International Journal For Multidisciplinary Research

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Moroccan SMEs and the Casablanca Stock Exchange: Governance Issues and Prospects for Introduction

Author(s) BEN DARKAWI Zakaria, HEFNAOUI Ahmed, LOULID Adil, GADMI Mariam
Country Morocco
Abstract This research paper examines the relationship between corporate governance mechanisms and Moroccan SMEs' access to the Casablanca Stock Exchange. It highlights the importance of SMEs in the Moroccan economy, their key role in value creation and economic growth, and the challenges they face in accessing finance, particularly through the capital markets. The text also explores corporate governance systems, comparing open (Anglo-Saxon) and closed (continental European) models, and situates Morocco in a closed system with a high concentration of capital in large companies.
Cross-tabulation and multiple correspondence analysis reveal significant correlations between IPO and various variables, such as the presence of an audit committee, a corporate governance body and knowledge of good governance codes. The econometric model, based on binary logistic regression, confirms that the presence of an audit committee is the main determinant of IPO, significantly increasing the probability of listing. On the other hand, other variables such as beliefs and values, the management system, capital concentration or the management market did not show any significant correlation, highlighting that the quality of internal governance plays an essential role in access to the financial market in Morocco.
Keywords Corporate governance; Stock market; SME; Hierarchical ordering theory; Binary logistic regression.
Field Sociology > Banking / Finance
Published In Volume 6, Issue 5, September-October 2024
Published On 2024-10-30
Cite This Moroccan SMEs and the Casablanca Stock Exchange: Governance Issues and Prospects for Introduction - BEN DARKAWI Zakaria, HEFNAOUI Ahmed, LOULID Adil, GADMI Mariam - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.29660
DOI https://doi.org/10.36948/ijfmr.2024.v06i05.29660
Short DOI https://doi.org/g8p2sv
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