Stock market reaction to the announcement of Morocco’s voluntary carbon market: An event study

The unprecedented outbreak of COVID-19 has affected every aspect of the human life, be it health, social, or economic dimensions. The anxiety and uncertainty wobbled the economies of affected countries worldwide. This study attempts to quantify the impact of COVID-19 on the performance of major stock markets of G-7 nations vis-à-vis BRICS nations. An event study methodology is employed to capture the effect of the systematic event in the form of Buy and Hold Abnormal Returns (BHAR) and Average Buy and Hold Abnormal Returns (ABHAR). The study considers a 90-day observation window, consisting of six sub-event windows after the COVID-19 news up-doves the world, and 120 days prior to the selected event date to estimate average expected returns. BHAR values in the four event windows are statistically significant, covering stock markets from panic and nosedive to their correction and recovery. ABHAR values reported are significantly negative in the event window ranging from –0.15% to –38.43% for G-7 and –0.06% to –37.12% for BRICS nations. Despite similar ABHAR trends, the BHAR values and correlation matrix exhibit a diverse reaction in BRICS nations compared to the highly synchronized reaction in the G-7 group of nations in the COVID period.

This study explores the dynamics of career anchors shaped by organizational, individual, and societal determinants in relation to women’s access to leadership positions in Moroccan sports federations. In a historically male-dominated setting, understanding these dynamics is essential for promoting more equitable and sustainable career progression. Between January and June 2024, semi-structured interviews were conducted with 28 female leaders from 12 federations, employing a qualitative interpretive approach and thematic analysis using NVivo 14. The findings highlight two anchors specific to the Moroccan socio-cultural context (family and social support and religious and cultural beliefs), which reveal the impact of cultural pressures and familial responsibilities that may hinder women’s advancement. Additionally, six other career anchors prevail in sports: emotional and professional security, managerial competencies, resilient challenge, technical skills, transformative commitment, and global outlook. The interplay of individual, organizational, and societal factors, along with these career anchors, shows that older women seek to make a lasting impact, while younger women prioritize challenges. Family and cultural support helps balance personal life and ambitions, while the development of managerial skills and a supportive work environment proves crucial. Moreover, the economic context, religious beliefs, cultural norms, and international legal frameworks heavily influence women’s career choices, prompting them to pursue stability, ethical alignment, and global opportunities. This study provides decision-makers with a clear understanding of the factors shaping women’s career trajectories and suggests tangible actions (fostering inclusive governance, advancing gender equality, and shifting mindsets) that can enhance the overall performance of the Moroccan sports sector.

This study examines how internal governance mechanisms influence tax aggressiveness among listed companies in Morocco. Using a quantitative approach, the study applies linear regression analysis to panel data from 2018 to 2022. The analysis assesses the impact of key governance factors, such as ownership concentration, board size, board independence, CEO duality, firm performance, and firm age, on tax aggressiveness.
The findings indicate significant relationships between governance mechanisms and tax behavior. Ownership concentration is negatively associated with the effective tax rate, implying that firms with a dominant shareholder are less likely to engage in aggressive tax planning. Conversely, financial performance is positively linked to effective tax rate, suggesting that more profitable firms tend to comply with tax obligations. In the current effective tax rate model, board size, board independence, CEO duality, and financial performance are positively related to tax aggressiveness, while firm age has a negative effect. The book-tax difference model reveals that board independence and CEO duality reduce tax aggressiveness, whereas ownership concentration and financial performance increase it.
These results highlight the significant role of corporate governance in shaping tax strategies. Strengthening governance structures – especially by reinforcing board independence and limiting CEO duality – could help curb aggressive tax practices and promote greater fiscal transparency in Morocco’s financial market.