Financial Communication Practices: Benchmark of Listed Moroccan Companies and CAC 40 Firms

Abstract

The main objective of this research is to study the financial communication practices of the 75 listed Moroccan companies to analyze their compliance with the regulatory framework and assess the content of their financial disclosures. This analysis is based on communication materials made available online, such as websites, annual reports, and ESG reports. The study also focused on comparing the financial communication practices with the French model, which has always served as a reference for Moroccan companies. A sample of 15 listed French companies was selected for this comparison, using average scores to identify divergences and extract best practices from the French model.

The results show that, overall, Moroccan companies comply with financial communication regulations, except for a minority. However, significant shortcomings were identified, such as the absence of websites or poor website updates, the disparity in annual reports, and the lack of quarterly financial indicators. These gaps have attracted the attention of regulators, who are now imposing stricter sanctions.

In terms of limitations, there was a lack of certain information and the absence of full standardization of publications. Thus, the benchmark sample was reduced to 15 companies due to the dissonance between the sectors listed on the Casablanca Stock Exchange and the CAC40 sample.

It is recommended that companies expand and standardize their financial publications, particularly by adopting IFRS standards and improving the presentation of their results. The originality of this research lies in its comparative approach between Moroccan and French practices, offering valuable recommendations to improve financial communication in the Moroccan context.

Keywords: Financial communication, financial reporting, disclosure

JEL Classification : G32, G38, M41, F23

Paper type: Empirical research