The Research Department of Economics and Management of Tadbir Nikan Business, Marketing, and Finance Open 3092-6238 In Press 2027 03 01 Ranking Offshoring Strategies within the Structure of Capital Market Satellite Companies Ranking Offshoring Strategies within the Structure of Capital Market Satellite Companies 1 23 EN Journal Article 2026 02 02 <p>The primary objective of this study was to develop a framework for the formation of satellite companies based on the implementation of offshoring strategies in terms of their driving antecedents. Its second objective was to conduct a fuzzy network evaluation of the structural outcomes of satellite companies arising from the utilization of offshoring strategies within capital market companies. The methodology of the present study was based on a multi-method research design that combined the Strategic Reference Points technique in the inductive phase with the Fuzzy Analytic Network Process in the deductive phase to achieve the study objectives. To develop the semantic framework through the implementation of the Strategic Reference Points technique, the participants consisted, on the one hand, of industry experts, including strategic managers of companies operating in the food and beverage industry, and, on the other hand, of policy experts serving in financial market working groups, including the Risk Management and Crowdfunding Working Groups. Drawing on the strategic functions of offshoring identified in the theoretical literature, interviews were conducted to determine the criteria that could thematically describe the structures of satellite companies. The sampling procedure in this phase was theoretical, while access to interview participants was facilitated through snowball sampling. In the deductive phase, the Fuzzy Analytic Network Process was implemented with the participation of financial managers of capital market satellite companies who had greater professional tenure and were therefore considered to possess more extensive experience. The findings obtained through the study’s implementation procedures demonstrated that an initial strategic reference model of the outcomes arising from the formation of satellite companies could be developed based on two dimensions: financial offshoring strategies and process-oriented offshoring strategies. Through 18 interviews and the generation of 194 open codes, 24 propositional themes were initially identified. These themes were subsequently combined through the development of assessment checklists, resulting in the emergence of four categories at the intersections of the vertical dimension, representing the criteria for evaluating financial strategies, and the horizontal dimension, representing the criteria for evaluating process-oriented strategies. According to the four quadrants of the matrix, the identified categories were the “mixed satellite company structure,” “vertical satellite company structure,” “operational satellite company structure,” and “horizontal satellite company structure.” Furthermore, the findings of the deductive phase identified the vertical satellite company structure “[EF_1]” and the reduction of corporate tax burdens “〈V_6〉” as, respectively, the most central category and propositional theme within the cognitive framework developed for capital market companies. These findings can therefore serve as a strategic roadmap.</p> https://bmfopen.com/index.php/bmfopen/article/download/465/402