Document Type : Original Article
Authors
1
Assistant Professor, Department of Management, Faculty of Management, Imam Ali Army Officer University, Tehran, Iran.
2
Associate Professor, Department of Management, Faculty of Management, Imam Ali Army Officer University, Tehran, Iran.
3
M.A., Department of Financial Management, Faculty of Management, University of Tehran, Tehran, Iran.
Abstract
The objective of the present paper was to propose a new optimal model for the endowment of a future fund for the personals of the army via investment in securities. The current study can be classified as applied-developmental in terms of its goals, and as descriptive research in terms of method of data collection. To achieve its objectives, the paper relied on a qualitative research design with an exploratory approach. The community of participants in the qualitative section included university professors and senior investment managers active in the financial market; 10 of whom were selected through theoretical sampling. The statistical population for the quantitative segment encompassed a small portion of the financial staff and the army future fund, out of whom a sample size of 384 people was gathered using the Cochran formula. The methodology for data collection consisted of conducting semi-structured interviews and researcher-designed questionnaires. The validity of the interview was confirmed across the four criteria of validity, transferability, confirmability and reliability. Reliability of the qualitative analysis was estimated to be 0.676 through the calculation of the Holstein coefficient, and 0.639 through the calculation of the Kappa coefficient. Regarding the quantitative aspect, formal, content, convergent and divergent validity were all taken into consideration. Reliability was also evaluated and confirmed through the estimation of Cronbach's alpha, as well as combined reliability and Rho coefficients. Data analysis in the qualitative segment relied on the grounded theory method and, the quantitative aspect utilized the partial least squares method.
The findings of the research indicate that the factors influencing the establishment of a future fund for army personal include: registration and management of the fund; laws and regulations; And the provision of psychological resources. In this regard, providing financial resources for the fund has a background role whilst risk management obtains an interventionist role. Finally, strategic factors that lead towards increasing competitiveness of the fund include: investing in securities that contribute to the economic efficiency of the army and the diversification of financial resources.
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