Document Type : Original Article


1 PhD student accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran

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

3 Department of Public Administration Faculty of Management and Accounting, Allameh Tabataba'i University

4 Associate Professor, Accounting Department, Shahroud Branch, Islamic Azad University, Shahroud, Iran



Consistency of laws and regulations on the one hand and the effectiveness of the corporate governance system in supervising the financial and legal operations of the company, is considered as an important factor in respecting contracts and supporting the investments of minority and majority shareholders of companies, which makes investors confident in protecting their investments. Sovereign structural keyword in the corporate governance system that Which can lead to the Investor Protection by arranging effective board oversight mechanisms and motivate investors to have confidence in the structures of capital market companies. The purpose of this study is to interpret the Investor Protection under the existence of a Governance Civilization based on interpretive prioritization analysis. In this study, theoretical screening based on similar studies was used to identify the components (Investor Protection) and research propositions (themes of corporate governance civilization). Then, in order to determine the reliability of research components and propositions through the participation of 14 experts and experts in the field of accounting and financial management, Delphi analysis was used. In the quantitative part, the components and propositions identified in the form of matrix questionnaires were evaluated by interpretive analysis by 20 managers of the top 50 companies of Tehran Stock Exchange in 2009. The results showed that the proposition of ociocracy is considered as the most influential theme of corporate governance civilization in capital market companies, which strengthens the effectiveness of internal control as a component of protecting the interests of shareholders. This result shows that the theme of sociocracy enables corporate governance mechanisms by promoting the level of sharing and participatory discourses to increase the effectiveness of board oversight, strengthen the weaknesses of internal controls to enhance the effectiveness of control over financial performance and enrich the capacity to build trust and confidence in the performance of companies.