Nabil El Hamidi

The aim of this paper is to study the behavior of the Taylor rule in the presence of Sukuks. The New Keynesian model of Gali (2008)/Chapter 3 is used, due to its simplicity and small size. Nevertheless, such a model is suitable for examining the implications of monetary policy in the presence of sovereign Sukuks. The growth rate is used as the rate of return on sovereign Sukuks, which is closest to the profit and loss sharing approach, and is compared to the Gali’s baseline model. The results show that the introduction of sovereign Sukuks mitigates inflation and output gap shocks, but also limits the scope of the Taylor rule. Thus, an increase in the interest rate is offset by a flight of capital from sovereign Sukuks to treasury bonds, while a decrease in the interest rate leads to a flight from treasury bonds to sovereign Sukuks. In the extreme, if the preference for Sukuks is largely dominant, the Taylor rule tends to be obsolete, and vice versa.

Theoretical explanations based on information asymmetry constitute the dominant paradigm of the near disappearance of PLSs (profit and loss sharing). This assumption implicitly implies a hypothesis on the power of contractual choice exclusively monopolized by Islamic banks. The theoretical positioning in this study to explain the arbitrage between PLSs and markups is based on a lack of demand. In this sense, this paper attempts to verify the demand trade-off of Moroccan companies between PLSs and markups. A logistic regression was used to establish several findings. The evidence suggests that past banking relationships with conventional banks and debt maturity both favor the commercialization of markups. On the other hand, financial quality of firms has no direct impact on the choice between PLSs and markups. This assertion implies that it is incorrect to assume that sole entrepreneurs undertaking high-risk projects choose to be funded by PLSs. Combining that with the fact that companies that agree to be funded by PLSs agree to share profits, private information and decision-making power, it can be said that PLSs can have a good chance of thriving in Morocco if Islamic banks provide a favorable climate for their marketing.

The green supply chain (GSC) has become essential for companies seeking to improve their environmental performance and meet the requirements of sustainable development. This concept is particularly relevant in an era of globalization and growing environmental awareness. The study used a Probit regression method to analyze data collected from Moroccan SMEs. It aimed to examine the impact of different factors, such as economic and energy efficiency, government incentives, stakeholder pressure, managerial age, company size, and profitability, on the adoption of GSC practices. The results showed that economic and energy efficiency, as well as stakeholder pressure, are significant factors positively influencing the adoption of GSCs. When combined with stakeholder pressure, government incentives also have a positive impact. The age of the executive has a negative influence on the adoption of GSC, indicating that younger executives are more likely to adopt these practices. Company size showed no significant impact, while profitability had a positive impact with the adoption of a GSC.

Bank financing decisions by small and medium-sized enterprises (SMEs) are crucial to their growth and survival, particularly in emerging economies such as Morocco. This study aims to assess the impact of behavioral biases on these decisions, an area little explored in the existing financial literature. The main objective is to analyze how behavioral biases such as overconfidence, risk aversion, confirmation bias, anchoring, and managerial myopia biases influence bank financing decisions of Moroccan SMEs. The approach adopted is quantitative and uses robust least squares regression to analyze data collected from 167 Moroccan SMEs. The results reveal that overconfidence and anchoring have a significant positive impact on the propensity to take out bank loans, while risk aversion and confirmation bias have a negative effect. Managerial myopia had no significant influence. Control variables such as past financial performance, the length of the banking relationship, and lower risk also positively influence the financing decision.