Designing a Framework for the Emergence of Shadow (Ghost) Assets Consequences and The Violation of Investors' Sharia Trust

In today's developing modern economy, the emergence of ghost assets is recognized as part of the often hidden wealth of companies, which has led to numerous problems in the alignment of interests between companies and stakeholders due to the lack of institutional standards and integrated oversight. Therefore, the ambiguous and hidden nature of these revenues can create serious challenges to financial transparency, especially in Islamic countries, where Sharia trust and adherence to Islamic ethical principles in investment are of great importance. The purpose of this study is to design a framework for the consequences of the of shadow (ghost) assets emergence and its impact on the violation of investors' Shariah trust. This study is methodologically a mixed and exploratory research whose goal is to develop the emergent aspects of the emergence of shadow (ghost) assets in the capital market through the analysis of grounded theory and the presentation of a multidimensional theoretical framework, as well as to evaluate the intuitive fuzzy dimensions identified with the axes of investors' Sharia trust. Therefore, first, through the interview tool, three coding stages are carried out to obtain the dimensions of the theoretical framework of the emergence of shadow assets. Then, through a fuzzy Delphi assessment, the reliability of the dimensions is explored for generalization to the capital market context, so that finally, by combining it with the standard dimensions of investors' Sharia trust, fuzzy intuitive processes can be carried out. The results of the qualitative study, based on identifying the outcomes resulting from the emergence of shadow assets, indicate the identification of 245 open codes, 6 central components, and 3 structural categories during 13 interviews. The results of the quantitative section also identified, under “Digital Currency-Based Asset Outcomes. the most important factor violating investors’ Sharia trust is “perceived compliance with the principle of Sharia halal in investment.