L’ engagement RSE peut-il améliorer la résilience des entreprises à la pandémie de COVID-19 ?
L'expérience du marché boursier marocain
DOI :
https://doi.org/10.23882/rmd.24182Mots-clés :
RSE, résilience, rendement des actions, crise COVID-19, Maroc, modèle DiDRésumé
L'objectif de cet article est d'étudier empiriquement le rôle de l'engagement de la responsabilité sociale des entreprises sur les rendements boursiers pendant la crise COVID-19 dans le cas d'un échantillon d'entreprises marocaines cotées en bourse. Les auteurs utilisent une régression en différence de différences (DiD) estimée sur un ensemble de données de panel d'un échantillon de 23 sociétés marocaines cotées pour la période allant de mars 2019 à mars 2021. Nous avons identifié le lien entre les activités de RSE et les rendements financiers en comparant les rendements boursiers mensuels du groupe de traitement et du groupe de contrôle. Les résultats empiriques révèlent que la baisse des rendements boursiers induite par la pandémie est plus forte pour les entreprises ayant des activités de RSE. Cela signifie que l'engagement dans des activités de RSE n'immunise pas les entreprises marocaines pendant la pandémie. Nos résultats montrent que le marché boursier marocain est incapable de valoriser positivement les activités de RSE. Les résultats indiquent que les problèmes d'agence conduisent les investisseurs marocains à surinvestir dans des activités de RSE coûteuses, ce qui réduit la valeur des entreprises en période de crise COVID et retarde leur rétablissement. A notre connaissance, cette étude est la première à examiner la relation entre les activités de RSE et la résilience des entreprises marocaines. De plus, cette étude se distingue par l'utilisation de la méthode DiD et par l'exploitation des données de la base de données Eikon Refinitiv.
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