Mergers and acquisitions in Morocco: reality and perspectives

PurposeThe purpose of this article is to address certain gaps and contribute to enriching the literature on mergers and acquisitions (M&A) in Africa; describe the phenomenon taking into account the particularity of the country; address recommendations to public policies and investors and make this article a ground-breaking article on research into the phenomenon of the M&A market in North Africa.Design/methodology/approachWith description and an exploratory intention, the authors develop phenomenon driven research. As appropriate phenomenon driven research, the authors focus on characteristics of Moroccan M&A market. The authors use scientific investigation to provide descriptions and explanations of the phenomena in order to add a new perspective to the M&A literature in North African region. The authors work on the particularity of companies in Morocco, typology of M&A, geographic areas, socio-economic indicators, trade agreements, politics and culture.FindingsUnderstand that the phenomenon of domestic M&A is a phenomenon of big cities and knows the participation of small and medium enterprises. The political variable, the trade agreements and the socio-economic weight of the countries influence the cross-border M&A in to out. Sharing a border and common culture has no impact on cross-border M&A but the history of colonization has an impact.Research limitations/implicationsThe scientific contribution is first an extension of the neoclassical theory on the initiation of M&A operations. Throughout these 29 years of history, the existence of external shocks such as regulations has influenced the activity of M&A operations. Privatization, partial opening of sectors to foreign investment tax incentives have contributed to the realization of M&A operations.Practical implicationsThis paper also has an economic and practical contribution, as it informs about the absence of M&A operation in the agriculture and agri-food sector in Sub-Saharan Africa. This region recognizes a food shortage that will increase by 70–100% between 2010 and 2050 with a strong population growth. The authors also note that regulations, royal directives, influence the activity and geographic choices of M&A. The political variable remains decisive for the cross-border M&A activity between Morocco and Algeria, but encourages acquisitions in countries in West and Central Africa.Originality/valueM&A research in Africa is poor and suffers from several shortcomings; these barriers push researchers to produce fewer papers on this phenomenon. Through data collection, description and explanation, the authors tried to produce a paper focusing on the M&A phenomenon in a country in North Africa. To the authors’ knowledge, no article has dealt with this phenomenon in this country which is known for its strong M&A activity.

Direct democracy, policy diffusion, and medicalized marijuana

Virtually all studies of policy diffusion are based on statutory enactments by state legislatures. But a substantial number of medicalized marijuana laws were initiated through citizen initiatives and ratified by referenda (I&R). This case study suggests that the diffusion of laws adopted by I&R requires two modifications to the conventional model of policy diffusion. First, early policy adoptions must occur through direct democracy so that horizontal diffusion results when those past adoptions by the I&R process lead to future adoptions. Second, the necessity of bypassing institutions of representative government must be operationalized as an interaction between the availability of direct democracy and the precise political variable that blocks legislative enactments.

Impact of agricultural supports on competitiveness of agricultural products

The agricultural sector is being supported in Turkey, as well as in the world. The issue of competitiveness is observed in agriculture, despite supports. This study aims at investigating the impact of agricultural supports in Turkey on competitiveness of agricultural products. Vector autoregression (VAR) model has been adopted in the study. The internal terms of trade (TOT), percentage producer support estimate (PSE), and the producer nominal protection coefficient (NPC) variables have been included in the model. The internal terms of trade in Turkey have developed over time against the benefit of agricultural sector. PSE has had a significant impact on TOT. Therefore, the use of PSE as a political variable has been concluded as a significant. Means of support must be discussed in Turkey more than the amount of supports. In particular, supports that will provide farmers with competitive advantage and boost up product farmyard prices will be more efficient and beneficial for farmers.

Comentarios sobre el Entorno Empresarial LA VARIABLE POLÍTICA

It aims to provide the manager, in his capacity as the leader of an organization that produces goods or services for society, an analytical instrument that allows him to decompose the most complex external factor: the political variable, understood as power relations, the interaction of social groups with different or antagonistic interests, and decision-making by socially powerful subjects that affects the whole. To approach the compression of this variable, an analytical instrument is proposed which combines four dimensions: contradiction between capital and labor, contradiction between State and civil society, contradiction between violence and peace and national contradiction (between protectionism and globalization or between nationalism and internationalism). Other dimensions are conceivable; however, what is important is the usefulness of the analytical method for the stated purposes. The analysis of the political variable will allow the company’s adequate understanding and, consequently, the possibility of predicting its behavior and anticipating the events.

The Economic Impact of the Nigerian Civil War

Few events alter the socio-economic structure of a country as radically as the convulsions and displacements concomitant with war and political upheaval. In Nigeria the two coups d'état of 1966 and the civil war of 1967–1970 have had a profound effect on economic activity, and in turn have been affected by economic variables. In this study the political variable will generally be treated as independent and the economic variable as dependent, despite the fact that in the period after independence in 1960, tendencies towards political and economic disintegration reinforced each other.1