From Creation to Maturity: Governance Mechanisms and Business Leadership in SMEs

In an economic environment characterised by increasing uncertainty and intensified global competition, this study examines how Moroccan small and medium-sized enterprises (SMEs) adapt their governance mechanisms across the distinct stages of their life cycle: creation, growth, and maturity. The research aims to analyse how cognitive, structural, and disciplinary mechanisms interact to address the specific challenges of each phase, while considering moderating factors such as the institutional environment, industry type, and firm size. A quantitative methodology was adopted, based on a structured survey of 250 Moroccan SMEs operating in commerce, industry, and services. Data were analysed using structural equation modelling (SEM) and moderated regression analysis to identify the relationships between governance mechanisms, organisational performance, and contextual moderators. The findings reveal that cognitive mechanisms dominate in the creation phase, structural mechanisms dominate during growth, and disciplinary mechanisms prevail at maturity. Furthermore, the institutional environment, industry dynamics, and firm size significantly influence the effectiveness and adoption of these mechanisms. The study contributes to the literature by proposing and empirically validating an integrative conceptual model adapted to the Moroccan context. It also provides practical recommendations for SME leaders and policymakers to design governance strategies that are both stage-specific and context-sensitive. By aligning governance practices with organisational development and external constraints, Moroccan SMEs can enhance their resilience, competitiveness, and long-term sustainability.