Non-Financial Disclosure: A Comparative Study Between Moroccan Listed Companies and CAC 40 Firms

Résumé

This study examines the non-financial disclosure practices of Moroccan listed companies, benchmarked against French companies listed on the CAC 40 index. As corporate transparency becomes increasingly shaped by environmental, social, and governance (ESG) expectations, understanding how Moroccan firms integrate sustainability communication is both timely and relevant for aligning with global standards and strengthening stakeholder trust. Even though there’s been a lot more research on ESG reporting lately, there still aren’t many studies that directly compare how Moroccan listed companies share non-financial information versus CAC40.

The purpose of the research is to assess the extent and quality of ESG-related disclosures by Moroccan companies and to compare these practices with those of more mature markets, specifically France. Beyond its practical importance, this study adds to existing research by deepening our understanding of how ESG disclosure practices become established in Morocco. It does this by comparing the situations in Morocco and France, and by showing how both regulations and voluntary efforts work together to influence how companies communicate about sustainability.

The study uses a qualitative methodology based on content analysis of corporate documents, including annual reports, sustainability reports, and publicly available information on official company websites. The analysis focuses on materials published during the year 2024. The Moroccan sample includes 59 listed companies selected based on the availability and reliability of disclosed information, while the comparative benchmark relies on a sample of 14 CAC 40 companies selected to ensure sectoral comparability between the two countries.

The results indicate that Moroccan listed companies have made notable progress in integrating environmental, social, and governance (ESG) reporting. While variations exist in format and depth, many firms show significant progress in addressing sustainability topics such as environmental responsibility, employee welfare, and governance transparency. These improvements have been influenced by national initiatives such as the Corporate Social Responsibility Charter from the General Confederation of Moroccan Enterprises and recommendations issued by the Moroccan Capital Market Authority. In comparison, CAC 40 firms generally present more standardized and comprehensive ESG reports due to established regulatory frameworks.

The study concludes that Moroccan companies are increasingly incorporating sustainable development principles into their corporate strategies. These findings provide valuable insights into further strengthening ESG disclosure practices in Morocco. These developments reflect growing efforts by regulators, institutions, and companies to structure ESG reporting in Morocco.

JEL Classification : G32, G38, M41, F23

Paper type: Empirical research