101 research outputs found
Dividend Policy and Ownership Structure: Evidence from the Casablanca Stock Exchange
This study investigates the effect of the ownershipstructure on dividend policies for firms listed at the Casablancastock exchange. Two aspects of the ownership structure are used,the first is the ownership concentration and the second is theidentity of the largest shareholders. A panel data analysis isperformed to examine the relationship between the dividendpolicy and the ownership structure in this emerging market forthe period between 2004 and 2010. Results show that two formsof ownership identity influence negatively the dividend policy offirms listed. In fact, when the identity of the largest shareholderis either an industrial company or a family, the level ofdistributed dividends is decreased. Furthermore, findings showthat there is no impact of ownership concentration on dividendpolicies for firms listed at the Casablanca Stock Exchange
The Impact of Media Independence On Firm Performance: A Panel Data Analysis From Emerging Markets
Can media have any influence on firm performance? Do firms in countries with more independent media perform better than firms with less independent media? This paper seeks to answer these questions by documenting the relationship between media independence and firm performance in emerging markets. Using a dataset from twenty seven emerging markets, we show significantly better performance of firms headquartered in countries with relatively more independent media than firms headquartered in countries with relatively less independent media during the period between 2007 and 2011. We argue that independent media reduces information asymmetries for stock market participants. Consequently, it is more difficult for managers to expropriate, thereby improving performance of firms. Our results indicate that media can play a substitute role for traditional governance mechanisms in emerging markets
Corporate Social Responsibility Policy And Brand Value
In this paper, we document that corporate social responsibility (CSR) has a negative effect on brand value. Our results show that this negative relationship exists only in firms where investor interest and visibility is high. We show that the negative impact of CSR policies is experienced by firms with high analyst following, larger size, and high earnings. We argue that markets consider CSR activities as a form of corporate charity with no expectations of positive returns. As a result, CSR activities are unnecessary costs incurred by firms. These costs result is adversely affecting current and expected financial performances. Given that current and expected financial performances are important determinants of brand value, firms with more visible CSR activities experience decline in brand values. We also show that certain components of CSR policy â firms who audit their CSR report from external auditors, brands of firms who report their global CSR activities, and brands of firms who publish a separate CSR report â exert more negative influence on brand values than the other components. All of these components are also related to increasing visibility of CSR activities
Morbimortalité périnatale dans les grossesses gémellaires dans une maternité marocaine de niveau 3
Introduction: Les grossesses gĂ©mellaires sont associĂ©es Ă un risque de morbimortalitĂ© pĂ©rinatale plus Ă©levĂ© que les grossesses simples. Le but de cette Ă©tude Ă©tait dâĂ©valuer la morbimortalitĂ© pĂ©rinatale dans les grossesses gĂ©mellaires dans une maternitĂ© marocaine de niveau 3. MĂ©thodes: Il sâagit dâune Ă©tude transversale comparative de la morbimortalitĂ© pĂ©rinatale des nouveau-nĂ©s issus de grossesses gĂ©mellaires versus grossesses simples ayant accouchĂ© Ă la maternitĂ© Souissi de Rabat du 1 janvier au 28 fĂ©vrier 2014. RĂ©sultats: Il y a eu 3297 naissances issues de 65 grossesses gĂ©mellaires et 3167 grossesses simples. Les grossesses gĂ©mellaires Ă©taient associĂ©es Ă des taux plus Ă©levĂ©s de prĂ©Ă©clampsie et dâĂ©clampsie (P = 0,046), de HELLP syndrome (P= 0,030), de rupture prĂ©maturĂ©e des membranes (P < 0,001), de prĂ©sentation dystocique (P < 0,001), de prĂ©maturitĂ© (P < 0,001), dâhypotrophie chez les nouveau-nĂ©s Ă terme (P < 0,001), de dĂ©tresse respiratoire nĂ©onatale (P < 0,001), de malformations congĂ©nitales (P = 0,015), dâhospitalisation en pĂ©riode nĂ©onatale (P = 0,001) et de mortalitĂ© pĂ©rinatale (P = 0,001) par rapport aux grossesses simples. Les jumeaux monochoriaux prĂ©sentaient des taux plus Ă©levĂ©s dâhypotrophie en cas de grossesse menĂ©e Ă terme (P = 0,016) et de mortalitĂ© pĂ©rinatale (P = 0,017) par rapport aux jumeaux bichoriaux. Conclusion: Les grossesses gĂ©mellaires Ă©taient Ă risque plus Ă©levĂ© de morbimortalitĂ© pĂ©rinatale par rapport aux grossesses simples en exposant notamment Ă la prĂ©maturitĂ©. Les grossesses gĂ©mellaires monochoriales Ă©taient plus Ă risque en exposant notamment Ă lâhypotrophie chez les nouveau-nĂ©s Ă terme.Pan African Medical Journal 2016; 2
Amount of zinc transferred in breast milk to breastfed Moroccan babies with normal or low birth weight at 1, 3 and 6 months after birth
The amount of zinc in breast milk is generally regarded as sufficient to cover the increasing zinc demands of most infants. However, this is not well investigated where stores zinc may be compromised in babies with low birth weight (LBW) who are born with low stores of zinc. In Morocco, this is the first time that the amount of zinc transferred in breast milkhas been estimated. This study included 32 mother-baby pairs. In our case study, we aimed to measure The quantity of zinc in mothersâ breast milk with normal birth weight (NBW) and LBW babies who were exclusively or not exclusively breast fed at 1,3 and 6 month after birth. The results showed that the majority of mothers have a BMI â„25 kg/m2 this means that all mothers are overweight during 6 months after birth.Zinc concentration (mg/l) in mothersâ breast milk decreased from first month to six month. p- value showed that for mothers with NBW babies, there is a significant difference between the 1 and 6 month (p=0.0003) and between 3 and 6 month after birth (p=0.0007). For mothers with LBW babies, p-value showed a significant difference between the zinc concentration in breast milk in the 1st and 3rd month (p=0.0007), 1 and 6 month (p< 0.0001) and between 3rd and 6th month after birth (p=0.0056). The rate of NBW babies who were exclusively breastfed was 36.67%, 30.25% and 10% successively in 1st, 3rd and 6th month after birth. For LBW babies, the rate of exclusively breastfed was 15.38%, 7.69% and 2.69% successively in 1st, 3rd and 6th month after birth. Based on the K. Brown study in 2009, we can develop a mathematical equation to our own population using our data: Ln [Zinc] = 0.960 â 0.161*Ln(Ăąge) â 0.187*Ln(Ăąge)2. In conclusion the zinc concentration in milk is within normal range and decreases with the age of the babies. The predicted model of zinc concentration in breast milk was developed and tested
HĂ©matome hĂ©patique nĂ©onatal: Ă propos dâun cas
L'hĂ©matome hĂ©patique est une affection mĂ©connue, peut ĂȘtre gravissime et son diagnostic se fait souvent lors de l'autopsie pĂ©rinatale. Devant une symptomatologie clinique, souvent, non spĂ©cifique et un tableau biologique retardĂ©, le diagnostic est basĂ© essentiellement sur l'Ă©chographie et le traitement est souvent conservateur. Nous rapportons un cas d'hĂ©matome hĂ©patique chez un nouveau-nĂ© Ă terme, asymptomatique dans un contexte de traumatisme obstĂ©trical.Mots clĂ©s: HĂ©matome, foie, nouveau-nĂ©, traumatisme obstĂ©tricalEnglish Title: Hepatic hematoma in neonates: about a caseEnglish AbstractHepatic hematoma is a condition of unrecognized origin which can become extremely serious and whose diagnosis is often made during perinatal autopsy. It is often characterised by nonspecific clinical manifestations and a long delay before biological presentation.The diagnosis is essentially based on ultrasound and treatment is often conservative.We here report a case of a full-term newborn with asymptomatic hepatic haematoma due to obstetrical trauma.Keywords: Hematoma, liver, new-born, obstetrical traum
Risk Optimization of the CNSS' Portfolio Using a Return-Constrained Markowitz Model
In Morocco, the private pension fund is managed mainly by the National Social Security Fund (CNSS). CNSS is one of the most active institutional investors in the local market of Collective Investment in Transferable Securities Directives (UCITS) as it has a very important investment portfolio of cash surplus, in shares or units of UCITS. This work is a first step in the study of how modern techniques of portfolio management can be adopted to allow the establishment of a process that helps to monitor and optimize the investment decisions. In fact the results show a decrease in the variance and an improvement in the rate of return
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