Journal of Money and Economy

en Designing a Regulatory Governance Model for Investment Policy in Iran’s ‎Social Insurance Funds: An Institutional Approach with Emphasis on the ‎Central Bank’s Role Designing a Regulatory Governance Model for Investment Policy in Iran’s ‎Social Insurance Funds: An Institutional Approach with Emphasis on the ‎Central Bank’s Role اقتصاد Economics پژوهشی اصیل - گزارش موردی Original Research - Case Study Purpose: This study aims to develop a regulatory governance model for investment policy in Iran’s social insurance funds, with a particular focus on the strategic and supervisory role of the Central Bank. Methodology: Employing a qualitative and exploratory research design, the study uses Grounded Theory methodology. Data were gathered through 15 semi-structured interviews with senior investment managers, financial regulators, policy advisors, and social insurance fund experts. The data were analyzed in three stages: open, axial, and selective coding. Findings: The study identifies four key institutional challenges: (1) overlapping roles between policy formulation and execution, (2) lack of integrated and effective regulatory oversight, (3) institutional conflicts of interest, and (4) absence of performance metrics linked to developmental outcomes. In response, a conceptual governance model is proposed, comprising four components: strategic policy formulation, integrated regulatory supervision, outcome-based accountability, and systemic alignment with the Central Bank. Originality: This paper presents an innovative institutional governance framework that bridges the gap between social policy investment and the monetary regulatory system. It contributes to the enhancement of transparency, efficiency, and legitimacy in long-term public fund management. Purpose: This study aims to develop a regulatory governance model for investment policy in Iran’s social insurance funds, with a particular focus on the strategic and supervisory role of the Central Bank. Methodology: Employing a qualitative and exploratory research design, the study uses Grounded Theory methodology. Data were gathered through 15 semi-structured interviews with senior investment managers, financial regulators, policy advisors, and social insurance fund experts. The data were analyzed in three stages: open, axial, and selective coding. Findings: The study identifies four key institutional challenges: (1) overlapping roles between policy formulation and execution, (2) lack of integrated and effective regulatory oversight, (3) institutional conflicts of interest, and (4) absence of performance metrics linked to developmental outcomes. In response, a conceptual governance model is proposed, comprising four components: strategic policy formulation, integrated regulatory supervision, outcome-based accountability, and systemic alignment with the Central Bank. Originality: This paper presents an innovative institutional governance framework that bridges the gap between social policy investment and the monetary regulatory system. It contributes to the enhancement of transparency, efficiency, and legitimacy in long-term public fund management. Investment Governance, Financial Regulation, Social Insurance Funds, Institutional Conflict of Interest, Strategic ‎Policymaking Investment Governance, Financial Regulation, Social Insurance Funds, Institutional Conflict of Interest, Strategic ‎Policymaking 251 274 http://jme.mbri.ac.ir/browse.php?a_code=A-10-691-1&slc_lang=en&sid=1 Seyed Milad Hashemi Mehneh سید میلاد هاشمی مهنه s.hashemimehneh@iau.ir 10031947532846007242 10031947532846007242 No Department of financial management oriented insurance, ST.C., Islamic Azad University, Tehran, Iran دانشگاه آزاد اسلامی Yousef Ahadi Serkani سید یوسف احدی سرکانی sy.ahadiserkani@iau.ac.ir 10031947532846007243 10031947532846007243 Yes Department of financial management, firuzkuh., Islamic Azad University, Tehran, Iran Department of financial management , ST.C., Islamic Azad University, Tehran, Iran دانشگاه آزاد اسلامی Mohsen Hamidian محسن حمیدیان m.hamidian1348@iau.ac.ir 10031947532846007244 10031947532846007244 No Associate Professor, Department of Economics and Accounting, South Tehran Azad University گروه اقتصاد و حسابداری، دانشگاه آزاد اسلامی، واحد تهران جنوب