Designing a Model for Optimizing the Investment Portfolio of the Social Security Organization in Compliance with Article 44 of the Constitution of the Islamic Republic of Iran

Abstract

This study aims to design a model for optimizing the investment portfolio of the Social Security Organization while complying with Article 44 of the Constitution of the Islamic Republic of Iran. The research method of this study is qualitative, and interview questions were formulated for data collection. The statistical population consists of two sections: qualitative and quantitative. The qualitative section includes 10 theoretical experts, comprising professors specializing in investment portfolio optimization who have expertise in management and financial management and have authored multiple books or articles in this field. Additionally, practical experts include managers with more than 15 years of experience in the Social Security Organization who hold postgraduate degrees in management and financial management. These experts were selected using a purposive and non-probability sampling method, and in-depth semi-structured interviews were conducted with them. The quantitative section includes all employees of the Social Security Organization. Given that the statistical population is unlimited, Cochran’s formula was used to determine the minimum sample size. After conducting the interviews, the extracted concepts were analyzed using Maxqda software, and relevant codes were identified. By establishing connections between the extracted codes in the open coding phase and eliminating redundant indicators while merging similar ones, the primary and secondary themes were identified. Ultimately, the derived model comprises seven main themes. The results indicated that financial analysis and the organizational environment influence investment portfolio optimization. This theme affects compliance with Article 44 of the Constitution, asset management, and investment portfolio risk management, ultimately leading to organizational development within the Social Security Organization.