|
on MENA - Middle East and North Africa |
| By: | Hamza Nidaazzi (UCA - Université Cadi Ayyad [Marrakech]); Hind Hourmat Allah (UCA - Université Cadi Ayyad [Marrakech]) |
| Abstract: | Behavioral finance, a thriving domain within management science, is garnering increasing interest. However, the concept of family firms' financial conservatism in Morocco has been relatively unexplored. To facilitate the initiation of a discourse on this issue, we found it opportune to delve into and analyze this aspect. In order to open a debate on this problem, the aim of this paper is to explore and analyze the junction that can exist between financial strategy and conservatism in the family business. Using a qualitative study, this paper explores the points of view, perceptions, and behaviors of conservative managers and owners of twelve Moroccan Family firms. In contrast to the existing literature, results show that conservative family firms are profitable, have high levels of cash flow, and face lower costs in times of crisis. Our analyses also shows that financial conservatism is only threatening if it is forced due to financial constraints. |
| Abstract: | La finance comportementale, un domaine prolifique en sciences de gestion, suscite un intérêt croissant. Cependant, le concept du conservatisme financier des entreprises familiales au Maroc reste peu exploré. Et c'est pour contribuer au lancement du débat sur cette problématique que nous avons jugé opportun d'explorer et d'analyser cette question. L'objectif de ce papier consiste à analyser la jonction qui peut exister entre la stratégie financière et la culture conservatrice de l'entreprise familiale. En utilisant une étude qualitative, le papier explore les points de vue, les perceptions et les comportements des managers et propriétaires de douze entreprises familiales marocaines. Contrairement à la littérature, les résultats montrent que les entreprises familiales conservatrices sont rentables, disposent d'une grande liquidité et qu'elles étaient confrontées à un coût moindre en cas de crise. Nos analyses montrent également que le conservatisme financier n'est menaçant que s'il est forcé en raison de contraintes financières. |
| Keywords: | Family Business, Conservatism, Financial Policy, Behavioral Finance, Sustainability, Entreprise Familiale, Conservatisme, Politique Financière, Finance Comportementale, Pérennité. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04518830&r=ara |
| By: | Kirui, Oliver K.; Siddig, Khalid; Ahmed, Mosab; Abushama, Hala; Dorosh, Paul; Taffesse, Alemayehu Seyoum |
| Abstract: | The conflict in Sudan erupted on April 15, 2023. Originating from competition over resources and political power, it emerged as direct warfare between the Sudanese Armed Forces and the Rapid Support Forces. It has escalated into a crisis with profound impacts on the nation’s socio-economic fabric. More specifically, the conflict has led to a severe humanitarian crisis, disrupted agrifood systems across the country, restricted economic activity, and curtailed the livelihoods of millions. The conflict continues to impede access to essential services and markets, resulting in significant scarcity of life-saving goods and services. As of March 2024, 14, 790 Sudanese have been killed (Figure 1), and 8.4 million have been displaced, of which1.7 million have sought refuge in other countries. |
| Keywords: | REPUBLIC OF THE SUDAN, EAST AFRICA, AFRICA SOUTH OF SAHARA, AFRICA, armed conflicts, food security, policies, economic aspects, agrifood systems, markets, war |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:sssppn:7&r=ara |
| By: | Mekki Sara (EPSYLON - Dynamique des capacités humaines et des conduites de santé - UPVM - Université Paul-Valéry - Montpellier 3, University of Algiers 3 : Université d' Alger 3) |
| Abstract: | From the beginning of the industrial revolution, several economists such as J.B.Say, Schumpeter or Kenneth Arrow linked entrepreneurship and innovation. The entrepreneur is not only a source of wealth but a source of economic growth.The Algerian Government, aware of the importance of entrepreneurship, has established a new system and new national economic policy focused on innovation, now the priority subsidies were for the creation of businesses that demonstrate a form of innovation. This article aims to study the relationship between entrepreneurship, innovation and the role of female entrepreneurs in this new impetus for the national economy by studying a random of 100 companies working in the field of High Tech , start-up and innovation. |
| Keywords: | innovation female entrepreneurship economic growth national economic policy. JEL Classification Codes: J78 O32, innovation, female entrepreneurship, economic growth, national economic policy. JEL Classification Codes: J78, O32 |
| Date: | 2023–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04510952&r=ara |
| By: | Mina Baliamoune |
| Abstract: | Greater female participation in the labor market and in international trade have been recognized as important drivers for economic growth and essential targets in the context of the United Nations Sustainable Development Goals (SDGs). However, achieving both targets simultaneously will be difficult, if not impossible, in most Middle East and North African (MENA) countries without additional policies to eliminate the remarkably high levels of gender inequality in the labor market. In such countries, women are either excluded from the gains from trade or bear most of the burden of adjustment to greater integration in the global economy. Policymakers should recognize the impacts of greater integration into global trade on women’s labor-market outcomes, and should implement resolute policy measures to alleviate (if not eliminate) these impacts. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb06-24&r=ara |
| By: | Ahmed, Mosab;; Abushama, Hala; Siddig, Khalid; Kirui, Oliver; Dorosh, Paul; Taffesse, Alemayehu Seyoum |
| Abstract: | This report synthesizes the key discussions and outcomes of the “Navigating Sudan’s Conflict: Research Insights and Policy Implications†conference, held on March 5, 2024, in Nairobi, Kenya. Convening a diverse group of experts in research, development, and humanitarian efforts, the conference aimed to explore actionable solutions for the socioeconomic challenges triggered by Sudan’s ongoing conflict. Participants at the conference delved into the conflict’s adverse impacts on agriculture, markets, employment, and food security, as well as its wider regional impacts. Notably, the conference findings underscore the urgent need for supporting smallholder farmers, stabilizing markets, generating employment opportunities, and enhancing agricultural productivity within a comprehensive recovery strategy. Furthermore, conference participants stressed the importance of innovative data gathering, collaborative policy formulation, international support, and coordination to ensure effective interventions. This report succinctly presents the interventions discussed in the conference’s research and panel discussion sessions, particularly the pivotal insights offered in each to guide policy that will build peace, strengthen resilience, and relaunch and accelerate human and economic development efforts in Sudan. |
| Keywords: | REPUBLIC OF THE SUDAN; EAST AFRICA; AFRICA SOUTH OF SAHARA; AFRICA; armed conflicts; data collection; policy innovation; food security; agriculture; resilience; markets |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:ssspwp:140775&r=ara |
| By: | Touhami Abdelkhalek; Dorothee Boccanfuso |
| Abstract: | Public policies, particularly those related to taxes and subsidies, should help to reduce poverty and inequality. However, the combination of components of these two systems, as implemented, leads sometimes to an increase in poverty and or inequality without being necessarily anticipated. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb42-23&r=ara |
| By: | Jules Gazeaud (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Claire Ricard (IDinsight, CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne) |
| Abstract: | Empirical studies of conditional cash transfer (CCT) programs have repeatedly found positive impacts on enrollment but mixed effects on learning. This evidence is puzzling as positive impacts on enrollment point to the potential for clear learning gains, and CCT programs have generally been motivated by the ultimate objective of enhancing human capital and breaking the inter-generational transmission of poverty. Existing explanations for the lack of clear learning gains relate to the short-term nature of most evaluations, which may not provide enough time for the effects to materialize. In a recent paper (Gazeaud and Ricard, 2024), we propose and evaluate an alternative explanation for the apparent puzzle of why we see large impacts of CCT programs on enrollment but not on learning. Motivated by reports that ‘‘schooling is not learning'', we focus on supply-side factors and suggest that when no accompanying measures are taken to manage the gains in enrollment, the introduction of a CCT program can deteriorate school quality and thus constrain learning for children who enroll in school regardless of the existence of the program. |
| Abstract: | Les études empiriques sur les programmes de transferts monétaires conditionnels ont à plusieurs reprises révélé des effets positifs sur la scolarisation, mais des effets contrastés sur l'apprentissage. Ces résultats laissent perplexe, car les effets positifs sur la scolarisation laissent présager des gains d'apprentissage évidents, et les programmes de transferts monétaires conditionnels ont généralement été motivés par l'objectif ultime d'améliorer le capital humain et de rompre la transmission intergénérationnelle de la pauvreté. Les explications existantes concernant l'absence de gains d'apprentissage clairs sont liées au court-termisme de la plupart des évaluations, qui sont peut-être effectuées trop tôt pour que les effets se matérialisent. Dans un article récent (Gazeaud et Ricard, 2024), nous proposons et évaluons une autre explication à l'énigme apparente de l'impact important des programmes de transferts monétaires sur la scolarisation mais pas sur l'apprentissage. Motivés par les rapports selon lesquels "schooling is not learning", nous nous concentrons sur les facteurs liés à l'offre éducative et suggérons que lorsqu'aucune mesure d'accompagnement n'est prise pour gérer le plus grand nombre d'élèves scolarisés, l'introduction d'un programme de transferts monétaires conditionnels peut détériorer la qualité de l'éducation et donc limiter l'apprentissage pour les enfants qui iraient à l'école en l'absence du programme. |
| Keywords: | Conditional cash transfers, Learning outcomes, Class size, Program scaleup, Morocco, Transferts monétaires conditionnels, Résultats d'apprentissage, Taille des classes, Extension de programme, Maroc |
| Date: | 2024–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04523524&r=ara |
| By: | Anass Mezine (FSJES AIN SEBAA, Hassan II University –Casablanca) |
| Abstract: | Abstract The specificities of participative banks expose them, not only to traditional credit, market and operational risks, but also to risks of a unique nature. Although their mode of operation is not based on interest rate, several studies have demonstrated that participative banks are susceptible to fluctuations in market interest rates. The balance sheet structure, customer behavior, the absence of a refinancing market specific to participative banks and the shortage of sharia-compliant hedging instruments, increase their exposure to interest rate risk and make its management more complex. The objective of this paper is to provide answers to the problematic of exposure of participative banks to interest rate risk. To do this, we will adopt a theoretical approach based on a literature review, allowing on the one hand, to study the extent to which Moroccan participative banks may be impacted by changes in market reference rates, on the basis of the experience of participative banks operating in countries with a dual banking system and an underdeveloped or nonexistent Islamic financial market. Furthermore, we will illustrate the various practices and techniques developed to manage this risk. We intend to initially investigate this issue, its potential effects, and the various measurement and management techniques that can be employed to mitigate it. And subsequently, to present the best management practices that Moroccan participative banks, considering their specificities, can implement with the aim of addressing their exposure to such risk. Our study states that Moroccan participative banks are exposed to an extrinsic interest rate risk due to their operational environment. Despite their exposure, they lack the same flexibility as conventional banks when it comes to managing the potential impact on their financial situation. The recommendations provided in this paper focus notably on innovation and financial engineering in Sharia-compliant hedging financial instruments, the implementation of a reserve policy for risk management, and financial market education. |
| Abstract: | Résumé Les spécificités des banques participatives les exposent, en plus des risques classiques de crédit, marché et opérationnel, à des risques de nature unique. Bien que leur mode de fonctionnement est excepte du taux d'intérêt, plusieurs études réalisées ont démontré que les banques participatives se trouvent exposées aux fluctuations des taux d'intérêt du marché. La structure bilancielle, le comportement de la clientèle, l'absence d'un marché de refinancement propre aux banques participatives et la pénurie des instruments de couverture conformes à la charia, favorisent davantage leur exposition au risque de taux d'intérêt et rendent sa gestion plus complexe. L'objectif du présent article est d'apporter des éléments de réponse à la problématique de l'exposition des banques participatives au risque de taux d'intérêt. Pour ce faire, nous utilisons une approche théorique basée sur une revue de littérature, permettant d'une part, d'étudier dans quelles mesures les banques participatives marocaines pourront être impactées par les variations des taux de référence du marché, en se basant sur l'expérience des banques participatives exerçant dans des pays caractérisés par un écosystème dual et un marché financier islamique sous développé ou inexistant. Et d'autre part, de présenter les diverses pratiques et techniques développées pour gérer ce risque. Nous nous proposons d'étudier, dans un premier temps, cette problématique, ses effets potentiels et les différentes techniques de mesure et de gestion pouvant être utilisées pour en faire face. Et de présenter, par la suite, les bonnes pratiques de gestion que les banques participatives marocaines, tenant compte leurs spécificités, peuvent mettre en place dans l'objectif d'atténuer leur exposition audit risque. Notre étude affirme que les banques participatives Marocaines se voient exposées à un risque de taux d'intérêt extrinsèque suite notamment à l'environnement dans lequel elles exercent. Toutefois, elles n'ont pas la même souplesse que les banques conventionnelles pour gérer ses répercussions potentielles sur leur situation financière. Les recommandations apportées dans cet article portent notamment sur l'innovation et l'ingénierie financière en matière des instruments financiers de couverture conformes à la charia, la mise en place d'une politique de réserve pour la gestion du risque ainsi que l'éducation financière du marché. |
| Keywords: | Participative banks, interest rate risk, sensitivity, duration, ALM, Banques Participatives, Risque de taux d'intérêt, Sensibilité, Duration |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04507593&r=ara |
| By: | RADOVANOVIC Nikola; HOLLANDERS Hugo; TOLIAS Yannis; DOS SANTOS Patrice; LARANJA Manuel |
| Abstract: | Mapping exercise represents the cornerstone of the Smart Specialisation process for two main reasons: 1) it provides the evidence-based ground for identifying the preliminary priority areas for Smart Specialisation, and 2) it represents the stage where the first in-depth feedback from the key stakeholders in the proposed priority areas is received. The results of the mapping exercise are the essential input for the upcoming stakeholder dialogue stage. Tunisia has completed the mapping exercise and is about to embark on the Entrepreneurial Discovery Process journey, where the final list of priority domains and related policy actions would be proposed. This report presents the main findings on the economic, innovation and scientific potential of Tunisia, discusses the justification of the selection of preliminary priority areas for Smart Specialisation and outlines the preparatory steps to be taken for launching the stakeholder dialogue. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc135751&r=ara |
| By: | Ali Dogdu; Murad Kayacan |
| Abstract: | In this study, we aimed to examine the effect of VAT revenues and Deposit Interest Rates on Inflation in Turkey between 1985-2022. Within the framework of econometric analysis of the obtained data, the analysis was carried out using ADF unit root test, Johansen Co-Integration Test, Error Terms and VECM (Vector Error Correction Model) models. According to the analysis results, it was understood that the data were stationary at the I(I) level, it was determined that there was a cointegrated relationship between them in the long term, and by estimating the error term, causality findings were determined within the framework of VECM analysis. According to the causality results of the Wald Test; causality is found from Deposit Interest Rate to VAT and Inflation, and from Inflation to VAT and Deposit Interest Rate (bidirectional), while causality is also found from VAT to Inflation and Deposit Interest Rates. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.03989&r=ara |