The Corporate Managers and Stockholders Relationship: The Moral Hazard Issue (in French)

A review of the contextual factors associated with the North African business environment - descriptive historical study

“…Although the Moroccan financial market is the third ranked in Africa, it does not play a vital role in the economy commensurate with its trading volume (El bouhadi, 2010). In this market, incentives are probably not enough, particularly when these incentives accrue to small shareholders (El bouhadi, 2010).…”

“…In this market, incentives are probably not enough, particularly when these incentives accrue to small shareholders (El bouhadi, 2010). This financial market has been supported by deregulation and privatising public sectors (Smith et al, 2002).…”

“…In the Casablanca Stock Exchange, the majority of listed firms are likely to be controlled by Moroccan and/or overseas holding firms (El bouhadi, 2010). Observing the quality of financial information and enforcing accounting standards for listed companies on the Morocco Stock Exchange is the responsibility of the Securities Commission (Rahman et al, 2002).…”

“…Moreover, financial companies (banks and insurance firms) play important roles in organising these companies. Also, it is not necessarily for holding companies to be listed on the exchange market (El bouhadi, 2010). In the stock exchange, Moroccan listed companies rely mainly on the organisational structure within its premium trades (El bouhadi, 2010).…”

“…Although the IFRS has been globally adopted, many organisations in the Middle East and North Africa region (MENA) (23% of banks and 42% of other listed companies) have not yet adopted (Rocha et al, 2011). As a result of inefficient information in the Casablanca Stock Exchange, the governance of listed firms has frequently been substandard (El bouhadi, 2010). Despite the fact that there are no limitations on foreign ownership, foreign contributions to the stock exchange have not been high (Smith et al, 2002).…”