Quelle corrélation entre décision stratégique et performance financière en termes de création de valeur actionnariale interne et boursière dans le contexte marocain ?
Creators: name: LEKHAL, MOSTAFA
name: EL OUBANI, AHMED
Publisher: name: Dossiers de Recherches en Économie et Gestion
Year: 2019
Subjects: décision stratégique; performance financière ; création de la valeur ; strategic decision ; financial performance ; value creation

description: L’objectif de cet article est l’étude de l’interaction entre la décision stratégique et la performance financière en termes de création de valeur actionnariale interne et boursière. Les études de cas d’entreprises ainsi que l’analyse événementielle à travers des tests statistiques ont révélé que la prise d’une décision stratégique affecte négativement la performance interne et boursière et que cette influence n’est pas expliquée par le type de stratégie adoptée. Pour saisir l’impact de la performance financière sur la décision stratégique, deux sous- échantillons ont été formés. L’analyse des résultats empiriques montre que le niveau de la performance antérieure ne constitue pas un déterminant significatif de la prise de décision stratégique. En outre, l’impact de la décision stratégique est significativement négatif pour les firmes dont la performance pré-décision était faible. Cet impact demeure négatif pour les firmes dont la performance financière interne pré-décision était en hausse ; toutefois, il est globalement non significatif pour les firmes dont la performance boursière pré-décision était en hausse. Mots clés : décision stratégique – performance financière – création de la valeur Classification JEL : G32 - G34 - G35 Abstract What is the correlation between strategic decision and financial performance in terms of fundamental and stock market value creation for shareholder in Moroccan context? The aim of this research is to study the interaction between strategic decision and value creation as far as internal value creation and market value creation are concerned. The empiric results based on firms case study and event statistical analysis show that strategic decision has a negative effect on internal value creation and market value creation. This effect is not due to strategic type. To study the impact of financial performance on strategic decision, the sample has been divided into two parts: firms whose financial performance before decision was low and those which had a high financial performance before decision. We concluded at the first time that the level of financial performance before decision has no effect on decision making. Additionally, the analysis results reveal that the effect of strategic decision on financial performance was significantly negative for the firms which had a low performance before strategic decision. This effect was also significantly negative for the firms whose internal value creation before decision had been high, but the impact was not significant for those which had a high market value creation before decision. Keyword: strategic decision – financial performance – value creation JEL classification : G32 - G34 - G35
description: Dossiers de Recherches en Économie et Gestion, Vol. 8 (2019): Dossier : Articles Divers