Impact of corporate social responsibility on companie’s value creation: evidence from listed Moroccan companies

This study aims to verify the impact of CSR on the value creation of Moroccan companies. This research was based on a sample of 42 companies (industrial and service companies) listed on the Casablanca stock exchange. The empirical methodology used is panel data econometrics cylindrical over 6 years (2014–2019), i.e., 252 observations. The chosen study period deliberately excludes the years marked by the COVID-19 health crisis in Morocco, namely, 2020, 2021 and 2022, to avoid introducing significant biases into the results. Two static panel models were formulated for this empirical study, the first with EVA as the dependent variable, to address the central hypothesis of this work, and then MVA as the variable to be explained for the second. A set of control variables was included in this study to ensure that the relationship between CSR and value creation was not biased by other explanatory factors and to enable us to have a model reasonably close to reality. The empirical results reveal the absence of any significant effect of CSR items on value creation. Based on these results, companies should adopt a long-term strategic approach to CSR, aligning their initiatives with their business model and rigorously measuring their impact.