Impact de la décision de financement sur la performance de l'entreprise marocaine : Cas des sociétés cotées des secteurs Immobilier et Matériaux de Construction

In this communication, the authors examine the effects of capital structure on the financial performance of Moroccan companies operating in real estate and construction sectors in the context of pecking order theory. The communication suggests that choosing a method of financing, whether internal or external, debt or equity capital, long term or short term is likely to have different effects on financial performance. Prior to studying these effects, a performance measure should be determined. The study shows that long-term debt is negatively correlated to the financial performance of the company, short-term debt is positively correlated. Financing by issuing new shares does not seem to affect the performance of enterprise in any performance measure used. And ultimately self-financing has also a negative effect on the company's performance.