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Theoretical foundations of stock market development: The role of financial capital in the evolution of economic systems

Vol. 31, Iss. 1, JANUARY 2025

Received: 2 December 2024

Accepted: 30 December 2024

Available online: 30 January 2025

Subject Heading: THEORY OF FINANCE

JEL Classification: G18

Pages: 223-240

https://doi.org/10.24891/fc.31.1.223

Artur Yu. ABUZOV Samara State University of Economics (SSEU), Samara, Russian Federation
Abuzov.Arthur@mail.ru

https://orcid.org/0009-0001-1263-3708

Subject. This study focuses on filling the existing gaps in the theoretical understanding of the role of financial capital, developing new analytical tools for exploring its impact on the stock market evolution, and on structural changes in economic systems. Special attention is given to the interdisciplinary approach to the stock market research, considering new forms of capital.
Objectives. The purpose is to develop theoretical foundations for analyzing the stock market through the lens of financial capital's role in the evolution of economic systems, given modern technological opportunities and interdisciplinary approach.
Methods.The study rests on comprehensive approach, including theoretical analysis, empirical research, and interdisciplinary approach. The main tool used is the taxonomy of the forms of financial capital, enabling to structure it based on liquidity, digitalization level, risk type, and other factors.
Results. The paper reviews the evolution of theoretical approaches to the study of the stock market, identifies key changes in categories and concepts related to financial capital, classifies its forms and their impact on structural changes in the economy, offers a methodological approach to stock market analysis, considering interdisciplinary aspects and new forms of capital.
Conclusions. The proposed approach allows to consider the dynamics of digital assets and institutional changes, providing more accurate forecasts and recommendations for market participants and regulators. The findings can be used to develop effective strategies for regulating and managing the stock market in the context of digital transformation of the economy.

Keywords: stock market, financial capital, digital financial asset, interdisciplinary approach, economic theory

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