Anouar Faiteh

Value creation has become a very important concept in finance. To this end, value creation metrics, like market value added and economic value added have raised the question of their superiority and ability to reflect the true value of organizations, as opposed to the classic accounting indicators like ROE, ROA and EPS. Nevertheless, EVA can only be calculated for listed companies, which makes it difficult to use this indicator to measure value creation for non-listed companies. In this way, some alternatives have been used such as the accounting beta to calculate the return on equity and subsequently the determination of the EVA. Within this framework, the central point of this research is to empirically verify the idea that the normal EVA and EVA calculated using accounting beta are the better measure than traditional indicators to explain MVA. A panel of 32 companies traded on the Casablanca Stock Exchange over the period 2015–2019 was selected for this study. The regression method on panel data was used. The results show that normal EVA is a superior metric than the classical indicators to explain MVA. In addition, the EVA calculated from the accounting beta could be used as a measure adapted to the case of unlisted companies to measure value creation.

Type of the article: Research Article

Corporate governance mechanisms have progressively played a crucial role in value creation, particularly in emerging markets where there is information asymmetry and agency issues. They have been considered strategic levers for enhancing the value creation of firms. Of these mechanisms, the audit committee is identified as a crucial asset for facilitating good corporate governance in firms. This study examines how the characteristics of the audit committee influence value creation in Moroccan public firms. panel data for 44 Casablanca Stock Exchange listed companies between 2022 and 2024, we use static panel regression models to investigate the relationship between audit committee attributes and two value creation proxies: market value added (MVA) and return on equity (ROE). The results show that independence, skill, size, and frequency of audit committee meetings all play significant roles in greater value creation. Particularly, independence has the most significant positive effect on MVA and ROE. The expertise of the committee has a positive effect on MVA, while its size has a positive effect on both indicators. Meeting frequency significantly improves ROE but makes no difference to MVA. These results suggest that effective audit committees are excellent governance mechanisms capable of reducing information asymmetries, enhancing the quality of financial reporting, and thereby building shareholder value in the Moroccan context.

Type of the article: Research Article

Abstract
This article focuses on small and medium-sized enterprises operating in environments characterized by increased financial and institutional constraints. The literature on this type of organization has mainly concentrated on traditional accounting performance indicators, such as return on assets or return on equity, while economic value creation that explicitly incorporates the cost of capital remains largely unexplored. The objective of this study is to analyze the impact of corporate governance mechanisms on value creation within Moroccan SMEs. The study is based on a sample of 31 SMEs observed over the period 2015–2023, representing 279 observations. Value creation is measured using Economic Value Added, calculated from a cost of capital estimated using an accounting beta, adapted to unlisted companies. Estimates are made using a Feasible Generalized Least Squares model. The results show that board size has a positive and significant effect on value creation (β = 0.495; p = 0.010), as does the level of education of board members (β = 3.690; p < 0.001). On the other hand, family ownership is negatively associated with value creation (β = −1.934; p = 0.008). The age of a CEO, dual roles, and the frequency of board meetings do not have a statistically significant effect. These results highlight the decisive role of human capital in generating economic value within SMEs in emerging economies.