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The Impact of Ownership Structure on ESG Performance: Evidence from Listed Firms in the Moroccan Market
[L’impact de la structure actionnariale sur la performance ESG : Cas des entreprises cotées sur le marché marocain]

Author

Listed:
  • Mohammed Ouargani

    (ENCG - École Nationale de Commerce et de Gestion d'Agadir - Université Ibn Zohr = Ibn Zohr University [Agadir])

  • Bouchra Radi

    (ENCG - École Nationale de Commerce et de Gestion d'Agadir - Université Ibn Zohr = Ibn Zohr University [Agadir])

Abstract

This study examines the impact of ownership structure on ESG performance among firms listed on the Casablanca Stock Exchange over the period 2019–2024. Using a balanced panel of 40 Moroccan listed companies and Refinitiv ESG scores, the research analyzes the effects of institutional ownership, family ownership, state ownership, and ownership concentration on firms' sustainability performance. The study employs panel data regression models, including pooled OLS, Random Effects, and Fixed Effects estimations. The findings reveal that institutional ownership positively influences ESG performance, while family ownership shows a negative relationship with ESG engagement. In contrast, state ownership and ownership concentration do not exhibit significant effects after controlling for firm-specific heterogeneity. The study contributes to the literature on corporate governance and sustainable finance by providing evidence from an emerging African market characterized by concentrated ownership structures and evolving ESG practices. Keywords: ESG performance; ownership structure; corporate governance; Morocco.

Suggested Citation

  • Mohammed Ouargani & Bouchra Radi, 2026. "The Impact of Ownership Structure on ESG Performance: Evidence from Listed Firms in the Moroccan Market [L’impact de la structure actionnariale sur la performance ESG : Cas des entreprises cotées sur le marché marocain]," Post-Print hal-05635076, HAL.
    • Handle: RePEc:hal:journl:hal-05635076
    DOI: 10.5281/zenodo.20401281
    Note: View the original document on HAL open archive server: https://hal.science/hal-05635076v1
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