Le sujet de la prouesse et la pertinence repr��sente constamment une appr��hension des dirigeants qui alerte la pr��sence de la firme sur son march��, nonobstant leurs d��finitions et mesures compliqu��es ��manant de la d��termination de la performance. Cette derni��re comme ��tant un construit Kal��idoscopique et multidimensionnelle, ne peut jamais illustrer un consensus des auteurs. En dehors de sa mesure qui ne peut ��tre bas��e sur un indicateur unique, la performance dans le monde organisationnel est impact��e par un ensemble de d��cision strat��gique entrepris par les dirigeants d���une firme quelconque, entre autres le recours �� la bourse pour des raisons diverses et motivations pr��cises, dont : le financement ; le renforcement de la notori��t�� et le pouvoir de n��gociation ; la diversification du portefeuille, etc. Ainsi que la d��cision de devenir publique est un ��v��nement qui demande des arrangements pr��alables en termes de performance pour se montrer aux investisseurs, pouvoir gagner la course et s���introduire en bourse avec succ��s. Dans ce cas un changement du niveau de performance est constat�� tout au long du processus, dans une phase avant et apr��s IPO. La pr��sente ��tude nous permet de constituer un cadre de r��f��rence en vue de pr��parer le terrain d���une investigation concernant la performance financi��re pr�� et post-IPO des soci��t��s cot��es �� la Bourse des Valeurs de Casablanca (BVC) au Maroc. L���objet de cet article est d���offrir une revue de la litt��rature qui met en ��vidence les facteurs explicatifs d���une d��cision d'introduction en bourse et son impact sur la performance financi��re. Notamment, par le biais des fondements th��oriques qui sous-tendent la d��cision d���introduction en bourse et son effet sur la performance, �� savoir : la th��orie de l'agence et la th��orie du timing du march�� (fond��e sur l'hypoth��se de la gestion des r��sultats). Aussi bien sur la base des ��tudes empiriques internationales qui ont d��montr�� le comportement des soci��t��s cot��es (quelle que soient leur structure ou leur secteur d'activit��) en termes de performance dans une p��riode pr�� et post-cotation. En utilisant diff��rents agr��gats et indicateurs de mesure, les r��sultats des ��tudes ont prouv�� le ph��nom��ne d'une performance financi��re plus ��lev��e qui s'am��liore plus rapidement que la normale au cours de l'ann��e pr��c��dente, mais diminue �� long terme apr��s l'��v��nement de l���ouverture du capital aux investisseurs. Cet article apporte une vision plus holistique et int��gr��e des relations entre IPO et performance, ainsi que des pistes de recherche future sont offertes en conclusion. Mots cl��s : BVC, Introduction en bourse, Performance financi��re, Timing, Th��orie d���agence. Classification JEL : G32 Type de l���article : Recherche th��orique

The subject of prowess and relevance constantly represents an apprehension of the leaders which alerts the presence of the firm in its market notwithstanding their definitions and complicated measures emanating from the determination of the performance. The latter, as being a kaleidoscopic and multidimensional construct, can never illustrate a consensus of the authors. Apart from its measurement which cannot be based on a single indicator, the performance in the organizational world is impacted by a set of strategic decisions undertaken by the leaders of any firm, including the use of the stock market for various reasons and specific motivations including: funding ; the reinforcement of notoriety and the power of negotiation; portfolio diversification, etc. As well as the decision to go public is an event that requires some prior arrangements in terms of performance to show up to investors, to be able to win the race and go public successfully. In this case, a change in the level of performance is observed throughout the process: before and after the IPO. The present study allows us to constitute a frame of reference to prepare the ground of an investigation concerning financial performance before and after Initial Public Offerings (IPOs) in companies listed on the Casablanca Stock Exchange in Morocco. The object of this paper is to offer a literature review that highlights the explanatory factors of an IPO decision and its impact on financial performance. Notably through theoretical foundations which underlie the decision to go public and its effect on performance, namely: the theory of the agency and the timing of the market theory (founded on the assumption of earnings management). As well, based on international empirical studies that demonstrated the behavior of listed companies (regardless of their structure or their line of business) in terms of performance in a period pre and post-listing. By using different aggregates and performance indicators, the studies' findings proved out the phenomenon of higher financial performance that improves faster than normal during the year before, but diminishes after the going public event in the long run. This article brings a more holistic and integrated view of the relationship between IPO and performance, as well as avenues for future research are offered in the conclusion. Keywords: Casablanca Stock Exchange, IPO, Financial performance, Timing theory, Agency theory. JEL Classification : G32 Paper type: Theoretical Research