Transparency and Financial Communication at the Casablanca Stock Exchange: Listed and Non-Listed Moroccan Companies

The transparency of economic and financial information constitutes an essential condition for supporting stakeholders’ decision-making processes. However, transparency may also be perceived as a risk to a company’s image, particularly when disclosed information is unfavorable. Consequently, corporate attitudes toward transparency remain heterogeneous and extend beyond the mere availability of information to include its reliability and accuracy. This study proposes a comparative analysis of the level of transparency between listed and non-listed companies, based on a sample of 78 firms listed on the Casablanca Stock Exchange. The findings indicate that listed companies exhibit a higher level of transparency compared to non-listed firms. Nevertheless, this level remains insufficient to fully meet stakeholders’ informational needs. This research contributes to a better understanding of financial commu- nication practices in Morocco and highlights the importance of improving transparency in order to strengthen investor confidence.