INDEBTEDNESS, FINANCIAL RISK, AND RESILIENCE OF INFORMAL MICROENTERPRISES: THE ROLE OF ADAPTATION MECHANISMS FROM THE ECONOMY OF RESOURCEFULNESS

Abstract This research examines the relationship between indebtedness, financial risk, and the survival of informal microenterprises through the lens of the "Economy of Resourcefulness" approach. Adopting a quantitative methodology with hypothetico-deductive reasoning, the study is based on a sample of 140 informal micro-entrepreneurs operating in the Marrakech-Safi region. The objective is to identify the adaptation mechanisms likely to strengthen the resilience of these economic units in a context characterized by income irregularity, liquidity tensions, and repayment constraints. Empirically, this study analyzes the effects of business flow diversification, rapid cost adjustment, negotiation with lenders, mutual aid networks, reversible micro-investments, and rapid inventory turnover. Using a Generalized Linear Model (GLM) with a Gamma distribution, the results show that diversification, cost adjustment, negotiation with lenders, reversible micro-investments, and inventory turnover contribute positively to resilience, whereas mutual aid networks show no statistically significant effect. Among the control variables, age exerts a negative effect, while education and income are positively associated with resilience. Gender and location show no significant influence. These results demonstrate that survival is not solely determined by the level of indebtedness, but by the ability of micro-entrepreneurs to develop adaptation strategies in response to financial risk. JEL Classification: G32; G33; L26; O17; D22.