Designing an Artificial Intelligence-Based Financial Decision Support System for Optimizing Capital Structure in Listed Companies
Keywords:
Artificial intelligence, decision support system, capital structure, listed companies, thematic analysis, financial managementAbstract
This study aimed to design a conceptual model of an artificial intelligence-based financial decision support system for optimizing capital structure in listed companies. This qualitative study was conducted using thematic analysis. The participants consisted of 18 financial managers, capital market analysts, risk specialists, artificial intelligence experts, and corporate finance academics located in Tehran, Iran. Participants were selected through purposive and snowball sampling. Data were collected using semi-structured interviews, and the interview process continued until theoretical saturation was achieved. Data analysis was performed through open, axial, and selective coding using NVivo software. Trustworthiness was enhanced through member checking, peer review, audit trail documentation, and constant comparison of interview data. The analysis resulted in five main categories: financial data infrastructure and information integration, the AI analytical core for forecasting and capital structure simulation, transparency and explainability of algorithmic decisions, risk management and adaptation to capital market conditions, and organizational implementation capability and human–machine collaboration. Participants emphasized that the proposed system should not merely function as a computational tool; rather, it should simultaneously analyze financing scenarios, cost of capital, default risk, regulatory constraints, and market reactions. The findings suggest that an AI-based financial decision support system can contribute to capital structure optimization in listed companies when predictive models, reliable data, explainable outputs, human oversight, and compatibility with the specific characteristics of the Iranian capital market are integrated within a coherent architecture
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References
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