Value Creation Model for Attracting and Developing Investment in the Kish Free Zone
Keywords:
Value creation, MaxQuda software, Kish Free Zone, investment attraction and developmentAbstract
Investment attraction is considered one of the most critical economic variables in most countries worldwide, as creativity and innovation in this area can help achieve a nation's broader economic goals. The present study aims to propose a value creation model with an approach to attracting and developing investment in the Kish Free Zone, considering Iran's specific conditions. In this research, interviews were conducted with experts in the Kish Free Zone using a researcher-developed interview protocol. The sampling method employed in this study was snowball sampling. The interviews were fully analyzed using the qualitative data analysis software MAXQDA, following a three-stage coding process, including open coding, axial coding, and selective coding. The analysis of the research findings indicated that "achieving value creation through the approach of attracting and developing investment" is the central category. Furthermore, key strategies for value creation in the Kish Free Zone include supporting the regulation of free zones, revising and amending free zone laws, enhancing competitiveness, improving foreign relations, and promoting a knowledge-based economy. Finally, to assess the validity and reliability of the designed model, the content value of each indicator in measuring the proposed concepts was analyzed through structural equation modeling. The proposed conceptual model and the qualitative results derived from this research can significantly contribute to the body of knowledge on value creation with an approach to attracting and developing investment in free zones. Additionally, it can facilitate its expansion to other free zones and enable qualitative comparisons.
Downloads
References
Agiomirgianakis, G. M., Asteriou, D., & Papathoma, K. (2003). The determinants of foreign direct investment: A panel data study for the
OECD countries. https://doi.org/10.1007/978-1-4419-8881-2_6
Alizadeh, H., Alba, K., & Rahdari, A. (2024). Assessing the development and sustainability of SMEs based on industry acceptance 4.0. 1st
National Conference on Modern Applied Research in Business and Industrial Development (ARBI2024),
https://civilica.com/doc/2037846
Arita, S., & Tanaka, K. (2013). FDI and investment barriers in developing economies. Institute of Developing Economies, Japan External Trade
Organization (JETRO). https://ir.ide.go.jp/record/37744/files/IDP000431_001.pdf
Ates, G., Ates, M. S., Canpolat Gokce, E., & Toktas, D. (2022). Dilemmas and challenges in the transformation of free zones: global trade
prospects. PressAcademia Procedia (PAP), 15, 6-9. https://doi.org/10.17261/Pressacademia.2022.1570
Badi, I., Stević, Ž., & Bouraima, M. B. (2023). Evaluating Free Zone Industrial Plant Proposals Using a Combined Full Consistency MethodGrey-CoCoSo Model. Journal of Industrial Intelligence, 1(2), 101-109. https://doi.org/10.56578/jii010203
Behroozi Mafrouzlou, V., Soltani, A., & Mirzaei, M. (2015). Investigating internal barriers and limitations of foreign investment in Iran (Field
study of 300 foreign investment projects under the Investment Law). Economic Research and Policy Quarterly, 23(74), 193-233.
https://www.sid.ir/paper/89450/fa
Biglieri, E., & Prati, G. (2014). Enclyclopedia of Public International Law. Elsevier. https://shop.elsevier.com/books/enclyclopedia-of-publicinternational-law/biglieri/978-0-444-87911-0
Binkhamis, M. (2016). Barriers and threats to Foreign Direct Investment (FDI) in Saudi Arabia: A study of regulatory, political and economic
Dhrifi, A. (2015). Foreign direct investment, technological innovation and economic growth: empirical evidence using simultaneous
equations model. International review of economics, 62(4), 381-400. https://doi.org/10.1007/s12232-015-0230-3
Doudangi, M. (2016). Factors affecting domestic and foreign investment attraction in Iran. Economic Growth and Development Research,
6(23), 131-147. https://egdr.journals.pnu.ac.ir/article_2583.html?lang=en
Eyshi Ravandi, M., Moeinaddin, M., Taftiyan, A., & Rostami Bashmani, M. (2024). Investigating the Impact of Investor Sentiment and
Liquidity on Stock Returns of the Iranian Stock Exchange. Dynamic Management and Business Analysis, 3(1), 40-52.
https://doi.org/10.22034/dmbaj.2024.2038046.1068
Gharaibeh, A. M. O. (2015). The determinants of foreign direct investment-empirical evidence from Bahrain. International Journal of
Business and Social Science, 6(8), 94-106. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4263419
Hosseini, S. Y., & Safari, M. (2014). Prioritizing investment barriers in Pars Special Economic Energy Zone using Fuzzy Analytical Hierarchy
Process (FAHP). International Conference on Accounting, Economics and Financial Management, https://civilica.com/doc/325518/
Hunady, J., & Orviska, M. (2014). Determinants of foreign direct investment in EU countries-do corporate taxes really matter ? Procedia
Economics and Finance, 12, 243-250. https://doi.org/10.1016/S2212-5671(14)00341-4
Jafarpour Nasir Mahalleh, N. (1995). Investigation of domestic investment barriers in the special economic zone
https://lib.ut.ac.ir/site/catalogue/1343771
Jahankhani, A., & Parsian, A. (2005). Investment management and securities evaluation. University of Tehran Management Faculty
Publications. https://www.gisoom.com/book/1354505
Jamali, M. (1997). Chabahar Free Zone and its role in the country's export development https://civilica.com/doc/1652020/
Jenkins, M. (2005). Economic and social effects of export processing zones in Costa Rica. ILO.
https://www.researchgate.net/publication/242454334
Jones, C. P. (2007). Investments: analysis and management. John Wiley & Sons. https://www.amazon.de/-/en/Charles-PJones/dp/0471331147
Kariuki, C. (2015). The determinants of foreign direct investment in the African Union. Journal of Economics, Business and Management,
3(3), 346-351. https://doi.org/10.7763/JOEBM.2015.V3.207
Kashani, M., Norouzi, M. H., & Kalharian, R. (2011). Micro and macro economics (Special for management discipline). Sanjesh va Danesh
Publications. https://www.gisoom.com/book/1787516/
Kazemi, A., Beik, M., Hadian, E., & Hakimi, F. (2013). Identifying and prioritizing factors affecting foreign direct investment attraction using
TOPSIS technique. Fiscal and Economic Policy Quarterly, 1(4), 45-72.
https://barresybazargani.itsr.ir/article_247015_5a74dbb59814dc646809e90e11642d4e.pdf
Keeley, A. R., & Ikeda, Y. (2017). Determinants of foreign direct investment in wind energy in developing countries. Journal of Cleaner
Production, 161, 1451-1458. https://doi.org/10.1016/j.jclepro.2017.05.106
Khalili Charmahini, J., & Jahangiri, A. (2014). Theoretical comparison of value creation models in organizations. Conference on
Transformation Management in Organizations with Behavioral Sciences Approach, https://civilica.com/doc/400657/
Khatabi, S., Komijani, A., Mohammadi, T., & Memar Nejad, A. (2017). Factors affecting foreign direct investment attraction in the MENA
region. Economic Modeling Quarterly, 11(1), 63-75. https://www.sid.ir/fa/journal/ViewPaper.aspx?ID=293036
Kheradiar, S., Haghighat Shahrestani, M., & Haghighat Shahrestani, M. (2019). Value creation based on investment opportunity levels.
Financial Accounting and Auditing Research, 11(42), 179-201. https://civilica.com/doc/1571075/
Lajevardi, M., Danaei, A., Zargar, S. M., & Heidarieh, S. A. (2019). Meta-innovative framework of value creation process. Strategic
Management Studies Quarterly, 10(37), 83-123. https://www.sid.ir/paper/181548/fa
Mirbagheri Hir, M. N., & Salahvarzi, M. (2016). Barriers to investment attraction in urban areas (Case study: Lorestan province). Urban
Economics and Management Scientific-Research Quarterly, 5(1), 101-114. https://civilica.com/doc/685764/certificate/print/
Nahidi, M. R., Azar Kasb, A., Mohammad Nejad, J., & Ali Mohammadi Asl, E. (2011). Factors affecting investment attraction in Aras Free
Zone and their prioritization based on Analytical Hierarchy Process. Financial Engineering and Securities Management Journal, 9.
https://www.sid.ir/paper/197880/fa
Ochuba, N. A. (2024). Conceptual Development and Financial Analytics for Strategic Decision-Making in Telecommunications, Focusing on
Assessing Investment Opportunities and Managing Risks in Satellite Projects. International Journal of Management & Entrepreneurship
Research, 6(3), 594-607. https://doi.org/10.51594/ijmer.v6i3.847
Okereke, E., & Ebulison, N. (2016). Determinants of Foreign Direct Investment Inflows in Nigeria: An Empirical Analysis (1970-2011).
https://doi.org/10.2139/ssrn.2756975
Osano, H. M., & Koine, P. W. (2016). Role of foreign direct investment on technology transfer and economic growth in Kenya: a case of the
energy sector. Journal of Innovation and Entrepreneurship, 5(1), 1-25. https://doi.org/10.1186/s13731-016-0059-3
Rezvani, E., & Rezvani, M. (2019). Introduction to free trade zones and special economic zones. Nasle Roshan Publications.
Roknaddin Eftekhari, A., Vojdani Tehrani, H., & Ali Razini, E. (2009). Evaluation & prioritization of Iranian free trade zones using MADM
Method. The Journal of Spatial Planning, 13(2), 142-195. https://hehp.modares.ac.ir/article-21-8097-en.html
Taghavi, M., & Mohammadi, H. (2009). The impact of investment infrastructures on Iran's economic growth. Economic Research Journal,
9(1), 15-42. https://www.sid.ir/fa/journal/ViewPaper.aspx?id=94147
Tavasolinia, A., Jafari Samimi, A., & Abrishami, H. (2024). Sensitivity Analysis of Health Indicators to Inflows of Foreign Direct Investment.
Journal of Econometric Modeling(33), 164-189.
Villaverde, J., & Maza, A. (2015). The determinants of inward foreign direct investment: Evidence from the European regions. International
Business Review, 24(2), 209-223. https://doi.org/10.1016/j.ibusrev.2014.07.008
Xuegong, S., Liyan, G., & Zheng, Z. (2013). Market entry barriers for foreign direct investment and private investors: Lessons from China's
electricity market. Energy Strategy Reviews, 2(2), 169-175. https://doi.org/10.1016/j.esr.2013.02.002
Zaj, Z., Albo Naimi, Ibrahim, Moradi, Mohammad Khoda. (2023). Designing an effective model on the attractiveness of the export market
of Iran's free zones (Case of study: Arvand Industrial Free Zone). Industrial and Organizational Psychology Studies, 9(2).
https://doi.org/10.22055/jiops.2023.42736.1329
Zaker Khahifard, Y., & Sadeghi, M. (2020). Legal-economic analysis of foreign investment barriers in Iran's free zones. Comparative Legal
Research of Iran and International, 13(47), 211-233. https://journals.iau.ir/article_668819.html
Downloads
Published
Submitted
Revised
Accepted
Issue
Section
License
Copyright (c) 2024 محمدباقر حمزه (نویسنده); یعقوب علوی متین ; سیروس فخیمی آذر, ناصر فقهی فرهمند (نویسنده)
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
