Ownership structure and restructuring measures : Empirical study of the Listed Companies on the Casablanca Stock Exchange

  • Basma Azzouzi Faculty of Law, Economics and Social Sciences, Sidi Mohamed Ben Abdellah Universty of fes, Morocco
  • Amina Haoudi Faculty of Law, Economics and Social Sciences, Sidi Mohamed Ben Abdellah Universty of fes, Morocco
Keywords: Ownership Structure, Restructuring, Ownership Concentration, Moroccan-Listed Companies, Logistic Regression

Abstract

The number of failures of Moroccan companies has multiplied in recent years. An alarming finding which places Morocco in the box of countries where the economy and unpaid debts are particularly fatal to business. To this end, the implementation of restructuring measures is now becoming an indisputable necessity in order to redress the situation and over comepre-existing vulnerabilities, loss of income and unequal social conditions.

Several studies have been put forward to support the idea that shareholder structure will have important implications for the restructuring measures adopted. Moreover, the previous empirical studies carried out are quite heterogeneous, this being certainly due to the complex nature of the measurements used and the empirical tests carried out on different samples, which explains the incompleteness of the results on this subject.

To do this, this article examines the shareholding structure in Morocco from the perspective of shareholder concentration and its impact on the restructuring measures taken by listed companies in difficulty. To do this, we will try to explain the nature of the link between our chosen variables, through logistic regression, this technique will be presented with the SPSS software. The present study is carried out on a sample made up of 57 observations of Moroccan companies in difficulty listed on the Casablanca stock exchange over the period 2015-2019.

The results show that shareholders holding a sufficient share of capital positively and favorably influence operational measures. On the other hand, the role of shareholding concentration does not appear significant enough for financial measures and other types.

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Published
2021-05-26
How to Cite
Azzouzi, B., & Haoudi, A. (2021). Ownership structure and restructuring measures : Empirical study of the Listed Companies on the Casablanca Stock Exchange. International Journal of Accounting, Finance, Auditing, Management and Economics, 2(3), 149-164. https://doi.org/10.5281/zenodo.4796831
Section
Articles