Structure d’actionnariat et mesures de restructurations : Cas des entreprises cotées à la bourse de Casablanca

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. \nSeveral 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. \nTo 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. \nThe 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.