International Journal of Accounting, Finance, Auditing, Management and Economics <p>IJAFAME is a bi-monthly (one issue every two months) peer-reviewed scientific journal (Blind peer review), dedicated to research in finance, accounting, auditing, management and economics. Its objective is to promote research in economics and management while publishing original articles or articles adapted to a given context. It also provides a space for exchange between professionals and academics in order to find new research ideas and encourages theoretical and practical reflections developed according to different paradigms (positivist, constructivist, interpretativist, etc.).</p> <p>Paper's are published in english or frensh</p> en-US International Journal of Accounting, Finance, Auditing, Management and Economics 2658-8455 <div align="justify"> <p>All articles published in this journal are licenced uder a <a href="">creative commons attribution-noncommercial-noderivatives 4.0 international licence</a>&nbsp;</p> </div> Capital Concentration and financial performance of listed firms in the East African Community : An Exploratory study <p style="text-align: justify;">The objective of this paper is to investigate the relation between ownership concentration and performance of listed companies in the East African Community (EAC). The EAC is a community of six countries located in the East Africa : Rwanda, Kenya, Uganda, Tanzania, Burundi and South Sudan. Among this Community, all of the countries excepted Burundi and South Sudan own a financial market. These countries decided in 2010 to create the East African Stock Exchanges Association (EASEA). The EASEA has many purposes : the increase of attractiveness and liquidity of its financial markets to encourage foreign investments and the economic development of the region. The study of the relation between ownership concentration and performance is particularly necessary to identify the main levers to be activated to enable the EASEA to achieve its objectives. On the one hand, ownership concentration is represented by the level of capital concentration by the principal shareholder and the type of controlling shareholder. On the other hand, performance is represented by the rate of return on equity (ROE) and the rate of return on assets (ROA). An econometric analysis using panel data was carried out on a sample of 290 observations.</p> <p style="text-align: justify;">Even if the main problem of the study is the unavailability of some data, our results show the existence of a significant positive relation between the concentration of capital by the first shareholder and the economic performance of firms. A significant negative influence was found between the number of shareholders and the financial performance of the firms studied. Concerning the type of controlling shareholder, the research highlights a significant positive relation between the presence of a foreign principal shareholder (i.e. a shareholder outside the East African Community) and the economic performance, whereas the presence of a controlling institutional shareholder is negatively correlated with the financial performance.</p> Mélanie Croquet Loredana Cultrera Dieudonné Gahungu David Mbonabuca Prisca Niyuhire Copyright (c) 2021 Mélanie Croquet, Loredana Cultrera, Dieudonné Gahungu, David Mbonabuca, Prisca Niyuhire 2021-03-27 2021-03-27 2 2 1 19 10.5281/zenodo.4634741 Corruption and Adoption Process of Information Systems: Literature Review <p>Information Systems (IS) are proposed as effective systems to release the potential of organizations regarding the integration of business processes and management. The aim of this theoretical research is to propose a conceptual and theoretical framework allowing to clarify the relationship between corruption and the adoption process of IS and/or Information and Communication Technologies (ICT) within an organizational context. The following theoretical analysis provides a framework for studying the influence of corruption on the process of adoption and appropriation of IS/ICT, the factors responsible for misuse of IS, and forms of misappropriation of IS uses. Our research revolves around the corruption practices making by final users in the organizational context and the influence of these on the adoption process of IS. A discussion on how and in which direction the corrupt practices influence the adoption process of IS at the company level was proposed. In this analysis, our work will focus on the second section of the literature review concerning the successive adoption of IS/ICT, the adoption process of IS/ICT, and the relationship between corruption and using technologies. Finally, as a third section, we attempt to answer the main question of our theoretical research as follows: What are the factors involved in the misuse of IS within an organizational context and what are the most frequent corrupt practices in the IS adoption process?</p> Tarik Talii Chafik Okar Razane Chroqui Copyright (c) 2021 Tarik Talii, Chafik Okar, Razane Chroqui 2021-03-27 2021-03-27 2 2 20 41 10.5281/zenodo.4641464 Social influence in Predicting Islamic banking acceptance: Evidence from Morocco <p>After four decades of existence, Islamic banking faces a serious problem of acceptance. Indeed, market share of Islamic financial institutions in Muslim countries is still very low. The aim of this study is to present a model based on social factors to predict Islamic banking acceptance. The model uses subjective norms, descriptive norms and Islamic identity as predictors of intention to use Islamic banking products. A survey was conducted among a sample of 481 potential customers of Islamic banks in Morocco. The results confirm the ability of the proposed model to predict 44% of intention to accept their products and services. The three constructs had a significant positive effect on intention to use Islamic banking products.</p> Abdelmonaïm Abourrig Copyright (c) 2021 Abdelmonaïm Abourrig 2021-03-27 2021-03-27 2 2 42 56 10.5281/zenodo.4641472 Transport infrastructure and economic growth: An econometric analysis using the autoregressive distributed lag model ARDL <p>The economic literature has clearly proven that infrastructure development is an essential lever for productivity and sustained economic growth. This hypothesis has been tested in depth in the literature using different approaches and methods. This research aims to study the dynamics of the short- and long-term impacts of transport infrastructure on Morocco's economic growth over the period 1984-2019 from an investment perspective.</p> <p>To accomplish this, we used the Auto-regressive distributed lags ARDL of (( Pesaran, Shin and Smith (2001)). Our results show that the positive effects of transport infrastructure on economic growth in Morocco occur in the short and long term.</p> <p>Economic theory has revealed that the beneficial effects of transport infrastructure will be felt in monetary terms and in other terms such as travel time, environmental effects, safety and so on, which implies the need for Morocco to take this constant into account in order to strengthen its accessibility and internal mobility and thus promote its integration into the world economy.</p> Abdelkader El Khider Brahim Elmorchid Mohammed Amine Margoum Rajaa Nacaf Copyright (c) 2021 Abdelkader El Khider, Brahim Elmorchid, Mohammed Amine Margoum, Rajaa Nacaf 2021-03-27 2021-03-27 2 2 57 75 10.5281/zenodo.4641462 Children's reactions to visual elements of packaging <p><strong>Abstract:</strong></p> <p>The child, never as well "king" as today, constitutes currently a very interesting marketing target for companies. To capture this specific target, marketers often play on the graphic dressing of the packaging of their products.</p> <p>In this article, we try to reveal the impact of the extrinsic characteristics of the packaging, specifically the color and the emblematic character on the emotional, attitudinal and behavioral responses of the child. To do this, 280 children aged 8 to 12 years were asked to participate in a questionnaire survey as part of an experiment.</p> <p>The results obtained show that a packaging colored in red induces a more intense emotional activation than a packaging colored in blue and that the enrichment of the packaging by an emblematic character generates a level of emotional activation in the child higher than that induced by a classic packaging. Our study also proves that by stimulating the emotion of pleasure in children through the use of emblematic characters and cold colors (blue) we can generate a favorable attitude towards the packaging which can result in an intention to purchase a product.</p> <p>The theoretical interest of our research is to enrich the literature on the influence of visual elements of packaging, specifically the color and the emblematic character, on the responses of young consumers. On a managerial level, this article could help marketers and packaging designers, who target the child population, in their chromatic and aesthetic choices.</p> Khaoula Ouni Ghobtane Copyright (c) 2021 Khaoula Ouni Ghobtane 2021-03-27 2021-03-27 2 2 76 92 10.5281/zenodo.4641466 Territorial intelligence : The contribution Web 3.0 technologies in practice the territorial intelligence <p>The term "Territorial intelligence 3.0" refers to the usage of the web 3.0 technologies, such as the mobile web, web applications and the semantic web, in the process of Territorial intelligence.</p> <p>The territorial intelligence represents an offensive and a defensive attitude with all implications in terms of the information generated on global markets. The concept, the origin and the foundation of the above-mentioned term emerging in two distinct communities, one brings together practitioners of territorial intelligence developed around the institutional field, it is the case of top-down territorial intelligence. And the other community, brings together theorists searches in the multidisciplinary academic field, it comes from research on the economy, geopolitics, knowledge management and the discipline of information and communication technology sciences, this is the case of bottom-up territorial intelligence.</p> <p>The Web 3.0 technologies, combine, on the one hand, web 2.0 technologies; the community Web (social networks: Linked in, Twitter, Facebook, etc.) and the collaborative Web (Wikipedia and Weblogs) (Quoniam &amp; Lucien, 2009), and, on the other hand, smartphones, the internet of objects (Internet of Things), cloud computing technology and big data. “Web 3.0 is the combination of smart phones, social networks, Web 2.0, cloud computing and emerging business models as explained above” (Russell et al., 2016), web 3.0 practitioners consider that much of the world's information being correlated and frankly opening up to the general population, combine between these two concepts:</p> <p>Generating the management strategic territorial information founded on Web 3.0 and working in favor of the territory.</p> <p>There are generally two types of territorial intelligence 3.0. The first one is the top-Down Territorial Intelligence 3.0, it’s the evolution of the national policy of competitive Intelligence 3.0 at the local level, but the term “competitive Intelligence 3.0” has been subjected to the same web evolution. And the second one is the bottom up territorial intelligence 3.0, it is manifested by the contribution of the actors of the territory in the process of local development through the technology of web 3.0.</p> <p>The goal of our research is to propose a conceptual model base on a theoretical in the context of territorial intelligence in a digital sphere by web 3.0 technology. This model studied the process the contribute Web 3.0 technology to the practice of territorial intelligence and to meet them in.</p> Mohamed Azmour Yousra Souissa Fatima Charef Copyright (c) 2021 Mohamed Azmour, Yousra Souissa, Fatima Charef 2021-03-27 2021-03-27 2 2 93 106 10.5281/zenodo.4641474 Moroccan Participatory Banks in the Era of the Covid-19 International Health Crisis <p>Apart from the paralysis of the real estate sector and the closure of notaries and concessionaires, the economic situation of customers which is in decline because of the crisis weighs heavily on the activity of participatory banks. Therefore, in Morocco, like all other industries, the participatory banking industry has suffered from the onset of the state of health emergency and total containment of citizens, due to the “COVID-19” health crisis. But participatory banks are relatively better off than conventional banks. However, our present article aims to present the state of play of the said participatory banks a priori and post-mortem of the health crisis in the Moroccan financial fabric, taking into account the measures taken by the monetary authorities at national and international level. Furthermore, a descriptive, understandable and explanatory methodology has been adopted on the basis of a qualitative approach, which aims to identify the concrete situation involving a particular phenomenon. It is therefore a question of understanding and describing the situation of participating banks in the Moroccan banking system during the so-called “COVID-19”. Indeed, by giving meaning to our problem through observation, description and interpretation, by appreciating their context as it presents itself and by providing content data. However, Moroccan participatory banks are called upon to make more sustained efforts in mobilizing savings, in particular by proposing a daily offer of services from the bank that must be competitive, while relying on the affinity that distinguishes it from the classic offer. Moreover, the Moroccan participatory banks still suffer from a significant imbalance in balance sheet management due to several factors. However, this crisis situation was inevitable, but the Moroccan monetary authorities hope that it will only be temporary and that things will return to order as they go.</p> Zouhair EL Azzouzi Copyright (c) 2021 Zouhair EL Azzouzi 2021-03-27 2021-03-27 2 2 107 120 10.5281/zenodo.4641508 The identification of the professional risks related to the process of caring for the patient <p>This study is of interest to health professionals working in public health establishments in Morocco. It is precisely a question of knowing the state of play of occupational health and safety risks in a public hospital.</p> <p>The overall context of this study is characterized by the determination of the process of healthcare provision in Morocco. Based on the patient care process, we identified all of the professional risks associated with this process, then we recommended preventive and corrective actions that contribute to improving health and improving health. Occupational safety in public hospitals.</p> <p>We adopted the interpretive epistemological framework based on an exploratory descriptive approach. The literature review classifies the risks associated with hospital activity into two categories. Some are linked to the care of the patient (DHOS, 2002) and others are specific to the care activity (chemical risks, accident of exposure to blood, contamination from infections, etc.).</p> <p>To identify the occupational risks within our hospital, the professionals working in the departments of medicine and surgery have all agreed to answer our questions.</p> <p>The risks are very varied, with variable criticality depending on the care department. They have a negative impact on the health and safety of nursing staff. 87.6% of respondents declare their permanent exposure to various infectious threats (COVID-19, AES).</p> Ayman Kassbi Souad Filali El Ghorfi Hicham Achelhi Copyright (c) 2021 Ayman Kassbi, Souad Filali El Ghorfi, Hicham Achelhi 2021-03-27 2021-03-27 2 2 121 134 10.5281/zenodo. 4641456 The particularities of the management of sports organizations <p>The objective of our work is to shed light on the particularities of management in the context of sports organizations (SOs), more particularly Moroccan Professional Football Clubs (PFCs). For this purpose, we have opted for an exploration method based on the review of existing literature and the consultation of official documents. We have described the singularity of the SO environment, and the importance of the relationship between the entity and its environment, drawing on the contributions of contingency theory on the one hand. Stakeholder theory has served us as an essential approach to the study of the nature of the relationships they have with the organization on the other hand. Describing the particularities of the environment of Moroccan PSCs has allowed us to understand the particularities of managing this context and its importance both to steer these organizations and to respond perfectly to the environmental issues that impact them. Indeed, this work enriches the studies carried out on managerial practices in the sports context. The latter gives this research an original character given the limited number of works in this direction in Morocco. It is however limited by the methodology implemented and requires recourse to the field for more in-depth studies.</p> Ghizlane El-Guennouni Mustapha Ezzahiri Copyright (c) 2021 Ghizlane El-Guennouni, Mustapha Ezzahiri 2021-03-29 2021-03-29 2 2 135 150 10.5281/zenodo.4641513 Urbanization, inequality and economic growth: an empirical investigation of the Moroccan regions <p>According to the United Nations, the most rapidly urbanizing regions in the world are Africa and Asia. It predicts that by 2050, these regions will become 56% and 64% urban respectively.&nbsp; At the same time, over the past decades, many African and Asian countries and regions have experienced an increase in income inequality. While some researchers argue that urbanization worsens income inequality, others maintain that the relationship is not linear and depends on a stage of development. Indeed, Morocco has undergone a sustained urbanization process in all its regions over the last decades, however, Moroccan regions have been marked by inequalities in all levels. In this regard, this paper analyses the relationship between inequality, economic growth and the urbanization process in Morocco, which remains largely understudied, based on the Kuznets hypothesis and using panel data on ten Moroccan regions for the period 2010/2017. The data used in this paper come from the Haut-Commissariat au Plan in the framework of the General Census of Population and Housing (RGPH), and the National Survey of Household Consumption and Expenditure (ENCDM).</p> <p>With the application of the ordinary least square method on 80 observations, the results of the fixed effect model confirm the inverted U-shaped relationship between inequality and GDP per capita. However, the relationship found between urbanization and inequality is opposite to the one put forward by Kuznets. Indeed, rapid urbanisation can lead to an increase in inequality.</p> Asmaa El Allam Abdeljabbar Abdouni Copyright (c) 2021 Asmaa El Allam, Abdeljabbar Abdouni 2021-03-29 2021-03-29 2 2 151 162 10.5281/zenodo.4641470 The budgetary discipline in Morocco and the low equilibrium trap <p>The use of threshold effects in the implementation of budget policy, enroll in a logic of economic and social policies evaluation. The presence of threshold effects suggests the coexistence of different budget regimes conditional on the budget deficit and public debt. The budgetary discipline imposed to the Moroccan public finances since the 80s, may be counterproductive and harmful to the Moroccan economic growth. The objective is not to propose optimal debt and budget deficit rates, but to show the importance of establishing a flexible budgetary rule that takes into account the economic and social realities of the Moroccan economy.</p> <p>Public finance management through rigour (prudential accounting logic), condemns budgetary policy in Morocco to achieve a low level of economic growth, thus leading to a low equilibrium ?</p> <p>On the budgetary level, compliance with the 3% rule, generates specific problems. The reduction of public deficits in bad economic situation cannot be an indication of the efficiency of economic policy. That rule is an arbitrary and counterproductive one, which limits any action of resource allocation and redistribution to mitigate the worsening of social inequalities. Therefore, is the government action reduced to an accounting management centered on the balance of public finances.</p> <p>Threshold effects suppose the non-linearity in terms of budget policy and the lack of the <strong>"one best way"</strong> in the setting of the country’s budget policy. We will, thus, use a robust econometric model for determining budget deficit and public debt thresholds wherefrom economic growth reacts differently to the fiscal policy. These thresholds are 4,6% for the budget deficit and 63,73% for the total debt of the treasury.</p> Atman Dkhissi Zakaria Ez-zarzari Copyright (c) 2021 Atman Dkhissi, Zakaria Ez-zarzari 2021-03-30 2021-03-30 2 2 163 178 10.5281/zenodo.4641511 Governance mechanisms and financial performance of family SMEs: an empirical study conducted <p>This paper investigates whether the financial performance of family SMEs can be explained by the use of governance mechanisms. A theoretical framework inspired by the agency theory, the stewardship theory and the theory of resources and competences has been used to analyze the governance of family SMEs. At the end of the theoretical part, three hypotheses were formulated for testing in a sample of family SMEs. To achieve this goal, we opted for a quantitative method by using a questionnaire as a data collection tool with a sample of 33 family SMEs operating in Cameroon. Thus, out of the 45 questionnaires administered at the outset, only 33 were usable, 73.33% exploitation rate. The results show that governance mechanisms do influence the financial performance of family SMEs, and concern both the shareholder structure, the characteristics of the Board of Directors and the family governance mechanisms. Indeed, the opening of the capital to a venture capitalist, the formalization of the functioning of the Board of Directors, the technical heterogeneity of the Board of Directors, the proportion of external directors as well as the recourse to family meetings, constitute governance mechanisms responsible for the positive financial performance of family SMEs. However, the concentration of shares in the hands of family members or managers, the use of the family council and the family charter decrease the financial performance of family SMEs. These results attempt to promote the opening of governance (through professionalization mechanisms such as: the activism of risk investors, the use of external directors and the professionalization of the Board of Directors) as a guarantee of the financial performance of family SMEs.</p> Robert Horogbe Albert Amanwa Garandi Copyright (c) 2021 Robert Horogbe, Albert Amanwa Garandi 2021-03-30 2021-03-30 2 2 179 193 10.5281/zenodo.4641498 The organization of the territory in network and dynamic territorial attractiveness of companies <p>Today, with globalization, territories are open systems embedded in a highly competitive world. In this context of competitiveness, the territory, as a support for public action, plays a crucial role in the formation of its attractiveness of companies. In this sense, public action contributes to the formation of a territorial offer in an implant market, considered to be the place of confrontation between a demand for services and goods formulated by investors and an offer aimed at the attractiveness and anchoring of companies.</p> <p>Through this research, we aim to understand the role of networking actors in the formation of the territorial attractiveness of companies. The aim is to show that, beyond the economic and financial factors, the networking of the various actors allows the development of territorial attractiveness.</p> <p>To do this, we chose the Rabat Salé Kenitra region in Morocco as our fields of investigation. As the objective of the research is explanatory, the methodological approach adopted is qualitative in nature. We collected primary data from 15 semi-directing interviews with stakeholders involved in the formation of the territorial attractiveness of companies. The choice of actors was made on the basis of a generalized rule of determining the boundaries of networks, proposed by Doreian and Woodard (1994).</p> <p>The completion of our study allowed us to highlight that spatial proximity, territorial specialization, institutional and structural social capital and symbolic attachment to the territory favor the networking of actors and hence the development of the territorial attractiveness of companies.&nbsp;</p> Hassan Azouaoui Ahmed Lahlou Copyright (c) 2021 Hassan Azouaoui, Ahmed Lahlou 2021-03-30 2021-03-30 2 2 194 213 10.5281/zenodo.4641502 Quality in Moroccan public hospitals : Challenges and areas of improvement <p>Public hospitals in Morocco suffer from a lot of dysfunctions and shortcomings, which have in their turn perverse effects on the quality of their practices, their activities and services (shortage and lack of management of resources, governance problems, staff demotivation, accessibility difficulties, user dissatisfaction, etc.). Several efforts have been made by the ministry of health through the implementation of a set of reforms, strategies and action plans, in order to control and reduce the impact of those dysfunctions in the public hospital world. From the 1990s, the ministry of health have focused mainly on quality procedures (Competition for quality, certifications, hospital accreditation, etc.), to ensure both the correction of certain dysfunctions and the improvement of the quality of services offered to public hospital services users. However, all these efforts could not succeed. As a matter of fact, they were not able to make the change in the Moroccan public hospital world work.</p> <p>In this article, we try to dissect the main quality initiatives that have been established in the public hospitals of the kingdom, to shed some light on the main obstacles that hinder their success, and therefore, suggest ways of improvement to allow their sustainability. We implicitly target, through this work, the identification and the contribution to the fixing of the major dysfunctions of the Moroccan public hospitals that strive to improve their services, performances and ability to cope with various challenges, issues and risks such as the serious repercussions and the devastating consequences of the current covid-19 pandemic.</p> Wadiâ Chahouati Copyright (c) 2021 Wadiâ Chahouati 2021-03-30 2021-03-30 2 2 214 235 10.5281/zenodo.4641495 Green human resource management: A systematic literature review <p>With the growing awareness of environmental protection as one of the most critical priorities, organizations have begun to integrate environmental activities into all organizational functions. Human resources management as an important organizational function is, in turn, engaged in practices related to environmental protection and preservation of the ecological balance. Thus, Green Human Resource Management (GHRM) is the latest trend in HRM research and has attracted the attention of many researchers and practitioners.</p> <p>However, there is still a lack of systematic research aimed at analyzing knowledge on green human resource management. The purpose of this study is to systematically review the research conducted in this field, in order to provide a general reflection on the current state of knowledge. Our research identified 148 research papers published in credible databases covering the period 2000-2020. This research provides an important contribution by providing a broad and rigorous review of the concept, practices, challenges, antecedents and consequences of green human resource management. Finally, this research provides a roadmap for future research.</p> Kaoutar Elfahli Hosna Hossari Copyright (c) 2021 Kaoutar Elfahli, Hosna Hossari 2021-03-30 2021-03-30 2 2 236 266 10.5281/zenodo.4641478 Regional Employment Interactions in Morocco: Spatial Modeling <p>For geo-economists, space is the decisive and explanatory factor in the economic interaction between regions. Moreover, space can be a variable added to other classical variables (economy, politics, society, etc.) to explain the impact of the activities of one region (region, country, city, etc.) on another region. The development of a spatial economic theory consists mainly in understanding the form and method of distribution of economic data, as it allows people to understand the location of production activities and the choice of the economic agglomeration process. More attractive regions with dynamic activities (with regional advantages in terms of resources, climatic conditions, infrastructure, etc.) can make neighboring regions dynamic, efficient and contribute more, as this can make the region poor and unattractive. The economic development of a region cannot be explained solely on the basis of the internal and specific factors of the region, because the geographical distribution of employment is not random. Therefore, an agricultural region can, for example, stimulate employment in its neighboring countries. Industrial area. For this reason, we try in this work, while respecting the theoretical principles of spatial econometrics, to test for the existence of interregional economic dependence or interaction, to distribute the 12 Moroccan regions globally according to their level of employment, and to see whether regions with high or low economic levels are located close to regions with similar or different levels. Next, we will use a few descriptive variables to describe the local pattern of the unemployment rate.</p> Toufik Marmad Samira Benjelloun Copyright (c) 2021 Toufik Marmad, Samira Benjelloun 2021-03-30 2021-03-30 2 2 267 279 10.5281/zenodo.4641482 The Role of Farmer Personal Characteristics in the Adoption of Localized Irrigation Technology (LIT) <p>In Morocco, one of the most important and effective ways to combat the water crisis is to increase irrigation efficiency through the use of water-efficient irrigation technologies. Among the existing irrigation technologies, LIT has the highest efficiency rate (up to 90-95% irrigation efficiency). However, the adoption of this technology is low and continues at a slow pace.</p> <p>The main objective of this study is to identify and understand the role of individual variables in the adoption of localized irrigation technology (LIT) by farmers in the Draa-Tafilalt region. The results of the analysis of data collected by questionnaire from 400 farmers in the Draa-Tafilalt region showed that the variables "Self-Efficacy", "Attitude" and "Education Level" had a positive and significant effect on the probability of LIT adoption at the 1% significance level. On the other hand, the variables "Age" and "Experience" had a negative and significant effect on the probability of adopting LIT at the 1% significance level. While the effect of the "personal innovation" variable on LIT adoption in the Draa-Tafilalt region was non-significant.&nbsp;</p> <p>The results of this work are of obvious practical and operational significance, as they provide information on the individual factors that condition the successful adoption of LIT by farmers. The results obtained can serve as a guide for action that leads to practical responses to the problems of irrigation water management and valuation in the study area.&nbsp; Our results are therefore beneficial not only to equipment suppliers and consultants but also to public officials responsible for supporting the integration of innovations in agriculture.</p> Mohamed Elboukhary El Intidami Fatiha Benamar Copyright (c) 2021 Mohamed Elboukhary El Intidami, Fatiha Benamar 2021-03-30 2021-03-30 2 2 280 301 10.5281/zenodo.4641490 Modeling of EUR-MAD and USD-MAD Exchange Rates <p>Currency Risk can be very problematic for our companies, so it is important for Moroccan companies exposed to currency risk to be able to measure this exposure in order to manage it properly.</p> <p>The objective of this paper is to estimate the foreign exchange risk EUR / MAD and USD / MAD according to Basel II recommendations on capital requirements for market risks. To quantify the potential capital loss on foreign exchange risk, the experts use the VAR (Value At Risk) model to determine the potential loss that could impact the firm's performance.</p> <p>We applied the VAR concept to estimate the foreign exchange risk of the Moroccan Dirham against the Euro and then against the US Dollar. Three standard VAR calculation models most used by risk managers (historical method, parametric method and Monte Carlo simulation) were studied and then applied to a historical exchange rate EUR / MAD and USD / MAD over the period from 02/01/2017 to 31/12/2018 and on a database of 520 observations.</p> <p>Our study revealed that the Monte Carlo simulation method recorded the highest value of the VaR which is established at 281.170 DH against the parametric method which is limited to 204.100 DH. The average of the three methods is around 246.170 DH which represents a loss percentage of 0.91% of the total value of the portfolio.</p> <p>However, to complete this study, we believe that it is wise to use stress testing and backtesting tests which make it possible to validate this VaR model and to meet the standards set by the Basel Committee.</p> <p>With a confidence level of 99%, we found three exceedances of the losses compared to the values ​​of the average VaR. For a 95% confidence level, we have 16 exceedances. The maximum loss corresponds to the date of: 24/08/2017, explained by the sharp drop in the EUR / MAD rate, from 11.235 to 11.156 DH.</p> Ahmed Hrifa Zineb Bamousse Copyright (c) 2021 Ahmed Hrifa, Zineb Bamousse 2021-03-30 2021-03-30 2 2 302 323 10.5281/zenodo.4641517 Weak Informational Efficiency of African stock markets <p>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 form</p> Salma Dib Nabil Dahhou Omar Kharbouch Copyright (c) 2021 Salma Dib, Nabil Dahhou, Omar Kharbouch 2021-03-30 2021-03-30 2 2 324 338 10.5281/zenodo.4641476 The effect of public higher education on the type of fit of its graduates to the labor market <p>This article seeks to assess the situation of the outputs of public higher education institutions on the Moroccan private labor market in terms of the quality of integration with the level of the diploma acquired. In other words, is this a situation of fit or a mismatch of graduates in the labor market. Our empirical results through multi-level logistic modeling shows that the heterogeneity of public graduates between institutions significantly affects their type of integration into the labor market. Once these individual effects have been controlled, it appears the existence of an establishment effect on the type of suitability or on the quality of integration of graduates into the labor market. Similarly, when we integrate the structure of the training offer from establishments, a moderate establishment effect appears but remains significant which can be illustrated by a network effect or a signal from the university of the labor market, as well as: selectivity, the capacity utilization rate institution and teacher's grade significantly influence the nature of graduates' fit into the labor market.</p> Oussama Elkhalfi Rachid Chaabita Copyright (c) 2021 Oussama Elkhalfi, Rachid Chaabita 2021-03-30 2021-03-30 2 2 339 356 10.5281/zenodo.4641519 Employee’s Attractiveness in A Change Phenomenon <p>Every day, changes come to meet human’s daily life. This is basically related to the technological domination that has been changing individuals’ behavior.</p> <p>Considering the human resources being the core capital of the company, the latter is automatically and directly affected by this change phenomenon; especially in attracting talented employees which is the first step of the recruitment process.</p> <p>In front of this situation, the company is facing the challenge of proving its agility and providing solutions, especially that the job market is nowadays marked by the increasing talent war and the extensive complexity. The company needs to go with the flow and to surf on the wave of the change, in order to keep its place in the market or even to create a competitive edge.</p> <p>In this article we will be studying the characteristics that define the 45-65’s and the Y generations behavior. Through this study we will find out the new elements that attract the new generation (generation Y), to finally illustrate how can the employer (company) bend the new situation to his advantage and develop a new attractiveness strategy using the Y generation tools.</p> <p>The study is first based on a deep review and analysis of literature. Then, a qualitative ethnographic case study bringing out contextual real-world knowledge about the behaviors, social structures and shared beliefs of a generation Y belonging to the call center industry.</p> Khaoula Naja Amina Asli Copyright (c) 2021 Khaoula Naja, Amina Asli 2021-03-30 2021-03-30 2 2 357 367 10.5281/zenodo.4641493 Theoretical approaches and their explanatory scope for management control practices in the public sector <p>Management control is a set of systems put in place to provide executives and various managers with periodic information about the company's operations.&nbsp; Their comparison with past or forecasted data can, if necessary, prompt management to take appropriate corrective action, both strategic and operational.</p> <p>The popularity of the New Public Management theme, which is becoming more and more frequent, is no coincidence. For more than 20 years, the public sector has been characterized by a major evolution aimed at modernizing its management. In line with recent developments in public management (in this case, New Public Management), the modernization of the public sector is of great importance. Moreover, the stakes in terms of a country's overall development depend in particular on its public sector, insofar as management control seeks, by definition, to reconcile strategic vision and operational actions. In this context, our paper is presented as a theoretical study that highlights the main theoretical frameworks that inspire research in management control. In order to have a better understanding of our study, this paper therefore focuses on the presentation and perspective of the main theoretical contributions, in particular the theoretical foundations of New Public Management and management control in the public sector, the specificities of this sector and the contributions of management control to the public sector.</p> Abir Hanafi Said El-Marzouki Copyright (c) 2021 Abir Hanafi, Said El-Marzouki 2021-03-30 2021-03-30 2 2 368 393 10.5281/zenodo.4641504 Organizational loyalty of generation Y <p>Employee loyalty has been the subject of much research for several decades. It is now considered to be one of the main interests of senior managers. Indeed, it has an impact both on the Personal efficiency, Organizational performance and also his productivity. The main objective of this study is to evaluate the impact of affective commitment, intention to leave and the sense of self-determination, perceived by Generation Y executives of the Office Chérifien des Phosphates (OCP), on their sense of loyalty. In order to do this, we made a set of hypotheses through and we have assumed that the explanatory variables have a direct impact on the loyalty of the Office's senior managers.</p> <p>Based on the nature of our research, we have opted for a quantitative approach with a hypothetical-deductive reasoning mode, with the aim of presenting a more complete research model, which has been improved through a rich literature review, and which will serve as a basis for establishing the links between the different variables treated in our field of study. The target population presented senior managers of Generation Y of OCP Jorf Lasfar (500 executives). The self-administered questionnaires were distributed to 140 senior managers, allowing us to retrieve only 72 questionnaires, 50 of which are valid for statistical analysis. The collected data were processed and analyzed using the analysis software SPSS V.24. There was a statistically significant correlation between affective commitment and the sense of loyalty (<strong>β</strong><strong> = 0.445</strong>, <strong>p &lt; 0.05</strong>) and between intention to leave and the sense of loyalty (<strong>β</strong><strong> = -0.580</strong>, <strong>p &lt; 0.05</strong>). However, the results did not show a significant influence of the sense of self-determination on respondents' loyalty (<strong>β</strong><strong> = -0.248</strong>, <strong>p &gt; 0.05</strong>).</p> Chaimae Boufarouj Said Mdarbi Copyright (c) 2021 Chaimae Boufarouj, Said Mdarbi 2021-03-30 2021-03-30 2 2 394 409 10.5281/zenodo.4641506 The regulatory and institutional Framework of the governance of participating banks in Morocco <p>Recently established in Morocco, participating banks have shown their resilience in the face of the recession caused by the Covid-19 pandemic, but this does not mean that they are immune to a potential crisis such as that of 2008. Hence the interest in clarifying the institutional rules of governance within the framework of this new system. This work proposes to clarify the law 103-12 relating to Bank-Al-Maghrib (BAM) circulars on the mechanisms of bank governance (board of directors, shareholder structure, audit committee, risk management committee), particularly that of participating banks. The governance mechanisms are derived from the legal laws governed by BAM which are unregulated by market issues.&nbsp; The purpose of this research is therefore twofold: to clarify and confine the regulatory and institutional framework for credit institutions in Morocco and to infer good governance practices. This choice was made in the absence of a regulation system that legislates the governance system within participating banks.</p> Lalla Nezha Lakmiti Cheklekbire Malainine Copyright (c) 2021 Lalla Nezha Lakmiti, Cheklekbire Malainine 2021-03-30 2021-03-30 2 2 410 426 10.5281/zenodo.4641521 Literature review on the utility and toles assigned to the accounting information system and accounting data in SMEs <p>The literature on the management systems of the SME manager shows that many small and medium sized entreprises would have only rudimentary management tools, this would explain the perference of SME managers for more informal media and verbal information (Mintzberg, 1990; Fallery, 1983). However, empirical research on this topic has led to nuanced conclusion. Therefoe, the vision of an embryonic accounting information system does not correspond to the real situation of all SMEs. The managers of SMEs are reported to have differentiated attitudes towards such data. In this context, the aim of this article is to try to determine, through a literature review, the extend to which SME managers consider formal accounting data to be relevant and useful. Relevance represents the ability of infirmation to influence user's decision by allowing them to either assess past, present, and future events or to confirm or correct their past assessments.</p> <p>The literature review carried out shows that the results of many studies have refuted the findin advanced a priori in the literature that the AIS of SMEs. Even if this word concludes that accounting pratices are not generalized to all SMEs, in-depth analysis of empirical studies indicates that SMEs have fairly complex AISs, various accounting practices and that their managers use accounting data their management. As a result, the idea of a simple, rudinmentary and systematically underutilized accounting information system would in reality only be a trend.</p> Hicham Slalmi Cheklekbire Malainine Copyright (c) 2021 Hicham Slalmi, Cheklekbire Malainine 2021-03-30 2021-03-30 2 2 427 438 10.5281/zenodo.4641529 Governance and Foreign Direct Investment in Developing Countries <p>The main objective of this work is to study the role of governance indicators as determinants of FDI in African countries. It is in this sense that we conducted an analysis of panel data from 44 African countries over a 31-year period (1985-2015) using the generalized least squares method (GLSM).</p> <p>Our estimates show the following: (i) market size (GDP, current US$) has a negative impact on FDI to Africa, (ii) openness to trade has a positive impact on FDI flows, (iii) infrastructure (telephone lines (per 100 persons) have a negative effect on FDI flows to African countries, (iv) official exchange rate (local currency units per US$), average for the period) attracts FDI flows to Africa, (v) the rule of law and the functioning of the state attract ideas to African countries, (vi) the fight against corruption, the quality of regulation and political stability negatively affect ideas in Africa, (viii) the current account balance (% of GDP) positively affects the entry of ideas in Africa.</p> Mohamed Ed-Dib Yassine Aichi Copyright (c) 2021 Mohamed Ed-Dib, Yassine Aichi 2021-03-31 2021-03-31 2 2 439 458 10.5281/zenodo.4652921