Identifying the Main Components of the Development of the Iraq Stock Exchange from the Investors’ Perspective

Mohammed Amin, Ranjdar Ali; Zarei, Ghasem; Bashokouh Ajirlou, Mohammad; Seifollahi Anar, Naser

doi:10.22034/ijumes.2026.741221

Identifying the Main Components of the Development of the Iraq Stock Exchange from the Investors’ Perspective

Document Type : Case Study

Authors

Ranjdar Ali Mohammed Amin ¹

Ghasem Zarei ²

Mohammad Bashokouh Ajirlou ²

Naser Seifollahi Anar ²

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

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

10.22034/ijumes.2026.741221

Abstract

The development of the Iraq Stock Exchange requires a precise understanding of the factors and components that, from the investors’ perspective, affect the growth, efficiency and attractiveness of this market. The study is applied in terms of purpose and qualitative in terms of approach. Data were collected through semi-structured interviews with 23 purposively selected investors, managers, experts and specialists of the Iraqi capital market. The data were analysed using the grounded-theory approach through three stages of open, axial and selective coding. To ensure the trustworthiness of the findings, Guba and Lincoln’s trustworthiness criteria and a strategy of triangulation across data, methods, researchers and theoretical foundations were applied. In the open-coding stage, 150 initial codes were extracted and, after conceptual merging, 42 axial codes were identified. Finally, these codes were organised into six selective categories institutional infrastructure and market governance; development of technological infrastructure and financial innovation; expansion of investment instruments and institutions; investor empowerment and investment culture; connection with the economic and international environment; and risk management and market stability all integrated around the core category “development of the Iraq Stock Exchange from the investors’ perspective.” The findings show that the development of the Iraq Stock Exchange does not depend solely on financial reforms but requires the simultaneous interaction of institutional, technological, cultural and economic factors. From the investors’ perspective, digital transformation, improved transparency, the development of innovative financial instruments, strengthened financial literacy, institutional reform and the use of Islamic-finance capacities can increase trust, investor participation and the sustainable development of the Iraqi capital market. The proposed conceptual model can serve as a basis for policymaking and strategic planning in the development of the Iraqi capital market.

Graphical Abstract

Identifying the Main Components of the Development of the Iraq Stock Exchange from the Investors’ Perspective

Highlights

· A grounded-theory study identifies the main components of Iraq Stock Exchange development directly from the perspective of 23 investors, managers and market experts.

· Three-stage coding distilled 150 open codes into 42 axial codes and six selective categories, integrated around the core category “Iraq Stock Exchange development from the investors’ perspective.”

· The six components are institutional governance, technological infrastructure and financial innovation, investment instruments and institutions, investor empowerment and culture, the economic and international environment, and risk management and market stability.

· Findings show that market development depends not on financial reform alone but on the simultaneous interaction of institutional, technological, cultural and economic factors, with trust and transparency as pivotal.

· The conceptual model offers a practical, locally grounded framework for policymakers to develop the Iraqi capital market, including Islamic financial instruments and fintech-based services.

Keywords

Capital-market development

conceptual model

Grounded theory

Iraq Stock Exchange

investors

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