experts of the Iraq Stock Exchange, using three-stage coding until theoretical saturation. In the quantitative phase, data from 357 questionnaires based on the technology-acceptance models were analysed using structural equation modelling and MICMAC analysis to rank the driving power and dependence of the variables. Validity
and reliability were confirmed by content validity, construct validity, Cronbach’s alpha and Cohen’s kappa. Data triangulation strengthened internal and external validity. Three factors institutional and cultural trust, data management and inter-channel coordination were identified as key drivers of digital development. Performance results and innovation and sustainability emerged as dependent variables. The quantitative analysis confirmed the positive and significant role of perceived usefulness, ease of use and especially trust in predicting technology acceptance, whereas post-war cultural factors had a negative effect. Ethical barriers and social barriers were clearly highlighted. Technology acceptance, as the central category, linked the individual, technological and organizational dimensions. The proposed model has three axes: strengthening institutional and cultural trust; improving digital literacy and localized education; and legal–ethical support. While extending UTAUT theoretically to encompass post-war and cultural variables, the model offers practical solutions for the policymakers of the Iraq Stock Exchange and similar markets, and predicts an increase in women’s participation to about 35% and an improvement in overall efficiency.

Graphical Abstract

A Digital-Development Model for the Stock Market with Emphasis on Technology Acceptance by Investors: The Case of the Iraq Stock Exchange

Highlights

• A localized digital-development model for the Iraq Stock Exchange integrates the technology-acceptance literature (TAM/UTAUT) with the post-war cultural, social and ethical realities of an emerging market.

• A sequential qualitative-dominant mixed design combines grounded theory (25 interviews, three-stage coding) with PLS-SEM (357 questionnaires) and MICMAC analysis, with validity confirmed (CVI ≥ 0.85; α ≥ 0.82; κ = 0.85).

• Trust is the strongest predictor of technology acceptance (β = 0.41), ahead of perceived usefulness (β = 0.35) and ease of use (β = 0.28), while post-war cultural factors have a negative effect (β = −0.22); the model explains 62% of acceptance (R² = 0.62).

• MICMAC identifies institutional and cultural trust, data management (driving power = 22) and inter-channel coordination (= 20) as key drivers, and performance and innovation as dependent outcomes.

• The three-axis model institutional/cultural trust, localized digital-literacy education, and legal-ethical support extends UTAUT to post-war contexts and predicts women’s participation rising to about 35%.

Keywords

Digital development

investors

Iraq Stock Exchange

Mixedmethods model

technology acceptance

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