L’ impact de l’introduction en bourse sur la performance boursière des entreprises familiales cotées à la Bourse de Casablanca
Mots-clés :
Introductions en bourse (IPO), Entreprises familiales, Performance boursière, Marchés émergents, Structure du capitalRésumé
Cette étude analyse l’impact des IPO sur la performance boursière des entreprises familiales marocaines. Basé sur des théories financières liées à la structure du capital, la gouvernance d’entreprise, l’agence et la signalisation, il examine l’effet des IPO sur la rentabilité, la structure financière et la valorisation des entreprises, au moyen de variables telles que les conditions du marché, la liquidité et la volatilité des actions. En utilisant des modèles économétriques appropriés (GLM, CS-ARDL et OLS), l’étude capture la dynamique de la performance à court et long terme. Les résultats montrent une amélioration significative des rendements, principalement soutenue par des conditions de marché favorables et une liquidité élevée des titres. D’autre part, la volatilité excessive des actions est un facteur négatif pour le rendement futur des marchés boursiers. Cette recherche contribue à combler une lacune dans la littérature sur les marchés émergents et offre des recommandations concrètes aux entreprises familiales souhaitant optimiser les avantages de leur introduction en bourse.
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(c) Tous droits réservés Ayoub Massiki 2025
Ce travail est disponible sous licence Creative Commons Attribution - Pas d’Utilisation Commerciale 4.0 International.
