Comparative Financial performance and policies of family vs non-family companies listed in Morocco

Abstract

This research aims to highlight both the economic and financial performance of listed family firms and their financial policies. The comparison with non-family groups allows us to identify the best performing governance system in Morocco, on the one hand, and the trend of listed companies in terms of financial policy, on the other hand. The unpaired sample method was used to analyze the observed differences in means. Our results show a superiority of family firms in terms of performance. They also show a tendency for family firms to use self-financing as their main source of financing, but also a higher level of indebtedness compared to non-family listed firms.