The present study was conducted with the aim of designing a pattern of relationships between risk determinants, environmental changes and stock returns of listed companies using a mixed approach. This research is in the field of mixed qualitative-quantitative research in the inductive-comparative approach, which is applied in terms of purpose and descriptive-survey in terms of nature and method. The statistical population of the current research in the qualitative section is accounting, financial management, and economics professors, and the sampling in this research is purposeful and is 18 people. The quantitative statistical population is the middle and senior managers of the companies admitted to the Tehran Stock Exchange, which was determined using non-probability sampling, with a sample size of 47 people. In the qualitative part of the research, texts, theoretical foundations and semi-structured interviews were used to collect information, the validity of which was confirmed by using the CVR coefficient and the reliability was confirmed by Cohen's Kappa test. In addition, a pairwise comparison questionnaire was used in the quantitative part, and reliability was confirmed by retest and validity by content validity. After identifying the variables related to risk determinants and environmental changes effective in stock returns, variable ranking was done using the fuzzy Delphi technique. The results of the research indicate that the company's financial status, company characteristics, market returns, investors and liquidity are the most important factors that determine risk and transitory changes and acute physical changes are among the most important environmental changes affecting stock returns.