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Structure du Capital et Gouvernance des Societes Cotees au Maroc

Author

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  • Sidi Mohamed Rigar

    () (Faculté des sciences juridiques, économiques et sociales Marrakech.)

  • Sanae Solhi

    () (Faculté des sciences juridiques, économiques et sociales Agdal Rabat.)

Abstract

Le débat autour de la question de gouvernance des entreprise s’est acharné ces dernières années avec la multiplication des scandales financiers et les déroutes qu’ont connues certaines firmes par rapport aux règles de bonne conduite. Notre papier cherche, à travers une analyse du cas marocain, et en s’intéressant plus exactement aux sociétés cotées, d’identifier le rôle des facteurs financiers, managériaux et organisationnels dans le processus de gouvernance des entreprises marocaines. Nous visons à mettre en exergue la relation entre le mode de gouvernance en vigueur au niveau des entreprises marocaine et leurs spécificités en matière de structure financière, de style de management et de structure organisationnelle. Après une présentation détaillée du cadre théorique et conceptuel mettant en exergue les problèmes d’asymétrie de l’information et leur impact sur le processus de résolution des conflits entre les parties prenantes au sein des entreprises, nous avons procédé à une étude approfondie du cadre institutionnel régissant la gouvernance des entreprises au Maroc. Il en ressort que le code juridique marocain des sociétés cotées présente une certaine adéquation avec les principes de la bonne gouvernance. Les limites persistent surtout au niveau de leur adoption par les sociétés. Les raisons sont multiples; elles sont soient liées à la structure du capital ou à sa répartition, mais aussi à d’autres facteurs socioculturels liés à la mentalité des dirigeants et à leurs visions managériales. Il règne souvent une certaine culture de fraude encouragée par une créativité comptable, et une sorte de complicité des instances de vérification et de contrôle, ce qui rendant la lecture des comptes sociaux difficile, et met en péril le respect des règles de bonne gouvernance. La sensibilisation et la formation des acteurs au niveau de l’entreprise, aux enjeux de la bonne gouvernance reste le seul moyen pour atténuer le fossé entre les principes de bonne gouvernance et les pratiques au sein des entreprises marocaines.

Suggested Citation

  • Sidi Mohamed Rigar & Sanae Solhi, 2008. "Structure du Capital et Gouvernance des Societes Cotees au Maroc," Working Papers 431, Economic Research Forum, revised 08 Jan 2008.
  • Handle: RePEc:erg:wpaper:431
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    References listed on IDEAS

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