Discretionary loan loss provision in the Moroccan banking sector: The role of governance mechanisms

Purpose: The present paper aims to examine the impact of corporate governance mechanisms on earnings management extent in the Moroccan banking sector. Research methodology: This research investigates the relationship between listed banks' governance mechanisms and earnings management in the CSE over the period 2017-2020. This study relies on a two-step quantitative approach, which consists firstly of estimating discretionary loan loss provisions to measure EM, then presenting the association between banks’ governance mechanisms and discretionary loan loss provisions. Results: The findings indicate that board size, gender diversity, audit committee’s independence, and state ownership constraint EM practices among the Moroccan listed banks. While other governance mechanisms, such as institutional ownership and board activity, seem to have no significant effect on restraining managers’ discretionary behavior. Limitations: Many qualitative and quantitative factors could influence discretionary loan loss provisions and not only the used variables in this research. Contribution: This research reveals the need to maintain the vigilant supervision of the regulatory framework to limit these opportunistic practices in the local banking industry.  Also, our study has important implications for establishing a new set of governance requirements such as board diversity in Morocco

Effect of maturity stage on the chemical composition of argan fruit pulp

Argan tree, a species endemic to Southern Morroco, is well known for its kernel oil used in cosmetics and health-food, but the corresponding pulp attracted less interest from researchers and little is known about its chemical composition and evolution during maturation. The pulp of argan fruits monthly harvested during the ripening period based on fruit color (April to July), was analyzed. With progressing ripeness various changes were observed in the chemical composition, such as (i) a four-fold increase of total soluble sugars content (glucose, fructose and saccharose), and of Fe (75–165 ppm), but also (ii) a drop of many components, such as proteins (10.1–6.4%), and cell wall polymers, lignin (14.9–5.9%) and hemicellulose and cellulose. Hexane-soluble compounds found in substantial amount (10.7% in April) also decreased with time: the pulp oil peak (8.3%) was in April and June, and that of polyisoprene in June (3.6%). Therefore the stage of maturity (harvest date) is to be considered, without affecting the quality of the argan oil

Effect of maturity stage on the chemical composition of argan fruit pulp

Argan tree, a species endemic to Southern Morroco, is well known for its kernel oil used in cosmetics and health-food, but the corresponding pulp attracted less interest from researchers and little is known about its chemical composition and evolution during maturation. The pulp of argan fruits monthly harvested during the ripening period based on fruit color (April to July), was analyzed. With progressing ripeness various changes were observed in the chemical composition, such as (i) a four-fold increase of total soluble sugars content (glucose, fructose and saccharose), and of Fe (75–165 ppm), but also (ii) a drop of many components, such as proteins (10.1–6.4%), and cell wall polymers, lignin (14.9–5.9%) and hemicellulose and cellulose. Hexane-soluble compounds found in substantial amount (10.7% in April) also decreased with time: the pulp oil peak (8.3%) was in April and June, and that of polyisoprene in June (3.6%). Therefore the stage of maturity (harvest date) is to be considered, without affecting the quality of the argan oil

Evaluation of Antioxidant and Antimicrobial Activity of Saponin Extracts from Different Parts of Argania spinosa L. Skeels

The argan tree is a versatile forest tree (silviculture-fruit-forestry) of great importance for the country both in biological, phytogenetic and ecological biodiversity as well as in economic and social aspects. It has significant medicinal and therapeutic potential. The present study concentrated on saccharide-containing molecules, particularly saponins, for their medicinal properties. Butanol was used to fractionate phytochemical groups from different parts of Argania spinosa (branch, leaf, pulp, shell and seed), which were subsequently precipitated in ether. It was found that solvent fractionation increased the total saponin amount according to the colorimetric test using vanillin and sulfuric acid. The butanol fraction of the argan shell and its precipitate showed the highest levels of triterpene saponins compared to the rest of the plant parts studied. The samples showed antioxidant capacity by DPPH versus ascorbic acid (IC50 = 1.92 µg/mL) and by ABTS using the similar standard (IC50 = 11.31 µg/mL). The antioxidant activity of the samples was significantly improved from the crude shell extract (IC50 = 5.85 µg/mL) to its butanolic fraction (IC50 = 2.94 µg/mL) and its precipitate (IC50 = 1.57 µg/mL) using 2,2-diphenyl-picrylhydrazyl. Indeed, the ABTS test, showed similarity to the core results. Also, the solid disc diffusion method was used to highlight the antimicrobial activity of extracts from different parts of the Argania spinosa plant. The EtOH 70% and Aqueous leaf extracts exhibited the highest antibacterial activity, resulting in an inhibition zone of approximately 13 mm against the growth of Staphylococcus saprophyticus. On the other hand, the extract of saponin filtrate from the pulp part of the plant displayed the lowest antibacterial activity, with an inhibition zone of 9 mm. All studied types of saponin extract from different parts of the plant do not contribute to any antifungal activity against Botrytis cinerea

Tradition Mills’ Picholine Olive Oil Physicochemical Characterization and Chemical Profiling across Different Cities in Morocco

This study aims to determine the quality of olive oils (Picholine variety) from the traditional oil mills in different Moroccan cities by means of physicochemical characterization and chemical compositions. All samples of olive oil were collected from traditional oil mills. Physicochemical analyses of free fatty acid (FFA), iodine value (IV), saponification value (SV), specific extinction at 232 and 270 (E232, E270), chlorophyll content, carotenoid content, fatty acids (FAs), and total phytosterols composition were performed with respect to the International Olive Council (IOC) standards. These oils were revealed to be rich in unsaturated fatty acids (UFAs): C18 : 1, C18 : 2, and C18 : 3, and that the total phytosterols content ranged between 142.68 and 208.72 mg per 100 g of oil. Also, the chlorophyll contents, for most of the studied samples, are less than 2 mg/kg, while the carotenoid content varied between 0.13 and 0.63 mg/kg. These results, along with the physicochemical assays, helped classify the oils studied into three categories: extra virgin, virgin, and ordinary virgin olive oils. These results confirm that the conditions under which olive oils are collected, pressed, and stored influence the quality of the oil produced. Therefore, there is a need to inform producers about the correct practices and techniques for storage, processing, and conservation of oils to better improve the quality of the final product

Spatial Variation of Phytochemical and Antioxidant Activities of Olive Mill Wastewater: A Chemometric Approach

Olive mill wastewater (OMW) was obtained during the extraction of olive oil. It is typified by an elevated concentration of sugars, acids, proteins, polyphenols, and organic matter. This makes the removal of OMW problematic for all olive oil-producing countries. Due to their high concentration in polyphenols, these wastewaters are a source of danger to the environment. This research aimed to study the spatial distribution effect in terms of geographical origin production of olive oil on the phenolic content and the antioxidant activity of the OMWs. A chemometric approach using principal component analysis (PCA) and hierarchical cluster analysis (HCA) was utilized. Physico-chemical characterization of OMWs was performed to evaluate their pollutant load by setting the following parameters: pH, dry matter, conductivity, and chemical oxygen demand. Quantitative analysis of the phenolic compounds shows that the extract of all samples had a high content of phenolics varying from 238.26 ± 5.67 to 534.16 ± 3.83 mg GAE/g of extract, flavonoids varying from 179.89 ± 1.64 to 421.47 ± 3.42 mg QE/g of extract, and tannins varying from 101.66 ± 0.65 to 216.28 ± 3.41 mg CE/g of extract. Antioxidant activity was determined by two testing systems: DPPH and ABTS assay. The IC50 DPPH varied from 0.30 ± 0.08 to 1.93 ± 0.34 µg/mL, while it varied between 2.04 ± 0.16 and 6.11 ± 0.25 µg/mL for the IC50 ABTS method. The principal component analysis indicated that the two methods DPPH and ABTS are strongly correlated. Furthermore, important correlations were shown by the principal component analysis (PCA) on the one hand between the phenolic compounds and on other hand between their antioxidant activities (DPPH, ABTS)

The effect of ethanol/water concentration on phenolic composition, antioxidant, and antimicrobial activities of Rosmarinus tournefortii de Noé hydrodistillation solid residues

peer reviewedRosemary is one of the well-known aromatic and therapeutic plants recognized for the interesting pharmacological properties of its essential oil. After hydrodistillation, a huge amount of solid residue-remains, which still contains non-volatile bioactive compounds. Our work aims to study in depth the efect of ethanol/water concentration on the extraction yield, total phenolic and favonoid content, chemical profle, antioxidant and antimicrobial activities of Rosmarinus tournefortii de Noé solid residues. Phenolic and favonoid content was estimated spectrophotometrically and for their identifcation, High-performance liquid chromatography-photodiode array detector (HPLC-DAD) analysis was adopted. The antioxidant activity was established using common methods such as DPPH, ABTS, and the Beta-carotene/linoleate model system. Furthermore, the antimicrobial capacity was investigated against Escherichia coli ATCC 25,922 and Listeria innocua ATCC 33,090, two well-known organisms representing gram-negative and gram-positive bacteria, respectively, as well as against the mold Geotrichum.s p and the yeast Rhodotorula glutinis. Based on the statistical analysis, a signifcant efect of ethanol/ water concentration on the phenolic composition, antioxidant, and antifungal activity was revealed, while a slight diference was observed for the antibacterial activity. On the other hand, HPLC–DAD analysis endorsed the preferential extraction of gallocatechin and cafeic acid in 20% ethanol, homoplantaginin in 40%, cirsimaritin in 0% ethanol, and rosmarinic acid in 100% ethanol. Additionally, the 80% ethanol/water concentration indicated the highest extraction yield and favonoid content (yield=51.6%, TFC=21.38±0.23 mg QUE/g DW). On the contrary, 40% ethanol revealed both the highest phenolic content (TPC=128.18±0.56 mg GAE/g DW) and radical scavenging activities (IC50=0.051±0.008 mg/mL, 0.061±0.002 mg/ mL, and 1.232±0.013 mg/mL for DPPH, ABTS, and beta-carotene/linoleate model system, respectively). Besides, 20% was the highest concentration for the inhibition of the two bacteria Escherichia coli (7.35±0.05%) and Listeria innocua (8±0.1%) as well as the mold Geotrichum sp, (16.5±0.3%) and for the yeast Rhodotorula (26±1.2%), 50% ethanol was found to be the most appropriate concentration. These diferences detected between the studied activities of rosemary solid residue extracts were strongly infuenced by the target phenolic compounds extracted