International Journal of Accounting, Finance, Auditing, Management and Economics
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Repenser la formation professionnelle au Maroc à travers l’approche par les compétences dans un cadre de partenariat public-privé
No full textIn the context of a theoretical analysis of the role of the synchronization of the competency-based approach (CBA) in a public-private partnership (PPP) and its impact on vocational training (VT) in Morocco, we have adopted a methodology based on a critical review of the conceptual literature. In fact, in a socio-economic context characterized by constant change, VT has emerged as a major concern, with reforms aimed at adapting educational programs to meet the requirements of both the national and international job markets. Within this framework, managing VT in Morocco involves the collaboration of multiple public and private operators, with shared and exclusive responsibilities. The CBA was introduced in Morocco starting from 2003, but its implementation encountered several challenges, notably the lack of a binding regulatory framework. Collaboration and PPP have been encouraged to develop tailored educational programs. Efforts are needed to strengthen the coordination and evaluation of reforms. Consequently, synchronizing CBA and PPP within the VT framework in Morocco requires a coordinated strategy among various partners in both the public and private sectors. Furthermore, ongoing efforts are being made to introduce the competency-based approach, but challenges persist such as resource constraints and resistance to change. In conclusion, the Competency-Based Approach (APC) and Public-Private Partnership (PPP) are essential tools for improving vocational training in Morocco. The APC allows for preparing individuals to the needs of the labor market by imparting the necessary skills, while the PPP encourages collaboration between the public and private sectors to develop relevant training programs. Hence, strengthening public-private collaboration and regulatory frameworks can help overcome these challenges and enhance the effectiveness of vocational training in Morocco.
Keywords: Vocational Training (VT), Competency-Based Approach (CBA), Public-Private Partnership (PPP).
JEL Classification: I25, J24, H11, 055
Paper type: Theoretical researchDans le cadre d'une analyse théorique du rôle de la synchronisation de l'approche par les compétences (APC) dans un partenariat public-privé (PPP) et son impact sur la formation professionnelle (FP) au Maroc, nous avons adopté une méthodologie basée sur une revue critique de la littérature conceptuelle. En effet, dans un contexte socioéconomique en constante mutation, la FP est devenue un enjeu majeur, avec des réformes visant à adapter les programmes pédagogiques aux exigences du marché d’emploi national et international. Dans ce contexte, la gestion de la FP au Maroc implique la collaboration de plusieurs opérateurs publics et privés, avec des responsabilités partagées et exclusives. L'APC a été instaurée au Maroc à partir de 2003, mais sa mise en œuvre a rencontré plusieurs défis, notamment le manque de cadre réglementaire contraignant. La collaboration et le PPP a été encouragée pour développer des programmes pédagogiques adaptés. Des efforts sont nécessaires pour renforcer la coordination et l'évaluation des réformes. Par conséquent, la synchronisation entre l’APC et le PPP dans le cadre de la FP au Maroc nécessite une stratégie coordonnée entre les différents partenaires au niveau des deux secteurs: public et privé. De plus, d’autres efforts sont étalés pour introduire l'approche par les compétences, mais des défis subsistent comme le manque de ressources et la résistance au changement. En conclusion, L’APC et le PPP sont des outils essentiels pour améliorer la FP au Maroc. L'APC permet de préparer les individus aux besoins du marché du travail en leur transmettant les compétences nécessaires, tandis que le PPP encourage la collaboration entre les secteurs public et privé pour développer des programmes de formation pertinents. Alors, renforcer la collaboration public-privé et le cadre réglementaire peut aider à surmonter ces défis et améliorer l'efficacité de la formation professionnelle au Maroc.
Mots clés : Formation professionnelle (FP), Approche par compétences (APC), Partenariat public-privé (PPP). Classification JEL : I25, J24, H11, 055
Type de l’article : Article théoriqu
Théories motivationnelles de contenu & Théories motivationnelles de processus
No full textThis article indicates the existing literature treating questions related to human resources motivation side. Thus, motivation is considered as one of the biggest preoccupations in Human resources management field. Actually the companies become constantly innovative to concretise efficient systems to motivate their employees. Based on the direct impact of motivation on the quality of employee work, companies make great efforts to understand what drives employees to be more efficient, more productive and highly performing.
Our article deals with two main motivational theories, namely motivational content theories (Maslow, Herzberg, McClelland, McGregor & Alderfer) who are interested in understanding the needs of individuals and who have presented the psychological gaps that individuals seek to fill. As well as the motivational theories of the processes (Adams, Vroom, Locke & Hackman) that seek to understand the mechanism of motivation and to identify what explains or triggers an individual’s behavior in a given environment.
Keywords: HR Motivation, Content theories, Process theories, performance, Satisfaction
Classification JEL: O15
Paper type: Theoretical researchCet article passe en revue de littérature existante abordant les questions relatives à la motivation des ressources humaines. En effet, la motivation est l’une des grandes préoccupations du management des ressources humaines. Les entreprises innovent constamment pour mettre en place des systèmes de motivation des collaborateurs.
En se basant sur l’impact direct de la motivation sur la qualité du travail des salariés, les entreprises fournissent de grands efforts pour comprendre ce qui pousse les salariés à être plus efficace, plus productifs et très performants.
Notre article aborde deux principales théories motivationnelles à savoir les théories motivationnelles de contenu (Maslow, Herzberg, McClelland, McGregor &Alderfer) qui s’intéressent à la compréhension des besoins des individus et qui ont présenté les lacunes psychologiques que les individus cherchent à combler. Ainsi que les théories motivationnelles des process (Adams, Vroom, Locke & Hackman) qui cherchent à comprendre le mécanisme de la motivation et d’identifier ce qui explique ou déclenche le comportement d’un individu dans un environnement donné .
Mots clés : Motivation RH, Théories de contenu, Théories de processus, Performance, Satisfaction
JEL Classification : O15
Type du papier : Recherche théoriqu
Traits personnels des dirigeants et information comptable dans la prise des décisions au sein des petites et moyennes entreprises de la ville de Goma en République Démocratique du Congo
No full textThe aim of accounting is truly achieved when it provides information capable of satisfying the needs of decision-makers and other partners of the company. The ability to satisfy accounting information in decision-making depends on the profile of the business manager. Therefore, this study aimed to analyze the relationship between the personal traits of managers and accounting information in decision-making within small and medium-sized enterprises (SMEs) in the city of Goma, capital of the province of North Kivu located in the east of the Democratic Republic of Congo. Based on the review of the theoretical and empirical literature on the profile of the SME manager and accounting information, the stated hypothesis concerns the link between the personal traits of managers and accounting information in decision-making which would be positive and significant. After processing the data (factorial analysis) on SPSS.23 and STATA.14, interpretation and discussion of the results obtained based on data provided by 400 SME managers via questionnaire survey, the formulated hypothesis was confirmed.
Keywords: Personal traits of leaders; accounting information; decisions; SMEs
JEL Classification: M00, M01, M41, M42
Paper type: Empirical researchLe visé de la comptabilité est atteint réellement, lorsqu’elle livre les informations aptes à satisfaire les besoins des décideurs et autres partenaires de l’entreprise. L’aptitude en satisfaction de l’information comptable en matière de décision dépend du profil du dirigeant d’entreprise. Ceci étant, cette étude avait donc pour objectif d’analyser la relation entre les traits personnels des dirigeants et l’information comptable dans la prise des décisions au sein des petites et moyennes entreprises (PME) de la ville de Goma, chef-lieu de la province du Nord-Kivu située à l’Est de la République Démocratique du Congo. Partant la revue de la littérature théorique et empirique sur le profil du dirigeant de la PME et l’information comptable, l’hypothèse énoncée concerne le lien entre les traits personnels des dirigeants et l’information comptable dans la prise des décisions qui serait positif et significatif. Après traitement des données (analyse factorielle) sur SPSS.23 et STATA.14, interprétation et discussion des résultats obtenus sur base des données fournies par 400 dirigeants des PME via enquête par questionnaire, l’hypothèse formulée a été confirmée.
Mots clés : Traits personnels des dirigeants ; information comptable ; décisions ; PME
Classification JEL :M00, M01, M41, M42
Type de l’article : Recherche appliquée
 
Approche conceptuelle pour modéliser la relation entre l'audit social et la performance sociale
No full textNowadays and in a rapidly changing environment, human capital has become an essential pillar in the strategies and orientations of any company. As a result, it is necessary to measure social performance by taking into account its contribution to the brand image as well as competitive differentiation. For this reason, the social audit has come to be a tool to take stock of human resources management and an effective way to reduce the social risks faced at the company level. This article examines the relationship between social auditing and the social performance of organizations. It sheds light on the importance of measuring and evaluating how companies interact with their parts and society as a whole. Through the mobilization of theoretical and empirical frameworks, we highlight the positive impact of the implementation of the social audit on the company's image, organizational culture, the trust of consumers and business partners, as well as the company's reputation. This work aims to produce an explanation of the relationship between the two variables through a holistic approach to assess social performance beyond financial aspects and integrate other intermediate variables. With this in mind, we examine various theoretical models that address this complex relationship between social auditing and social performance. These models provide a conceptual framework for understanding how the practice of social auditing can influence and improve the social performance of organizations. By exposing these models, our research aims to make a significant contribution to the understanding of this dynamic and to enlighten practitioners and researchers interested in this field.
Keywords: Social Audit, Social Performance, CSR, Human Resources, Governance
JEL Classification: M4, M42
Paper type: Theoretical Research De nos jours et dans un environnement en pleine mutation, le capital humain est devenu un pilier essentiel dans les stratégies et les orientations de toute entreprise. De ce fait, il est nécessaire de mesurer la performance sociale en prenons en compte sa contribution à l'image de marque ainsi qu'à la différenciation concurrentielle. Raison pour laquelle, l'audit social est venu comme un outil permettant de dresser un état des lieux de la gestion des ressources humaines et un moyen efficace pour réduire les risques sociaux confrontés au niveau des entreprises. Cet article examine la relation entre l'audit social et la performance sociale des organisations. Il met en lumière l'importance de mesurer et d'évaluer la manière dont les entreprises interagissent avec leurs parties et la société dans son ensemble. À travers la mobilisation des cadres théoriques et empiriques, nous soulignons l'impact positif de la mise en œuvre de l'audit social sur l'image de l'entreprise, la culture organisationnelle, la confiance des consommateurs et partenaires commerciaux, ainsi que la réputation de l'entreprise. Ce travail vise à produire une explication de la relation entre les deux variables à travers une approche holistique pour évaluer la performance sociale au-delà des aspects financiers et en intégrant les autres variables intermédiaires. Dans cette optique, nous examinons divers modèles théoriques qui traitent cette relation complexe entre l'audit social et la performance sociale. Ces modèles fournissent un cadre conceptuel pour comprendre comment la pratique de l'audit social peut influencer et améliorer la performance sociale des organisations. En exposant ces modèles, notre recherche aspire à apporter une contribution significative à la compréhension de cette dynamique et à éclairer les praticiens et chercheurs intéressés par ce domaine.
Mots clés : Audit social, Performance sociale, RSE, Ressources Humaines, Gouvernance
Classification JEL : M4, M42
Type de l’article : Article théoriqu
Management de destinations touristiques : pratiques et perceptives
No full textTerritorial management represents one of the most important methods and tools adopted in the management of tourist destinations. This management must integrate external elements such as climatic factors, the structure of the territory, and the policies adopted at the local level. These principles could structure a quality approach around a territory and accompany the development of a guide of good managerial decisions that federates the different territorial partners.
The choice of this concept is reflected in the wide-ranging debate on the role of management in improving the sustainable development conditions of a tourist destination, in a world where increased industrialization reigns, overlooking socio-economic and environmental issues. In this research, we have chosen to treat management as an approach to territorial governance to consider tourism as a powerful locomotive of socio-economic growth and to present managerial decisions as an instrument for the planning and development of a tourist destination. A Scoping Review is approached in an exponential manner to synthesise knowledge related to issues arising from the tourism sector. This project is presented as a more advanced phase in regional planning. It represents a new way of conceiving and organising areas by making the most of natural, economic and social resources.
Keywords: Management, Tourist Destination, Management Decisions, Governance & Development.
Classification JEL: L83, O21
Paper type: Theoretical ResearchLe management territorial représente un des plus importantes méthodes et outils adoptés dans la gestion des destinations touristiques. Ce management doit intégrer les éléments externes comme les facteurs climatiques, la structure du territoire et la politique adoptée au niveau local. Ces principes pourraient structurer une démarche de qualité autour d’un territoire et accompagner l’élaboration d’un guide de bonnes décisions managériales qui fédère les différents partenaires territoriaux. Le choix de ce concept se reflète par le déclenchement d’un large débat sur le rôle du management dans l’amélioration des conditions de développement durable d’une destination touristique, dans un monde où règne l’industrialisation accrue, omettant la problématique socioéconomique et environnementale.
Dans cette recherche, nous avons choisi de traiter le management comme une démarche de la gouvernance territoriale, de considérer le tourisme comme une puissante locomotive de croissance socioéconomique, de présenter les décisions managériales comme un instrument d’aménagement et de développement d’une destination touristique. En effet, on aborde un Scoping Review de manière exponentielle pour synthétiser des connaissances liées à des questions émanant du domaine touristique. Ce projet est présenté comme une phase plus avancée de l’aménagement du territoire. Il constitue une nouvelle manière de concevoir et d’organiser les territoires par la valorisation de ressources naturelles, économiques et sociales.
Mots clés : Management, Destination Touristique, Décisions Managériales, Gouvernance & Développement.
JEL Classification : L83, O21
Type du papier : Article théoriqu
Le capital de la santé et la productivité des travailleurs dans les régions marocaines : un modèle de données de panel dynamique
No full textThis article is part of a national context marked by the pursuit of the Moroccan government to ensure the right to health care and medical coverage[1]. It’s part of an international context guided by the 17 SDGs Declaration[2].
As well, in the empirical studies, several works have been devoted to the study of the determinants of Productivity in Morocco. However, all of the analyses carried out by these works have remained at a global macroeconomic level without taking into consideration the data from the regions and the qualitative dimensions of health and education.
This study investigates the impact of health on worker productivity for a sample of 16 Moroccan regions from 1994 to 2019. Firstly, to estimate this relationship, we use two proxies that take into account the quantitative and the qualitative dimensions of health: the number of doctors per capita and the number of consultations of public physicians reported to the labor force by region.
The empirical methodology is based firstly on the employ of both Pedroni and Kao cointegration tests and the Dumitrescu and Hurlin causality test. Secondly, we apply the regression of an endogenous growth model augmented by human capital to explain worker productivity.
The results of the cointegration tests accept the existence of long-term relationship between proxies of health and the productivity of Moroccan workers. However, Dumitrescu_Hurlin causality test results accept the short-term two-way causality relationship just for one proxy of health. The results of the regression assert that only the proxy of quality of public health capital affects positively and significantly worker productivity.
Faced with these results, and to improve worker productivity, the authorities must make more effort to improve the efficiency of public health capital. It is not enough to increase the number of human resources but it is necessary to improve the quality of health service and facility access.
Keywords: Health capital, Worker Productivity, regions and Morocco.
JEL Classification: I15
Paper type: Empirical research
[1]The requirements of the new constitution of 2011 specified the national context, which has devoted rights directly related to the formation of the human capital.
[2]Declaration of the United Nations of the 17 Sustainable Development Goals (SDGs) in 2015.This article is part of a national context marked by the pursuit of the Moroccan government to ensure the right to health care and medical coverage[1]. It’s part of an international context guided by the 17 SDGs Declaration[2].
As well, in the empirical studies, several works have been devoted to the study of the determinants of Productivity in Morocco. However, all of the analyses carried out by these works have remained at a global macroeconomic level without taking into consideration the data from the regions and the qualitative dimensions of health and education.
This study investigates the impact of health on worker productivity for a sample of 16 Moroccan regions from 1994 to 2019. Firstly, to estimate this relationship, we use two proxies that take into account the quantitative and the qualitative dimensions of health: the number of doctors per capita and the number of consultations of public physicians reported to the labor force by region.
The empirical methodology is based firstly on the employ of both Pedroni and Kao cointegration tests and the Dumitrescu and Hurlin causality test. Secondly, we apply the regression of an endogenous growth model augmented by human capital to explain worker productivity.
The results of the cointegration tests accept the existence of long-term relationship between proxies of health and the productivity of Moroccan workers. However, Dumitrescu_Hurlin causality test results accept the short-term two-way causality relationship just for one proxy of health. The results of the regression assert that only the proxy of quality of public health capital affects positively and significantly worker productivity.
Faced with these results, and to improve worker productivity, the authorities must make more effort to improve the efficiency of public health capital. It is not enough to increase the number of human resources but it is necessary to improve the quality of health service and facility access.
Keywords: Health capital, Worker Productivity, regions and Morocco.
JEL Classification: I15
Paper type: Empirical research
[1]The requirements of the new constitution of 2011 specified the national context, which has devoted rights directly related to the formation of the human capital.
[2]Declaration of the United Nations of the 17 Sustainable Development Goals (SDGs) in 2015
Relationship between management controllers and managers: what are the specificities?
No full textThe relationship between management controllers and managers is a crucial aspect of organizational management, involving a delicate interplay of factors such as trust, communication, and cooperation. This paper explores the complexities of this relationship, highlighting the importance of trust, cooperation, and effective communication in fostering a positive and productive working environment. The authors discuss the various types of conflicts that can arise, including vertical, horizontal, and role conflicts, and examine the factors that contribute to conflict resolution, such as collaboration, compromise, avoidance, accommodation, and competition. The role of trust in conflict resolution is also analyzed, with the authors noting that trust is a key factor in establishing a cooperative relationship and reducing conflicts. The paper concludes by emphasizing the importance of cooperation and trust in fostering a positive relationship between management controllers and managers, ultimately leading to improved organizational performance.
Keywords: managers, management controllers, trust, cooperation, communication.
JEL Clаssificаtion : M00, M40.
Pаper type: Theoreticаl Reseаrch La relation entre les contrôleurs de gestion et les managers est un aspect crucial de la gestion organisationnelle, impliquant un jeu délicat d'éléments tels que la confiance, la communication et la coopération. Cet article explore les complexités de cette relation, mettant en avant l'importance de la confiance, de la coopération et de la communication efficace pour favoriser un environnement de travail positif et productif. Ce travail discute des différents types de conflits qui peuvent survenir, notamment les conflits verticaux, horizontaux et de rôle, et examinent les facteurs qui contribuent à la résolution des conflits, tels que la collaboration, le compromis, l'évitement, l'accommodation et la concurrence. Le rôle de la confiance dans la résolution des conflits est également analysé, notant que la confiance est un facteur clé pour établir une relation coopérative et réduire les conflits. L'article conclut en mettant en avant l'importance de la coopération et de la confiance pour favoriser une relation positive entre les contrôleurs de gestion et les managers, ce qui mène à une amélioration de la performance organisationnelle.
Mots-clés : managers, contrôleurs de gestion, confiance, coopération, communication.
JEL Classification: M00, M40.
Paper type : Recherche théorique 
L’innovation sociale facteur déterminant de l’économie sociale et solidaire
No full textThe Social and Solidarity Economy (SSE) is seen as a new field crowned by initiatives that aim for social, environmental and economic development while strengthening the social ties between the various players. By its very nature, the SSE sector is resolutely innovative. It is in the field of SSE that we can speak of social innovation, which makes it possible to improve or solve a social problem from a global perspective (C. Bouchard, 1999).
In this paper, we seek to highlight the role that social innovation can play in strengthening the SSE sector and improving its competitiveness. Our problem is as follows: "To what extent can social innovation be a determining factor for the SSE? To answer this question, we will review the literature on the birth and development of the social and solidarity economy. We will also detail and explain the theoretical foundations and principles of the social and solidarity economy, with the aim of highlighting the characteristics that make up this new field and making it a key area for the development of social innovations. We will then show that the social/solidarity-based economy is a prime example of social innovation. And to fully understand the links between the SSE and the SI, we plan to conduct a qualitative study by interviewing professionals, experts and university professors using an interview guide.
Keywords: Social and solidarity economy; Social innovation; Links
JEL classification: O350
Type of paper: empirical research
L’économie Sociale et Solidaire (ESS) est considérée comme un nouveau champ couronné par des initiatives qui visent le développement social, environnemental et économique tout en renforçant le lien social entre les différents acteurs. Par sa nature, le secteur de l’ESS est résolument innovateur. C’est dans le champ de l’ESS qu’on peut évoquer l’innovation sociale qui permet d’améliorer ou de résoudre un problème social dans une perspective globale (C. Bouchard, 1999).
À travers ce papier, nous cherchons à mettre en lumière le rôle qui peut jouer l’innovation sociale pour renforcer le secteur de l’ESS et améliorer sa compétitivité. Notre problématique s’énonce ainsi : «Dans quelle mesure l’innovation sociale peut être un facteur déterminant de l’ESS? Pour répondre à cette question, nous allons passer en revue l’ensemble des écrits correspondant à la naissance et l’évolution de l’économie sociale et solidaire, aussi, nous allons bien détailler et expliquer les fondements théoriques et principes de l’économie sociale et solidaire, le but est d’en ressortir les caractéristiques qui forment ce nouveau champ et le rendre sur un terrain principal du développement des innovations sociales. Ensuite, nous allons montrer que l’économie sociale et solidaire est l’exemple par excellence de l’innovation sociale. Et pour bien comprendre les liens entre l’ESS et l’IS, nous envisageons à mener une étude qualitative en interrogeons des professionnels, des experts et des professeurs universitaires à l’aide un guide d’entretien.
Mots clés : économie sociale et solidaire ; Innovation sociale ; Liens
JEL classification : O350
Type du papier : recherche empiriqu
Les conséquences de l’exclusion socio-économique des jeunes sous la perspective de la croissance inclusive
No full textInclusive growth constitutes a new framework, encompassing the economic and social spheres, to encourage the participation of the different categories of society in the creation of wealth, thereby enabling them to benefit from the profits generated, both monetary and non-monetary. The process requires the inclusion of the most disadvantaged populations, notably young people, who carry a very significant weight in the formulation of Moroccan society. The aim of this article is, firstly, to define the concept of inclusive growth, determine its foundations and measures and, secondly, to analyze the impact of exclusion from the perspective of inclusive growth on its relationship with inequality and poverty, and its implications for the situation of young people in Morocco. In order to meet these objectives, an exploratory empirical study was carried out, through the creation of a composite indicator, reflecting the socio-economic situation of young Moroccans with regard to inclusive growth. This indicator is composed of a monetary dimension, represented by growth, and a social dimension, represented by the active population, employment, health and education. Overall, the results show strong initial growth until 2010, reflecting good economic and social performance. From 2011 onwards, it declines, signaling challenges in these areas. In 2016, it reaches its lowest level, followed by a slight improvement until 2020, despite a general trend towards stagnation. These fluctuations indicate insufficient efforts to reverse the downward trend in economic and social inclusiveness.
Keywords: Exclusion, Youth, Inequality, Poverty, Inclusive growth.
Classification JEL : O1, O3, P2.
Paper type: Empirical ResearchLa croissance inclusive constitue un nouveau cadre, englobant la sphère économique et la sphère sociale, pour inciter à participer les différentes catégories de la société dans la création de la richesse, par conséquent, de leur permettre de bénéficier des profits générés, monétaire et non monétaire. Le processus exige l’inclusion des populations les plus défavorisées, notamment les jeunes, qui ont un poids très important dans la formulation de la société marocaine. Ce présent article a pour objet, d’une part, de délimiter la notion de la croissance inclusive, de déterminer ses fondements et mesures et, d’autre part, d’analyser l’impact de l’exclusion sous la perspective de la croissance inclusive sur sa relation avec l’inégalité et la pauvreté et sur ses enjeux du point de vue de la situation des jeunes au Maroc. Dans le but de répondre à ces objectifs, une étude empirique exploratoire a été menée, par le biais de la création d’un indicateur composite, reflétant la situation socio-économique des jeunes Marocaines au regard de la croissance inclusive. Cet indicateur est composé de dimension monétaire qui est représentée par la croissance et sociale qui est représenté par la population active, l’emploi, la santé et l’éducation. Dans l’ensemble, les résultats montrent une forte croissance initiale jusqu'en 2010, reflétant de bonnes performances économiques et sociales. À partir de 2011, il décline, signalant des défis dans ces domaines. En 2016, il atteint son niveau le plus bas, suivi par une légère amélioration jusqu'en 2020, malgré une tendance générale à la stagnation. Ces fluctuations indiquent des efforts insuffisants pour renverser la tendance à la baisse de l'inclusivité économique et sociale.
Mots clés : Exclusion, jeune, inégalité, pauvreté, croissance inclusive.
JEL Classification : O1, O3, P2.
Type du papier : Recherche empiriqu
The impact of an attractive financial center on private equity fundraising: Evidence from Casablanca Finance City
No full textThis paper empirically examines the effects of the size and attractiveness of Casablanca Financial City on the fundraising activities of the Moroccan private equity industry. The study uses Partial Least Squares (PLS) regression to analyze data from 2005 to 2021. The PLS regression can be more suitable than ordinary regression for our study since it addresses challenges arising from small sample sizes and multicollinearity. I use the Jackknife cross-validation method to test the robustness and generalizability of the model. The results suggest that the size and the connectivity of the financial center coupled with financial development and a stable macroeconomic environment are key determinants spurring private equity fundraising in Morocco. However, surprisingly, the quality of the political, institutional, and regulatory environment did not have a positive effect on private equity fundraising. The results affirm the importance of a well-established financial center in promoting investment activities, hence driving the private equity market. Private equity funds are crucial in providing capital to risky companies with high growth potential that may not have access to traditional finance such as banks or capital markets. Therefore, the research contributes to understanding how financial centers influence private equity fundraising providing valuable insights for policymakers and stakeholders aiming to foster economic development by enhancing the private equity industry. One of the main limitations of the study is the difficulty in obtaining detailed data for the analysis. Future research could benefit from improved data availability and accessibility which could potentially make the results more accurate and robust.
Keywords: Financial Center, Private Equity, Fundraising, Economic Growth
JEL Classification: G15, G20, G24, F43, E22, E44.
Paper type: Empirical Research
This paper empirically examines the effects of the size and attractiveness of Casablanca Financial City on the fundraising activities of the Moroccan private equity industry. The study uses Partial Least Squares (PLS) regression to analyze data from 2005 to 2021. The PLS regression can be more suitable than ordinary regression for our study since it addresses challenges arising from small sample sizes and multicollinearity. I use the Jackknife cross-validation method to test the robustness and generalizability of the model. The results suggest that the size and the connectivity of the financial center coupled with financial development and a stable macroeconomic environment are key determinants spurring private equity fundraising in Morocco. However, surprisingly, the quality of the political, institutional, and regulatory environment did not have a positive effect on private equity fundraising. The results affirm the importance of a well-established financial center in promoting investment activities, hence driving the private equity market. Private equity funds are crucial in providing capital to risky companies with high growth potential that may not have access to traditional finance such as banks or capital markets. Therefore, the research contributes to understanding how financial centers influence private equity fundraising providing valuable insights for policymakers and stakeholders aiming to foster economic development by enhancing the private equity industry. One of the main limitations of the study is the difficulty in obtaining detailed data for the analysis. Future research could benefit from improved data availability and accessibility which could potentially make the results more accurate and robust.
Keywords: Financial Center, Private Equity, Fundraising, Economic Growth
JEL Classification: G15, G20, G24, F43, E22, E44.
Paper type: Empirical Research