[ Evaluation empirique des effets des risques financiers sur les entreprises marocaines ]
Volume 12, Issue 2, July 2015, Pages 424–439
ABDELMAJID IBENRISSOUL1 and Maroua Zouigui2
1 Professor of Higher Education ENCG - CASABLANCA, Director of Laboratory of Innovation Management and Economics, University Hassan II, Mohammedia, Morocco
2 Professor of Higher Education EHTP, Casablanca, Morocco
Original language: French
Copyright © 2015 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
This paper presents a study on the relationship between the value of the firm and financial risks by a sample of Moroccan companies listed on the Casablanca Stock Exchange. The sample covers 72 listed companies operating in various industries. The value of the company is represented by the monthly dividend yield of the firm and the financial risks are mainly; market risk, exchange rate risk, rate risk, and commodity risk. The aim of the analysis is to study the impact of these financial risks on the value of the company, through an econometric study of a regression model, where the value of the company is the dependent variable, and financial risks are the explanatory variables. The empirical results show that 35% of Moroccan companies are sensitive to changes of financial instruments for the period of May 2013 to April 2014.The results also show that the sensitivity of firms depends on the nature of the activity and the degree of openness on the international market. A cross-sectional analysis by industry was considered to answer the question, and the results suggest that the most sensitive areas are the telecommunications sector, followed by the building and public works sector, then the transport sector.
Author Keywords: financial agency theory, traditional trade theory, market risk, exchange rate risk, rate risk, commodity risk, panel data.
Volume 12, Issue 2, July 2015, Pages 424–439
ABDELMAJID IBENRISSOUL1 and Maroua Zouigui2
1 Professor of Higher Education ENCG - CASABLANCA, Director of Laboratory of Innovation Management and Economics, University Hassan II, Mohammedia, Morocco
2 Professor of Higher Education EHTP, Casablanca, Morocco
Original language: French
Copyright © 2015 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This paper presents a study on the relationship between the value of the firm and financial risks by a sample of Moroccan companies listed on the Casablanca Stock Exchange. The sample covers 72 listed companies operating in various industries. The value of the company is represented by the monthly dividend yield of the firm and the financial risks are mainly; market risk, exchange rate risk, rate risk, and commodity risk. The aim of the analysis is to study the impact of these financial risks on the value of the company, through an econometric study of a regression model, where the value of the company is the dependent variable, and financial risks are the explanatory variables. The empirical results show that 35% of Moroccan companies are sensitive to changes of financial instruments for the period of May 2013 to April 2014.The results also show that the sensitivity of firms depends on the nature of the activity and the degree of openness on the international market. A cross-sectional analysis by industry was considered to answer the question, and the results suggest that the most sensitive areas are the telecommunications sector, followed by the building and public works sector, then the transport sector.
Author Keywords: financial agency theory, traditional trade theory, market risk, exchange rate risk, rate risk, commodity risk, panel data.
Abstract: (french)
Cet article présente une étude sur la relation entre la valeur de l'entreprise et les risques financiers sur un échantillon d'entreprises marocaines cotées à la Bourse de Casablanca. L'échantillon porte sur 72 entreprises cotées opérant sur divers secteur d'activité. La valeur de l'entreprise est représentée par le rendement mensuel de l'action de la firme alors que les risques financiers sont principalement ; le risque de marché, le risque de change, le risque de taux et le risque de produit de base. L'objectif de l'analyse est d'étudier l'impact de ces risques financiers sur la valeur de l'entreprise à travers une étude économétrique portant sur un modèle de régression, où la valeur de l'entreprise est la variable dépendante, et les risques financiers sont les variables explicatives. Les résultats empiriques montrent que 35% des entreprises marocaines sont sensibles aux variations des instruments financiers sur la période de mai 2013 à avril 2014.Les résultats montrent également que la sensibilité des entreprises dépend de la nature de l'activité et du degré de son ouverture sur le marché international. Une analyse transversale par secteur d'activité des déterminants de la sensibilité aux fluctuations des risques financiers est aussi conduite pour répondre à la question, et les résultats avancent que les secteurs les plus sensibles sont le secteur de la télécommunication, suivi par le secteur des bâtiments et travaux publics, et ensuite le secteur du transport.
Author Keywords: théorie financière de l'agence, théorie traditionnelle du commerce international, risque de marché, risque de change, risque de taux, risque de produit de base, données de panel.
How to Cite this Article
ABDELMAJID IBENRISSOUL and Maroua Zouigui, “Empirical Evaluation of the effects of financial risks on Moroccan companies,” International Journal of Innovation and Applied Studies, vol. 12, no. 2, pp. 424–439, July 2015.
