L’impact de l’introduction en bourse sur la performance operationnelle de l’entreprise : investigation empirique du cas marocain.

Abstract

In search of a better return, companies in need of financing turn to the stock market for growth. However, agents with financing capacities turn to the stock market for the acquisition of securities. This financing alternative concerns only a small proportion of firms, since the majority turn to the banking system to satisfy their financing needs. These two sources of financing pushed many researchers to be concerned about the means which allow the development of the stock exchanges rather than to be fixed on the opposition between the stock exchange and the bank, in order to offer to the quoted firms an alternative of financing and investment corresponding with their needs. Our study focuses on a sample of 03 IPOs on the Casablanca Stock Exchange during the period 2010-2019, we will examine the evolution of operational performance during the period following the IPO, we have built the estimation model through the determinants of the performance of IPOs and we will estimate our Panel it using the EVIEWS software. The results obtained confirm the long and medium term performance decline of our sample.