The Influence of Financial Inclusion and Knowledge Management on the Performance of Venture Capital Relationships in Emerging Economies: The Case of Morocco (Tangier-Tetouan-Al Hoceima Region).

In emerging economies, the relationship between venture capitalists and entrepreneurs remains marked by information asymmetries, high transaction costs, and often fragile trust. This study examines the impact of two strategic levers — financial inclusion and the management of personal knowledge — on the quality of this relationship, particularly within the Moroccan context. Drawing on a multidisciplinary theoretical framework (agency theory, social capital, procedural justice), we developed an integrative conceptual model and empirically tested its hypotheses through an exploratory survey conducted with 17 entrepreneurs who had raised venture capital. The results show that financial inclusion enhances the credibility of entrepreneurs, reduces transactional frictions, and facilitates the formalization of interactions. At the same time, the sharing and recognition of tacit knowledge promote trust, strategic cooperation, and a reduction in opportunistic behavior. The study identifies three distinct relational profiles and highlights the moderating role of trust in the overall performance of the partnership. These findings point to the need for a more hybrid, contextualized, and inclusive model of governance in investor–entrepreneur relationships.