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L’innovation numérique au service des PME marocaines : l’enjeu de la FinTech
Get PDFThe debt financing has an impact on economic growth in Morocco, especially on the long-term. Our focus will be on the Small and medium-sized enterprises (SMEs) which play a crucial role in Morocco's economy, representing 95% of the national economic base according to statistics from the High Commission for Planning (HCP 2019). However, the COVID-19 pandemic has imposed unprecedented challenges, forcing businesses to adapt quickly to survive. Among the solutions adopted the integration of digital technologies, notably technological finance (FinTech), which has emerged as an essential catalyst for the financial support of Moroccan SMEs.
This paper focuses on the study of financial innovation within Moroccan SMEs, with particular emphasis on FinTech. The main objective is to assess how Moroccan SMEs have adopted and benefited from digitalization, by examining their access to financial services via FinTech platforms. This research addresses several key aspects: First, FinTech refers to the use of innovative technologies to improve and automate the provision of financial services. In the Moroccan context, the adoption of FinTech by SMEs has been stimulated by the need to access more flexible financing, adapted to their specific needs. SMEs have started using peer-to-peer lending platforms, crowdfunding services, and electronic payment solutions to overcome the restrictions imposed by traditional financing channels. Second, Financial digitalization presents several significant advantages for Moroccan SMEs. It facilitates access to faster loans and at often lower costs than traditional banks. Additionally, FinTech platforms enable better cash flow management, optimization of billing and payment processes, as well as greater transparency in financial management. Despite its advantages, the adoption of FinTech also carries potential risks for Moroccan SMEs. These risks include data security, reliance on external technology, as well as increased complexity in regulatory compliance. Additionally, some SMEs may experience difficulty adapting technologically or properly evaluating available FinTech service offerings. Thus, the adoption of Fintech can foster financial development by promoting fundamental policy objectives such as financial stability, integrity, inclusion, efficiency, innovation and competition. It also can provide the solid foundation necessary for the development of the digital economy. «Fintech-based business models and products can help economies become more resilient and promote an equitable recovery from the pandemic » (World Bank 2022).
The application of digital technology to financial services through Fintech can reshape the future of finance. Digital technologies are revolutionizing payments, lending, investments, insurance and other financial products and services.
In conclusion, financial innovation through FinTech represents a major opportunity for Moroccan SMEs to strengthen their economic resilience and competitiveness post-pandemic. However, to maximize the benefits of this digital transformation, it is essential that SMEs continue to invest in training and adaptation to new technologies, while remaining vigilant against potential risks. The economic future of Moroccan SMEs will largely depend on their ability to take advantage of these financial innovations while judiciously managing the challenges that accompany them. This study contributes to enriching the understanding of the current dynamics of the Moroccan economy, by highlighting the crucial role of FinTech in supporting the growth and viability of SMEs.
Keywords:
Financing; FinTech; Financial innovation; SME; Opportunities; Morocco; Digital.Les petites et moyennes entreprises (PME) constituent l’armateur de toute économie. Au Maroc, ces entreprises représentent 95 % du tissu économique national d'après les statistiques du Haut- Commissariat au Plan (HCP 2019). La pandémie COVID-19 a forcé les entreprises à surmonter ces difficultés en adaptant des technologies numériques dans leur accès au financement, d’où notre intérêt pour l'étude de l’innovation financière au sein des PME marocaines. Dans le présent travail, nous évoquons l’innovation numérique dans le contexte des PME marocaines et spécialement la FinTech. Nous nous intéressons à cette technologie financière qui connaît un engouement croissant après cette crise. L'objectif de notre recherche est d’apprécier l’implication des PME marocaines dans le processus d'innovation et de la digitalisation, et spécialement dans leur accès à la FinTech. Nous abordons, le concept de la FinTech à travers la revue de littérature, puis l’adoption de cette innovation financière par les PME marocaines. Ensuite, nous énumérons les opportunités de la finance technologie au sein de ces entreprises nationales, enfin, nous allons citer les risques encourus de l’application de ce dispositif numérique innovant.
Mots Clés :
Financement ; FinTech ; Innovation financière ; PME ; Opportunités ; Maroc; Numérique.
 
Analyse théorique des déterminants de la structure financière des PME
No full textThis article presents a systematic quantitative review of scientific work on the financial structure of companies between 2000 and 2018, with a particular interest in studies using the methodology based on panel data econometrics. The aim is to provide a comprehensive framework of past research while highlighting key theoretical indicators to explain the financial structure of companies. In principle, financial structure refers to the way companies allocate their resources between equity and debt. The article explores the main theories that explain the financing choice of small and medium-sized enterprises, namely: the trade-off theory and the pecking order theory. Indeed, this work highlights several specificities that distinguish the financial choice of SMEs from that of large companies. Due to their size and more flexible structure, this type of company often has limited access to financial markets and prefers self-financing to bank loans, rather than issuing shares. In addition, their financial risk management often differs from that of large companies, which directly influences their choice of financing. Thus, this study shows the importance of understanding the factors that push companies to prefer equity or the use of debt and how these decisions influence their strategy and survival. In conclusion, this research significantly enriches the theoretical debate on the determinants that explain the financial choice of companies and provides crucial insights into the impact of financing decisions on company performance. The results of this research can be particularly useful for managers and policy makers, as they highlight the practical implications of financing choices on the growth and sustainability of SMEs, since these companies constitute the core of the global economy.
Keywords: financing choice, determinant, systematic review, financial structure.
JEL Classification : D21, G32.
Paper type : Theoretical Research Cet article présente une revue systématique quantitative des travaux scientifiques portant sur la structure financière des entreprises entre 2000 et 2018, avec un intérêt particulier pour les études utilisant la méthodologie basée sur l’utilisation de l’économétrie des données de panel. L’objectif est de fournir un cadre exhaustif des recherches passées tout en mettant en lumière des indicateurs théoriques essentiels permettant d’expliquer le choix de financement des entreprises. En principe, la notion de la structure financière fait référence à la manière dont les entreprises répartissent leurs ressources entre les fonds propres et les dettes. L’article explore les principales théories qui expliquent la structure de capital des petites et moyennes entreprises, à savoir : la théorie du compromis et la théorie du financement hiérarchique.
En effet, ce travail met en lumière plusieurs spécificités qui distinguent le choix financier des PME de celui des grandes entreprises. En raison de leur taille et de leur structure plus flexible, ce type d’entreprises ont souvent un accès limité aux marchés financiers et préfèrent l’autofinancement aux prêts bancaires, plutôt que d’émettre des actions. De plus, leur gestion des risques financiers diffère souvent de celle des grandes entreprises, ce qui influence directement leur choix de financement. Ainsi, cette étude montre l’importance de la compréhension des facteurs qui poussent les entreprises à préférer les fonds propres ou le recours à l’endettement et comment ces décisions influencent leur stratégie et leur survie. En conclusion, cette recherche permet d’enrichir considérablement le débat théorique sur les déterminants qui expliquent le choix financier des entreprises et apporte des éclairages cruciaux sur l’impact des décisions de financement sur la performance des entreprises. Les résultats de cette recherche peuvent être particulièrement utiles pour les dirigeants et les gestionnaires, car ils mettent en lumière les implications pratiques des choix de financement sur la croissance et la pérennité des PME, puisque ces entreprises constituent le noyau de l’économie mondiale.
Mots clés : choix de financement, déterminant, revue systématique, structure financière.
Classification JEL : D21, G32.
Type de l’article : Article théoriqu
Analyse théorique des déterminants de la structure financière des PME
No full textThis article presents a systematic quantitative review of scientific work on the financial structure of companies between 2000 and 2018, with a particular interest in studies using the methodology based on panel data econometrics. The aim is to provide a comprehensive framework of past research while highlighting key theoretical indicators to explain the financial structure of companies. In principle, financial structure refers to the way companies allocate their resources between equity and debt. The article explores the main theories that explain the financing choice of small and medium-sized enterprises, namely: the trade-off theory and the pecking order theory. Indeed, this work highlights several specificities that distinguish the financial choice of SMEs from that of large companies. Due to their size and more flexible structure, this type of company often has limited access to financial markets and prefers self-financing to bank loans, rather than issuing shares. In addition, their financial risk management often differs from that of large companies, which directly influences their choice of financing. Thus, this study shows the importance of understanding the factors that push companies to prefer equity or the use of debt and how these decisions influence their strategy and survival. In conclusion, this research significantly enriches the theoretical debate on the determinants that explain the financial choice of companies and provides crucial insights into the impact of financing decisions on company performance. The results of this research can be particularly useful for managers and policy makers, as they highlight the practical implications of financing choices on the growth and sustainability of SMEs, since these companies constitute the core of the global economy.
Keywords: financing choice, determinant, systematic review, financial structure.
JEL Classification : D21, G32.
Paper type : Theoretical Research Cet article présente une revue systématique quantitative des travaux scientifiques portant sur la structure financière des entreprises entre 2000 et 2018, avec un intérêt particulier pour les études utilisant la méthodologie basée sur l’utilisation de l’économétrie des données de panel. L’objectif est de fournir un cadre exhaustif des recherches passées tout en mettant en lumière des indicateurs théoriques essentiels permettant d’expliquer le choix de financement des entreprises. En principe, la notion de la structure financière fait référence à la manière dont les entreprises répartissent leurs ressources entre les fonds propres et les dettes. L’article explore les principales théories qui expliquent la structure de capital des petites et moyennes entreprises, à savoir : la théorie du compromis et la théorie du financement hiérarchique.
En effet, ce travail met en lumière plusieurs spécificités qui distinguent le choix financier des PME de celui des grandes entreprises. En raison de leur taille et de leur structure plus flexible, ce type d’entreprises ont souvent un accès limité aux marchés financiers et préfèrent l’autofinancement aux prêts bancaires, plutôt que d’émettre des actions. De plus, leur gestion des risques financiers diffère souvent de celle des grandes entreprises, ce qui influence directement leur choix de financement. Ainsi, cette étude montre l’importance de la compréhension des facteurs qui poussent les entreprises à préférer les fonds propres ou le recours à l’endettement et comment ces décisions influencent leur stratégie et leur survie. En conclusion, cette recherche permet d’enrichir considérablement le débat théorique sur les déterminants qui expliquent le choix financier des entreprises et apporte des éclairages cruciaux sur l’impact des décisions de financement sur la performance des entreprises. Les résultats de cette recherche peuvent être particulièrement utiles pour les dirigeants et les gestionnaires, car ils mettent en lumière les implications pratiques des choix de financement sur la croissance et la pérennité des PME, puisque ces entreprises constituent le noyau de l’économie mondiale.
Mots clés : choix de financement, déterminant, revue systématique, structure financière.
Classification JEL : D21, G32.
Type de l’article : Article théoriqu
Analyse théorique des déterminants de la structure financière des PME
No full textThis article presents a systematic quantitative review of scientific work on the financial structure of companies between 2000 and 2018, with a particular interest in studies using the methodology based on panel data econometrics. The aim is to provide a comprehensive framework of past research while highlighting key theoretical indicators to explain the financial structure of companies. In principle, financial structure refers to the way companies allocate their resources between equity and debt. The article explores the main theories that explain the financing choice of small and medium-sized enterprises, namely: the trade-off theory and the pecking order theory. Indeed, this work highlights several specificities that distinguish the financial choice of SMEs from that of large companies. Due to their size and more flexible structure, this type of company often has limited access to financial markets and prefers self-financing to bank loans, rather than issuing shares. In addition, their financial risk management often differs from that of large companies, which directly influences their choice of financing. Thus, this study shows the importance of understanding the factors that push companies to prefer equity or the use of debt and how these decisions influence their strategy and survival. In conclusion, this research significantly enriches the theoretical debate on the determinants that explain the financial choice of companies and provides crucial insights into the impact of financing decisions on company performance. The results of this research can be particularly useful for managers and policy makers, as they highlight the practical implications of financing choices on the growth and sustainability of SMEs, since these companies constitute the core of the global economy.
Keywords: financing choice, determinant, systematic review, financial structure.
JEL Classification : D21, G32.
Paper type : Theoretical Research Cet article présente une revue systématique quantitative des travaux scientifiques portant sur la structure financière des entreprises entre 2000 et 2018, avec un intérêt particulier pour les études utilisant la méthodologie basée sur l’utilisation de l’économétrie des données de panel. L’objectif est de fournir un cadre exhaustif des recherches passées tout en mettant en lumière des indicateurs théoriques essentiels permettant d’expliquer le choix de financement des entreprises. En principe, la notion de la structure financière fait référence à la manière dont les entreprises répartissent leurs ressources entre les fonds propres et les dettes. L’article explore les principales théories qui expliquent la structure de capital des petites et moyennes entreprises, à savoir : la théorie du compromis et la théorie du financement hiérarchique.
En effet, ce travail met en lumière plusieurs spécificités qui distinguent le choix financier des PME de celui des grandes entreprises. En raison de leur taille et de leur structure plus flexible, ce type d’entreprises ont souvent un accès limité aux marchés financiers et préfèrent l’autofinancement aux prêts bancaires, plutôt que d’émettre des actions. De plus, leur gestion des risques financiers diffère souvent de celle des grandes entreprises, ce qui influence directement leur choix de financement. Ainsi, cette étude montre l’importance de la compréhension des facteurs qui poussent les entreprises à préférer les fonds propres ou le recours à l’endettement et comment ces décisions influencent leur stratégie et leur survie. En conclusion, cette recherche permet d’enrichir considérablement le débat théorique sur les déterminants qui expliquent le choix financier des entreprises et apporte des éclairages cruciaux sur l’impact des décisions de financement sur la performance des entreprises. Les résultats de cette recherche peuvent être particulièrement utiles pour les dirigeants et les gestionnaires, car ils mettent en lumière les implications pratiques des choix de financement sur la croissance et la pérennité des PME, puisque ces entreprises constituent le noyau de l’économie mondiale.
Mots clés : choix de financement, déterminant, revue systématique, structure financière.
Classification JEL : D21, G32.
Type de l’article : Article théoriqu
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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