Les déterminants de structure de capital des compagnies marocaines d’assurances: Une estimation par la méthode des moments généralisés en système

Abstract

This research seeks to answer the following question: what are the determinants of the capital structure of Moroccan insurance companies? To do so, we conducted an empirical study using original econometric techniques, notably the generalized moments estimator and statistical tests applied under the assumptions of homogeneity and stationarity of the variables used on a population composed of 17 Moroccan insurance companies, over the period 2011-2019. The results of our empirical model revealed that the rate of return has a significantly negative impact on the capital structure of Moroccan insurance companies. In contrast to profitability, the impact of tangibility is significantly positive. Based on the GMM results, the study showed an insignificant negative effect of growth on the capital structure of Moroccan insurers. As for size, liquidity and risk, these have a significantly positive impact on the leverage ratio, while the study found that the technical provisions variable has a positive but statistically insignificant effect on the capital structure of Moroccan insurance companies. This study concludes that profitability, size, tangibility, liquidity and risk are determinants of the capital structure of Moroccan insurance companies.