Investigating the Relationship between Manager and Shareholder Using game theory: Applying Accounting Conservatism and Financial Reporting Quality

The decision-making of managers in today's organizations is crucial due to increased complexity of internal and external influential factors and increased competition among organizations. Game theory attempts to model the mathematical behavior of a strategic situation. This situation arises when the success of one side of the game depends on the strategies selected by other side. The present study aims at finding a strategy to maximize the balance interests of managers and shareholders by applying strategic characteristics of accounting information and accounting conservatism.   The statistical population of study included 132 companies listed on the Tehran Stock Exchange during a period of seven years (2012-2018). The data analysis method is inferential and SPSS software was used to prepare the data and estimate the models. Pooled data model was used to test the research hypotheses. The results of testing the research hypotheses show that the combination of strategies of manager low reporting quality-shareholder low reporting quality (m1, S1), manager high reporting quality- shareholder high reporting quality (m2, S2), manager low conservatism - shareholder low conservatism (m3, S3), manager high conservatism - shareholder high conservatism (m4, s4), were selected as poor Nash equilibrium. The study results show that game theory plays a major role in the relationship between managers and shareholders and finding equilibrium points of game can play an effective role in the decisions of game parties (managers and shareholders). Accordingly, it informs the parties of game of the strategy that has highest utility for them

Designing an efficient organic–inorganic hybrid nanocomposite for simultaneous oxidative/adsorptive desulfurization of model and real fuel oils

Abstract In this study, an efficient organic–inorganic hybrid nanocomposite was designed for deep oxidative/adsorptive removal of dibenzothiophene (DBT) from model and real fuel oils employing surface molecularly imprinted polymer (SMIP) and mesoporous silica nanoparticles (MSNs). On the surface of silanol-functionalized MCM-48-HPW prepared at different 12-tungstophosphoric acid (HPW wt%) as the oxidation catalyst, an imprinted polymethacrylic acid polymer (PMAA) as a selective adsorbent of DBT was formed using different amounts of DBT template. Then, various oxidant/sulfur molar ratios were applied during the desulfurization reactions according to the central composite design (CCD). The successful synthesis of the optimum SMIP-PMAA@MCM-48-HPW nanocomposite was confirmed by FTIR, XRD, N2-adsorption, SEM, TEM, TGA, and NMR techniques. The desulfurization percentage of the model oil reached 98.54% under the optimum conditions, and the catalyst percentage was found to be the most significant parameter for desulfurization efficiency. Comparison experiments showed that the combined role of oxidation and adsorption had an extensive impact on desulfurization efficiency. Under the optimized conditions, 96% DBT from gasoline was removed by the optimum nanocomposite. The optimum nanocomposite showed good stability and could be reused five times without a remarkable decrease in the desulfurization ability