The impact of different conventional financing methods on the financial performance of Moroccan SMEs[modes de financement conventionnels sur la performance financière des PME marocaines The impact of different conventional financing methods on the financial performance of Moroccan SMEs]

Access to finance remains one of the main challenges faced by Moroccan small and medium-sized enterprises (SMEs), largely due to banking governance constraints, information asymmetry and compliance requirements. In this context, this paper aims to analyse the impact of conventional and participatory financing methods on the financial and organizational performance of Moroccan SMEs, while examining the mediating role of banking governance and ethical practices. Methodologically, the study adopts a quantitative approach based on a survey conducted among SME managers operating in various economic sectors in Morocco. The collected data are analysed using econometric models estimated through linear regression with EViews software. The empirical results indicate, first, that the quality of banking governance mechanisms has a positive and significant effect on SMEs' access to finance. Second, the findings reveal a differentiated impact of financing choices on overall performance: conventional financing contributes more to financial stability, whereas participatory financing enhances organizational performance, trust and the sustainability of banking relationships. These findings highlight the relevance of a hybrid financing approach for Moroccan SMEs and emphasize the need to strengthen governance, transparency and compliance practices in order to improve the efficiency of the financial system and support sustainable SME development.