Moroccan Firms Research Articles

The role of cultural factors in green supply chain management practices: a conceptual framework and an empirical investigation

Purpose The purpose of this study is to contribute to the debate on the impact of organizational culture and national culture on green supply chain management (GSCM) adoption by empirically testing the developed framework, and ultimately pave the way toward potential areas for future research. Design/methodology/approach Using survey data from a sample of Moroccan manufacturing firms, 130 responses were collected and analyzed using SPSS 25 and Smart PLS v 3.3.3 software. The paper used a convenience sample, as it is required by the quantitative method, which legitimate making generalization under certain conditions. Findings The research results indicated that the national culture does not influence the GSCM implementation. The results contradict a number of prior works. As for the second direct effect measured postulated that organizational culture has a direct and significant impact on the GSCM. The results indicate that adhocracy culture, clan culture and hierarchical culture have a positive impact on the implementation of GSCM initiatives. To assess the impact of ownership type on GSCM, we underlined the difference between local and foreign firms. In fact, as argued, the foreign firms are more implementing GSCM initiatives than local firms do. Based on the arguments advanced on prior literature, the firm size does, as expected, exert significant control over the adoption of GSCM initiatives. Research limitations/implications The paper here is a starting point to understand how environmental sustainability and culture are interlinked; further research might contribute to this topic by empirically testing the model in similar or different contexts, using different cultural frameworks. Practical implications The practical implications for the paper are related to the necessity of adopting adequate organizational culture to build responsible behaviors for GSCM adoption by Moroccan firms. Recognizing the powerful role of organizational culture as a crucial factor responsible for GSCM’s success beyond the well-defined corporate strategies, including market presence and technological advantages, etc. Social implications This paper contributes to the establishment of codependent links between sociology and management fields as it helps to update the social theories present in the operations management area. Originality/value To the best of the author’s knowledge, few works have pursued to review and bridge cultural theories with the GSCM implementation.

ENHANCING SUPPLY CHAIN RESILIENCE THROUGH DIGITAL INTEGRATION: A CASE STUDY OF MOROCCAN BUSINESSES

This study examines Moroccan enterprises' digital transformation and supply chain resilience. To adapt to changing market situations, we examine digital integration attitudes and approaches. The results demonstrate that digital technologies are increasingly essential to corporate operations, responding strategically to market changes and strengthening supply chain resilience. This study offers a fresh perspective after the COVID-19 pandemic exposed global supply chain flaws. Digital technologies, remote supplier relationship management, and data security's rising importance in supply chain security are examined. Detailed supply contract analysis and supplier diversification are also critical. Health, safety, and operational continuity are stressed in this context, and effective staff management is essential to solving modern problems. Combining theoretical foundations with empirical investigation, this research examines digital integration and supply chain resilience. It advises Moroccan firms to enhance their defences against possible attacks. Digital transformation and strategic measures may help firms survive and thrive in today's dynamic business climate while maintaining a stable supply chain.

Can CSR engagement improve firm’s resilience to the COVID-19 pandemic? Evidence from the Moroccan stock market.

The purpose of this paper is to investigate empirically the role of corporate social responsibility engagement on stock returns during the COVID-19 crisis in the case of a sample of Moroccan-listed companies. The authors use a difference-in-difference (DiD) regression estimated on a panel dataset of a sample of 23 Moroccan listed companies for the period spanning from March 2019 to March 2021. We identified the connection between CSR activities and financial returns by comparing the monthly stock returns of the treatment and the control groups. Empirical results reveal that the pandemic-induced decrease in stock returns is stronger for firms with CSR activities. It means that engaging in CSR activities does not immunize Moroccan firms during the pandemic. Our findings show that Moroccan’s stock market is unable to positively value CSR activities. The results indicate that agency problems lead Moroccan investors to overinvest in costly CSR activities, which reduce the value of the firms in times of the COVID crisis and delay their recovery from it. To the best of our knowledge, this study is the first to investigate the relationship between CSR activities and the resilience of Moroccan companies. Also, this study is distinguished by using the DiD method and by exploiting data from the Eikon Refinitiv database.

Decoding tax management: The role of corporate governance mechanisms

While tax pressure remains a major concern in corporate management, it is legitimate to ask whether tax has always been among the core factors of corporate governance (Chytis et al., 2020). This study aims to examine the influence of corporate governance on tax management practices within Moroccan firms listed on the Casablanca Stock Exchange (CSE). Focusing on three dimensions of corporate governance — board composition, audit committee structure, and external audit quality — we employed multiple regression analysis on data spanning 2014–2019 from a sample of 48 listed firms, totaling 288 firm observations. Significantly, board size, chief executive officer (CEO) duality, and external audit quality are found to be pivotal factors shaping tax management practices. Other corporate governance variables, notably the independence of the board of directors and the structure of the audit committee, do not appear to exert a significant influence on the tax management of listed Moroccan companies. Our study is one of the few to have addressed the issue of tax management in the Moroccan context. Moreover, it may also serve as a fundamental resource for researchers exploring the complex dynamics of tax practices in the organizational context.

Regulatory harmonization with the European Union: opportunity or threat to Moroccan firms?

Regulatory harmonization with the European Union: opportunity or threat to Moroccan firms?

Impact of the Global Financial Crisis and the Tunisia’s Jasmine Revolution on the Corporate Capital Structure: Evidence from Four Arab Countries

This paper provides new evidence on capital structure determinants in the Arab world with special focus on the impact of the 2008 global financial crisis and the Jasmine Revolution on four different corporate leverage ratios. The sample consists of 440 non-financial listed companies from four Arab- Mediterranean countries (Egypt, Jordan Morocco and Tunisia) and the panel data are analyzed from the period 2003–2019. Statistical analysis of results are carried out by using the ordinary least squares ; three dummy variables are included (time, country and industry). The results indicate cross-country variations in four different leverage ratios. Moroccan firms, contrary to those in Tunisia and Jordan, show lower leverage ratios. By contrast, they report higher levels of « size », « profitability » and « growth opportunities ». The results also show that the Jasmine Revolution as well as the 2008 global financial crisis affects the impact of firm-specific determinants : After crisis and Jasmine Revolution, the positive and the negative effects of « size » and « profitability », respectively, become more important. Profitability is the most significant explanatory factor of corporate capital structure in Arab countries. During the two sub-periods, the growth opportunities and their negative impact on the corporate financial decisions depend on the choice of the leverage ratio (total debt versus long term debt – book values versus market values). Asset tangibility is the most critical factor : its positive effect on capital structure is more important before the Jasmine revolution and/or the global financial crisis. The effect is initially positive but becomes negative when leverage ratio is calculated using total values of debt (book and market values of debt). Results on capital structure determinants in the Arabic context not depend only on the choice of the leverage ratio, but also on the period considered.

The effects of technological innovation on the CSR practices of Moroccan firms: An empirical study using the ESG approach

The effects of technological innovation on the CSR practices of Moroccan firms: An empirical study using the ESG approach

COVID‐19 and the fate of Moroccan female‐led firms: Regional level evidence

AbstractThis study examines the effects of the coronavirus disease 2019 (COVID‐19) pandemic on Moroccan female‐led firms, considering both short‐term and long‐term impacts. It investigates the influence of different pandemic waves on these firms, taking into account their size and location, to gain valuable insights into their crisis management strategies. Using a micro‐level database made up of 1,096 Moroccan firms observed during the initial three waves of the pandemic, we extract data from the World Bank ‘Enterprise Survey: impact on firms’ database. Our analysis, using a logit model, reveals that the impact of the pandemic varied by the gender of the firm head and survey period. Female‐led firms were more severely affected by the health crisis compared with their male peers. The quick application of policy adaptations played a crucial role in reducing the impact of the health crisis on male‐led enterprises. Small firms, particularly those situated in regions such as Beni Mellal‐Khenifra, Drâa‐Tafilalet, Oriental, and Marrakech‐Safi, have been significantly affected by the COVID‐19 crisis. This study makes two key contributions. Firstly, it provides an empirical analysis of the pandemic's impact on Moroccan firms using enterprise‐level data, which is unprecedented in Morocco. Secondly, it investigates the repercussions of the pandemic on female‐led Moroccan firms of varying sizes and regions, acknowledging the disproportionate impact on women during economic crises. The study aims to offer valuable insights for supporting the recovery of female‐led firms in the future. Our findings emphasize the importance of targeted assistance for small firms and those located in affected regions to mitigate the crisis's consequences and promote economic revival. These businesses play a crucial role in the local economy, and supporting their survival and resilience in the post‐COVID‐19 era is essential.

The Effect of the COVID-19 Pandemic on Corporate Dividend Policy of Moroccan Listed Firms

The recent literature provides conflicting findings and remains inconclusive regarding the impact of the COVID-19 crisis on firms’ dividend policies. In this paper, we examine the dividend policy of Moroccan firms listed in the Casablanca Stock Exchange during the COVID-19 shock. Using panel data from 2015 to 2021 of non-financial listed firms, we observe that the proportion of dividend cuts during the last seven years (2015–2021) achieved its highest level on the onset of the crisis. Furthermore, results of the ordinary least square (OLS) regressions demonstrate that the COVID-19 shock has negatively affected the dividend payout of Moroccan listed firms. This study implies that, in times of economic crisis, Moroccan firms exhibit risk-averse behavior by prioritizing the retention of earnings over distributing dividends, scarifying, therefore, the transmission of positive signals to investors and external stakeholders. Furthermore, our results reveal that profitability, growth opportunities, leverage, and size are relevant determinants of corporate dividend policy.

Examining the Drivers of E-Commerce Adoption by Moroccan Firms: A Multi-Model Analysis

In the context of an increasingly digitized global marketplace, this study seeks to shed light on its adoption in developing countries, focusing on Morocco. Applying logit, probit, and conditional mixed-process probit models to a sample of 807 Moroccan firms, we identify key factors that influence e-commerce adoption. The results show that younger, innovation-driven firms and those with a highly educated workforce tend to adopt e-commerce more readily. However, digital skills required in hiring do not significantly affect adoption, suggesting a complex relationship between digital skills and e-commerce use. The results also show that firms that are active on digital platforms and engage in innovative practices are more likely to adopt e-commerce. Therefore, this study argues for the need to improve digital skills training and for firms to establish a presence on digital platforms and promote innovation. On the policy front, the study suggests the promotion of supportive policies such as financial assistance, improved Internet infrastructure, and robust regulatory frameworks. As an important starting point for future research, these findings underscore the complexities of e-commerce adoption in Morocco and can guide further research, particularly in the context of similar emerging economies.

Examining the Necessary Conditions for Successful Digital Transformation: A Case Study of Moroccan Companies

Internet spread and digital technology reshapes the landscape of whole industries and revolutionizes the traditional flows of goods. This technological development, which affects the world economy, is not without consequences for Moroccan firms, as they have to initiate and achieve a competitive digital transformation. This digitization is a matter of companies having a clear and coherent digital strategy, integrating new technology tools, questioning their business models and how value is built and delivered. This paper aims, particularly for companies at national level, to address and analysis the challenges and opportunities that are presented by digital transformation. In terms of methodology, with Moroccan companies we have adopted an exploratory qualitative-quantitative approach. The results of this study highlight the fact that human capital, funding and methodological support are the major challenges facing Moroccan companies.

The effect of logistics performance determinants on export performance

From the mid-1980s, Morocco confirmed its choice to liberalize trade so that international trade could become a lever for development. However, despite these ambitions, the persistence of the trade deficit has led us to reflect on the challenges of exports and the factors that can trigger the emergence of new competition. At this level, logistics has become one of the key factors to circumvent the obstacles that affect the supply of Moroccan exports. This paper aims to study and assess the impact of the determinants of logistics performance on export performance in the Moroccan context. It follows that the general concepts will be defined, and a review of the literature on the importance of the determinants of logistics performance in exporting companies will be presented, as well as the theoretical and practical research work that has studied the impact of determinants of logistics performance on export performance. The data were collected from the logistics directors and managers of 90 Moroccan exporting companies and later were analyzed by using the structural equation modelling technique to test the hypotheses and validate the research model. The results of our empirical study showed that the three determinants of logistics performance (collaboration, information sharing and logistics strategy) positively affect the export performance of Moroccan firms, also, we have distinguished that the three determinants play a very important role in improving the company's activities and strengthening the relationship between suppliers and customers, and finally, we found that all hypotheses of our study are validated. Our study has shown that there are certain determinants of logistics performance (collaboration, information sharing and logistics strategy) that contribute to the improvement of export performance in companies. In addition, we will verify our conceptual model in other countries which would allow us to identify universal trends and we have distinguished that there are other determinants and other important variables that will be integrated in our future research model.

Modeling Integible Organizational Capital and Value Creation

Purpose: Aim of this study is to investigate the relationships between the components of intangible organizational capital and value creation for unlisted Moroccan firms. Methods: A conceptual model was used to establish the relationship between the components of organizational capital and value creation for large Moroccan firms. The study used a structured questionnaire to collect data from managers of 176 large firms. We used structural equation modeling through AMOS software to test the relationships between the different variables in our model. Results: The study shows that organizational capital has a non-significant positive effect on value creation. This demonstrates that the efforts of the large firm have not been able to codify tacit knowledge and further improve organizational capital. Implications: The lack of organizational influence on value creation may signal that many firms prefer to invest heavily in physical capital without providing an adequate organizational structure. As a result, organizational capital deteriorates and leads to a lowering of the overall performance of intangible capital in addition to the value created for the company. The development of strong organizational capital can help to build an organizational culture to ensure that employees are able to innovate and deploy their know-how and experience for the benefit of the organization. Limitations: We still do not know how organizational capital changes over time. Therefore, a qualitative longitudinal study is recommended or a content analysis of companies' annual reports.

Organizational crisis preparedness during the COVID-19 pandemic: an investigation of dynamic capabilities and organizational agility roles

PurposeWhile there is a consensus that dynamic capabilities (DC) and organizational agility are two key mechanisms that help firms to survive and cope with the environment’s dynamic change and uncertainties, little is known about their roles in leveraging firms’ preparedness to overcome organizational crises during turbulent contexts such as the COVID-19. The purpose of this study is twofold. This paper first analyzes the direct relationship between DC and organizational agility dimensions (i.e. customer, operational and partnering agilities). Second, this paper investigates the direct link between organizational agility dimensions and a firm’s organizational crisis preparedness.Design/methodology/approachBased on a survey of Moroccan firms administrated during the early stage of the COVID-19 pandemic, a theoretically derived model was tested using partial least squares structural equation modeling.FindingsThe results show that DC are significantly related to the three types of agility and that only customer and operational agility affect organizational crisis preparedness.Originality/valueThis research provides new insights into crisis management literature by introducing and empirically examining the impact of DC and organizational agility in addressing global crises such as the COVID-19 pandemic.

Collaborative behaviours and social dilemmas during the coronavirus pandemic: does gender matter in the context of Moroccan firms

The current COVID-19 pandemic challenges require collective actions aiming at ensuring the preservation of human health by developing a social and an economic resilience. Moreover, experiences show that cooperative and civic behaviours are so credible in a context of solidarity and reciprocity according to a win-win cooperation among all social stakeholders and countries from a micro to a macro - analysis level. The present study explores the choices and decisions made by Moroccan firms through the lens of the game theory and investigates cooperative behaviours occurring during 2020 within social dilemmas. It contributes for a better formalisation of social and behavioural compliance to public policies in times of coronavirus crisis. This research provides then an enhanced understanding of gender differences related to people's behavioural responses to the COVID-19 pandemic and emphasises the importance of adopting individual and collective behaviours required for the coordination of separate actions.

The challenge of performance in the governance of local authorities in Morocco: Issues and perspectives

Empirical studies have shown that board characteristics influence the choice of capital structure in listed and unlisted companies. This paper aims to add to the existing literature on corporate governance and capital structure decisions in listed companies in Morocco by examining the relationship between board characteristics and capital structure. The paper uses a panel of data from 53 Moroccan nonfinancial listed companies from 2015 to 2019. In order to properly examine this relationship, correlation analysis and multiple linear regression (OLS) are performed between the dependent and independent variables. This study found that the percentage of female board members, the size of the board of directors as well as company-specific variables such as asset tangibility and company size have a significant influence on capital structure decisions. However, the empirical results of the relationships are only statistically significant in the case of board size and the proportion of women on the board. While the presence of independent directors and CEO duality show no effect on capital structure. It is clear from the study that corporate governance structures influence the financing decisions of listed Moroccan firms. However, this study has limitations that could lead to future research in terms of choice of variables and statistical method.

Opportunities and challenges of the industry 4.0 in industrial companies: a survey on Moroccan firms

Opportunities and challenges of the industry 4.0 in industrial companies: a survey on Moroccan firms

Innovation in the Face of COVID-19: A Case Study of Moroccan Enterprises

Since the beginning of 2020, the COVID-19 pandemic has started spreading through the whole world, affecting most countries in various ways. In morocco, most companies no matter their size or sector were impacted by the repercussions of the pandemic, and had to stop their business activity either temporarily or permanently. Consequently, many people lost their jobs or had their work hours and salaries cut down. Even though most companies are suffering through the crisis, some of them managed to innovate in order to adapt to the situation and turn it to their favor. Thereby, this study attempts to introduce an exploratory research that aims to explore innovation in Moroccan enterprises in the COVID-19 context. The theoretical part of this study synthesizes the relevant literature regarding innovation, while the empirical part examines and evaluates the innovations made by Moroccan firms during this period.

Determinants of corporate cash holdings: Evidence from the Moroccan market

Determining cash holdings is amongst the most important financial decisions made by heads of corporations. This decision relies on theoretical convictions and views as well as firm specific characteristics. This article analyzes the determinants of cash management in Moroccan corporations. By mobilizing all the theories of optimal financial structure, our research attempts to focus on the field of knowledge in the financial management of cash surpluses. No analysis has been carried out concerning cash and cash equivalents in Moroccan firms. These results could, therefore, contextualize the existing knowledge in this research theme and better understand the behavior of companies and their main trends in terms of cash flow, as well as the objectives and motivations of managers. The sample studied consists of 42 Moroccan companies, which are all publicly traded on the Casablanca Stock Exchange over 13 years (2007-2019). This research uses an empirical econometric study based on a positivist approach with a hypothetical-deductive method. We use panel regression analysis and perform all the necessary tests to determine the exact nature of this dataset. Our results show some evidence that a strong positive correlation exists between liquidity level and cash-flow as well as family shareholding. It is also found that the cash holdings of these companies are significantly negatively affected by how large or small the firm is, working capital requirement, debt leverage, as well as growth opportunity of the firm.

Firm-Level Data and Monetary Policy: The Case of a Middle-Income Country

We test the existence of the balance sheet channel of monetary policy in a middle-income country. Firm-level data scarcity and quality, in such a context, make the identification of this channel a steep challenge. To circumvent this challenge, we use panel instrumental variables estimation with measurement error to analyze the financial statements of 58 500 Moroccan firms over the period 2010-2016. Our analysis confirms the existence of this channel. It shows that monetary policy has a significant impact on small and medium enterprises' access to banks' financing, and that firm-specific variables are key determinants of firms' financing decisions.