Contraintes de financement et productivité dans l’industrie de l’habillement au Maroc en présence d’hétérogénéité de la technologie

The relationship between access to financing and productive performance is re-examined by analysing a random sample of 324 Moroccan enterprises over a 3 year period (2000-2002). We hypothesize that firm financial constraints potentially affect productivity through the technical efficiency level or the choice of technology. Both phenomena are jointly estimated using Latent Class Stochastic Frontier Models (LCSFM). On average, the contribution of technical efficiency to a firm?s potential productivity gain proves limited in comparison with the impact of technological choice. If firms were financially unconstrained, the Total Factor Productivity (TFP) gain that would result from moving to the more efficient technology would vary from 18 % to 64 %. Across firm-size categories, the larger gain is observed for firms of less than 20 employees. Empirical results can be qualified by considering that human capabilities also condition the efficiency of implementation of a technology. In our study, about 22 % of firms finally prove to have a loss of productivity resulting from financial market failures. Codes JEL : D 24, D 22, D 23, D 20.