نشریه توسعه و سرمایه
سال ششم شماره 1 (پیاپی 10، بهار و تابستان 1400)

Banking, by its very nature, involves a wide range of risks. Banking supervisors should identify their risks and evaluate and manage them. Therefore, the factors affecting banking stability should be identified and applied in proportion to the importance of each relevant strategy. 

The method of the present research is descriptive and applied and using descriptive and inferential methods, the data have been analyzed and then the obtained results have been analyzed. It has been used to identify the impact of credit and liquidity risks on banking stability in selected member countries of the Mena region using the Panel Gentle Transfer Regression (PSTR) model, which is one of the prominent regime change models. 

According to the results of MATLAB software, it was found that the variables of liquidity risk and credit risk in both regimes have the greatest impact on the stability of the banking system of MENA member countries and also the impact of credit risk in both regimes is greater than liquidity risk. Therefore, formulating appropriate policies to manage credit risk reduction can lead to the stability of the country's banking system, which in turn will strengthen the monetary system.  Analyzing the relationship between economic factors and risks on banking stability is an important issue that has been addressed in this study. The thresholds of credit risk as a turning point and distinguishing point of the two regimes expressed in the PSTR model, for these equations, have been estimated according to the Akaik and Schwartz tests (3.36 and 3.83), respectively. The results of parameter slope estimation showed that the adjustment speed from one regime to the second regime was equal to 0.194, which indicates their gentle adjustment speed. In the first regime before the threshold, ie the linear part of the PSTR model, the variables of credit risk, payment facilities, inflation and crisis and shocks to countries have a negative and significant effect on the banking system. In contrast, the variables of facility to deposit ratio, liquidity risk, bank size, return on assets, efficiency of banks and GDP have a positive and significant effect on the banking system. In the second regime, the nonlinear part of the PSTR model, the variables of facility to deposit ratio, bank size, inflation, capital to asset ratio, facilities and crises and shocks that have hit a country have a negative and significant effect on the banking system. In contrast, the variables of liquidity risk, credit risk, return on assets, efficiency of banks, gross national product and payment facilities of banks have a positive and significant effect on the banking system. 

According to the results of this study (first and second scenarios), liquidity risk, in addition to a positive effect on banking stability, intensifies its positive effect on the banking stability of countries. Credit risk also has a significant effect on off-line banking stability, which has been confirmed. In other words, according to the results of the estimated model, the variables of liquidity risk and credit risk in both regimes have the greatest impact on the stability of the banking system of MENA member countries, so that the effect of credit risk in both regimes is greater than liquidity risk. Therefore, formulating strategies to reduce instability in the country's banking system, credit risk management can be an important factor to increase banking stability, which will strengthen the monetary system.

One of the important topics in regional economic literature is inter-regional communication and the influence of one region from other regions. In this way, economic growth in one region can lead to growth and development in neighboring regions. Accordingly, if one of the factors affecting economic growth, such as financial development, causes economic growth in a region, the existence of spillover effects will also affect the economic growth of neighboring regions. According to this theory, it can be said that financial development in an area (if it has an intra-regional impact) can also have spatial effects (spillovers and between-regional). The objectives of this study are: 1- investigating the effect of direct effect of financial development on the growth of Iranian provinces 2- spillover effects of financial development on the growth of Iranian provinces 3- Effect of auxiliary variables such as foreign direct investment, transaction value of Stock market, bank lending facilities, human capital and per capita road on the growth of Iranian provinces.  To collect information related to the research, a documentary or library method was used in which the data of 30 provinces of the country in the period 2011-2015 were collected. Then the data is analyzed using the spatial panel econometric method.  Therefore, the results of model estimation show that financial development has had a positive and significant effect on economic growth of regions, but no spillover effects on the growth of neighboring regions and provinces. Also, foreign direct investment and road per capita have both a direct positive effect and a positive spillovers effect on the growth of regions. Human capital has also had a positive and significant direct effect on the economic growth of the regions. The effects of its spillovers have also been significant on the growth of regions. According to the results of the study, financial development has a positive and significant effect on the regional growth of Iran's provinces. One of the indicators of financial development is the facilities granted by banks to the public and private sectors, which has a positive and significant effect on economic growth. According to the results, if the granting of credits and banking facilities to the applicants of private sector projects is done and since it is one of the most important domestic sources for investment, by adopting the correct monetary policies and using appropriate monetary instruments, private sector savings can be efficiently equipped and directed to productive activities, so financial development through the optimal allocation of capital resources and the provision of better and more efficient services, the field of innovative activities. Improves and increases economic efficiency and ultimately leads to the growth of neighboring areas.

The pure opportunities available in the free zones, benefiting from new technologies and risk-free investments, have attracted entrepreneurs and private sector investors in various fields, especially tourism, in the hope of a bright future and it has made economic opportunities to a safe and profitable investment. In fact, free zones, using their unique features and advantages, provide services to investors and tourists at home and abroad. Anzali Free Zone is also one of the seven free-trade zones in Iran, which has special importance in this regard. To the extent that, fluctuations in industrial investments and foreign exchange incomes have caused the tendency to invest in service sectors and attract tourists to this region. Therefore, this research identified sustainable tourism development strategies and investment opportunities in Anzali Free-Trade Industrial Zone. 

The present study was applied research in terms of purpose and it was a descriptive survey in terms of methodology. This article was conducted using the SWOT analytical model and the statistical sample of the research was 10 professors, managers, and senior experts in tourism. 

Anzali Free Zone has relative strength in terms of internal factors (average above 2.5) and has 9 critical success factors (rank 4) and 5 critical failure factors (rank 1). In general, the results suggest that the strengths of the region will overcome its weaknesses. It is also relatively strong in terms of external factors (average above 2.5) and has 10 environmental opportunities for success (rank 4) and 5 environmental threats (rank 1) that may lead to failure. So, findings showed that this region is located in the strategic point of SO and according to the proposed strategies, the investment opportunities of the region are as follows: investing in water, nature, and trade tourism projects, creation of ecotourism resorts, investment in tourism projects such as the Marina project, designing daily nature tours in the region, investing in tourist transportation projects (renting bicycles, carriages, etc.), establishing service companies what organizing scientific camps in the region, sponsoring beach sports programs, investing in reconstruction projects of region, and Investing in mass advertising projects of regional services. 

Based on the results, it is clear that by exploiting the strengths of tourism in the region, it is possible to make maximum use of environmental opportunities for the development of sustainable tourism, and currently, tourism projects of the region have a better position for investment. In this regard, it is better to use the nature of the region (wetland, forest, sea, beach, and etc.) in order to develop tourism. Types of tourism (sports, water, and, etc.) should be considered as much as possible. The residents have a critical role in this regard. The tourism department of the region, in cooperation with the university, should design and develop tourism development programs. It is necessary to form a working group and a think tank and, use collective intelligence to plan according to all aspects. Regional laws should be reviewed to remove problematic laws and facilitation laws should be considered.

This research is the design of an optimal model for the development of risky investment in the Tehran Stock Exchange using the underlying theory and fuzzy AHP hierarchical analysis process. 

A mixed quantitative and qualitative approach has been used to achieve the research goal. For this purpose, in the first stage, using a qualitative approach based on the research paradigm model including causal conditions, intervening conditions, contextual conditions, strategies, consequences and the main category of risky investment are extracted and in the quantitative stage each The extraction of categories was verified using factor analysis. In the quantitative part, descriptive statistics such as mean, standard deviation, tables and graphs are used to examine the descriptive status of research variables and the structural equation model in LISREL software is used to test the main model. The sample size of the qualitative stage is determined based on theoretical saturation and the sample size of the quantitative part is determined based on the recommendations of confirmatory models. Data collection tool in the qualitative part of the interview and in the quantitative part of the data collection tool was a researcher-made questionnaire that was designed based on the concepts extracted from the qualitative part. This questionnaire was distributed among the members of the statistical sample after determining its validity and reliability. Finally, it is ranked using the fuzzy AHP model. 

a question that this research seeks to answer. On the other hand, the researcher has faced the issue that in our country, due to the growth of knowledge and expertise of individuals, the number of start-up companies is increasing every day and these companies need risk capital to finance. Accordingly, in the first purpose of this research, it examines the conditions for the formation of risky investments and in the next stage and purpose, it pays attention to what factors should be considered for the success of risky investments in the Tehran Stock Exchange. do. Exchange. It can be said that in order to develop risky investment in the management dimension, the experience and skills of business managers in various sectors should be strengthened. They have more managerial and leadership skills. The next issue in the paradigm model of venture capital development is the different strategies that can lead to the development of venture capital. Strategies in the paradigm model show the types of paths to reach the goal. 

The results of this section show that the factors of supporting venture capitalists and government support can be considered as two main strategies in this field. The results show 67 concepts in the form of 15 subgroups for the development of risky investments. He said: "Each of the main and sub-categories extracted from research experts can be generalized to the managers of listed companies." In the present study, in order to prioritize the main categories of the study, the fuzzy AHP technique was used and to calculate the compatibility, Gogus and Butcher methods were used. 2009) The weight of the components is obtained and the categories are prioritized based on them.

Sirjan city has increased the economic importance of Kerman province. Sirjan is the main transit point for goods to eastern Iran, as well as Europe and the Persian Gulf and the return route of all commercial goods is from Shahid Rajaei port of Hormozgan to Central Asian countries, Caucasus and Russia. This city has a significant role and position as a special economic hub based on the advantages of docking, in the economic structure of Kerman province and in the future, the importance of this economic position will increase. Also, Golgohar mining region with iron ore rich mines as one of the most important active mining and industrial hubs in the Middle East, has many potentials to become a large and competitive region in Iran and even in the world. Golgohar Mining and Industrial Company, as one of the main players in the region, with a production capacity of 8.5 million tons of concentrate and 5 million tons of pellets, has highlighted its role in the country's steel industry and as a special economic hub based on the advantages of docking, it has a significant role and position in the economic structure of Kerman province. also in the future, the importance of this economic position will increase. Whereas the role of transport in economic development and the creation of incentives to increase investment in this regard is undeniable; The process of selecting different transportation systems and combining them with each other is an important matter in planning the optimal development of Kerman province, because in the absence of the necessary information, transportation decisions regarding the existing demand are made based on experience. 

In this study, demand function of carrying minerals in the rail transportation system of Golgohar mine estimated with econometrics technique and panel data model during the period 2011-2017. And while introducing the factors affecting the demand for mineral transportation by rail, using the neural network, the future trend of demand for rail transportation of minerals has been predicted. 

The results indicate, value added of the mining sector, tonnage cargo of cargo road transported , cost of freight by train and cargo revenue are the most important variables and they have significant impact and effective on the demand for rail transportation of Golgohar minerals. The inelasticity of the demand for rail transportation of minerals in relation to freight costs by train was also confirmed in this study. Variables not only affect demand for rail transportation, but also a significant impact on the income of producers, industrialists, railroad and eventually to consumer prices. Because minerals as a factor in generating transportation costs has a high share in the cost price. 

Care should be taken to determine the choice of shipping method according to the time. Therefore, due to the lack of rail facilities and side lines in all areas of demand, at present, only the proposed solutions can be satisfied in the short term.

Earnings management can be motivated by capital market, political, contractual, tax, agency. In the capital market incentives that are considered in this study, in the IPOs, because the possibility of access to information for investors is very limited and the risk of information asymmetry for investors and determine the intrinsic value of relevant stocks is high. Therefore, Managers are probably motivated to earning management in the last period before the offering of shares using optional.According to the political hypothesis, companies with good performance usually try to manage declining earnings but companies with poor performance, according to the signaling hypothesis tend to manage incremental earnings in IPOs after earning management because cash profits in these companies are low, as cash flows may not be enough to hide the effect of the returned accruals. Therefore, in this study, the effect of mutual fund performance of dynamic earnings management at IPOs and after has been studied.According to the theoretical foundations and research background, two hypotheses have been proposed and evaluated. Hypothesis 1: Mutual fund performance has a significant effect on dynamic earnings management in IPOs.Sub-hypotheses:Good performance of mutual funds during the IPOs has a significant effect on dynamic earnings management.Poor performance of mutual funds during the IPOs has a significant effect on dynamic earnings management.Hypothesis 2: Mutual fund performance has a significant effect on dynamic earnings management in the period after the IPOs.Sub-hypotheses:Good performance of mutual funds in the post-IPOs period has a significant effect on dynamic earnings management.Poor performance of mutual funds in the post-IPOs period has a significant effect on dynamic earnings management. 

The statistical population of this study includes all Mutual funds listed on the Tehran Stock Exchange and the statistical sample includes 100 Mutual funds during the years 2009 to 2020, which have been selected by systematic elimination method. In this study, the model of Gledson (2019) was used to estimate the Dynamics of Earnings Management, Modern criteria (Sharp, Trainer, Jensen, Modified Trainer, Modified Jensen) and meta-modern (Sortino, Optimal Potential, M2, Evaluation Ratio) was used to estimate the Mutual Fund Performance. Also, to test the research hypotheses, combined data and multivariate regression using the panel with the fixed effects method based on generalized least squares method have been employed. 

The results show that the good performance of Mutual funds has a negative effect on dynamic earnings management in the IPOs and after, and the poor performance of mutual funds in the IPOs has no significant effect on earnings management, but It has a positive effect in the after the IPOs. 

Based on the results obtained, good performance mutual funds use earning  management decreasing methods to determine lower intrinsic values in the market, which is consistent with the political cost hypothesis.On the other hand, mutual funds with poor performance during the IPOs is consistent with the motivation of signaling in the capital market. Under capital market pricing rules, the minimum price is proposed and offered because of future ambiguities about the intrinsic value of the stock offered in the IPOs. However, after the IPOs to achieve in order to compensate for their poor performance and maintain a position in the capital market, they are required to increase earning management, and if they cannot improve their poor performance and sufficient cash flows to Concealment of the effect of accruals returned to the fund. The use of incremental earnings management in subsequent periods of activity will have an adverse effect on the results of their performance. Given that earnings management can affect future cash flows and the relationship between current and future earnings, it is recommended that investors and financial analysts pay sufficient attention to the incentives that affect earnings management because decision-making is based on managed earnings. May not lead to good results; Therefore, according to the results of this study, investors and financial analysts are advised to pay more attention to the performance of investment funds in the IPOs and after, because if they can, by examining the incentives of well-performing funds in the IPOs. This will lead to abnormal profits for the stakeholders. Profits will be incremental, which in the next periods of activity will have an adverse effect on performance results and therefore gain unusual losses for investors.

Stock markets are one of the most important and popular financial markets in the most countries. The volatility of stock market behavior has always been discussed. Due to the importance of stock markets in the economy of nations, the discussion of determining the factors affecting stock market fluctuations has always been considered. One of the factors influencing the stock market is political uncertainty variable.Thus, political uncertainties can pave the way for changes in the stock market. In the stock market, large fluctuations cause capital inflows and outflows at all times. The effects of these movements on the economy of countries can be significant. In developing countries, Impulses to the economy due to stock market shocks can be extremely risky. Therefore, the study of the interrelationships between stock market fluctuations and political developments is of particular importance. 

First, the Zivot-Andrews test was used to determine the stationarity of variables by considering the possibility of investigating the existence of endogenous structural break. The asymmetric Garch method (GJR-GARCH) has been used to investigate and estimate the relationships between variables. Before estimating the GJR-GARCH model, an appropriate ARMA model must be estimated for each of the variables, so that we can have a good fit of generalized Autoregressive Conditional Heteroscedasticity model. The Schwartz-Bayesian (SBC) criterion was used to obtain the optimal ARMA lag. Also the ARCH test is used to determine the presence of heteroscedasticity. 

The results of this study show the positive and significant impact of the presidential election on the stock market. Also, in the framework of the asymmetric Garch model, different periods of nuclear negotiations as well as regional political developments show a direct and significant impact on the stock market index; In addition, the results relative to study period show that the control variable of consumer price index will have a significant and positive effect on the stock market index. 

Based on the research findings, it can be concluded that the Iranian stock market reacts significantly to a variety of domestic political events such as the presidential election and foreign events such as the imposition of economic sanctions and negotiations to resolve them. However, the impact of political cycles on different types of asset market (such as housing, gold, stocks and foreign exchange) and the reciprocal effects of these fluctuations on each other should not be ignored. Therefore, stock market planners and macroeconomic policymakers of the country are advised to use all the support leverages of capital market to maintain and protect this market and safeguard micro and macro capitals, and Prevent capital flight and loss of public trust by intelligently managing the market before occurring major crises.

investors and creditors require financial information to make sound investing decisions. One of the main criteria in evaluating company performance is prediction of its future cash flow which is an inseparable part of all financial units and the balance between cash flow and its money-related requirements is essential for the continuation of financial activities in a unit. Considering the fact that here is little direct evidence in prior literature on whether discretionary accrual choices enhance or detract from the predictive ability of accruals with respect to future cash flows, the present study aimed to examine whether management’s motivation for discretionary accrual choices affects the forecasting properties of accruals and cash flows with respect to future cash flows. Cash flow prediction is an important task for all internal and external organizational users. Investors use this information to determine the future value of a financial unit, its stock price in the market and decide to whether hold or sell their stock. In other words, possible changes in future cash flow can play a significant role in the financial decisions of investors. 

to test our hypothesis, we used multi-regression method. Study sample include restated companies in Tehran Stock market from 2003 until 2013. The sample was divided using an opportunistic meet-or-beat model (OP-MB). Our predictions for the opportunistic group (with 107 observations) and the non-OP-MB group (with 682 observations) were obtained using Barth et.al (2001) equation. 

Using a sample of restatement firms and a meet-or-beat model to classify firms as making discretionary accounting choices for opportunistic meet-or-beat (OP-MB) reasons, we show that originally reported earnings and accrual components are less predictive for future cash flows relative to the restated numbers. We find the opposite is not true for firms classified as making discretionary accounting choices for non-OP-MB reasons. To distinguish between the informational and efficient contracting explanations of the results for the non-OP-MB sample we split the non-OP-MB sample into those cases where the discretionary accounting choices are income- decreasing versus income-increasing. We find no difference between forecasting properties of originally reported earnings and accrual components and their restated counterparts in the income-increasing non-OP-MB sample. In income-decreasing non-OP-MB sample, restated data have more predictive power than originally reported earnings and accrual components. 

our first hypothesis was not confirmed since there was no significant difference between the adjusted R-square in two models. Moreover to justify the rejection of hypothesis 2, it could be said that without a proper approach to directly identify the various reasons for choosing a specific accounting method in non-OP-MB companies, it would be difficult to understand managers’ motives to use discretionary accruals in these companies.

Poverty is one of the most important social problems that have been always affected the lives of many people, so eliminating this problem is always among the goals of social development. Despite the many efforts that have been made throughout history to eliminate this phenomenon, it has existed for many years and among different countries and continues despite economic growth among underdeveloped or developing countries. In the economics literatures, several factors are effective in creating and spreading poverty, one of which can be considered the exchange rate, which is considered as a key and important economic variable in policy-making. In recent years, the real exchange rate has fluctuated in recent years, and it is important to know its effects on economic policy- making. So, one cannot overlook the significant impact of the exchange rate on poverty. Therefore, the aim of the present study is to try to find out what the asymmetric effects of the exchange rate will be on poverty. 

The research variables include poverty index, the real exchange rate and government support. To study the subject, have been used the latest data of the Iran during the period of 1985 to 2018. In this research, a dynamic panel threshold model is investigated to distinguish the asymmetric effects of real exchange rates on poverty. This approach combines time series models with threshold modeling approaches. In this paper, using NARDL, an attempt is made to investigate the positive and negative asymmetric effects of exchange rates on poverty in the Iranian economy using a nonlinear model. 

The results show that long term exchange rate impacts on poverty in Iran. In the short run, with a period of delay, exchange rate fluctuations increase poverty in Iran, and real exchange rate declines have no effect on poverty reduction. Also government assistance to the poor and low- income groups in the long and short run has not reduced poverty in the country. 

The results show that in both the short and long term, only an increase in the exchange rate will have a devastating effect on poverty and its impact is greater in the long term than in the short term. And in the short and long term, the depreciation of the real exchange rate has no effect on the reduction of poverty, so governments must implement policies that do not cause sharp fluctuations in the real exchange rate, especially in the event of an increase. The possibility of monetary and fiscal policies should be determined in such a way as to minimize exchange rate fluctuations. In addition, although the exchange rate is not a choice for policymakers, if faced with these conditions, the negative effects of an increase in the exchange rate can be mitigated by government support for the poor through transfer payments and indirect payments to vulnerable groups.

Firstly, this research investigates the relationship between cash volatility and financing decisions and then, investigates the effect of cash flow shortfalls on the relationship between financing through debt and cash flow volatility. So, based on theoretical background and pervious researches two hypotheses were developed. Based on first hypothesis, a positive relationship is expected between cash flow risks and debt level in capital structure of firms. Those firms facing with increased risk of cash flows, may need extra cash for the financing of their operations or they may face with a shortage of cash which in this case they will look for ways of financing through issuing debt. Also, it is expected that a shortage in operating cash flows affects the relationship between cash flow risk and capital structure. In another words, the relationship between debt in capital structure and cash flow risks is stronger for those firms with a shortage in operating cash flows.

This is an applied research and we have used the regression to run the research models. The Research sample consists of 178 firms (1068 firm-years) listed on the Tehran Stock Exchange (TSE) during 2014 and 2019. Research sample is excluded from financial firms, banks, insurance firms or firms with missing data. All data have been winsorized at the one percent and 99 percent levels.

As expected, the results show that there is a positive and significant relationship between cash flow volatility and capital structure (use of debt). So, it can be said that those firms facing a higher risk of cash flows, issue more debt.  In addition, the results show that the relationship between cash flow risk and the use of debt in capital structure is tenser for firms with low operational cash flows. For those firms with high operating cash flow this relationship does not exist.

increased risk of cash flows results in the need for financing of activities through cash flow or creates a loss or shortage of cash flows by firms. Thereby, firms look for the way to finance through issuing debts. Thereby, it is advisable for lenders and also for investor and analyst to pay especial attention to cash flow variances and risk when analyzing cash flow statements, operating cash flows and the financial statements of companies. Also, auditors should consider these risk when assessing the continuity principle for issuing an audit report. Future researches can identify other factor affecting the relationship between cash flow risk and issuing debt. Also, the effects of financing level limitation on the relationship between cash flow risk and capital structure can be investigated in future papers.

The discussion of Islamic financial systems has been discussed in the world financial literature for several decades. The Islamic financial system intends to provide practical alternatives to conventional financial instruments in the world today by providing practical methods. The existence of a series of principles such as the sanctity of usury, risk-sharing, permissible religious activities, and the like, which govern the Islamic financial system, has posed serious challenges to Western financial practices. This study has been compiled for the Islamic Republic of Iran with the aim of ranking and identifying the best financing instruments in order to achieve a resilient economy. For this purpose, by identifying financing methods through Islamic securities and conventional foreign financing methods, a comparison was made with the aim of ranking the best financing methods. 

This article aims to find the best financing methods, seeks to rank the current methods of Islamic financing and financing methods at the international level. For this purpose, many options are presented to the researcher. Accordingly, fuzzy hierarchical analysis method was selected as the research method. Selecting the fuzzy type of this method helps the researcher to make a more accurate ranking by having a wider range of verbal propositions. The research method in this article is descriptive-analytical method and the method of data collection is library and survey (field). Sampling in qualitative and quantitative research is very different because its purpose is to gain a deep understanding of the phenomenon under study instead of generalizations. Data collection was done by library-field method and by fuzzy questionnaire, the opinions of 10 experts active in the field of resistance economics were collected. The method of data analysis is fuzzy hierarchical analysis. Triangular fuzzy verbal expressions have been used to compile fuzzy questionnaires. In addition, MATLAB software was used to estimate and extract the research results. 

The results of fuzzy hierarchical analysis method showed that financing through Islamic securities weighing 0.6325 has a higher priority compared to financing through conventional foreign methods with a weight of 0.3675 and for each of these two criteria, the following Nine criteria were defined and ranked. 

The purpose of this article is to rank Islamic and foreign financing instruments. The results of fuzzy hierarchical analysis method showed that if foreign financing methods are compared with Islamic securities, Islamic securities with a weight of 0.325 and foreign financing methods with a weight of 0.3675 will be shown, and this result indicates the high application of Islamic securities with The purpose of financing in the Islamic Republic of Iran. In addition, among the Islamic securities with the aim of financing, the highest priority is to use Qarz al-Hasna securities, participation bonds and Mudaraba bonds in comparison with others. In the group of foreign financing instruments, the highest priority with direct investment is credit and finance lines. Also, the final results of fuzzy hierarchical analysis method showed that among the 18 Islamic and foreign financing methods discussed in this article, Gharz-ul-Hasna bonds, direct investment, participation bonds, credit lines and finance have the most importance and application compared to others.

Environmental security is a significant part of human and national security. Today, attention to environmental issues and sustainable development is one of necessities of economic development and the problem of climate changes or global warming in the environmental domain has turned to one of the most important human concerns, since it will have long-term effects on future generations welfare. Solving the created environmental challenges requires international cooperation for the countries' just and logical exploitation of human resources without damage to other countries. The Paris Agreement or the paris agreement is a treaty within the framework of the United Nations Convention on Climate Change. The text of the agreement was approved by the delegates of 195 countries at the 21st United Nations Conference on Climate Change in Paris and was ratified on December 21, 2015. This agreement has been in force since November 4, 2016. According to the text of the agreement, the agreement was to enter into force when 55 countries, which produce at least 55% of the world's greenhouse gases, ratify, accept or sign the agreement. Among the goals of the Paris Agreement is to try to prevent a 1.5 degree rise in temperature compared to the pre-industrial era in order to reduce the risks and effects of climate change, increase the ability to adapt to the severe effects of climate change and create climate resistance, conditions to reduce greenhouse gas emissions. The United States withdrew on June 1, 2017. American exit has challenged this problem. This study addresses cooperation or non-cooperation of European Union and United States in Paris Agreement using game theory. 

Play is a description of the economic, social and political activities of individuals. Each of these activities or games has a structure and rules according to which players play the game to achieve their goals. The purpose of this theory is to provide a way to express the facts of human life that expresses contradiction and alignment. A game is a situation in which each person's decision affects another person's decision and all the people in that situation are aware of this. Game theory can be used in many cases, the most important of which is to explain the reality, predict the results and recommend, and in this way can show the right way to the players of a game.  The method used in this study is game theory, through which the strategy of each member country can be examined. 

The result of the Nash equilibrium of the US-Europe game in terms of carbon emissions according to the NDC target and two degrees of decrease in air temperature, US and European exit, Nash equilibrium of the US-Europe game in terms of carbon prices, no US-European exit, Also, the Nash equilibrium of the US-Europe game in terms of macroeconomic effects is the non-exit of the US and Europe, because at this point, none of the players is motivated to violate. 

If carbon emission considerations are considered together with economic considerations (carbon prices and macroeconomic effects) by the two groups of the country; The two groups of countries will abide by the agreement and follow the strategy of not leaving. So the United States comes to an agreement.

This study is supposed to investigate the relationship between CEO power and performance measurement. CEO tenure, management duality and board independence are the measures used to capture managerial power. Performance measurements are ROA, ROE and tobin's Q. 

It is expected that manager power have positive effect on performance. To test this hypothesis we used there hypotheses with the the CEO power as independent variable and and ROA, ROE and tobin's Q as dependent variable in each of them. Control variables used in this study are firm size, firm growth and firm age. We used data from 122 firms listed with the Tehran Stock Exchange from 2012 to 2020, collected from CODAL database. This is an applied research and has an experimental methodology. 

As was expected we found managerial power to be positively influencing ROE and Tobin's Q. To the contrary there is no relationship between manager power and ROA. 

Agency conflicts are the most important downside in the separation of ownership and management. An efficient way of reducing negative effects of this issue is to coordinate owner and manager interests through accounting variables. Shareholders prefer to have the highest return on their investment, namely ROE. As manager is employed by the board of directors, representing the owners, it is highly expected that there be an emphasis on owners' performance measures in manager contact, rather than other measures interesting to other stakeholders. Owners are willing to grant higher power to manager only if this higher power leads to improvement of owners' performance measures. The positive relationship found between manager power and ROE could verify this claim. Improvement in owners' interests is expected to influence positively their investment value proxied by Tobin's Q. Findings are indicative of this claim as well.