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Concentration de l'actionnariat et performance financière : Etude empirique des entreprises cotées à la bourse de Casablanca

Authors: HAOUDI, Amina; AZZOUZI, Basma;

Concentration de l'actionnariat et performance financière : Etude empirique des entreprises cotées à la bourse de Casablanca

Abstract

La concentration d’actionnariat est un concept pluriel qui a déjà fait l’objet de vives discussions quant à son influence sur la valeur de l’entreprise et son impact déterminant sur les orientations financières et stratégiques d’une entreprise et sur la nature des conflits d’intérêts entre les actionnaires et les dirigeants. Cet article s’intéresse à la structure d’actionnariat au Maroc sous l’angle de la concentration des actionnaires et son impact sur la performance des entreprises cotées à la bourse de Casablanca. De nombreux facteurs, tels que les variables de concentration et de performance choisies, le contexte institutionnel, et le secteur d’activité, influencent les résultats obtenus par les études antérieures. Notre étude est conduite sur un échantillon de 70 sociétés marocaines cotées à la bourse de Casablanca sur la période 2016-2018. Les résultats montrent que les actionnaires influencent positivement et favorablement la performance de l’entreprise, dès lors qu’ils détiennent une part suffisante du capital.

Keywords

« Performance » ; « concentration de l'actionnariat » ; « entreprises cotées en bourse » ; « relation linéaire » ; « relation non linéaire »

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selected citations
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This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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