The purpose of this study is presenting a totalitarian corporate governance model in the context of the Iranian capital market. In this study, based on paradigmatic phenomenology and an inductive-exploratory approach, an attempt was made to determine the phenomenal propositional contexts of totalitarian corporate governance through interview tools and researcher-made checklists, first by conducting open coding. Then, by compiling a checklist of the number of propositional fields identified in the form of positive and negative symmetrical scales, an attempt was made to take necessary action regarding the categorization resulting from the focal panel scores. Finally, by separating the categories into five dimensions of conditions: "causal conditions", "contextual", "intervening", "strategies", and "consequences", the necessary steps were taken to present the paradigmatic model of the research. In this study, twenty-two active actors in the field of governance standardization and certified public accountants who had executive experience in the capital market were used to collect the necessary research data. The research findings in the interviews conducted with empirical actors indicate the identification of "401" open codes; "65" contextual propositions; and "13" categories related to the characteristics of the formation of totalitarian corporate governance, from the causal conditions to the consequences of the occurrence of such anomalous events in the Iranian capital market. The interpretation of the application of the paradigmatic model of the emergence of totalitarian corporate governance refers to a flow of hidden practices in the capital market in which totalitarian companies try to gain opportunities to obtain higher profitable returns due to problems of ineffective institutional supervision.