L ANALYSE DE L EFFET DES CRITERES ESG SUR LA CREATION DE LA VALEUR FINANCIERE : ETUDE ECONOMETRIQUE SUR LE MARCHE DES ACTIONS DE CASABLANCA

His article examines the impact of environmental, social and governance (ESG) criteria on the financial performance of companies listed on the Casablanca Stock Exchange. The methodological approach is based on a cross-sectional linear regression model, estimated using the ordinary least squares (OLS) method. The empirical results reveal no significant relationship between the integration of ESG criteria - whether in terms of the overall score or the individual ESG dimensions - and financial performance as measured by return on assets (ROA). By contrast, the sector of activity appears to be a determining factor in this performance, with manufacturing and services showing higher profitability. These results can be explained, on the one hand, by the fact that the effect of ESG criteria is primarily evident in the long term and, on the other hand, by the failure of stock market investors to take these dimensions into account, as they prioritise immediate financial profitability, regardless of the company’s non-financial profile.