16 research outputs found
Demographic determinants of deposits and savings in Morocco
The present paper aims to define demographic determinants of deposits saving in Morocco, which are defined as banks accounts designed for saving. In order to carry out our study, we carried out a survey with a sample made up of 545 people residing in different Moroccan cities, and this, in the period going from October 2018 to November 2018.
The results obtained show that 70% of the respondents are satisfied regarding proposed banking services and 90% hold one current account. Furthermore, the study also shows that the majority of saving accounts holders are satisfied.
JEL Classification: D14
Paper Type: Empirical ResearchThe present paper aims to define demographic determinants of deposits saving in Morocco, which are defined as banks accounts designed for saving. In order to carry out our study, we carried out a survey with a sample made up of 545 people residing in different Moroccan cities, and this, in the period going from October 2018 to November 2018.
The results obtained show that 70% of the respondents are satisfied regarding proposed banking services and 90% hold one current account. Furthermore, the study also shows that the majority of saving accounts holders are satisfied.
JEL Classification: D14
Paper Type: Empirical Researc
Lâ effet de lâexpĂ©rience client digitale en sa dimension comportementale sur la fidĂ©litĂ© des clients dans le secteur bancaire marocain
Dans cet article, nous prĂ©sentons les rĂ©sultats de lâenquĂȘte (les mesures ont Ă©tĂ© construites Ă partir dâune enquĂȘte menĂ©e auprĂšs de 11 banques) effectuĂ©e en vue dâeffectuer le test de notre hypothĂšse de recherche ainsi que du modĂšle gĂ©nĂ©ral. Il se devise en deux points :
Le premier concerne la mĂ©thodologie quantitative de recherche qui sera traitĂ©e Ă lâaide du logiciel SPSS 25. Quant au second point, on effectuera une analyse des donnĂ©es traitĂ©e sous logiciel SPSS, et dans laquelle notre objectif sera double :
Dâune part, on essaiera de tester la validitĂ©, la fiabilitĂ© ainsi lâanalyse de la dimensionnalitĂ©â de chaque variable Ă©tudiĂ©e afin dâĂ©valuer la qualitĂ© de nos Ă©chelles de mesure. Pour ce faire, nous allons nous rĂ©fĂ©rer aux diffĂ©rents outils et tests statistiques les plus utilisĂ©s par les praticiens.
Dâautre part, on passera au test dâhypothĂšse gĂ©nĂ©rale de la recherche. Dâabord, de notre hypothĂšse dĂ©jĂ Ă©laborĂ©e en partie thĂ©orique avec les rĂ©sultats de lâĂ©tude empirique afin de tester leur pertinence, ensuite, nous testons notre modĂšle conceptuel de la recherche. Pour effectuer ceci, nous avons fait appel Ă la mĂ©thode de rĂ©gression simple qui constitue aussi une mĂ©thode de la premiĂšre gĂ©nĂ©ration des mĂ©thodes statistiques
Les Services Douaniers: Application sur le Management du Triptyque CoûtQualitéDélai pour les Entreprises Marocaines
Lors des rĂ©formes menĂ©es en 2005, lâAdministration des Douanes et ImpĂŽtsIndirects (ADII) a exprimĂ© sa volontĂ© de crĂ©er un partenariat avec les entreprisesopĂ©rant dans le secteur dâimport-export et de sâaccommoder parallĂšlement auxĂ©volutions constatĂ©es ou prĂ©visibles des circonstances nationales etinternationales des Ă©changes commerciaux du Maroc. La philosophie desrĂ©formes adoptĂ©es, apparaĂźt complĂ©mentaire Ă la logique du management dutriptyque âCoĂ»t, QualitĂ©, DĂ©laiâ et ce coĂŻncide Ă©galement avec les attentes desentreprises nationales dĂ©sireuses profiter dâun service douanier prometteur etmultiforme, qui contribue Ă lâamĂ©lioration de la qualitĂ© des services offerts, Ă ladiminution des dĂ©lais de dĂ©douanement des transactions commerciales, et parconsĂ©quent la minimisation du coĂ»t de traitement, et fiscal pour lâentreprisenationale.Lâobjectif de la commination sert donc Ă mesurer lâimpact de la qualitĂ© desservices douaniers offerts au niveau de la procĂ©dure dâimportation etdâexportation, et lâapplication des RĂ©gimes Economiques en Douane (RED), sur les attentes des opĂ©rateurs nationaux en matiĂšre de dĂ©lai et de coĂ»t, par lâadoption dâune modĂ©lisation multidimensionnelle et partenariale entre le secteur publique et privĂ©.Mots clĂ©s : DĂ©lai de dĂ©douanement, ProcĂ©dure dâimportation etdâexportation, RĂ©gimes Economiques en Douane, CoĂ»t de traitement, CoĂ»tfiscal.Abstract:During the reforms undertaken in 2005, the Moroccan Administration ofCustoms and Indirect Taxes has expressed its willingness to partner up withcompanies operating in the import & export sector in order to accommodate totheir development and to all expected national and international tradecircumstances. The philosophy behind the adopted reforms seems to becomplementary to the logic of the Triptic management that stands for 'Cost,Quality & Time' and coincides eventually with the expectations of nationalcompanies wishing to have access to a better and varied customs service, helpingthem to improve the quality of their own services, reduced clearance time whendoing commercial transactions, and therefore minimizing the cost of treatmentand tax for all domestic firms.Consequently, the objective of this paper is to measure the impact ofcustoms serviceâs quality on Import and Export Procedures undertakenby national and international operators. This impact is calculated basedon Customs Economic Plans, Operation Costs, Tax Costs, terms and timeof clearance, ennabling to construct a multi-dimensional modelling that includesboth public and private import and export operators in Morocco.Keywords: Time of clearance, Import and Export Procedures, CustomsEconomic Plans, Operation Costs, Tax Cost
Lâimpact de la communication financiĂšre sur la performance financiĂšre des entreprises : Ă©laboration dâun modĂšle conceptuel
In a context of financial globalization, the search for financing resources has become a battleground between companies. The advantages offered by stock exchanges at this level are increasingly important. But the risks inherent to the problems of transparency and asymmetry of information constitute the playground for improving the performance of stock exchanges not only in Morocco but worldwide.
In this paper, we propose a conceptual model to examine the causal link between the disclosure of different types of information (financial and non-financial) by companies listed on the Casablanca Stock Exchange and their financial performance. This link is explained by the capacity of financial communication, through the information disseminated, to act on the behavior of the different stakeholders by forming, thus, a certain level of confidence, which would be subsequently reflected in the financial performance.
At the beginning, the models developed in the literature need to be fine-tuned, the concepts operationalized, the model designed and the assumptions determined. The recommendations gathered from the literature make the basis of the proposed conceptual model.
Our main motivation is to propose an original model designed in a particular Moroccan context and marked essentially by the scarcity of research studies in this sense.
The formulated and defined hypotheses will be tested, in a future work, with the help of a questionnaire addressed to the users of the communicated information using structural equations as a method.
Keywords: Financial Communication, Trust, Financial Performance
JEL Classification: L25
Paper type: Theoretical ResearchDans un contexte de globalisation financiĂšre, la recherche des ressources de financement est devenue un champ de bataille entre les entreprises. Les avantages offerts par les bourses Ă ce niveau sont de plus en plus importants. Mais les risques inhĂ©rents aux problĂšmes de transparence et dâasymĂ©trie des informations constituent le terrain de jeu permettant dâamĂ©liorer la performance des places boursiĂšres non seulement au niveau du Maroc, mais du monde entier.
Dans cet article, nous proposons un modĂšle conceptuel permettant dâexaminer le lien de causalitĂ© entre la communication des informations de diffĂ©rentes natures (financiĂšres, et non-financiĂšres) par les sociĂ©tĂ©s cotĂ©es en bourse de Casablanca et leurs performances financiĂšres. Ce lien est expliquĂ© par la capacitĂ© de la communication financiĂšre, Ă travers les informations diffusĂ©es, Ă agir sur les comportements des diffĂ©rentes parties prenantes en formant, ainsi, un certain niveau de confiance, qui se rĂ©percuterait par la suite sur la performance financiĂšre.
Au départ, une mise au point est nécessaire sur les modÚles développés par la littérature, les concepts sont opérationnalisés, le modÚle est conçu et les hypothÚses sont déterminées. Les recommandations rassemblées à partir de la littérature constituent la base du modÚle conceptuel proposé.
Notre motivation principale est de proposer un modÚle original conçu dans un contexte marocain particulier et marqué essentiellement par la rareté des travaux de recherche dans ce sens.
Les hypothĂšses formulĂ©es et dĂ©finies seront testĂ©es, dans le cadre dâun futur travail, Ă lâaide dâune enquĂȘte adressĂ©e aux utilisateurs de lâinformation communiquĂ©e en utilisant la mĂ©thode des Ă©quations structurelles.
Mots clés : Communication financiÚre, Confiance, Performance financiÚre.
Classification JEL : L25
Type de papier : Article théoriqu
Efficience Informationnelle faible des Marchés Boursiers Africains
In order to study the performance capacity of African countries markets, it is necessary to analyze the daily results of stock indices. For a period of six years, and based on four types of tests namely: Autocorrelation tests, runs tests, unit root and normality tests, the results obtained in a period of 1674days (from03/04/2013 to 18/12/2020) have shown and reported a mixed production of different indications. On the other hand, and at the level of the weak sense of efficiency, the African market return series indicate the low efficiency of the market. Overall, it is inferred that in African countries, daily stock index results do not follow a random walk; So it is concluded that due to the inefficiency of the market, insiders can get profit streams from arbitrage. On the other side, the concept of efficiency designates the right foot of the theory of modern finance; As a result, one can only confirm the existence of efficiency in the market if it deciphers and manifests all the information available and translated by each financial asset; in other words, the presence of efficiency expresses the capacity of the market to reconstitute its equilibrium and its persistence while allowing a better allocation of resources to investors. In other words, the presence of efficiency expresses the capacity of the market to reconstitute its equilibrium and persistence while allowing a better allocation of resources to investors. It is in the interest of explaining the doubt of the speed of information reflected in each stock exchange price that FAMA (1970) proceeded to the deconstruction of the efficiency in three sub-forms, namely: the weak form of the efficiency, the semi-strong form and finally the strong formAfin dâĂ©tudier la capacitĂ© de rendement des marchĂ©s des pays africains, il faut procĂ©der Ă lâanalyse des rendements quotidiens des indices boursiers. Pour une pĂ©riode de six ans, et en sâappuyant sur quatre types de tests Ă savoir : Les tests dâautocorrĂ©lation, les Runs tests, les tests de racine unitaire et les tests de normalitĂ©, les rĂ©sultats obtenus pour un nombre dâobservations de 1674 jours (du03/04/2013 au 18/12/2020) ont indiquĂ©s et signalĂ©s une production mixte pour diffĂ©rents indices. En revanche, et au niveau du sens faible de lâefficience, les sĂ©ries des rendements des marchĂ©s africains indiquent lâabsence dâefficience du marchĂ©. Dans lâensemble, il est dĂ©duit que dans les pays de lâAfrique, les rendements quotidiens des indices boursiers ne suivent pas une marche au hasard (marche alĂ©atoire) ; Alors quâil est conclu quâen raison de lâinefficience du marchĂ©, les initiĂ©s peuvent obtenir des flux de bĂ©nĂ©fices dâarbitrages. Dans un autre point de vue, la conception de lâefficience dĂ©signe le pied -droit de la thĂ©orie de la finance moderne ; Du coup, on ne peut confirmer lâexistence dâefficience dans un marchĂ© que sâil dĂ©chiffre et manifeste toute lâinformation disponible et traduite par chaque actif financier ; En dâautres termes, la prĂ©sence de lâefficience exprime la capacitĂ© du marchĂ© Ă reconstituer son Ă©quilibre et sa persistance tout en permettant une meilleure allocation des ressources aux investisseurs. Câest dans lâintĂ©rĂȘt dâexpliquer le doute de la rapiditĂ© dâinformations reflĂ©tĂ©es dans chaque cours boursier que FAMA (1970) a procĂ©dĂ© Ă la dĂ©cortication de lâefficience en trois sous-formes Ă savoir : la forme faible de lâefficience, la forme semi-forte et finalement la forme forte
Le comportement des investisseurs individuels et l'impact des biais comportementaux sur le marché boursier marocain
The investment process requires investors to make different types of decisions, and the quality of these decisions determines the outcome of the investment process. Standard finance and behavioral finance theories present different views of investment decision-making, based on the concept of rationality. Behavioral finance theories indicate that investors do not act totally rationally when making investment decisions, due to various biases. The aim of the study is to identify the factors based on behavioral finance that influence investors' investment decisions in the Moroccan stock market. For this, the questionnaires were sent directly to individual investors. They were chosen at random. 300 questionnaires sent to retail investors; our sample is therefore 112 investors who responded to complete responses. The analytical tools of exploratory factor analysis and confirmatory factor analysis were used to analyze the data, based on a positivist epistemological stance. According to the results of the study, there are five behavioral factors that influence the investment decisions of individual investors. Users can use this information to better understand investors' motivations, and thus offer them investment opportunities better suited to their needs.
Keywords: Individual investors, stock market, behavioral biases, investor performance, behavioral finance. Classification JEL: G11, G40,G41
Paper type : Empirical research.Le processus d'investissement exige des investisseurs qu'ils prennent diffĂ©rents types de dĂ©cisions et la qualitĂ© de ces dĂ©cisions dĂ©termine les rĂ©sultats du processus d'investissement. Les thĂ©ories de la finance standard et les thĂ©ories de la finance comportementale prĂ©sentent des points de vue diffĂ©rents sur la prise de dĂ©cision en matiĂšre d'investissement en se fondant sur le concept de rationalitĂ©. Les thĂ©ories de la finance comportementale indiquent que les investisseurs n'agissent pas de maniĂšre totalement rationnelle lorsqu'ils prennent des dĂ©cisions d'investissement, en raison de divers biais. L'objectif de l'Ă©tude est d'identifier les facteurs basĂ©s sur la finance comportementale qui influencent les dĂ©cisions d'investissement des investisseurs dans le marchĂ© boursier marocain. Pour cela les questionnaires ont Ă©tĂ© remis directement aux investisseurs individuels. Ils ont Ă©tĂ© choisis de façon alĂ©atoire. 300 questionnaires envoyĂ©s aux investisseurs individuels, notre Ă©chantillon donc est au nombre de 112 investisseurs qui ont rĂ©pondu des rĂ©ponses complĂštes. Les outils analytiques de l'analyse factorielle exploratoire et de l'analyse factorielle confirmatoire ont Ă©tĂ© utilisĂ©s pour analyser les donnĂ©es, recueillies par le biais dâun questionnaire auprĂšs des investisseurs individuels, en se basant sur un positionnement Ă©pistĂ©mologique positiviste. Selon les rĂ©sultats de l'Ă©tude, il y a cinq facteurs de comportement qui influencent les dĂ©cisions d'investissement des investisseurs individuels. Les utilisateurs peuvent utiliser ces informations pour mieux comprendre les motivations des investisseurs et ainsi leur proposer des opportunitĂ©s d'investissement plus adaptĂ©es Ă leurs besoins.
Mots clés : Investisseurs individuels, marché boursier, biais comportementaux, performance des investisseurs, finance comportementale.
JEL classification : G11, G40, G41
Type de lâarticle : Recherche appliquĂ©e
L'impact de l'environnement sur la pratique du contrÎle de gestion : Cas des hypermarchés marocains
In an attempt to analyze the impact of contingency factors, specifically the "environment" determinant, on the practice of management control in large retail outlets, particularly Moroccan hypermarkets, an empirical study was carried out with a view to quantifying the impact of each item making up the "environment" explanatory variable on the "management control" response variable. To this end, a semi-structured interview was conducted with management control professionals and practitioners in Moroccan hypermarkets, providing significant results for these items on the practice of financial, commercial, managerial and organizational management control. However, this survey was carried out using the multiple linear regression method in order to measure the contribution of these items on the different angles of the practice of management control in this type of commercial structure.
Key words: Environment, management control, contingency, Morocco
Classification JEL : C10, D01, D22
Paper type : Empirical ResearchDans une tentative dâanalyser lâincidence des facteurs de contingence, spĂ©cifiquement le dĂ©terminant « environnement » sur la pratique du contrĂŽle de gestion dans les grandes surfaces commerciales, notamment les hypermarchĂ©s marocains, une Ă©tude empirique a Ă©tĂ© mise en Ćuvre dans un motif de quantifier lâimpact de chaque item constituant la variable explicative « environnement » sur la variable rĂ©ponse « contrĂŽle de gestion ». Dans ce sillon, un entretien semi-directif a Ă©tĂ© entamĂ© auprĂšs des professionnels et praticiens de contrĂŽle de gestion dans les hypermarchĂ©s au Maroc, permettant des rĂ©sultats significatifs de ces items sur la pratique du contrĂŽle de gestion dans le volet financier, commercial, managĂ©rial, et organisationnel. Toutefois, cette prospection a Ă©tĂ© rĂ©alisĂ©e Ă lâaide de la mĂ©thode de rĂ©gression linĂ©aire multiple afin de mesurer la contribution de ces items sur les diffĂ©rents angles de la pratique du contrĂŽle de gestion dans ce type de structure commerciale.
Mots clés : Environnement, contrÎle de gestion, contingence, Maroc
JEL Classification : C10, D01, D22
Type du papier : Recherche empiriqu
Unlocking the Potential of Open Data Morocco: Implementation, Use, Observations and Perspectives
<p><strong>Abstract </strong></p><p>The Open Data Morocco project serves as a strong catalyst for entrepreneurial and digital innovation, through the promotion of the open public data from administrations, public institutions and enterprises. This movement is part of Morocco's ongoing economic and social transformation. Open data is based on a free and open access exposure at the level of a National Portal, of the data produced by the relevant organizations and institutions using open, standard and well-documented formats to facilitate their exploitation and reuse. The purpose of this research work is to analyze and highlight the introduction of Open Data in Morocco, as a vector of digital transformation, with a range of impact on various dimensions: societal, legal, digital, organizational. Based on the hypotheses drawn from the literature review, and after 18 months from the launch of the Open Data portal: <a href="http://www.data.gov.ma">www.data.gov.ma</a>, we intend to analyze the key parameters linked to the implementation and use of Open Data, and its prospects for development. To achieve this, we adopted an exploratory and descriptive method based, firstly, on a quantified analysis of the Open Data KPIs set to measure the parameters linked to the supply, implementation and use of the Open Data portal. Secondly, on semi-directive interviews with the operational managers of the portal in order to identify by theme their perspectives of development. As the main conclusion of this study, the feeding function of the Open Data Morocco portal linked to its implementation, had a direct positive impact on its utilization by users. </p><p><strong>Keywords </strong></p><p><strong>Open data, portal, implementation, use, KPIs </strong></p>