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Déterminants de la structure financière des entreprises manufacturières au Maroc
[What Determines Financial Structure in the Moroccan Manufacturing Sector? A Firm Level Analysis]

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Author Info
Achy, Lahcen
Rigar, Sidi Mohamed

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Abstract

The purpose of this paper is to investigate empirically the determinants of financial structure in the Moroccan manufacturing firms. The paper contributes to the empirical literature on capital structure in developing countries. It relies on the data collected by the Firm Analysis and Competitiveness Survey (FACS) carried out in 2000 by the Ministry of trade and industry, and the World Bank. Our findings suggest that firms have relatively high debt ratios composed mainly of short maturity debt. However, their capital structure seems to match the nature of their assets in which tangible assets are underrepresented. Our empirical analysis uses four different measures of leverage and shows that the four main determinants of financial structure in the Moroccan manufacturing firms are the share of tangible assets in total assets, firm's age, its size, and the structure of its ownership. However, the nature of the relationship between these variables and leverage depends on the specific measure used and tends to differ with previous findings in the empirical literature.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8671.

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Date of creation: 20 Dec 2005
Date of revision: 14 Sep 2007
Handle: RePEc:pra:mprapa:8671

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Keywords: Financial structure non listed firms Morocco firm level data

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Find related papers by JEL classification:
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G30 - Financial Economics - - Corporate Finance and Governance - - - General

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  1. Rajan, Raghuram G & Zingales, Luigi, 1995. " What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-60, December. [Downloadable!] (restricted)
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  2. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  3. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02. [Downloadable!] (restricted)
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  5. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June. [Downloadable!] (restricted)
  6. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March. [Downloadable!] (restricted)
  7. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
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