International Journal of Accounting, Finance, Auditing, Management and Economics (IJAFAME)
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The Potential of Green Crowdfunding for Financing Eco-entrepreneurship in Morocco: A Narrative Literature Review
No full textFaced with environmental challenges and the need to support a transition to a green economy, Morocco is exploring innovative solutions to finance green entrepreneurship projects. Among these solutions, green crowdfunding is emerging as a promising one, allowing citizens to involve themselves in ecological initiatives and fund green projects and activities.
This article examines green entrepreneurship and the challenges it faces, highlighting the issue of financing, in Morocco and around the world. It also explores the potential and advantages of green crowdfunding for financing green activities. To do so, this study adopts a narrative literature review approach, particularly suited to interdisciplinary and emerging topics such as green crowdfunding. This approach allowed integrating existing knowledge on eco-entrepreneurship and green crowdfunding by referring to scientific articles and institutional reports, particularly within the Moroccan context.
Therefore, first, we discuss the concepts of "eco-entrepreneurship" and "green crowdfunding" as well as the emerging links between them. Second, we identify the potential of green crowdfunding for financing eco-entrepreneurship in Morocco and suggest that, although green crowdfunding can play a crucial role in the development of the country's eco-entrepreneurship, additional efforts are needed to raise public awareness, develop a suitable regulatory framework, and encourage partnerships between the public and private sectors.
JEL Classification: L26
Paper type: Theoretical Research Faced with environmental challenges and the need to support a transition to a green economy, Morocco is exploring innovative solutions to finance green entrepreneurship projects. Among these solutions, green crowdfunding is emerging as a promising one, allowing citizens to involve themselves in ecological initiatives and fund green projects and activities.
This article examines green entrepreneurship and the challenges it faces, highlighting the issue of financing, in Morocco and around the world. It also explores the potential and advantages of green crowdfunding for financing green activities. To do so, this study adopts a narrative literature review approach, particularly suited to interdisciplinary and emerging topics such as green crowdfunding. This approach allowed integrating existing knowledge on eco-entrepreneurship and green crowdfunding by referring to scientific articles and institutional reports, particularly within the Moroccan context.
Therefore, first, we discuss the concepts of "eco-entrepreneurship" and "green crowdfunding" as well as the emerging links between them. Second, we identify the potential of green crowdfunding for financing eco-entrepreneurship in Morocco and suggest that, although green crowdfunding can play a crucial role in the development of the country's eco-entrepreneurship, additional efforts are needed to raise public awareness, develop a suitable regulatory framework, and encourage partnerships between the public and private sectors.
JEL Classification: L26
Paper type: Theoretical Research 
Exploratory Study of the Resilience of Psychological Contracts: An Ethno-methodological Perspective
No full textThis study explores the dynamics of organizational resilience through the lens of psychological contracts, employing an ethnomethodological approach to uncover the micro-processes that underpin collective resilience. While extensive literature has examined resilience from the perspective of formal systems, strategic capabilities, and structural configurations, the role of intersubjective dynamics and sensemaking processes remains insufficiently addressed. Our research positions psychological contracts, not as static agreements but as dynamic, collectively constructed frameworks of meaning, as critical levers of resilience within organizational contexts.
Drawing on data from a Moroccan nonprofit organization, we conducted a qualitative, inductive study combining participant observation, preliminary informal interviews, and semi-structured interviews. The conversational analysis of this data revealed three key ethnomethodological processes: accountability, indexicality, and reflexivity, through which psychological contracts are constructed, negotiated, and reinforced. These processes enable organizational members to align their individual and collective interpretations of resilience, fostering a shared normative contract that enhances the organization’s capacity to adapt and thrive in the face of adversity.
Our findings demonstrate that resilience is not merely an organizational attribute but is deeply embedded in the lived experiences and interactions of members. The association’s resilience emerged from a strong sense of belonging, the personification of the organization, and the transmission of shared values and practices through mentoring. These mechanisms illustrate how psychological contracts can serve as active drivers of resilience, shaping organizational responses to crises.
This research contributes to both theory and practice by highlighting the importance of micro-level processes in resilience building and by offering managers concrete insights into how fostering resilient psychological contracts can strengthen organizational capacity. Future studies should further explore the variability of these processes across different organizational contexts and sectors.
Classification JEL: J24; O15
Paper type: Empirical ResearchThis study explores the dynamics of organizational resilience through the lens of psychological contracts, employing an ethnomethodological approach to uncover the micro-processes that underpin collective resilience. While extensive literature has examined resilience from the perspective of formal systems, strategic capabilities, and structural configurations, the role of intersubjective dynamics and sensemaking processes remains insufficiently addressed. Our research positions psychological contracts, not as static agreements but as dynamic, collectively constructed frameworks of meaning, as critical levers of resilience within organizational contexts.
Drawing on data from a Moroccan nonprofit organization, we conducted a qualitative, inductive study combining participant observation, preliminary informal interviews, and semi-structured interviews. The conversational analysis of this data revealed three key ethnomethodological processes: accountability, indexicality, and reflexivity, through which psychological contracts are constructed, negotiated, and reinforced. These processes enable organizational members to align their individual and collective interpretations of resilience, fostering a shared normative contract that enhances the organization’s capacity to adapt and thrive in the face of adversity.
Our findings demonstrate that resilience is not merely an organizational attribute but is deeply embedded in the lived experiences and interactions of members. The association’s resilience emerged from a strong sense of belonging, the personification of the organization, and the transmission of shared values and practices through mentoring. These mechanisms illustrate how psychological contracts can serve as active drivers of resilience, shaping organizational responses to crises.
This research contributes to both theory and practice by highlighting the importance of micro-level processes in resilience building and by offering managers concrete insights into how fostering resilient psychological contracts can strengthen organizational capacity. Future studies should further explore the variability of these processes across different organizational contexts and sectors.
Classification JEL: J24; O15
Paper type: Empirical Researc
Entrepreneuriat Féminin en Mauritanie : Freins et barrières
No full textMauritania, a country strategically located between sub-Saharan Africa and the Maghreb, possesses significant economic potential thanks to key sectors such as agriculture, fishing, mining resources (iron, gold), and renewable energy. Despite these assets, the Mauritanian economy continues to face structural challenges that hinder its development. Among these challenges is the limited access of Mauritanians to entrepreneurship, particularly for women.
Female entrepreneurship in Mauritania still faces numerous obstacles that limit its development. This research aims to analyze the specific barriers faced by women entrepreneurs, focusing on sociocultural, financial, administrative, and commercial dimensions. To achieve this, a mixed-methods approach was adopted: semi-structured interviews were conducted with Mauritanian women entrepreneurs, complemented by a quantitative survey using a questionnaire.
The results show that the main barriers are linked to limited access to financing, gender stereotypes, the complexity of administrative procedures, and difficulties accessing markets. In conclusion, the study recommends the implementation of inclusive public policies aimed at facilitating access to funding, simplifying administrative procedures, and strengthening women's capacities through targeted training and support.
JEL Classification: J16, L26, O55.
Paper Type: Empirical Research. La Mauritanie, un pays stratégiquement situé entre l’Afrique subsaharienne et le Maghreb, possède un potentiel économique important grâce à des secteurs porteurs comme l’agriculture, la pêche, les ressources minières (fer, or) et les énergies renouvelables. Malgré ces atouts, l’économie mauritanienne reste confrontée à des défis structurels qui entravent son développement. Parmi ces défis figure l’accès limité des Mauritaniens à l’entrepreneuriat, en particulier pour les femmes.
L’entrepreneuriat féminin en Mauritanie reste confronté à de nombreux obstacles qui limitent son développement. Cette recherche vise à analyser les freins spécifiques auxquels sont confrontées les femmes entrepreneures, en mettant l’accent sur les dimensions socioculturelles, financières, administratives et commerciales. Pour cela, une approche méthodologique mixte a été adoptée : des entretiens semi-directifs ont été menés auprès d’entrepreneures mauritaniennes, complétés par une enquête quantitative par questionnaire. Les résultats montrent que les principales barrières sont liées au manque d’accès au financement, aux stéréotypes de genre, à la complexité des démarches administratives et aux difficultés d’accès au marché. En conclusion, l’étude recommande la mise en œuvre de politiques publiques inclusives visant à faciliter l’accès au financement, à simplifier les procédures administratives, et à renforcer les capacités des femmes à travers des formations et un accompagnement ciblé.
Classification JEL : J16, L26, O55.
Type du papier : Recherche empirique
L’impact du développement social sur le potentiel humain : fondements théoriques, pratiques managériales et perspectives stratégiques pour une gouvernance durable
No full textIn an economic and social context marked by profound transformations, organizations are facing new demands in terms of social responsibility and sustainable governance. Social development—understood as all actions and policies aimed at sustainably improving quality of life, inclusion, and individual well-being—has become a strategic lever for companies. Its impact on human potential, defined as the set of abilities and talents that employees can mobilize in the service of organizational performance, is generating growing interest in management research.
This article explores the impact of social development on human potential through a dual theoretical and empirical approach. First, it draws on a critical review of the literature to identify the conceptual foundations linking social development, sustainable governance, and the enhancement of human capital. Then, a field study was conducted using a questionnaire administered to institutional and socio-economic actors to assess managerial practices related to these issues. The analysis of the collected data highlights the importance of social inclusion, equity, and investment in human capital as strategic levers for sustainable governance. The article thus offers concrete recommendations for better integrating social development into management and strategic decision-making policies.
JEL Classification: O15, M14, I31
Paper Type: Empirical ResearchDans un contexte économique et social marqué par des mutations profondes, les organisations sont confrontées à de nouvelles exigences en matière de responsabilité sociétale et de gouvernance durable. Le développement social, entendu comme l’ensemble des actions et politiques visant à améliorer durablement la qualité de vie, l’inclusion et l’épanouissement des individus, constitue aujourd’hui un levier stratégique pour les entreprises. Son impact sur le potentiel humain, défini comme l’ensemble des capacités et talents mobilisables par les salariés au service de la performance organisationnelle, suscite un intérêt croissant au sein de la recherche en sciences de gestion.
Cet article explore l’impact du développement social sur le potentiel humain à travers une double approche théorique et empirique. Dans un premier temps, il s’appuie sur une revue critique de la littérature pour identifier les fondements conceptuels du lien entre développement social, gouvernance durable et valorisation du capital humain. Ensuite, une étude de terrain a été menée à l’aide d’un questionnaire auprès d’acteurs institutionnels et socio-économiques afin d’évaluer les pratiques managériales en lien avec ces enjeux. L’analyse des données collectées met en évidence l’importance de l’inclusion sociale, de l’équité et de l’investissement dans le capital humain comme leviers stratégiques d’une gouvernance durable. L’article propose ainsi des pistes concrètes pour une meilleure intégration du développement social dans les politiques de gestion et de pilotage stratégique.
Classification JEL : O15, M14, I31
Type de papier : Recherche empiriqu
Artificial Intelligence in Management Studies (2021–2025): A Bibliometric Mapping of Themes, Trends, and Global Contributions
No full textAI has risen as one of the most influential topics in scientific research over the past decade, focusing on the application of AI technologies in multiple disciplines. Management, as a science that has been studied, researched, and applied, shows great opportunities in terms of AI applications, notably as a tool for enhancing decision-making, sustainability in managerial practices, and so on.
This bibliometric study aims to investigate the trends of AI research in management, defining the focus areas and research gap publications were gathered from the scopus database, and were processed through the bibliometrix library of the R studio analysis software , data were represented using the VOSviewer software,the research yielded a significant number of papers on different topics, data analysis comprised the country of origin, publication journal, author and keyword co-occurrence.
The results showed an increase in publications stuying the uses of AI in management from 2021 to 2024 and a sharp decline of publication output in 2025. leading countries were shown to be China, india and the United States which dominated in volume of publication, while the United Kingdom dominated in citation impact. The dominating journals were ustainability, Technological Forecasting and Social Change, and IEEE Transactions on Engineering Management respectively. The Keywords co-occurrence and thematic mapping showed an increasing shift from technical applications to societal aspects such as sustainability, digital transformation, and decision-making support.
The research shows a strategic shift in AI research, a changing landscape of pure and applied AI toward a more nuanced type of studied.
Classification JEL: O32
Paper type: Theoretical Research.AI has risen as one of the most influential topics in scientific research over the past decade, focusing on the application of AI technologies in multiple disciplines. Management, as a science that has been studied, researched, and applied, shows great opportunities in terms of AI applications, notably as a tool for enhancing decision-making, sustainability in managerial practices, and so on.
This bibliometric study aims to investigate the trends of AI research in management, defining the focus areas and research gap publications were gathered from the scopus database, and were processed through the bibliometrix library of the R studio analysis software , data were represented using the VOSviewer software,the research yielded a significant number of papers on different topics, data analysis comprised the country of origin, publication journal, author and keyword co-occurrence.
The results showed an increase in publications stuying the uses of AI in management from 2021 to 2024 and a sharp decline of publication output in 2025. leading countries were shown to be China, india and the United States which dominated in volume of publication, while the United Kingdom dominated in citation impact. The dominating journals were ustainability, Technological Forecasting and Social Change, and IEEE Transactions on Engineering Management respectively. The Keywords co-occurrence and thematic mapping showed an increasing shift from technical applications to societal aspects such as sustainability, digital transformation, and decision-making support.
The research shows a strategic shift in AI research, a changing landscape of pure and applied AI toward a more nuanced type of studied.
Classification JEL: O32
Paper type: Theoretical Research
Digital transformation and adoption of mobile banking in the banking sector of African countries
No full textOver the past decades, global financial systems have achieved greater resilience and stability, even as they continue to face persistent challenges such as market concentration, high operational costs, intense competition, and limited access to financial services. In the African context, progress has also been recorded through regulatory reforms, institutional improvements, and technological advances. However, despite these developments, the indicators of financial development remain below expectations when compared to other developing regions.
This article seeks to provide an in-depth analysis of the determinants influencing the adoption of mobile banking in Africa. The study pays particular attention to the perceptions of two critical groups: bank employees, who are at the forefront of service delivery, and customers, whose trust and usage determine the success of innovation. By examining both the barriers—such as regulatory constraints, infrastructure gaps, and cultural resistance—and the drivers—including accessibility, convenience, and technological opportunities—the paper highlights the complex dynamics shaping financial inclusion.
The analysis is situated within an African environment characterized by rapid economic transformation, growing internet penetration, and strong demand for innovative financial solutions. Ultimately, the objective of this research is to identify the conditions under which mobile banking can evolve into a sustainable model that supports wider financial development and inclusion across the continent.
JEL code: G21, O33, L86, O55
Paper Type: Theoretical Research
Over the past decades, global financial systems have achieved greater resilience and stability, even as they continue to face persistent challenges such as market concentration, high operational costs, intense competition, and limited access to financial services. In the African context, progress has also been recorded through regulatory reforms, institutional improvements, and technological advances. However, despite these developments, the indicators of financial development remain below expectations when compared to other developing regions.
This article seeks to provide an in-depth analysis of the determinants influencing the adoption of mobile banking in Africa. The study pays particular attention to the perceptions of two critical groups: bank employees, who are at the forefront of service delivery, and customers, whose trust and usage determine the success of innovation. By examining both the barriers—such as regulatory constraints, infrastructure gaps, and cultural resistance—and the drivers—including accessibility, convenience, and technological opportunities—the paper highlights the complex dynamics shaping financial inclusion.
The analysis is situated within an African environment characterized by rapid economic transformation, growing internet penetration, and strong demand for innovative financial solutions. Ultimately, the objective of this research is to identify the conditions under which mobile banking can evolve into a sustainable model that supports wider financial development and inclusion across the continent.
JEL code: G21, O33, L86, O55
Paper Type: Theoretical Research
 
Etude de la dynamique de la profondeur du marché : cas de la Bourse de Tunis
No full textThis paper aims to estimate a dynamic measure of market depth, called VNET (directional net volume), for a stock listed on the Tunis Stock Exchange using high-frequency data. VNET measures the difference between the volume of transactions initiated by buyers and sellers during the time required to move the price to a certain number of ticks. It is a multidimensional concept that considers the three facets of liquidity: quantity, price, and time. VNET provides a measure of depth for a given price duration, which can be studied throughout the trading day to understand the short-term dynamics of liquidity. To do this, we model the price duration using an Autoregressive Conditional Duration (ACD) model, which allows us to consider the specificities of very high-frequency data irregularly spaced over time, to obtain an unbiased and efficient measure. The nature of the ACD model makes it possible to predict future variations in the liquidity of a security. By identifying the right time to buy or sell, VNET is a good tool for any optimal trading strategy. The empirical results indicate that the market depth depends on internal trading conditions.
Keywords: Market microstructure, Asymmetric information, Liquidity, Market depth, ACD model.
JEL Classification: C41, D82, G12
Paper type: Empirical researchL'objectif de cet article est d'estimer une mesure dynamique de la profondeur du marché, appelée VNET (volume net directionnel), pour une action cotée à la Bourse des Valeurs Mobilières de Tunis (BVMT) en utilisant des données de très hautes fréquences. La VNET mesure la différence entre le volume de transactions initiées par les acheteurs et le volume de transactions initiées par les vendeurs pendant le temps nécessaire pour faire varier le prix d’un certain nombre d’échelons de cotation. Il s'agit d’un concept multidimensionnel qui tient compte des trois facettes de la liquidité : quantité, prix et temps. La VNET permet de mesurer la profondeur pour une durée-prix donnée, que l'on peut étudier tout au long de la journée de négociation afin de comprendre la dynamique à court terme de la liquidité. Pour ce faire, nous modélisons la durée-prix à l'aide d'un modèle de durée conditionnelle autorégressive (ACD) qui permet de tenir compte des spécificités des données de très hautes fréquences irrégulièrement espacées dans le temps, afin d’obtenir une mesure non biaisée et efficace. La nature du modèle ACD permet de prévoir les variations futures de la liquidité d'un titre. En identifiant le moment opportun pour acheter ou vendre, la VNET est un bon outil pour toute stratégie de négociation optimale. Les résultats empiriques que nous avons trouvés indiquent que la mesure VNET de la profondeur du marché dépend des conditions internes d’échange.
Mots clés : Microstructure du marché, Asymétrie d’information, Liquidité, Profondeur du marché, modèle ACD.
Classification JEL : C41, D82, G12
Type de l’article : Recherche empiriqu
La fiscalité verte à l’heure de la transition énergétique au Maroc
No full textMorocco has far-reaching ambitions in the field of clean energy production. By 2030, the Kingdom plans to achieve a 52% share of renewable energies in its energy mix, with the aim of becoming a key player in the export of these energies.
These achievements are accompanied by substantial legislative, legal and institutional efforts to create a framework conducive to the development and promotion of clean energy production and consumption in Morocco, while making it a pillar of energy efficiency and economic performance.
The aim of this paper is to demonstrate the importance of tax incentives in promoting the energy transition, and to highlight their crucial role in the success of Morocco's irreversible sustainable development strategy. To this end, we will examine several aspects of the evolution of the country's energy policy, highlighting the concrete results achieved in promoting renewable energy production.
Morocco has a tax arsenal that encourages the adoption of renewable energies. However, these measures, while beneficial, remain insufficient to achieve the ambitious targets set for 2030. Strengthening these tax incentives and making them more accessible is crucial to further stimulate investment and ensure the success of the country's energy strategy.
Keywords: Taxes, Renewable energies, Sustainable development
JEL Classification: B26
Paper type: Theoretical ResearchLe Maroc affiche des ambitions de grande envergure dans le domaine de la production d’énergie propre. D'ici 2030, le Royaume prévoit d’atteindre 52% de la part des énergies renouvelables dans son mix énergétique, avec l’objectif de devenir un acteur clé dans l’exportation de ces énergies.
Ces réalisations s’accompagnent d’efforts substantiels sur le plan législatif, juridique et institutionnel, afin de créer un cadre propice au développement et à la promotion de la production et de la consommation d’énergie propre au Maroc, tout en en faisant un pilier de l’efficacité énergétique et de la performance économique.
L’objectif de ce travail est de démontrer l'importance de l’incitation fiscale dans la promotion de la transition énergétique et de souligner son rôle crucial dans la réussite de la stratégie de développement durable, irréversible, adoptée par le Maroc. À cet effet, nous examinerons plusieurs aspects de l’évolution de la politique énergétique du pays, en mettant en lumière les résultats concrets obtenus dans la promotion de la production d’énergies renouvelables.
Le Maroc dispose d’un arsenal fiscal favorable à l’adoption des énergies renouvelables. Toutefois, ces mesures, bien que bénéfiques, restent insuffisantes pour atteindre les objectifs ambitieux fixés pour 2030. Il est crucial de renforcer ces incitations fiscales et de les rendre plus accessibles pour stimuler davantage les investissements et garantir le succès de la stratégie énergétique du pays.
Mots-clés : Fiscalité, Energies renouvelables, Développement durable
Classification JEL : B26
Type de papier : Recherche Théoriqu
Evaluation du Système de contrôle interne sur les opérations de crédit de la Banque Nationale du Développement Agricole (BNDA)
No full textSince the early 90s, banking strategies have evolved considerably, incorporating a new vision of more global risk management rather than individual risk management. It is in this context that the banking supervisory authorities in several countries around the world have made it compulsory for all establishments to have an internal control system, the main objective of which is to evaluate the internal control system for BNDA's credit operations. To better elucidate this research, we opted for an analytical and descriptive approach. This approach enabled us to find as much information as possible in the field and to make the necessary interpretations. Our field research enabled us to carry out exploratory work with resource persons, those who are directly or indirectly interested in the evaluation of the internal control system, particularly with regard to the BNDA's credit operations. Fruitful exchanges with these players and partners also enabled us to define our research problem more precisely, to develop and validate our survey questionnaire and then to make recommendations. Our field research, which was carried out in two phases, required upstream exploratory work with resource persons, those who are directly or indirectly interested in the evaluation of the internal control system, in particular on BNDA's credit operations. Fruitful exchanges with these players and partners enabled us to define our research problem more precisely, and to develop and validate our survey questionnaire. Despite the various internal control limitations facing BNDA, this system will provide reasonable, although not absolute, assurance that the entity will achieve its objectives. We hope that the various solutions to the obstacles facing the credit institution will enable it to further improve its internal control system in order to control credit risks.
Keywords : Internal control, risk, operations, credit and banking.
Classification JEL : M42
Paper type : Empirical ResearchDepuis le début des années 90, les stratégies bancaires ont fortement évolué pour intégrer une nouvelle vision dans la gestion plus globale des risques au lieu qu’elle reste individuelle. C’est dans ce cadre que les autorités de contrôle bancaire, dans plusieurs pays du monde, ont généralisé pour tout établissement, l’obligation de se doter d’un système de contrôle interne dont l’objectif principal est d’évaluer le système de contrôle interne sur les opérations de crédit de la BNDA. Pour mieux élucider cette recherche, nous avons opté pour une démarche analytique et descriptive. Cette approche nous ont permis de trouver le maximum d’informations sur le terrain en faisant des interprétations nécessaires. Notre recherche de terrain nous ont permis en amont un travail exploratoire avec les personnes-ressources, ceux qui s’intéressent de près ou de loin aux questions de l’évaluation du système de contrôle interne, notamment sur les opérations de crédit de la BNDA. Des échanges fructueux avec ces acteurs et partenaires nous ont permis également de cerner plus précisément la problématique de notre recherche, d’élaborer et de valider notre questionnaire d’enquête puis de dégager des recommandations. Notre recherche de terrain qui s’est déroulée en deux phases a nécessité en amont un travail exploratoire avec les personnes-ressources, ceux qui s’intéressent de près ou de loin aux questions de l’évaluation du système de contrôle interne notamment sur les opérations de crédit de la BNDA. Des échanges fructueux avec ces acteurs et partenaires nous ont permis de cerner plus précisément la problématique de notre recherche, d’élaborer et de valider notre questionnaire d’enquête. Malgré les diverses limites du contrôle interne dont la BNDA doit faire face, ce dispositif fournira une assurance raisonnable et non absolue que l’entité atteindra les objectifs fixés. Nous espérons que les diverses solutions apportées aux obstacles auxquels sont confrontées l’établissement de crédit, devront lui permettre d’améliorer davantage son système de contrôle interne afin de maîtriser les risques de crédit.
Mots-clés : Contrôle interne, risque, opération, crédit et banque.
JEL Classification : M42
Type du papier : Recherche empirique
 
Structure du capital et création de valeur dans les entreprises camerounaises
No full textDecision-making regarding capital structure and value creation for stakeholders are central concerns for companies. There Anglo-Saxon literature on the subject is particularly rich. However, studies conducted to date do not yet provide a definitive and satisfactory answer to this question. This paper aims to contribute to the analysis of the impact of capital structure on the variables of shareholder and stakeholder value creation. The theoretical framework is based on Modigliani and Miller's theory, the trade-off theory, the pecking order theory, the signal theory, and the agency theory. After cleaning companies’ financial statements obtained from INS secondary source data base, we retained a panel sample data of 777 Cameroonian companies, mainly limited liability companies and public limited companies belonging to six sub-sectors of activity. The study covers a period of four years, between 2014 and 2017. Using regression analyses from Stata 14 software, we found that (1) financial debt and equity have a negative and significant influence on shareholder value creation captured by ROCE and shareholder value creation captured by PAS, respectively. (2) Financial debt and equity have a positive and significant impact, respectively, on stakeholder value creation as measured by PAS and on shareholder value creation as measured by ROCE. These results suggest that Cameroonian companies must optimally combine debt and equity financing to create stakeholder and shareholder value. In addition, they should favor equity financing because of its low cost and positive impact on shareholder value creation, and resort to bank credit only as a last option, given its established effect on stakeholder’s value creation.
Classification JEL: G32
Paper type: Empirical ResearchLa prise de décision concernant la structure du capital et la création de valeur pour les parties prenantes sont au centre des préoccupations des entreprises. Une littérature abondante particulièrement anglo-Saxonne existe sur ce sujet. Toutefois, les résultats des études menées n’apportent pas encore une réponse définitive et satisfaisante à cette question. La présente communication se veut une contribution à l’analyse de l’impact de la structure du capital sur les variables de création de la valeur actionnariale et partenariale. Le cadre théorique utilisé est celui de la théorie de Modigliani et Miller, la théorie du compromis, la théorie de l’ordre hiérarchique du financement, la théorie du signal et la théorie de l’agence. Après le nettoyage des données bilancielles et financières issues de l’INS[1], nous avons conservé un échantillon de panel cylindré composé de 777 entreprises camerounaises, essentiellement des SARL et des SA appartenant à six sous-secteurs d’activités. L’étude s’étend sur une période de 4 ans, entre 2014 et 2017. En utilisant les analyses de régression à partir du logiciel Stata 14, nous parvenons aux résultats suivants : (1) les dettes financières et les capitaux propres, influencent respectivement, de manière négative et significative la création de valeur actionnariale captée par la ROCE et la création de valeur actionnariale captée par la PAS. (2) Les dettes financières et les capitaux propres ont un impact positif et significatif, respectivement sur la création de valeur partenariale captée par la PAS et sur la création de valeur actionnariale captée par la ROCE. Ces résultats suggèrent que les entreprises camerounaises doivent combiner de manière optimale les financements par endettement et par capitaux propres pour créer de la valeur partenariale et actionnariale. Elles doivent en sus, utiliser le financement par fonds propres en raison de son impact positif sur la création de valeur actionnariale et recourir en cas de besoin au crédit bancaire dont l’effet sur la création de valeur partenariale est établi.
JEL Classification : G32
Type de papier : Recherche empirique
[1] L’Institut National de la Statistique du Cameroun