The Research Department of Economics and Management of Tadbir Nikan Business, Marketing, and Finance Open 3092-6238 In Press 2027 08 01 Development and Testing of a Causal Model of Financial Reporting Configurations in Zombie Firms Based on the Interaction Between Resource-Financing Structures and Perception Management Development and Testing of a Causal Model of Financial Reporting Configurations in Zombie Firms Based on the Interaction Between Resource-Financing Structures and Perception Management 1 22 EN Journal Article 2026 04 08 <p>The purpose of this study was to explain the mechanisms underlying financial reporting configurations in firms exhibiting zombie characteristics, with a particular focus on the interaction between leveraged and Ponzi structures. Using an exploratory-developmental approach and phenomenological methodology, the study sought to identify and explain professional actors’ experiences and perceptions regarding the formation of reporting practices within the context of resource-financing mechanisms and their influence on stakeholder perceptions. Accordingly, a systematic review of the relevant theoretical foundations was first conducted, through which leveraged structures and Ponzi structures were identified as the two initial dimensions of the analytical framework. Subsequently, relevant themes and categories were extracted through semi-structured interviews, open coding, and categorization. Based on the research data, 16 interviews were conducted and 223 initial open codes were extracted. After eliminating redundant codes and merging semantically equivalent concepts, 24 propositional themes remained for final analysis. This stage provided the foundation for proceeding to the quantitative phase of the study. The statistical population of the quantitative phase comprised experts and practitioners in accounting, auditing, finance, and financial reporting in Tehran and Alborz Provinces. Based on structural equation modeling requirements, the minimum sample size was set at 200 participants. Data in this phase were collected using a researcher-developed questionnaire constructed on the basis of the qualitative findings. The quantitative results obtained through partial least squares structural equation modeling (PLS-SEM) indicated that seven of the eight examined relationships were statistically significant at the 95% confidence level. The findings showed that “expectation manipulation” was significantly associated with “competitive reporting” and “justificatory reporting”; “governance manipulation” was significantly associated with “conservative governance reporting”; “capital resource financing” was significantly associated with “competitive reporting” and “assertive governance reporting”; and “institutional resource financing” was significantly associated with “justificatory reporting” and “conservative governance reporting.” In contrast, the relationship between “governance manipulation” and “assertive governance reporting” was not statistically significant. Overall, the findings indicate that leveraged and Ponzi structures play a substantial role in explaining different financial reporting configurations.</p> https://bmfopen.com/index.php/bmfopen/article/download/651/473