The Influence of Behavioral Biases on IPO Intentions: A Study of Moroccan SMEs

Résumé

Abstract :

The introduction on the stock market constitutes a considerable strategic opportunity for Moroccan SMEs, offering them access to new financing and the opportunity to increase their reputation. However, the use of the stock exchange remains restricted in this sector. This article aims to study the factors influencing the IPO decision of Moroccan SME managers, by adopting a global approach that combines Ajzen's planned behavior model and the contributions of behavioral finance. We used bibliometric analysis and systematic review to examine the patterns and trends of subject area , with the main focus on citations as the primary measurement unit . Leveraging tools such as Scopus and VOSviewer, the analysis involves 28 papers to unveil evolving trends and scholarly contributions spanning from 2020-2025 . This analysis is important to filling a gap in the researched field because no other bibliometric study has been done on the same topic before .It will also serve to provide a scientific foundation for following research .The results showed that the behavioral biases in particular Overconfidence, optimism, Loss aversion, Herding, risk perception significantly influence the decision of SME managers to resort to an IPO. Overconfidence, optimism, Herding, risk perception has a positive impact, motivating executives to regard the IPO as a profitable option. As a result, the combination of behavioral biases and Theory of Planned Behavior makes it possible to better explain the intention of SMEs to go public than economic or financial factors alone .

Keywords: Behavioral finance, IPO, Moroccan SMEs, TPB, Behavioral Biases ,Overconfidence