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Emerald Group Publishing

Supporting Research and Publishing in North Africa Assistance à la recherche et à la publication en Afrique du Nord

www.emeraldinsight.com


02 Emerald Group Publishing Limited

Contents About Emerald___________________________________________________________________________________________________________________________________________________________________ 03 Supporting researchers in North Africa__________________________________________________________________________________________________________________________________ 04 Emerald eJournals______________________________________________________________________________________________________________________________________________________________ 06 Emerald eBook Series________________________________________________________________________________________________________________________________________________________ 08 Emerging Markets Case Studies__________________________________________________________________________________________________________________________________________ 10 Emerald eJournals Engineering Collection____________________________________________________________________________________________________________________________ 12 Emerald’s Award Programmes_____________________________________________________________________________________________________________________________________________ 14 Support for new authors______________________________________________________________________________________________________________________________________________________ 16

Featured articles Ghabri Yosra, Olfa Ben Ouda Sioudi, “Ultimate ownership structure and stock liquidity: empirical evidence from Tunisia”, Studies in Economics and Finance, Vol. 28, No. 4 Abdelmajid Amine, Najoua Lazzaoui, “Shoppers’ reactions to modern food retailing systems in an emerging country. The case of Morocco”, International Journal of Retail and Distribution Management, Vol. 38, No. 8 M. Belarbi-Benmahdi, D. Khaldi, C. Beghdad, H. Gouzi and N. Bendimerad, B. Hammouti, “Physicochemical and nutritional study of argan oil (Argania spinosa L.) in south-western Algeria”, Pigment and Resin Technology, Vol. 38, No. 2

Table des matières À propos d’Emerald ___________________________________________________________________________________________________________________________________________________________ 03 Assistance aux chercheurs en Afrique du Nord______________________________________________________________________________________________________________________ 05 Emerald eJournals______________________________________________________________________________________________________________________________________________________________ 07 Séries Emerald eBook________________________________________________________________________________________________________________________________________________________ 09 Étude de cas relatifs aux marchés émergents________________________________________________________________________________________________________________________ 11 Emerald eJournals Engineering Collection____________________________________________________________________________________________________________________________ 13 Programmes de Prix d’Emerald____________________________________________________________________________________________________________________________________________ 15 Assistance aux nouveaux auteurs________________________________________________________________________________________________________________________________________ 17

Nos articles sélectionnés: Ghabri Yosra, Olfa Ben Ouda Sioudi, “Ultimate ownership structure and stock liquidity: empirical evidence from Tunisia”, Studies in Economics and Finance, Vol. 28, No. 4 Abdelmajid Amine, Najoua Lazzaoui, “Shoppers’ reactions to modern food retailing systems in an emerging country. The case of Morocco”, International Journal of Retail and Distribution Management, Vol. 38, No. 8 M. Belarbi-Benmahdi, D. Khaldi, C. Beghdad, H. Gouzi and N. Bendimerad, B. Hammouti, “Physicochemical and nutritional study of argan oil (Argania spinosa L.) in south-western Algeria”, Pigment and Resin Technology, Vol. 38, No. 2


03 Supporting Research and Publishing in North Africa

About Emerald A global publisher linking research and practice to the benefit of society Founded in 1967, Emerald Group Publishing has become the world’s leading scholarly publisher of journals and books in business and management with a strong and growing presence in disciplines including education, engineering, health & social care and Library Studies. The highest quality of double-blind peer reviewed research is at the heart of what we do, working alongside some of the most prestigious contributors in their respective fields. High Quality – provision of high quality, peer reviewed management scholarly research with 55+ journals and 3 book series achieving ranking by Thomson Reuters (ISI). Excellent service and accessibility – provision of effortless access to scholarly content, continuously improving our service levels to our customers, enabling worldwide distribution for our contributors

Insight from the best in the field – our commitment to quality and relevance is reflected by a growing network of more than 100,000 advisers, authors and editors and nearly 5,000 customers in over 130 countries worldwide. If you would like more information about our products and services, if you would like us to visit your institution, or if you want a free trial to any of our products then please do get in touch. Your Emerald contact Eric Broug, Business Manager – North Africa Emerald Group Publishing Limited T +44 (0)1274 785195 M +44 (0)7875 249006 E ebroug@emeraldinsight.com www.emeraldinsight.com

À propos d’Emerald Un éditeur international alliant la recherche et la pratique pour le bénéfice de la société Fondé en 1967, Emerald Group Publishing est devenu le leader mondial des éditeurs universitaires de périodiques et livres sur les affaires et le management et bénéficie d’une présence en forte croissance dans des disciplines telles que l’éducation, l’ingénierie, la santé et les services sociaux ou encore les études documentaires. Des recherches de la plus haute qualité, passées en revue par des pairs dans le cadre d’une méthodologie en double aveugle, sont au cœur de nos activités et nous travaillons en étroite collaboration avec certains contributeurs parmi les plus prestigieux dans leurs domaines respectifs. Une qualité hors pair : prestation de recherches universitaires d’excellente qualité dans le domaine du management, passées en revue par des pairs, avec plus de 55 périodiques et 3 séries d’ouvrages indexés par Thomson Reuters (ISI). Excellence du service et de l’accessibilité : provision d’un accès aisé au contenu académique et amélioration continue de nos niveaux de service aux clients, permettant une distribution

internationale pour nos contributeurs. Contribution des meilleurs intervenants dans leur domaines : notre engagement en matière de qualité et de pertinence est reflété par un réseau grandissant de plus de 100 000 conseillers, auteurs et rédacteurs et presque 5 000 clients dans plus de 130 pays à travers le monde. Pour obtenir de plus amples renseignements au sujet de nos produits et services, organiser une réunion avec nous dans votre institution ou essayer gratuitement l’un de nos produits, veuillez Votre contact à Emerald Eric Broug Responsable Ccommercial – Afrique du Nord Emerald Group Publishing Limited Tél : +44 (0) 1274 785195 Port. : +44 (0) 7875 249006 E ebroug@emeraldinsight.com www.emeraldinsight.com


04 Emerald Group Publishing Limited

Supporting Researchers in North Africa Emerald has been engaging with the academic communities in North Africa for many years and we are proud to have academic contributors from a broad range of Universities, colleges, research institutions and major organisations. Over 1500 North African authors have successfully published articles in Emerald journals and books and we have a number of senior academics in North Africa on the editorial advisory boards of our publications. Emerald want to continue to build strong relationships in North Africa and to provide students, lecturers and researchers with access to our collections of eJournals, eBooks and case studies which will strengthen the academic research environments in North Africa. In coming months and years, we will continue to support conferences, present workshops for aspiring authors and support research through our Awards programmes.

Our Products Many universities and colleges subscribe to our electronic databases of journals and books. They find our articles on business, management, marketing and engineering indispensable for their students, researchers and faculty. A subscription to an Emerald database offers perpetual access to content from the subscribed years; it is an investment in your library.

FREE online resources Emerald offers a range of dedicated support resources tailored to the needs of librarians, authors, researchers, teachers and students. Emerald for Librarians is designed specifically for the library and information studies (LIS) community to improve information services and better service library users. Key features include: managing your library, marketing your library, information

management resources, features of the month, writing for LIS journals, support resources and library events. To access this resource, simply follow this link or scan the barcode with your smart phone: www.emeraldinsight.com/tk/NAR/librarians

“As a library manager, I find the library content on Emerald particularly appealing. The section for librarians is a part of the Emerald platform that I would regularly consult to inform my work.” Marie O’ Neill, Head of Library, Careers and Student Services, Dublin Business School

Emerald for Authors offers practical tips and guidance on all aspects of writing. This resource includes Emerald’s Guide to Getting Published, an essential tool which gives you an insight into how to get published in international research journals. Based on over 45 years’ experience of working with the editors of over 290 journals, Emerald’s Guide to Getting Published (GGP) helps to give papers the best possible chance of publication. To access this resource, simply follow this link or scan the barcode with your smart phone: www.emeraldinsight.com/tk/NAR/authors

“Your author relations initiatives are unparalleled in the publishing world.” Baird Brightman, Worklife Strategies, MA, USA


05 Supporting Research and Publishing in North Africa

Assistance aux chercheurs en Afrique du Nord Emerald collabore avec les communautés universitaires d’Afrique du Nord depuis de nombreuses années et nous sommes fiers de compter dans nos rangs des contributeurs universitaires provenant d’un large éventail d’universités, de facultés, d’institutions de recherche et d’organismes importants. Plus de 1 500 auteurs nord-africains ont publié avec succès des articles dans les périodiques et ouvrages d’Emerald et nos effectifs incluent un certain nombre d’universitaires renommés d’Afrique du Nord qui œuvrent dans les comités de consultation éditoriale de nos publications. Emerald veut continuer à bâtir des relations solides en Afrique du Nord et à fournir aux étudiants, professeurs et chercheurs l’accès à nos collections d’eJournals, eBooks et d’études de cas qui viendront consolider le milieu de la recherche universitaire en Afrique du Nord. Au cours des mois et années à venir, nous allons continuer à encourager l’organisation de conférences, la présentation d’ateliers pour les auteurs en devenir et à soutenir la recherche grâce à nos programmes de prix.

Nos produits De nombreuses universités et facultés s’abonnent à nos bases de données électroniques de périodiques et d’ouvrages. Ils y trouvent nos articles sur les affaires, le management, le marketing et l’ingénierie indispensables à leurs étudiants, chercheurs et facultés. Un abonnement à une base de données Emerald offre un accès permanent au contenu des années souscrites ; il représente ainsi un investissement dans votre bibliothèque.

Ressources en ligne GRATUITES Emerald offre un éventail de ressources d’assistance dédiées adaptées spécifiquement aux besoins des documentalistes, auteurs, chercheurs, professeurs et étudiants. Emerald for Librarians (Emerald pour les documentalistes) est conçu spécifiquement pour la communauté des études documentaires et sciences de l’information (LIS), et vise à améliorer les services d’information et à rendre un meilleur service aux utilisateurs des bibliothèques. Les principales

caractéristiques de ce service incluent notamment : la gestion de votre bibliothèque, la promotion de votre bibliothèque, des ressources de gestion de l’information, des articles du mois, la rédaction d’articles pour des périodiques LIS, des ressources d’assistance et des événements sur la documentation et l’information. Pour accéder à cette ressource, il vous suffit de suivre ce lien ou de scanner le code barres avec votre smart phone : www.emeraldinsight.com/tk/NAR/librarians

“En tant que documentaliste, je trouve le contenu d’Emerald destiné aux bibliothèques particulièrement attractif. La section dédiée aux documentalistes est une rubrique de la plateforme Emerald que je consulte régulièrement pour travailler de façon plus efficace.” Marie O’Neil, Documentaliste en Chef, Services aux Etudiants et Carrières, École de Commerce de Dublin

Emerald for authors (Emerald pour les auteurs) propose des astuces et des conseils pratiques sur tous les aspects de l’écriture. Cette ressource comprend le Guide to Getting Published (Guide pour se faire publier) d’Emerald, un outil essentiel qui vous apporte des conseils indispensables pour améliorer vos chances de publication dans des périodiques internationaux. Ces conseils sont issus de nos 45 ans d’expérience de travail avec les rédacteurs de plus de 290 périodiques. Pour accéder à cette ressource, il vous suffit de suivre ce lien ou de scanner le code barres avec votre smart phone : www.emeraldinsight.com/tk/NAR/authors

“Vos initiatives en matière de relations avec les auteurs n’ont pas d’équivalent dans le monde de l’édition.” Baird Brightman, Worklife Strategies, MA, États-Unis


06 Emerald Group Publishing Limited

eJournals Emerald Management eJournals Database Leading the field of management research Emerald has a strong heritage in management research. Long recognized as a leader in this field, the breadth of our collection ensures that we continue to provide a premier resource for students, researchers and business practitioners studying and working in this area. All research papers are subject to a rigorous peer-review process so you can be assured that content is both relevant and of the highest quality. Key subject areas included in this collection are: Accounting, Finance & Economics

Information & Knowledge Management

Property Management & Built Environment

Business, Management & Strategy

Marketing

Public Policy & Environmental Management

We have chosen three articles that we feel are relevant for the North Africa region and included the full text in this booklet. The journals these articles are from are: ISSN 1086-7376

Volume 25 Number 1 2008

Studies in Economics and Finance

HR, Learning & Organization Studies

Operations, Logistics & Quality

Tourism & Hospitality Management

Studies in Economics and Finance

www.emeraldinsight.com

ISSN 0959-0552

Volume 36 Number 1 2008

International Journal of

Retail & Distribution Management incorporating Retail Insights

Emerald Specialist eJournals Collections

International Journal of Retail & Distribution Management

www.emeraldinsight.com

Dedicated to subject specialism ...

ISSN 0369-9420

Volume 37 Number 1 2008

Pigment & Resin Technology

Designed to complement and extend our strength in management, Emerald has diversified its offering by publishing high-quality research in the fields of Education, Engineering, Health & Social Care and Library Studies. Through our dedication to subject community development, Emerald’s Specialist eJournals Collections provide you with access to the latest, topical research in your field. Education

Health & Social Care

Engineering

Library Studies

Pigment & Resin Technology

The international journal of colorants, polymers and colour applications

www.emeraldinsight.com

“Emerald’s library and information science journals balance practice and innovation, ideas for today with research for tomorrow. Together they form a corpus that educates the active professional and the student. Directors and beginners benefit equally from the international coverage and technology depth.” Michael Seadle, Editor, Library Hi Tech, Institute for Library and Information Sciences, Humboldt University of Berlin, Germany

For more information on Emerald eJournals please visit: www.emeraldinsight.com/tk/NAR/ejournals


07 Supporting Research and Publishing in North Africa

eJournals Base de données Emerald Management eJournals Leader dans le domaine de la recherche en management Emerald est doté d’un riche patrimoine dans la recherche sur le management. Longtemps reconnue comme la meilleure dans ce domaine, l’envergure de notre collection nous permet de nous assurer de continuer à fournir une ressource phare pour les étudiants, les chercheurs et les professionnels des affaires qui étudient et travaillent sur ce sujet. Tous les articles de recherche sont soumis à un processus rigoureux de révision par des pairs afin que vous puissiez être sûrs que le contenu soit pertinent et de la meilleure qualité possible. Les principaux domaines thématiques compris dans cette collection sont : Comptabilité, finance et économie

Gestion de l’information et de la connaissance

Gestion immobilière et environnement construit

Affaires, management et stratégie

Marketing

Politique publique et gestion de l’environnement

Ressources Humaines, formation et étude des organisations

Exploitation, logistique et qualité

Tourisme et gestion de l’industrie de l’accueil

Collections d’eJournals spécialisés d’Emerald

Nous avons choisi trois articles que nous considérons comme pertinents pour la région de l’Afrique du Nord et en avons intégré le texte intégral dans ce livret. Les périodiques dont sont tirés ces articles sont : ISSN 1086-7376

Volume 25 Number 1 2008

Studies in Economics and Finance

www.emeraldinsight.com

ISSN 0959-0552

Volume 36 Number 1 2008

International Journal of

Retail & Distribution Management incorporating Retail Insights

ISSN 0369-9420

Ces collections sont conçues dans le but de compléter et d’étendre notre contenu dans le domaine du management. Ainsi, Emerald a diversifié son offre en publiant des recherches d’excellente qualité dans les domaines de l’éducation, de l’ingénierie, de la santé et des services sociaux ainsi que des études documentaires. De par notre engagement en matière de développement de la communauté, les collections d’eJournals spécialisés d’Emerald vous permettent d’accéder aux recherches thématiques les plus récentes dans votre domaine. Éducation

Santé et services sociaux

Ingénierie

Études documentaires

Pour plus d’informations sur les eJournals d’Emerald, rendez-vous sur le site : www.emeraldinsight.com/tk/NAR/ejournals

International Journal of Retail & Distribution Management

www.emeraldinsight.com

Volume 37 Number 1 2008

Dédiées aux spécialités thématiques...

Studies in Economics and Finance

Pigment & Resin Technology

Pigment & Resin Technology

The international journal of colorants, polymers and colour applications

www.emeraldinsight.com

“Les périodiques sur les études documentaires et la science de l’information d’Emerald font l’équilibre entre la pratique et l’innovation, entre les idées pour aujourd’hui et la recherche pour demain. Ils forment ensemble un corpus qui éduque le professionnel actif et l’étudiant. Les directeurs et les débutants bénéficient à part égale de la couverture internationale et de la profondeur en matière de technologie.” Michael Seadle, Editeur, Library Hi Tech, Institute for Library and Information Sciences, Université Humboldt de Berlin, Allemagne


08 Emerald Group Publishing Limited

eBookSeries A library at your fingertips Emerald eBook Series collections bring together more than 1,300 volumes from over 135 Book Series in the two key fields of Business, Management & Economics and Social Sciences. Commissioned from leading academics and authors, each collection offers a breadth of relevant, quality content combined with the ease and accessibility of electronic access. Featuring high impact and topical research, these titles offer a more in-depth and comprehensive analysis of a subject area, making them an essential resource for students, researchers and industry.

Business, Management & Economics collection Featuring unique, international and high quality content, this collection reinforces Emerald’s position as a world leading publisher in business and management research. It is made up of more than 890 volumes from over 85 eBooks Series titles.

Social Sciences collection This collection includes high profile, international authors delivering cutting edge, crossdisciplinary research in social science. It is made up of more than 400 volumes from over 50 eBook Series titles.

Key eBook Series titles: International Perspectives on Education and Society

“Emerald is amongst the most reputed publishers … its … scholarly eBooks are useful and relevant to students, faculty and researchers. It really adds value to university and research activities.” Ali El-Maamiry, Librarian, University of Dubai, UAE

“Emerald are energetic and passionate and serve customers patiently and carefully.” Xing Jun, Head of Department, Liaoning Province Library, China.

Research in Social Problems and Public Policy

Research in the Sociology of Health Care

For more information on Emerald eBook Series please visit: www.emeraldinsight.com/tk/NAR/ebooks


09 Supporting Research and Publishing in North Africa

eBookSeries Une bibliothèque à portée de main Les collections des séries d’ouvrages électroniques d’Emerald rassemblent plus de 1 300 volumes tirés de plus de 135 séries d’ouvrages dans deux domaines clés, les affaires, le management et l’économie, et les sciences sociales. Commandée par des universitaires et auteurs de renom, chaque collection offre une large gamme de contenus pertinents et de qualité, associée à la facilité de l’ accès électronique. Ces titres présentent des recherches ciblées à fort impact et offrent une analyse plus poussée et plus exhaustive d’un domaine thématique, ce qui fait d’eux une ressource essentielle pour les étudiants, les chercheurs et l’industrie.

Collection affaires, management et économie Présentant un contenu international unique et d’excellente qualité, cette collection renforce la position d’Emerald en tant qu’éditeur international à la pointe de la recherche dans le domaine des affaires et du management. Elle est constituée de plus de 890 volumes provenant de plus de 85 titres de Séries d’eBooks.

Collection sciences sociales Cette collection comprend des auteurs internationaux de renom qui présentent des travaux de recherche décisifs, inter-disciplinaires axés sur les sciences sociales. Elle est constituée de plus de 400 volumes provenant de plus de 50 titres de séries d’ouvrages électroniques.

Titres clés des séries d’ouvrages électroniques : International Perspectives on Education and Society

Research in Social Problems and Public Policy

Research in the Sociology of Health Care

Pour plus d’informations sur les Séries d’ouvrages électroniques d’Emerald, rendez-vous sur le site: www.emeraldinsight.com/tk/NAR/ebooks

“Emerald est l’un des éditeurs les plus réputés... ses... eBooks universitaires sont utiles et pertinents pour les étudiants, la faculté et les chercheurs. Emerald apporte vraiment de la valeur aux activités universitaires et de recherche.” Ali El-Maamiry, Documentaliste, Université de Dubaï, EAU

“Le personnel d’Emerald est énergique, passionné et sert les clients avec patience et minutie.” Xing Jun, Chef de Département, Bibliothèque de la Province de Liaoning, Chine


10 Emerald Group Publishing Limited

EmergingMarketsCaseStudies Local Insight with global relevance Emerald Emerging Markets Case Studies (EEMCS) is an online collection of peerreviewed teaching cases focusing on business decision making and management development throughout key emerging markets. Cases are written by case writers working in or closely with developing economies, offering local perspectives with global appeal and further reinforcing our commitment to regional academic development. EEMCS addresses the increasing demand from business educators and practitioners for quality-controlled teaching cases focusing on emerging markets. This growing collection of over 250 case studies also benefits from regular updates throughout the year.

Practical Application Teaching cases are used in classroom situations to stimulate learning and add practical knowledge. To support this, every case is accompanied with complimentary teaching notes compiled by the author. Emerald Emerging Markets Case Studies: • Engages students through active learning and examples of real business issues. • Spotlights strategic markets and business theory, allowing students to transform managerial knowledge into practice. • Encourages entrepreneurial thinking and critical exploration through class activities. • Gives an understanding of various issues that are faced by companies in emerging economies.

Who would benefit from EEMCS? • Teaching professionals Providing educators with a reliable, current and comprehensive teaching resource supporting the delivery of Masters and undergraduate management programmes. • Students Providing students with easily digestible cases spotlighting international management in practice and underpinning theoretical business concepts. • Library professionals Providing library professionals with a practical and exclusive new educational resource to further reinforce the strength of the virtual library collection.

Case examples: Morocco’s Novatis Group: diaper manufacturing in a developing country Vodafone Egypt (A): the investment decision Auditor industry specialization in a MENA region country: lessons learnt from PricewaterhouseCoopers - Egypt

For more information on Emerald Emerging Markets Case Studies please visit: www.emeraldinsight.com/tk/NAR/emcs

“I like the localized content which is more related to the markets around us. It is more easily comprehended by the students, as the featured companies and environmental settings make it easier for them to relate. It also gives an understanding of the various issues that might be faced by the companies in emerging markets that are different from the issues in developed countries.” Mohd Nishat Faisal, Assistant Professor, Qatar University


11 Supporting Research and Publishing in North Africa

EmergingMarketsCaseStudies Un éclairage local, une portée internationale Emerald Emerging Markets Case Studies (EEMCS) est une collection unique d’études de cas pédagogiques révisées par des pairs et centrées sur la prise de décisions commerciales et le développement du management sur l’ensemble des principaux marchés émergents. Les études de cas sont rédigées par des rédacteurs qui travaillent dans ou en étroite collaboration avec des économies en voie de développement, offrant ainsi des perspectives locales alliées à un attrait international et renforçant davantage notre engagement envers le développement universitaire régional. EEMCS traite la demande croissante, de la part des formateurs et professionnels du monde des affaires, en matière d’études de cas pédagogiques portant sur les marchés émergents et dont la qualité a été dûment contrôlée. Cette collection en constante évolution, qui comporte actuellement plus de 250 études de cas, bénéficie également de mises à jour régulières tout au long de l’année.

Application pratique Les études de cas pédagogiques sont utilisées dans des situations de cours pour stimuler l’apprentissage et ajouter des connaissances pratiques. Chaque cas est accompagné de notes pédagogiques complémentaires dressées par l’auteur en vue d’aider le formateur. Emerald Emerging Markets Case Studies: • Fait participer les étudiants grâce à une formation active et des exemples de problèmes réels du monde des affaires. • Met en avant la théorie sur les affaires et les marchés stratégiques, permettant aux étudiants de mettre en pratique leurs connaissances de management. • Encourage à penser comme un entrepreneur et favorise l’exploration critique par des activités en classe. • Permet de comprendre divers problèmes auxquels sont confrontées les sociétés des économies émergentes.

Qui pourrait bénéficier de EEMCS? • Les professionnels de la formation En fournissant aux éducateurs une ressource pédagogique exhaustive, actualisée et fiable, qui aide à délivrer des programmes de management de niveau Masters et premier cycle universitaire. • Les étudiants En fournissant aux étudiants des études cas faciles à assimiler mettant l’accent sur le management international en pratique et soulignant des concepts théoriques du monde des affaires. • Les professionnels de la documentation En fournissant aux professionnels de la documentation une nouvelle ressource pédagogique exclusive et pratique qui vient consolider davantage la force de la collection de la bibliothèque virtuelle.

Exemples de cas : Le Groupe Novatis au Maroc : diaper manufacturing in a developing country Vodafone Égypte (A) : the investment decision Auditor industry specialization in a MENA region country: lessons learnt from PricewaterhouseCoopers - Egypt

Pour plus d’informations sur les Emerald Emerging Markets Case Studies, rendez-vous sur le site : www.emeraldinsight.com/tk/NAR/emcs

“J’aime le contenu localisé, qui est plus lié aux marchés qui nous entourent. Il est plus facilement appréhendé par les étudiants, car les sociétés et les milieux présentés leur permettent de mieux s’y rapporter. Il donne aussi un éclairage sur les différents problèmes auxquels sont confrontées les sociétés des marchés émergents, qui sont différents des problèmes des pays développés.” Mohd Nishat Faisal, Professeur adjoint, Université du Qatar


12 Emerald Group Publishing Limited

Engineering Collection With emphasis on core areas of mechanical and electrical engineering, the collection has both editorial representation and author contributions from some of the world’s leading institutions. All journals undergo thorough peer review and are used widely in practice by global organizations within the aerospace, automotive and manufacturing sectors. 70% of the journals are indexes by Thomson Reuters. Key reasons to choose this collection: - 70% of the journals in the collection are indexed by Thomson Reuters (ISI) and all are Scopus ranked. (can we include the ISI logo here) - This collection features over 38,000 journal articles from 23 journals and in 2012 more than 700,000 articles were downloaded. - In 2013, Emerald launched the International Journal of Intelligent Unmanned Systems. - The collection offers original international content with practical relevance - You will have immediate access to new techniques and processes

Example key titles ISSN 1355-2546

Volume 16 Number 1 2010

Rapid Prototyping Journal The international journal for research on additive manufacturing technologies and rapid product development

Rapid Prototyping Journal is published in association with GARPA

Publishing in association with GARPA (Global Alliance of Rapid Prototyping Associations), Rapid Prototyping Journal is the World’s leading journal for additive manufacturing research.

An essential engineering database Comprising abstracts and full-text articles in 23 internationally acclaimed journals, the Emerald Engineering eJournal Collection covers core aspects of engineering technology categorized in to two sub-categories: • Mechanical and Materials Engineering • Electrical and Electronic Engineering

www.emeraldinsight.com

ISSN 0143-991X

Volume 35 Number 1 2008

Industrial Robot The international journal of industrial and service robotics

For more than 30 years, Industrial Robot has been a leading international journal providing up-to-date coverage of international activities that relate to the design and applications of industrial and service robots.

www.emeraldinsight.com

ISSN 1748-8842

Volume 83 Number 1 2011

Aircraft Engineering and Aerospace Technology An International Journal

Aircraft Engineering and Aerospace Technology is the third oldest journal, dating back to 1929, and is dedicated to research in materials and techniques employed in the aircraft and aerospace industry.

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Noteworthy articles from leading authors Neal Wagner, Zbigniew Michalewicz, Sven Schellenberg, Constantin Chiriac and Arvind Mohais, “Intelligent techniques for forecasting multiple time series in real-world systems” – International Journal of Intelligent Computing and Cybernetics, 2011, Vol. 4, No. 3 Parisa Gilani and Yasamin Razeghi, “Global manufacturing: creating the balance between local and global markets” – Assembly Automation, 2010, Vol. 30, No. 2 Amir Hossein Alavi and Amir Hossein Gandomi, “A robust data mining approach for formulation of geotechnical engineering systems” – Engineering Computations, 2011, Vol. 28, No. 3

For more information on Emerald eJournals Engineering Collection please visit: www.emeraldinsight.com/tk/NAR/engineering

“I find the Rapid Prototyping Journal an essential resource in my field. I find its content relevant, current and with an excellent mix of papers from all parts of the world.” Dr Richard Bibb, Department of Design and Technology, Loughborough University, UK


13 Supporting Research and Publishing in North Africa

Collection Ingénierie Cette collection, qui se concentre sur les domaines centraux de l’ingénierie mécanique et électrique, compte à la fois une représentation éditoriale et des contributions d’auteurs provenant des institutions les plus réputées au monde. Tous les périodiques sont passés en revue par des pairs et sont largement utilisés dans la pratique par des organismes internationaux au sein des secteurs de l’aérospatiale, de l’automobile et de l’industrie manufacturière. 70 % des périodiques sont indexés par Thomson Reuters. Voici les principales raisons du choix de cette collection : - 70 % des périodiques de la collection sont indexés par Thomson Reuters (ISI) et ils sont tous classés par Scopus. (pouvons-nous mettre le logo ISI ici) - Cette collection compte plus de 38 000 articles tirés de 23 périodiques et, en 2012, plus de 700 000 articles ont été téléchargés. - En 2013, Emerald a lancé le périodique, International Journal of Intelligent Unmanned Systems. - Cette collection présente un contenu international original, pertinent dans la pratique - Vous aurez immédiatement accès aux nouvelles techniques et aux nouveaux procédés

Exemple de titres clés ISSN 1355-2546

Volume 16 Number 1 2010

Rapid Prototyping Journal The international journal for research on additive manufacturing technologies and rapid product development

Rapid Prototyping Journal is published in association with GARPA

www.emeraldinsight.com

ISSN 0143-991X

Volume 35 Number 1 2008

Industrial Robot The international journal of industrial and service robotics

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Volume 83 Number 1 2011

Aircraft Engineering and Aerospace Technology An International Journal

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Publié en association avec la GARPA (Global Alliance of Rapid Prototyping Associations/ Alliance Internationale d’Associations de Prototypage Rapide), Rapid Prototyping Journal est le périodique phare au niveau mondial pour la recherche en matière de fabrication d’additifs. Depuis plus de 30 ans, Industrial Robot est un périodique international réputé fournissant une couverture actualisée des activités internationales qui se rapportent à la conception et aux applications des robots industriels et de service. Remontant à 1929, Aircraft Engineering and Aerospace Technology est le troisième périodique le plus ancien ; il se consacre à la recherche sur les matériaux et techniques employés dans l’industrie de l’aviation et de l’aérospatiale.

Articles d’auteurs renommés méritant l’attention Neal Wagner, Zbigniew Michalewicz, Sven Schellenberg, Constantin Chiriac et Arvind Mohais, “Intelligent techniques for forecasting multiple time series in real-world systems” – International Journal of Intelligent Computing and Cybernetics, 2011, Vol. 4, No. 3 Parisa Gilani et Yasamin Razeghi, “Global manufacturing: creating the balance between local and global markets” – Assembly Automation, 2010, Vol. 30, No. 2 Amir Hossein Alavi et Amir Hossein Gandomi, “A robust data mining approach for formulation of geotechnical engineering systems” – Engineering Computations, 2011, Vol. 28, No. 3 Pour plus d’informations sur la collection d’eJournals d’Emerald sur l’ingénierie, rendez-vous sur le site : www.emeraldinsight.com/tk/NAR/engineering

Une base de données essentielle en ingénierie Comprenant des résumés et les textes intégraux d’articles tirés de 23 périodiques de renommée internationale, la collection de périodiques électroniques Emerald sur l’ingénierie couvre des aspects centraux de la technologie de l’ingénierie répartis dans deux souscatégories : • Ingénierie mécanique et matériaux • Ingénierie électrique et électronique

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Ultimate ownership structure and stock liquidity: empirical evidence from Tunisia Ghabri Yosra and Olfa Ben Ouda Sioud Institut des Hautes Etudes Commerciales, Carthage, Tunisia Abstract Purpose – The purpose of this paper is to study the ownership-liquidity relation in the context of the Tunisian Stock Exchange. Design/methodology/approach – In particular, the paper examines two empirical relationships: the relationship between ownership concentration and stock liquidity and the relationship between the separation of ownership from control and market liquidity. Findings – The empirical findings verify that the structure of ownership remains concentrated in the majority of the Tunisian firms. It is found that stock liquidity decreases significantly with concentrated ownership. Different devices are used to gain control and hence a significant separation of ownership from control affects liquidity in different ways. The results indicate that pyramidal structures have a significant negative impact on liquidity for all controlled firms. However, for family firms, non-voting shares increase liquidity for minority shareholders by reducing the probability of informed trading. Originality/value – Overall, this study reports that non-voting shares may be a liquidity enhancing device for family firms. Keywords Ownership, Liquidity, Controlling shareholders, Pyramidal structure, Voting rights, Bid-ask spread, Tunisia Paper type Research paper

Studies in Economics and Finance Vol. 28 No. 4, 2011 pp. 282-300 q Emerald Group Publishing Limited 1086-7376 DOI 10.1108/10867371111171546

Introduction The relationship between market microstructure and corporate finance has received recently considerable attention in financial literature, focusing on the problem of how corporate governance could be associated with market liquidity. In particular, corporate governance, market liquidity and their effects on the firm’s value are usually examined separately. However, the informational and operational characteristics of liquidity[1] have a much influence on shareholder value, especially when they interfere with corporate governance mechanisms. Market microstructure theory predicts that informational benefits are reflected in market liquidity through higher trading costs; a large fraction of shareholders exploit information that others would not have when investor interests are poorly protected; this access to private information increases the adverse selection component of spread, a wider bid-ask spread and a lower quoted depth. The focus of most empirical studies on the ownership-liquidity relation is on the effect of ownership structure on market liquidity, while there is a little empirical work shedding light on the effect of separation of ownership from control on liquidity. Considering this relation, researchers focus on two hypotheses: the adverse selection hypothesis and the trading or free-float hypothesis.The adverse selection hypothesis posits that When informed shareholders possess superior information compared to


outside shareholders, information asymmetry arises, reducing market liquidity (Grossman and Stiglitz, 1980; Glosten and Milgrom, 1985; Kyle, 1985; Easley and O’Hara, 1987). In practice, it is difficult to classify market participants as informed and which as uninformed. According to the Securities and Exchange Commission (SEC) controlling shareholders at the 10 percent threshold are considered as insiders. Institutions, while not having the same access to private information as insiders, can create an informational advantage by exploiting economies of scale in information acquisition and possessing. Following the SEC definition of insiders, this study focuses on manager and controlling shareholder ownership for the Tunisian firms. The trading hypothesis, on the other hand, supposes that Large stakes by blockholders reduce the availability of floating shares; therefore the monitoring role of insiders’ blockholders has a high cost in terms of market liquidity. Specifically, when a firm’s ownership is concentrated, there are fewer trade, therefore the free float is limited and liquidity is reduced (Demsetz, 1968). Furthermore, ownership concentration decreases the benefits of monitoring the firm by stock market participants, thereby reducing the amount of public information available about the firm (Holmstro¨m and Tirole, 1993). Given these two hypotheses, this paper analyses the effect of ownership structure and corporate governance on market liquidity. Using a sample of Tunisian firms, we examine on the one hand the relation between concentrated ownership and stock liquidity. On the other hand, we investigate the impact of separation between control and ownership on adverse selection and therefore on liquidity; specifically, we investigate the impact on liquidity of how the firm chooses to enhance control. The two main ways to achieve separation of voting rights from cash-flow rights are pyramidal structures and different classes of shares that provide different voting rights for given cash-flow rights. We think that it would be of great interest to conduct this study for many reasons. First it contributes to extent existing empirical work on emerging markets by examining a new database given by the case of the Tunisian Stock Market. This lead us to identify if the empirical results concerning other market hold for the Tunisian Stock Exchange. Second, the focus of most empirical studies on the ownership-liquidity relation provide evidence on quote-driven market, it would be interesting to provide a contribution to the literature by releasing new ultimate ownership data for a sample of firms listed on pure agency market such as the Tunisian Stock Exchange (TSE). Finally, the findings may be helpful for market participants to understand the influence of trading practices on stock price and for stock exchange authorities to adopt optimal regulatory policies and choose efficient trading systems in response to information asymmetry. Consistent with the trading hypothesis, we find a positive impact of free float on liquidity. Stocks with a greater deviation between control and ownership, have a positive impact on spreads. However, this impact on spreads of ownership-control deviation depends on the control device used by the firm. Pyramidal structures are positively related to spreads as well as on the adverse selection component of the bid-ask spread and therefore have a negative impact on liquidity. On the contrary non-voting shares decrease spreads. In accordance to the adverse selection hypothesis, pyramidal structures enhance information asymmetry component of the bid-ask spread and decrease liquidity for all pyramiding firms, whereas non-voting shares prevent insiders to trade on their private information, they reduce information asymmetries and therefore the bid-ask spread; this positive effect is limited to small family firms.

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The remainder of the paper proceeds as follows. Section 1 presents the literature review. Section 2 documents the institutional and legal environment of the Tunisian firms’ ownership, and describes data. Section 3 reports liquidity measures and methodology. Section 4 analyzes empirical results. Section 5 concludes. I. Literature review Berle and Means (1932) argue that professional managers are effectively in control of widely held firms at the expense of shareholders. However, when one shareholder takes control of management by holding a large block of shares, he can exploit other shareholders (Shleifer and Vishny, 1997; La Porta et al., 1998, 1999a, b, 2000). To increase the chance of executing his plans, the large shareholder would minimize and delay the disclosure of information so that other shareholders cannot intervene, or must base their decisions on inadequate information. Poor disclosure worsens the information asymmetry problem, these will result in a wider bid-ask spread and lower stock liquidity. Prior empirical studies, have attached great importance to the relation between stock liquidity and the fractional ownership of insiders and institutions. Glosten and Milgrom (1985) document that one cause of illiquidity is the presence of privately informed traders. Bhide (1993) further reports that active stockholders who reduce agency costs by monitoring managers may also reduce stock liquidity by increasing informational asymmetries. Most of these studies, lead to ambiguous results, partly because they do not distinguish between institutional and insider blockholdings. Sarin et al. (2000) report that higher institutional and insider ownership are both associated with wider spreads and smaller quoted depth. Heflin and Shaw (2000) find a positive association between spreads and block ownership (including insiders and institutional blocks). Dennis and Weston (2001) show a negative relation between spread and both insider and institutional ownership, whereas Kini and Mian (1995) document no support for a significant relationship between spreads and blockhodings. Rubin (2007) finds a positive relation between spread and institutional blockholdings, whereas spreads is negatively related to both institutional and insiders’ holding. Comerton-Forde and Rydge (2006) report that insiders’ holdings greater than 10 percent of issued capital reduce liquidity, whereas institutional blocks have no impact on liquidity. Naes (2005) reports a positive relation between spreads and block ownership, but institutional ownership concentration has no effect on spreads. To examine the nature of ultimate controlling owners and the means used to enhance control, La Porta et al. (1999a) show that ownership and control can be separated through deviation of one-share-one-vote, pyramiding and cross-holdings to the benefit of the large shareholders. Claessens et al. (2000) confirm a significant separation of ultimate ownership and control, and report the overwhelming control of wealth by a small number of families. In the same way, Faccio and Lang (2002) argue that families are the most pronounced type of controlling shareholders in Western European countries and find a significant concentration of wealth within a small number of families. Claessens et al. (2002) document that deviation of control from ownership leads to agency costs that decrease firm value. Furthermore, using a Canadian sample of publicly – traded firms, Attig et al. (2006) report that the deviation between ultimate control and ownership widens the bid-ask spread. Control is often enhanced via devices like corporate pyramids, cross-holdings, multiple class shares, etc. A pyramid structure allows the ultimate shareholder to own


and to control indirectly some shares of a firm, but does not control directly the intermediary firms. Cross-ownership allows separation but increases the difficulty to evaluate the integrated ownership and control of a company. Both devices allow separation. However, dual-class shares, allows insiders to hold superior voting rights shares, holding a lower fraction of shares. This implies, that they may not sell shares with inferior or no voting right. As a consequence, the probability to trade against insiders may be reduced and therefore the float will be more important and liquidity increased (Becht, 1999). Our study concentrates on the impact of controlling owners on market liquidity. We suppose that controlling shareholders are informed and therefore the spread is larger and depth is lower reflecting the high probability of informed trading. Second, we examine the effect of deviation of ownership from control on liquidity. Third, we investigate how the method shareholders use to separate ownership and control affects liquidity. Pyramids have typically a negative impact on liquidity. On the other hand, non-voting shares generate a transparent divergence between cash-flows rights and voting rights. Non-voting shares spread is smaller because insiders hold shares with high voting rights. Our hypotheses are thus sum up as follows: H1. Market liquidity is positively related to the float: the liquidity of a closely-held firm is lower because the float is smaller. H2. Concentrated ownership is negatively related to market liquidity: the liquidity of a closely-held firm is lower because of a higher probability of informed trading. H3. In the presence of family shareholding, the impact of the separation of control from ownership depends on the device used by the firm. Pyramidal structure should reduce liquidity whereas shares with no voting right, which deter informed trade, increase liquidity. II. Corporate governance characteristics and data set II.1 Corporate governance characteristics Compared with other Anglo-Saxon economies, ownership structure is highly concentrated in Tunisia. On average the five largest shareholders holds more than 80 percent of the capital (Omri, 2003). Family control and pyramidal holdings have long predominated the Tunisian corporate sector. Further, this concentration of ownership in Tunisia differs appreciably from that prevailing in the USA. Heflin and Shaw (2000) report that the average total blockholding is 12.3 percent of shares outstanding. In Dennis and Weston (2001) insiders ownership is on average 9.97 percent of the US firm’s stock while institutions own 31.06 percent of the firm’s stock. According to the Tunisian Commercial Companies Code, there are two types of general meetings. Decisions by ordinary meetings, which approve the accounts, decide bond issue, appoint and dismiss directors, require a majority of 50 percent of voting right to be adopted. Decisions by extraordinary meetings pertain to all decisions amending the charter and issuing shares and require a two-thirds majority of voting rights. Following many prior studies as Claessens et al. (2000) and Faccio and Lang (2002), we use 20 percent of the voting rights cut-off to classify firms into two groups widely held versus closely held. Accordingly, we consider firms with more than

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20 percent of voting rights as closely held. Furthermore, we take into account pyramidal structure to determine ultimate control right. We measure ultimate control and ownership in terms of voting rights and cash flow using the weakest link along the control chain. For example, if a firm X owns 30 percent of the firms A which owns 20 percent of the firm B, then this firm X owns 6 percent of the cash-flow rights of firm B and controls 20 percent of the firm B. Ultimate ownership can deviate from ultimate control through the use of non-voting shares which are another common device to enhance control in Tunisia. The firm’s charter can authorize priority dividend share, which provide a higher priority in dividend distribution to the shareholder, and limit his voting rights in general shareholders’ meetings. Preferred shares are also shares without voting rights and provide only a fixed dividend. Voting certificate provide other share’s rights. Non-voting share’s structure has not been taken into account in previous studies examining the case of Tunisia. II.2 Dataset This study uses intraday data for 40 listed firms on the TSE[2]. Our dataset contains a time-stamped record to the nearest second of all transactions and orders submitted to the market from January 2001 to December 2005. The transaction data include the date and time of transaction, transaction prices and the number of shares traded. The order data display the date and time of order entry and execution, the price, the quantity and the best limits of the order book (bid and ask prices, and bid and ask size). These data include as well as market capitalization. The TSE is a pure-order driven market without market makers. Orders are submitted by brokers on the behalf of investors and executed through an automated trading system, using a computerized limit-order book, known as SUPERCAC[3]. The TSE operates as continuous market for the more actively traded stocks and a call auction “fixing” for the less-liquid stocks. Orders are executed using time priority at a given price and price priority across prices. Investors can choose between market and limit orders, so as liquidity is only provided by limit-order traders. TSE offers substantial transparency. The five best bid/ask limits (price and quantity) in the order book are publicly released although the identity of the broker is not shown. There is no electronic database on Tunisian firm ownership, including information on control rights and corporate governance characteristics. These information were collected manually from the annual reports of listed firms for three years 2001, 2003, 2005. The ownership stakes are those available on the 31 December of each year. Our sample includes all Tunisian firms, for which the annual reports provide information on the ownership structure of all major shareholders. Our definition of ownership from control relies on cash-flow and voting rights. Table I reports characteristics for 220 firm-observations of our database. These data reports that Tunisian firms are mainly closely held. On average; the largest shareholder holds directly 49.56 percent of the capital and 51.48 percent of the voting rights. The second largest shareholder owns on average 15.25 percent of the capital and 16.42 percent of the voting rights. The float, which corresponds to the portion of listed share capital that is freely traded on the market, amounts on average to 31.65 percent for the total sample. We further identified the ultimate controlling shareholders in the presence of pyramidal structure, for a threshold of 20 percent of the voting rights, according to Faccio


All firm-years Panel A. Direct and ultimate ownership and control of Tunisian firms Mean (median) Capital (%) Voting rights (%) Direct ownership/control Main shareholder 49.56 (46.68) 51.48 (50.12) Second shareholder 15.25 (13.28) 16.42 (13.44) Float (5 % threshold) 31.65 (33.60) 31.35 30.35 Ultimate ownership/control (au seuil de 20%) Main shareholder 39.56 (33.75) 41.34 (35) Second shareholder 25.85 (22.05) 27.17 (23.45) Panel B. Controlling owners at the 20 percent threshold Percentage of firms Mean: % of capital (voting rights) Family firms 39 53.44 (55.57) Financial institutions 28 45.21 (47.73) State 26 37.45 (39.55) Widely held 7 0 (0) Notes: Panel A provides statistics of ownership variables for our sample of 220 firm-year observations (year-end 2001, 2003, 2005), ultimate ownership takes into account indirect control through pyramiding at the 20 percent threshold; panel B presents the percentage of firms controlled by different ultimate controlling owners at the 20 percent threshold, and the mean percentage of capital and voting rights of the controlling owners

and Lang (2002). On average, the largest shareholder has 39.56 percent of the capital and 41.34 percent of the voting rights. We also take into account the identity of the controlling shareholders. We find that 39 percent of the companies are controlled by a family, which own on average 53.44 percent of the capital and 55.57 percent of the voting right. The Tunisian listed firms are therefore largely controlled by families. Apart from family control, 28 percent of controlling shareholders are financial institutions and 21 percent of listed companies are controlled by the Tunisian state. However, for the total sample, only 7 percent of the firms are widely held. We then investigate the devices used by the Tunisian firms to separate ownership and control (Table II). Pyramidal structures are the most frequent method used by 15.55 percent of the firms. Cross-holdings are used by 11.11 percent of the firms, Priority dividend shares by 4.5 percent of the firms, and preferred shares and voting certificate by 2.5 percent. However, 63.48 percent of firms do not adopt any devices and they are in the “one share-one vote� setting. Controlling shareholders identity seems to affect how firms ensure separation between ownership and control rights. Families frequently prefer pyramiding, the other controlling shareholders (financial institution, state and another widely held firm) use typically cross-holding and shares with no voting rights. III. Liquidity measures and methodology In this section, we present liquidity measures used for intraday variables and the adopted methodology. III.1 Liquidity measures Liquidity measures are divided into trade-based measures and order-based measures. Trade-based measures include the turnover and the number of trades. Order-based

Ultimate ownership structure 287

Table I. Descriptive statistics for ownership structure of Tunisian firms


SEF 28,4

288 Table II. Control devices adopted by Tunisian firms

Pyramids

Cross-holding

PDS

PS

VC

None

Total

Panel A. Percentage of firms using different control devices Percentage of firms 15.55 11.11 4.50 2.50 2.50 63.48 100 Panel B. Percentage of firms using different control devices by identity of controlling shareholder Family (%) 16.66 12.33 2.11 68.96 100 Financial institution (%) 11.44 15.04 4.16 3.16 3.16 63.04 100 State (%) 12.50 12.50 75 100 Notes: Panel A reports the percentage of firms adopting a given control device: pyramids, crossholding, priority dividend shares, preferred shares, voting certificate; panel B presents the control enhancement devices adopted by firms, by identity of controlling shareholders at the 20 percent threshold; PDS – priority dividend share; CI – preferred share; CDV – voting certificate

measures include effective relative spread and depth. Depth is measured by the number of shares to purchase or to sell, respectively, at the quoted bid and ask prices. The daily average relative effective spread, is calculated using full-day data records. The effective relative spread is related to the midpoint of the spread[4]: Effective Relative Spread ¼

2 £ jTrade Price 2 Midpointj ; Midpoint

where: Midpoint ¼

Ask Price þ Bid Price 2

The variables considered are measured at the end of each 15 minutes interval from the limit order book. We average all liquidity variables over 12 months around the date of ownership structure for each year. III.2 Methodology We adopt in our analysis panel data in order to explore ownership-liquidity relationship, using ordinary least square (OLS). We consider the empirical model describes as follows: LIQit ¼ b0 þ b1 logðCAPBÞit þ b2 VOLT it þ aYEAR2003it þ gYEAR2005it b326 ðcorporate governancevblesÞit þ ui þ 1it

ð1Þ

Liquidity (LIQ) is the dependent variable represented by either relative effective spread or depth. As independent variables, we use a set of corporate governance variables and a set of control variables. Among the corporate governance variables, we include: . AMAJ – is the percentage of equity owned by the main controlling shareholder. . ASEC – is the percentage of capital owned by the second largest shareholder. . SEPAR – measures the discrepancy between cash-flow and control rights for the main shareholders. It is defined as the ratio of voting rights minus cash-flow rights to cash-flow rights.


.

.

.

CFAM – is a dummy variable that takes the value 1 if the controlling shareholder is a family at 20 percent threshold, 0 otherwise. CNFAM – is a dummy variable, equal to 1 when the controlling shareholder at 20 percent threshold is not a family, 0 otherwise. PYRM, CROIS, SNVR – are dummies capting the presence of pyramids, cross-holding and shares with no voting rights, equal to 1 if the provision is present, 0 otherwise.

In order to take into consideration the combined effect of the control variables suggested by previous studies of the determinants of the bid-ask spread, we include: . CAPB – is a control variable that measures the size of the firm. It is defined as the log of the market capitalization of the firm. It is calculated as the logarithm of the daily market value of the firm, averaged over 12 months around the year end. . VOLT – is a control variable measuring volatility. It is defined as the average of the daily standard deviation of rate of return over one year round the date of ownership structure. . YEAR – is a dummy variable that takes the value 1 if the liquidity variables (spread, depth) refer to the year 2003 or 2005, 0 otherwise. IV. Empirical results A. The effect of controlling shareholders on liquidity In this section, we examine the effect of controlling shareholders on stock liquidity. We use further several regression models to complement the univariate analysis using OLS. We use either the relative effective spread or the depth as the dependent variable to explain liquidity. Table III presents the estimation results. Regardless of measures, liquidity increases with market capitalization and decreases with volatility. This result confirm the previous findings on the determinants of the bid-ask spread[5]. We regress in the first column, the spread on the free float, and we find a negative relationship (20.0009). This result is consistent with the trading hypothesis. Information production and trades frequency decrease when the market size of the firm’s shares is reduced and therefore liquidity is decreased. We include in the second column two dummies for controlled firms (CFAM, CNFAM) to test more directly the role of controlling shareholders on liquidity. Spreads of family-controlled firms (other controlled firms) shares are 13.05 percent (14 percent) larger on average than widely held shares spreads. We then include the percentage of capital owned by the first and the second shareholders. We find that the percentage of the capital held by both the controlling and the second shareholder, increases the spread (0.0010) and depth decreases (2 2.6017) confirming the free-float hypothesis and also the adverse selection hypothesis if we consider controlling shareholders as informed traders. We also examine the impact of separation of the ultimate ownership and control on liquidity. We find that the discrepancy between cash-flow rights and voting rights have a positive impact on spread (0.0200) but the impact on depth is negative and insignificant. This result can be explained for several reasons. First, when minority shareholders suspect private benefits to become a large part of the firm’s value, they may renounce to buy the shares and prefer selling them. Second, the controlling

Ultimate ownership structure 289


Spread 0.1758 (0.000) *

2 Spread 0.0173 (0.0780)

All firms 3 Depth 4.1585 (0.008) *

4 Depth 2.7195 (0.0257) *

5

Control variables Log (market 20.0130 2 0.0077 20.0012 1.9093 1.1948 value) (0.000) * (0.019) * (0.0092) * (0.0171) * (0.0501 * Volatility 4.6852 4.2795 4.2688 2 1.945 24.322 (0.0000) * (0.001) * (0.0160) * (0.0083) * (0.0005) * Year 2003 0.0095 0.0358 0.0351 1.8906 1.3619 (0.3440) (0.005) * (0.0208) * (0.0831) (0.0473) * Year 2005 0.0099 0.0129 0.0003 1.7279 22.9685 (0.312) (0.300) (0.0992) (0.0706) (0.0709) Float (at 5 % 20.0009 threshold) (0.043) * Ultimate ownership variables Main 0.0010 2 2.6017 20.4687 shareholders (0.0500) * (0.0333) * (0.0509) * Second 0.0008 2 2.9697 22.0280 shareholders (0.0040) * (0.0376) * (0.0501) * Discrepency 0.0200 2 8.1680 6.9867 between cash(0.0305) * (0.150) (0.3500) flow and control rights

Spread 0.1929 (0.000) *

Variables Intercept

Table III. Controlling shareholders and liquidity 1 Spread 0.2416 (0.0710)

Depth 1.477 (0.0589)

Spread 0.2108 (0.0000) *

Spread 0.1007 (0.0697)

Depth 4.7607 (0.010) *

Non-family-controlled firms 9 10 11

0.4879 23.218 (0.0518) (0.0768) 0.9441 21.77 (0.0530) (0.0433) * 0.0132 1.767 (0.0480) * (0.0722)

0.0016 (0.0792) 20.0039 (0.0584) 0.0182 (0.0846)

(continued)

2 1.8231 (0.470) 2 1.322 (0.587) 2 2.4552 (0.007) *

2 0.0086 20.0078 4.2356 2 0.0151 20.0008 7.9493 (0.009) * (0.0047) * (0.039) * (0.0000) * (0.0071) * (0.0509) * 4.1894 0.4161 23.73 4.9839 0.0121 2 2.1 (0.016) * (0.0081) * (0.0562) (0.0000) * (0.0099) * (0.045) * 2 0.0086 0.0394 1.475 0.01563 0.1199 2 1.0188 (0.704) (0.0774) (0.0335) * (0.181) (0.0280) * (0.067) 2 0.0135 20.0168 2.0265 0.0191 0.0233 2 7.6203 (0.543) (0.0879) (0.0758) (0.098) (0.0874) (0.925) 2 0.0013 2 0.0009 (0.049) * (0.048) *

Spread 0.1599 (0.028 *

Family-controlled firms 6 7 8

290

Models

SEF 28,4


1

All firms 3

219 0.7932 254.17 0.0000

95 0.7016 41.18 0.0405

0.1305 20.0046 (0.001) * (0.0863) 0.1400 (0.001) *

2

93 0.7057 42.40 0.0324

4

95 0.7220 44.57 0.027

22.8527 (0.0720) 21.6712 (0.0562)

5

98 0.7248 61.16 0.0208

99 0.6544 44.72 0.019

99 0.7073 45.75 0.015

Family-controlled firms 6 7 8

98 0.7488 42.08 0.0338

96 0.7004 32

96 0.6949 49.58 0.0138

Non-family-controlled firms 9 10 11

Notes: Significant at: 5 percent level; p-values are in parentheses; this table displays OLS regressions that relate liquidity to ownership and governance characteristics for our sample of 220 firm-year observations; liquidity is represented by either effective relative spread or depth for the firm year; spread is the daily average relative effective spread, estimated using full day data records; depth is measured using the data closest to the opening of the trading day; both variables are averaged over 12 months around the year end; log (market value) is the logarithm of the daily market value of the firm, averaged over 12 months around the year end; volatility is the annualized estimate of daily volatility averaged over the 12 months around the end of the year; regressions include year indicators; other independent variables include free float (at the 5 percent threshold) and ultimate cash-flow rights held by the largest and the second shareholder; discrepancy between cash-flow and control rights for the main shareholder is equal to the ratio of voting rights minus cash-flow right to cash-flow rights; family control is a dummy equal to one when the main shareholder is an individual or a group of individuals; nonfamily control is a dummy equal to one when the controlling shareholder is not a family

Identity of controlling owner Family control dummy Non-family control dummy Number of observations 106 Adjusted R 2 0.7947 Wald x 2 15.41 Prob. . x 2 0.0087

Models

Ultimate ownership structure 291

Table III.


SEF 28,4

292

shareholder may choose a poor disclosure policy, to prevent outside investors to trade on his private information. Our results remain robust when we consider subsamples by control type (family control, non-family control). The presence of a controlling shareholder at the 20 percent threshold increases the bid-ask spread, for all controlled firms. The separation between ownership and control reduces liquidity, whether he is a family firm or not. One explanation is that in the existence of a large deviation between ownership and control, most institutional investors do not invest. Therefore, transactions are mainly initiated by individual investors with smaller order size. Indeed, as a fraction of these investors are informed, liquidity decreases. We therefore find evidence for the adverse selection hypothesis which suppose that liquidity is reduced in the presence of controlling shareholders. B. Market liquidity and enhancing control devices The main devices used by Tunisian firms to enhance control are pyramids, cross-holding and non-voting shares. We next run regressions, to examine how these mechanisms affect market liquidity. Table IV displays the regression results for the total sample. In the first set of regressions, we examine the impact of direct ownership variables (AMAJ, ASEC, SEPAR), respectively, the percentage of capital owned by the main and the second shareholders, deviation between cash-flow rights and control rights. The effect of the two direct ownership variables (AMAJ, ASEC) is the same as those of the ultimate ownership variables in Table IV. On the contrary, the direct ownership/control deviation has a significant negative impact on spread; however, in Table IV, the ultimate exhibit a positive impact. Non-voting shares are the main origin of direct deviation. Ultimate deviation is the consequence of both pyramidal structure and cross-holdings. This finding confirms that the different means of enhancing control have different impact on liquidity. To examine this hypothesis, we include in the next regressions dummies (PYRM, CROIS, SNVR) equal to one if the firm has used one of the following control enhancing means: pyramidal structure, non-voting shares and cross-holding. The regression results report that pyramids have a positive impact on spreads, however non-voting shares lead to increase spreads. These results confirm that family-firms preferably use non-voting shares, and other controlling shareholders use frequently pyramids and cross-holdings. To verify these findings, we run regressions for subsamples by control type (Table V), to check whether this result is invariant whatever the identity of the controlling shareholders. For family firms, we find that direct deviation between ownership and control is negatively related to spreads. However, pyramidal structures increase spreads and non-voting shares decrease spreads. Whereas, for non-family-controlled firms, neither the impact of direct ownership/control deviation nor the non-voting rights dummy impact is significant. Indeed, spreads increase with pyramidal structure. These results confirm that non-voting shares may have a positive effect for family-controlled firms. In fact, the free float is greater for family firms with non-voting shares. Furthermore, non-voting shares allow family shareholders to control their firms by holding a lower stake of shares; as non-voting shares provide a higher priority in dividend distribution to the shareholder, and limit his voting rights.


Discrepency between cashflow and control rights

Second shareholder

Direct ownership variable Main shareholder

Year 2005

Year 2003

Volatility

Control variables Log (market value)

Variables Intercept

Model

1.7606 (0.008) * 0.0010 (0.014) * 20.1141 (0.052) *

20.0130 (0.0000) * 5.0812 (0.0000) * 0.0067 (0.525) 0.0038 (0.718)

Spread 0.1915 (0.0000) *

1

7.8107 (0.0110) * 0.0009 (0.014) * 20.1175 (0.006) *

20.0128 (0.0000) * 5.1369 (0.0000) * 0.0067 (0.519) 0.0022 (0.829)

Spread 0.1862 (0.0000) *

20.0035 (0.029) * 22.3944 (0.012) * 24.508 (0.196)

2.1026 (0.009) * 22.269 (0.003) * 1.3718 (0.624) 2.7792 (0.200)

Depth 2.3581 (0.070)

Direct ownership impact 2 3

20.0121 (0.573) 22.4631 (0.046) * 1.8462 (0.161)

3.8089 (0.048) * 23.085 (0.017) * 2.1805 (0.529) 4.7393 (0.090)

Depth 1.1919 (0.005) *

4

1.9106 (0.007) *

20.0117 (0.0000) * 5.3122 (0.0000) * 0.0064 (0.541) 0.0073 (0.482)

Spread 0.1665 (0.0000) *

5

1.5106 (0.037) *

2 0.0120 (0.0000) * 5.2462 (0.0000) * 0.0061 (0.559) 0.0068 (0.506)

Spread 0.1717 (0.0000) *

1.1042 (0.009) * 2 2.127 (0.057) 1.4613 (0.556) 4.9826 (0.107) 0.0111 (0.013) *

2 0.0120 (0.0000) * 5.2495 (0.0000) * 0.0061 (0.564) 0.0062 (0.550) 2.5206 (0.741)

(continued)

Depth 1.9429 (0.050) *

8

Spread 0.1697 (0.0000) *

Controlling devices impact 6 7

Ultimate ownership structure 293

Table IV. Means of enhancing control and liquidity


Table IV. 108 0.0923

108 0.0952

20.0056 (0.553) 108 0.0964

Direct ownership impact 2 3

108 0.0972

23.0252 (0.005) *

4

110 0.0915

0.0203 (0.040) * 0.0188 (0.029) *

5

110 0.0922

0.0188 (0.054) 0.0180 (0.024) * 2 0.0078 (0.005) *

110 0.0948

2 0.0055 (0.016) *

0.0189 (0.055) 0.0167 (0.045) * 2 0.0088 (0.052)

Controlling devices impact 6 7

110 0.0950

2 1.4055 (0.17) 2 2.9771 (0.412) 1.6946 (0.288)

8

Notes: Significant at: 5 percent level; p-values are in parentheses; this table reports OLS regressions that relate liquidity to ownership and governance characteristics; liquidity is represented by either effective relative spread or depth for the firm year; spread is the daily average relative effective spread, estimated using full-day data records; depth is measured using the data closest to the opening of the trading day; both variables are averaged over 12 months around the year end; log (market value) is the logarithm of the daily market value of the firm, averaged over 12 months around the year end; volatility is the annualized estimate of daily volatility averaged over the 12 months around the end of the year; regressions include year indicators; other independent variables are either ultimate or direct cash-flow rights held by the largest or the second shareholder; discrepancy between cash-flow and control rights for the main shareholder is equal to the ratio of voting rights minus cash-flow right to cash-flow rights; pyramid, cross-holding, priority dividend shares, preferred shares, voting certificates are dummies that equal 1 if the provision is present

Non-family control dummy Number of observations Adjusted R 2

Without voting rights shares Identity of controlling owner Family control dummy

Cross-holding

Dummy de gouvernance Pyramid

1

294

Model

SEF 28,4


1 Depth 2.4991 (0.006) *

3 Spread 0.0644 (0.017) *

4 Spread 0.0500 (0.021) *

20.0217 (0.045) 0.4117

0.0190 (0.024) * 2.1299 (0.487) 0.4954

3.3677 (0.549)

2 0.0069 (0.760)

0.4142

2 0.3761 (0.131)

2 0.4810 (0.794)

0.0312 (0.001) * 2 3.500 (0.009) * 0.2627 (0.0000) * 2 2.8870 (0.817) 2 0.0444 (0.417) 2.9725 (0.494) 0.4184 0.4978

0.0000 (0.050) * 2 0.0004 (0.036) * 2 0.0008 (0.530)

(0.047) * (0.541) (0.817) (0.412)

Depth 1.9576 (0.022) *

6

1.4911 2 2.007 2.8744 3.1546

Non-family controlled 5

(0.007) * 2.3963 (0.013) * 2 0.0007 (0.037) * 2 0.0034 (0.047) * (0.042) * 2 1.13 (0.024) * 1.7155 (0.028) * 5.9278 (0.049) * (0.908) 1.7334 (0.973) 0.0293 (0.044) * 0.0469 (0.084) (0.851) 3.2151 (0.906) 2 0.0025 (0.864) 0.0225 (0.431)

23.3406 (0.059)

20.0069 4.6552 20.0028 20.0047

Spread 0.1253 (0.028) *

Family controlled 2

Notes: Significant at: 5 percent level; p-values are in parentheses; this table reports OLS regressions that relate liquidity to ownership and governance characteristics for subsamples by control type: family controlled and non-family controlled firms; liquidity is represented by either effective relative spread or depth for the firm year; spread is the daily average relative effective spread, estimated using full-day data records; depth is measured using the data closest to the opening of the trading day; both variables are averaged over 12 months around the year end; log (market value) is the logarithm of the daily market value of the firm, averaged over 12 months around the year end; volatility is the annualized estimate of daily volatility averaged over the 12 months around the end of the year; regressions include year indicators; other independent variables are either ultimate or direct cash-flow rights held by the largest or the second shareholder; discrepancy between cash-flow and control rights for the main shareholder is equal to the ratio of voting rights minus cash-flow right to cash-flow rights; pyramid, cross-holding, priority dividend shares, preferred shares, voting certificates are dummies that equal 1 if the provision is present

Variables Spread Intercept 0.1201 (0.007) * Control variables Log (market value) 20.0070 (0.006) * Volatility 5.6935 (0.003) * Year 2003 20.0157 (0.484) Year 2005 20.0131 (0.562) Direct ownership variables Main shareholder 3.8207 (0.046) * Second shareholder 0.0016 (0.015) * Descrepancy between cash-flow and control rights 20.3541 (0.091) Governance dummy Pyramid Cross-holding Without voting rights shares Adjusted R 2 0.4917

Models

Ultimate ownership structure 295

Table V. Means of enhancing control and liquidity by control types


SEF 28,4

296

C. Adverse selection spread component and ownership structure We further examine the effect of ownership structure on the adverse-selection component of spread. Particularly, we check if there is a variation in the adverse selection spread component in the presence of a large shareholder or when the deviation between ownership and control is higher. To measure the adverse selection spread component, we use the Huang and Stoll (1997) model: S S pt 2 pt21 ¼ £ ðQt 2 Qt21 Þ þ ða þ bÞ £ £ Qt þ et ð2Þ 2 2 We denote: Pt

the price of the transaction at time t.

Qt

the buy-sell trade indicator variable for the transaction price, Pt. It equals þ 1 if the transaction is buyer initiated and 2 1 if the transaction is seller initiated. As the TSE is an electronic-order driven market, the direction of the transactions can be identified in a precise way, by comparing the price and the immediately preceding spread[6].

a and b cannot be estimated separately, and represent the adverse selection component and the cost of inventory component of the spread. S

the traded spread is estimated with the Huang and Stoll’s model.

The adverse selection component of the spread is estimated as follows: Adverse selection component ¼

Quoted spread estimated spread Quoted spread

We average the adverse selection component of spread for each share and each of our three periods (2001, 2003, 2005). These variables are estimated using GMM method. We then run regressions to examine the relation between the adverse selection component of spread and ownership structure. More precisely, we test the hypothesis that information asymmetry increases with both large shareholders and ownership/control deviation (Table VI). Our results confirm that the direct and ultimate percentage of capital held by the main and the second shareholders are associated with a higher adverse selection component of the spread. This finding is consistent with the fact that controlling shareholders are typically informed traders. Furthermore, the deviation between ownership and control increases the information asymmetry. In particular, by adopting a poor disclosure policy, the controlling shareholder extract private benefits from his private information and therefore information asymmetry arises. However, the cross-holding and non-voting shares dummies have an insignificant impact on the adverse selection component of the spread. V. Conclusion This paper provides an empirical examination of the ownership-liquidity relation in the TSE. The major objective of this study is to investigate the impact of ownership concentration and the separation of ownership from control on market liquidity. To reach


1

2

3

4

20.0320 (0.580) 69 0.906

0.0578 (0.012) * 1158 (0.333) 0.0372 (0.689)

0.0000 (0.047) *

20.0790 (0.000) * 22.9854 (0.231) 0.4088 (0.000) *

0.9603 (0.000) *

5

Notes: Significant at: 5 percent level; p-values are in parentheses; Table VI reports OLS regressions that relate the adverse selection component of spread to ownership and governance characteristics; the adverse selection spread component is calculated as in Huang and Stoll (1997) and averaged over 12 months around the year end; log (market value) is the logarithm of the daily market value of the firm, averaged over 12 months around the year end; volatility is the annualized estimate of daily volatility averaged over the 12 months around the end of the year; regressions include year indicators; other independent variables are either ultimate or direct cash-flow rights held by the largest or the second shareholder; discrepancy between cash-flow and control rights for the main shareholder is equal to the ratio of voting rights minus cash-flow right to cash-flow rights; pyramid, cross-holding, priority dividend shares, preferred shares, voting certificates are dummies that equal 1 if the provision is present

0.6046 (0.002) * 0.9919 (0.000) * 1.0088 (0.000) * Intercept 0.9987 (0.000) * Control variables Log (market value) 20.0772 (0.000) * 20.0452 (0.006) * 0.0776 (0.000) * 20.0823 (0.000) * Volatility 22.3746 (0.133) 23.1280 (0.096) 1.5326 (0.821) 22.1549 (0.320) Year 2003 0.4122 (0.000) * 0.2961 (0.000) * 0.4065 (0.000) * 0.4062 (0.000) * Float 20.0014 (0.013) * 20.0027 (0.045) * Ownership variable Main shareholder 8.88 ÂŁ 102 06(0.042) * 0.0000 (0.042) * Second shareholder 0.0010 (0.052) * Descrepancy between cash-flow and control rights 0.1915 (0.448) Governance dummy Pyramid 0.0581 (0.043) * Cross-holding 0.1106 (0.346) Without voting rights 0.0332 (0.714) Identity of controlling owner Family control dummy 20.0133 (0.049) * Non-family control dummy 20.0869 (0.050) * Number of observations 69 69 69 69 Adjusted R 2 0.926 0.962 0.717 0.974

Models

Ultimate ownership structure 297

Table VI. Adverse selection component of the spread and ownership characteristics


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this objective, we have used a sample of 40 firms, selecting the actively traded stocks on the TSE over the period 2001-2005. Liquidity is represented by either effective relative spread or depth, measured at the end of each 15 minutes interval from the limit order book. Our definition of ownership from control relies on cash-flow and voting rights. Our results indicate that Tunisian companies are characterized by concentrated ownership. More precisely, we find that liquidity is significantly reduced for closely held firms. This result is robust when we consider the direct/ultimate ownership of the controlling shareholder and taking into account the controlling shareholder identity. For all controlled firms, the separation of ownership from ultimate control increases the spread and its adverse selection, but the effect is more pronounced for family firms. The regression results indicate that pyramidal structures and cross-holding have a positive impact on spreads for all controlled firms. Whereas, non-voting shares permit a greater float for family-firms that want to keep control and deter informed shareholders to trade on private information. Overall, our study confirms that non-voting shares enhance small family-firms control, deter information asymmetry and thus may improve stock liquidity for minority shareholders. Finally, these results suggest that firms may mitigate information-based trading and enhance stock market liquidity by adopting corporate governance standards that prevent insider trading. The results raise questions for future research. First, recent availability of intraday data from the TSE allows for a multitude of new research questions and can deepen the understanding of the order book as well as enhance the preciseness of practical applications. Furthermore, it would be interesting to extent this analysis and explore other emerging stock markets. Second, the non-availability of electronic database on Tunisian firm ownership, including relevant information on voting rights and corporate governance characteristics explains the rarity of studies on governance attributes. Notes 1. Liquidity generally refers to the ability to engage in rapidly trading a large number of securities at a low cost with little impact on market prices. 2. We consider only the frequently traded stocks for which information on quotes and trades data are available. 3. There are no market makers or floor traders with the obligation to supply liquidity. 4. All the tests have also been conducted with quoted spreads. The results are similar, and thus are not reported in the paper. 5. We follow the Lee and Ready (1991) algorithm to identify buy and sell transactions. 6. We consider 15 minutes intervals in order to examine variations in prices, the direction of the transactions and bid-ask spread during trading sessions. References Attig, N., Fong, W.M., Gadhoum, Y. and Lang, L. (2006), “Effects of large shareholding on information asymmetry and stock liquidity”, Journal of Banking & Finance, Vol. 30 No. 10, pp. 2875-92. Becht, M. (1999), “European corporate governance: trading of liquidity against control”, European Economic Review, Vol. 43, pp. 1071-83.


Bhide, A. (1993), “The hidden costs of stock market liquidity”, Journal of Financial Economics, Vol. 34, pp. 31-51. Claessens, S., Djankov, S. and Lang, L.H.P. (2000), “The separation of ownership and control in East Asian corporations”, Journal of Financial Economics, Vol. 58 Nos 1/2. Claessens, S., Djankov, S., Fan, J. and Lang, L.H.P. (2002), “Disentangling the incentive and entrenchment effects of large shareholders”, Journal of Finance, Vol. 57, pp. 2741-71. Comerton-Forde, C. and Rydge, J. (2006), “Director holdings, shareholder concentration and illiquidity”, working paper, University of Sydney, Sydney. Demsetz, H. (1968), “The cost of transactions”, Quarterly Journal of Economics, Vol. 20, pp. 267-91. Dennis, P. and Weston, J. (2001), “Who’s informed? An analysis of stock ownership and informed trading”, paper presented at AFA 2002, Atlanta Meetings, Atlanta. Easley, D. and O’Hara, M. (1987), “Price, trade size, and information in securities markets”, Journal of Financial Economics, Vol. 19, pp. 69-90. Faccio, M. and Lang, L. (2002), “The separation of ownership and control: an analysis of ultimate ownership in Western European corporations”, Journal of Financial Economics, Vol. 65, pp. 365-95. Glosten, L.R. and Milgrom, P.R. (1985), “Bid, ask and transaction prices in a specialist market with heterogeneously informed traders”, Journal of Financial Economics, Vol. 14, pp. 71-100. Grossman, S.J. and Stiglitz, J.E. (1980), “On the impossibility of informationally efficient markets”, The American Economic Review, Vol. 70, pp. 393-408. Heflin, F. and Shaw, W.K. (2000), “Blockholder ownership and market liquidity”, Journal of Financial and Quantitative Analysis, Vol. 35, pp. 621-33. Holmstro¨m, B. and Tirole, J. (1993), “Market liquidity and performance monitoring”, Journal of Political Economy, Vol. 101, pp. 678-709. Huang, R.D. and Stoll, H.R. (1997), “The components of the bid-ask spread: a general approach”, Review of Financial Studies, Vol. 10, pp. 995-1034. Kini, O. and Mian, S. (1995), “Bid-ask spread and ownership structure”, Journal of Financial Research, Vol. 58, pp. 401-14. Kyle, A. (1985), “Continuous auctions and insider trading”, Econometrica, Vol. 53, pp. 1315-35. La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1999a), “Corporate ownership around the world”, Journal of Finance, Vol. 54, pp. 471-517. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1999b), “The quality of government”, Journal of Law, Economics and Organization, Vol. 15, pp. 222-79. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Robert, W. and Vishny, R. (1998), “Law and finance”, Journal of Political Economy, Vol. 106, pp. 1113-55. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Robert, W. and Vishny, R. (2000), “Investor protection and corporate governance”, Journal of Financial Economics, Vol. 58, pp. 3-27. Naes, R. (2004), “Ownership structure and stock market liquidity”, Working Paper No. 2004-2006, Norges Bank, Oslo. Omri, A. (2003), “Syste`mes de gouvernance et performance des entreprises tunisiennes”, Revue franc¸aise de gestion, Vol. 1 No. 142, pp. 86-100. Rubin, A. (2007), “Ownership level, ownership concentration, and liquidity”, Journal of Financial Market, Vol. 10 No. 3.

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Sarin, A., Shastri, K. and Shastri, K. (2000), “Ownership structure and stock market liquidity”, working paper, Santa Clara University, Santa Clara, CA. Shleifer, A. and Vishny, R. (1997), “A survey of corporate governance”, Journal of Finance, Vol. 52, pp. 737-83. Further reading Acharya, V.V. and Pedersen, L.H. (2005), “Asset pricing with liquidity risk”, Journal of Financial Economics, Vol. 77, pp. 375-410. Bebchuk, L., Kraakman, R. and Triantis, G. (2000), “Stock pyramids, cross-ownership, and dual class equity: the creation and agency costs of separating control from cash-flow rights”, in Morck, R.K. (Ed.), Concentrated Corporate Ownership, University of Chicago Press, Chicago, IL. Corresponding author Ghabri Yosra can be contacted at: yosraghabri@yahoo.fr

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Shoppers’ reactions to modern food retailing systems in an emerging country The case of Morocco Abdelmajid Amine and Najoua Lazzaoui

Received 26 October 2010 Revised 13 November 2010 Accepted 8 March 2011

University of Paris-Est Creteil, Cre´teil, France Abstract Purpose – This article aims to explore the effects of the massive arrival of foreign distribution concepts in emerging countries on the evolution of the local buyers’ shopping practices. The confrontation of the latter, long accustomed to the traditional network, with the new retail outlets gives rise to the emergence of new modes of shopping and purchasing. Design/methodology/approach – The use of a qualitative approach, combining in-store observations of behaviours and in-depth interviews, highlighted rich and complex trends in consumption in an emerging country; Morocco for instance. Findings – The content analysis of collected data shows that the differences in social classes give place to varied shopping strategies and generate singular symbolic representations of shopping experiences. The research reveals also a hybridization of shopping practices where the consumers transpose some values and shopping behaviors inherited from the traditional trade into the modern distribution stores. Finally, the research also shows differences between global and local retail banners laying on their perceived images, store attendance and shopping practices which reflect their contrasted positioning strategies. Practical implications – The findings enable the retailers to adapt/shape their location strategy, assortment policy and positioning strategy to improve their store image and attractiveness and gain market power. The results have also implications on the public policy to manage the balance and the future of local traditional shops and modern retail stores. Originality/value – This paper points out the role of cultural anchorage in producing hybridized shopping practices that allows the domestic buyers to cope with the uncongruency between their inherited traditional values and those associated to the modern distribution. It also shows how these local customers use the modern retail stores as a scene of symbolic exhibition for their social status and invent hybrid shopping practices to cope with this incongruency. Keywords Modern vs traditional retail formats, Emerging countries, Consumption practices, Shopping experience, Hybridization, Interviews, Consumer behaviour, Morocco Paper type Research paper

International Journal of Retail & Distribution Management Vol. 39 No. 8, 2011 pp. 562-581 q Emerald Group Publishing Limited 0959-0552 DOI 10.1108/09590551111148659

I. Introduction Emerging market countries are experiencing major changes that affect their economies and by extension their retail systems. The massive arrival of foreign sales concepts added to the local commercial landscape, inevitably affects the structure and the equilibrium of the retail system and modifies the practices of consumption. These changes are at the root of the evolution of concumers’ purchasing and shopping behaviours that are becoming increasingly complex and changing. In this context, consumers tend to adopt a variety of options: maintain their commitment with traditional commerce to preserving their habits and values from their culture of origin,


go to the selling format imported from the west to access the modernity and breakaway from tradition or adopt a multitude of intermediate positions to make mixes of the two supply modes depending on the product category, the situation of consumption and the social characteristics of the consumer. Several studies have focused on the analysis of the evolution of the retail system in emerging countries (Goldman, 1974, 1981, 1982; Kaynak and Cavusgil, 1982; Samiee, 1993) even on analysis of retail formats in specific countries such as China (Blois, 1989; Chow and Tsang, 1994; Sternquist and Qiao, 1995; Lo et al., 2001), Vietnam (Venard, 1996), Russia (Huddleston, 1993), Cuba (CervinËœo and Bonache, 2005) and Hungary (Mueller et al., 1993). These works have studied the changes in retail system in these markets without seeking to understand the changing attitudes and behaviours of local consumers. While emerging economies present real opportunities for development (political openness and economic liberalization) for the retail groups already operating in saturated Western markets. However, implementation of new concepts of retail would not have been so successful if consumers did not adopt them. Yet, these new selling formats mostly convey cultural values away from those of the emerging country which affect the consumption patterns and shift purchasing practices. This suggests that there is a potential consumer at the origin of the outbreak, accompanying the rise of new signboards of modern retailing. The increasing installation of international retailers, the multiplication of outlets and changes in the retail sector in emerging countries are put in perspective with the trends of local consumers to accept and adapt to these new sales formats (Amine et al., 2005). Thus, the conversion of consumers to these new forms of retail led to questions about new trends in consumption in these countries. The purpose of this article is to understand how the arrival of modern food retail format produces significant changes in the way consumers in an emerging country, Morocco for instance, shopped for food, negotiate their relationship to the store and give sense to their shopping activity both within global and local retail signboards. We will first of all proceed with a brief overview of the retail in emerging countries. Hereafter, we will concentrate in developing an empirical research, based on qualitative method, to analyzing the role of modernization of food retail in Morocco on the emergence of new consumption and shopping practices. II. Modernization of the retail environment in the emerging countries The trade landscape has undergone major changes in many emerging countries during the past three decades. Until the 1970 s, the retail system in these countries was fragmented and atomised (Kumcu and Kumcu, 1987). The local retailers with low capital, the independents and family-owned properties dominated the trade (Samli, 1964; Kaynak, 1982). Retailers worked themselves mostly in their own small premises and few of them held more than one store. They relied only on the support of those around them (both in terms of funding and manpower) and a single location (Tokatli and Boyaci, 1998). Recently, signs of transformation of the retail industry in these countries are apparent. The trade landscape in emerging countries has several retail networks. There is mainly the co-existence of three different sales formats: the traditional format and the informal network, rooted in their local culture and habits, and the modern, recently adopted by an increasing fringe of customers.

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2.1 Determinants of the growth in modern retailing Emerging economies have been experiencing since a few years a massive implantation wave of new retail formats. These markets provide an environment conducive to the establishment and proliferation of signboards of modern retailing. Thus, openness to the international and implementing economic policies attractive to foreign investment (through the adoption of new more flexible laws, the reduction of tariff barriers and tax reforms) makes these destination countries highly coveted by foreign retailers. The problems of organization and logistics requirements may be remaining barriers to the implementation of these new sales formats in emerging countries. In contrast, increasing the density of population, development of the middle class, development of both individual and collective modes of transport are factors promoting the development of modern commerce. This responds to a growing demand volume and can cope with the problems of insufficient number of outlets in the traditional neighbourhood, their inability to quickly manage large consumer flows, the rising cost of labour and lack of control of employees’ loyalty (Kaynak and Cavusgil, 1982). The existence of expectations not met by the local traditional offer facilitates the consumer support for the modern retailing formats. The needs and consumption in emerging countries have experienced great changes following the general access of people to satellite channels and the dissemination of the international media. This openness has contributed to the cultural permeability (of some layers) to the consumption values favoured by the west with the gradual increase in the level of education in these countries. The upper and middle classes are more likely to welcome these new sale formats. These categories of clients have become more informed, familiar and more demanding in terms of choice and quality of the retail offer. Therefore, they quickly adhered to the modern retail to meet a need for diversity of choice, hygiene (cold chain) and seeking for variety of the places of purchase to re-enchanting the activity of shopping (Amine et al., 2005). The support of local consumers to the modern retail format in emerging markets is taking place fairly rapidly. This explains partially the massive development of new retail banners and is at the origin of an impulse of the life cycle of retailing in these emerging countries (Figure 1). An explanation of the development trend of the modern retail format shows two surprising events in the case of Morocco: (1) The appearance of supermarkets after hypermarkets is disturbing in consideration of the observations made in numerous emerging countries which show the inverse order. Indeed, the supermarket format appeared in Morocco in the mid-1980s (before the launching of the first hypermarket), but these few experiences which take the form of a unique store ended in a failure. Figure 1 shows then the launching dates of retail format chains (networks). (2) The maturation phase is marked by a strong and quick acceleration compared to the phases and pace of development experienced by Western countries (Amine et al., 2005). The local and international competition becomes more intense, it promotes saturation faster for modern trade. This has been observed in several emerging countries on different continents. Chile has experienced strong trade maturity and development of a wave of local challengers. Poland is another example of very rapid growth signboards. Turkey, Lebanon and Morocco are also part of the same movement.


Cosmopolitan clients (urbans and foreigners)

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- Marjane (1989) Hypermarket - Makro (1991) - Makro acquired by Metro (1997) Shopping - Aswak Essalam (1998) center - Géant-Casino (2004) - Galeries Ben Omar (early 90’s) - Galeries Ben Jdia (mid 90’s) Supermarket - Twin Center (mid 90’s) - Label’Vie (2000) - Acima (2002) Hard-discount - Supersol acquired by Label’Vie (2002) - Franprix (end 2004) Modern groceries - Hanouty (end 2006) Traditional commerce

Local clients 1980

1990

2000

Time 2005

The functions of modern retail are no longer limited to economic, logistical, financial, commercial, marketing and political aspects. It has much more non-economic nature in sense that the new retail formats are viewed as places of social interactions, discoveries, experiments, ownership and self-expression and even for relaxation and strolling entertainment (Filser, 2001). Modern retailers have become aware of the hedonic and experiential aspect of the shop and have implemented the necessary means to make their store a place of relaxation and production of experience (Hirschman and Holbrook, 1982). Thus, to support customers with experiments seeking to re-enchant their daily lives (Firat and Venkatesh, 1995) has become a priority for retailers to show their uniqueness facing tough competition that tends to standardize. 2.2 Resistance attempts of traditional commerce Because the new format of sales are a threat to traditional retail groceries, as their function is not limited to marketing, local shops tried, somehow, to organize and act to contain the onslaught of modern retail. Thus, despite the development of modern retail networks, the traditional commerce still resist because it fulfils, beyond its economic function, a quasi-natural task of the social bond. Large segments of the population in emerging countries (low and middle classes) remain attached to their grocer who tends to have a personalized relation with customers and do not necessarily looking to expand his circle of clients (Kaynak and Cavusgil, 1982). Hence, traditional commerce meets the expectations and socio-cultural demands that the modern retail does not (yet)

Figure 1. Evolution cycle of large retailers in Morocco


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bridge (Goldman, 1982; Goldman et al., 2002; D’Andrea et al., 2006; Lenartowicz and Balasubramanian, 2009). The daily shipments are an important part of the routine of the consumer which lead him to be in regular contact with the merchant and moreover with the outside world (Savguc, 1969). Prices and credit facilities it grants strengthen its competitive advantage over players in modern trade especially for households with low incomes. Thus, the traditional grocery almost naturally rises as an economic and social hub around and through which is organized the daily life and woven the social bond. It provides a multitude of functions ranging from the retail of goods and service, delivery (free at home) and the granting of credits (free). It makes its sale point a space for meetings and exchanges usually invested by local residents where it acquires the status of a confidant, friend, or even quasi-family member. Moreover, while supermarkets have captured a good number of customers, some of them continue to use the traditional channels for part of their purchases. The adoption of selective choice of retail format (modern vs traditional) by consumers is very common in emerging economies (Goldman, 1982; Goldman et al., 2002) depending on the financial resources, the format image, the type of product, the context of usage, the emergency of needs, etc. Whereas a large proportion of the population has adopted the purchase in supermarkets, only a small portion of these “followers” buy all of their food needs. In simplifying, the supermarket or hypermarket is used to endow sophisticated or refined products, while traditional shops continue to have priority for the purchase of common consumption goods. But even if the traditional commerce resists, the main trend shows that traditional commerce based on interpersonal contact is gradually replaced by the self-service concept especially in urban areas in the emerging countries. As underlined above, several studies have focused on the evolution of the retail system in emerging countries (Goldman, 1981; Kaynak and Cavusgil, 1982; Samiee, 1993; Coe and Wrigley, 2007; Reardon et al., 2007) or on analyzing the modernization of the retailing sector in specific countries or geographic regions (Huddleston, 1993; Mueller et al., 1993; Venard, 1996; Lo et al., 2001; Cervin˜o and Bonache, 2005; White and Absher, 2007). However, despite the interest in the evolution of retail in those markets as well as strategies for installation of the foreign retail signboards in emerging countries, previous studies have less sought to analyze the changing attitudes and practices of local consumption on the co-existing development of modern trade. To better understand the emergence of new consumption practices and retail patronage due to the development of new supermarket/hypermarket retailing system in emerging countries, we adopt a socio-cultural approach of consumption to capture the differences among social classes (Holt, 1998b) toward the appropriation of food retail format. Furthermore, this approach enables us to understand how the customers use these new places of sales as a scene of symbolic exhibition for their social status. We choose to study the Moroccan emerging market which has been undergoing profound changes in its retail system for almost two decades. III. Purpose and research methodology The objective of our research is to understand the changes of consumption practices and shopping habits further to the transformations which the food retail sector has witnessed in an emerging country, Morocco for instance. This country of more than 30 millions inhabitants is a coveted destination for foreign retailers, a trend which began


in the early 1990 s. The retail sector is booming with the setting up of modern food retailers both foreigners (Auchan, Ge´ant-Casino and Metro) and local (Aswak Assalam, Label’ Vie and Hanouty) growing rapidly. We selected the two main banners in the retail sector; Marjane (a joint venture between Auchan and the most important Moroccan holding Omnium Nord Africain (ONA)) and Aswak Assalam (a 100 per cent local owner Ynna Holding), which among them account for almost the entire hypermarket format of food and cover virtually the whole territory. Our study was conducted in two stores in the city of Rabat (one shop by hypermarket signboard). These two store banners differentiate, however, by their varied positioning where Marjane’s focus is on the values of modernity and openness to the west, where you can find all the families of products including alcohol and pork, while Aswak Assalam based its positioning on family values and Moroccan traditional culture where all cultural and religious banned products are not offered (alcohol, pork, etc.). Nevertheless, if the selected two stores exhibit no significant differences in price levels they differentiate however on their size. Marjane hypermarket is located in an upper class quarter (Hay Agdal), was launched in 2000 and has a surface of 7,000 square meter, whereas Aswak Assalam is situated in a middle to high class quarter (Hay Riad), was launched in 1998 and has a superficie of 4,000 square meter. A qualitative study was conducted. For the collection of data, we used either behavioural in-stores observations and in-depth interviews to favour cross-validation methods. This approach allows studying more precisely and as openly as possible the consumption practices and shopping strategies embedded in the social interactions. The interest of combining different sources and data collection methods fills the weakness of each and reduce the gaps that may exist between the behaviours and verbalization during the interview. The empirical data gathering procedure used in this research was composed as follows: . A total of 17 hours of observation divided between the two stores transcribed on a logbook and 20 grids of observation (20 customers observed from their entry until they leave the store). . A total of 16 individual face-to-face interviews with clients previously observed in these shops and three interviews with store managers and a marketing director belonging to the two hypermarkets under study (The Appendix). The interviewed customers were selected on the basis of varied criteria (age, income, type and location of housing and type of employment) to be able to confront the speeches of people (older) who lived the transition to modern retail format and those (younger) who knew directly the new retail stores, and those belonging to the upper vs lower social classes. The interview guide was structured around topics covering the nature of the consumer’s relation with the various types of food retail formats, the motivations and the brakes in their attendance, the selection criteria of the places of purchase and finally the products/brands bought within each type (or store signboard) of retail format. After carrying out the collection of data, we made a thematic analysis via a post-categorization of the discursive material collected (Miles and Huberman, 1994). In doing so, we construct categories of meaning from speeches and comments recorded in the logbook enriched by observation material. Two different types of homogeneous

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speeches based on the representations and shopping practices associated with modern (vs traditional) retail stores could be identified. They met the categorization in social classes – in the sense of Bourdieu (1984) – that are distinct on the basis of their cultural capital (knowledge, distinctive tastes and skills), social resources (network, relationships) or economic capital (financial resources). IV. Emergence of new consumption and shopping practices in Moroccan food retail system Some previous work has shown that, whatever the emerging country in question, the advent of modern sale formats is always at the emergence of new patterns of consumption and shopping (Amine et al., 2005). In these circumstances, consumers in general remain torn between the desire to move towards modernity and the need to preserve values and traditions. Some remain committed to traditional trade, characterized by a combination of economic and social ties. While others choose to convert entirely or partially by selling modern formats to meet a need for diversity of choice, hygiene (conservation by the cold chain) and re-enchantment of the activity of shopping. The content analysis of our corpus of collected data revealed that largeand medium-sized modern food stores appear to be in turn symbolic places of social confrontation (Section 4.1) and spaces for “bricolage” of singular consumption and shopping practices (Section 4.2). 4.1 Modern retailing stores as a place of social confrontation and categorization Morocco is characterized by heterogeneity of its population which is clustered in three social classes (low, middle and upper segments)[1]. A remarkable difference is noted in their income and standard of living, their educational level and their degree of commitment to tradition and religion values. Thus, these several groups of customers may attend the same stores but for different motives. The analysis of consumers representations and shopping practices within modern vs traditional food stores allows us to identify two main homogeneous discourses that refer to high and medium vs low social groups that are distinct in terms of access to consumption (purchasing power, transportation means and housing location), access to education (level of education) and openess to foreign cultures (travelling abroad, speaking languages). The first result of this research shows that hypermarkets are perceived as a place of confrontation between social layers. The modern retail stores are frequented by different social groups but not for the same purposes. These categories of clients have different motives to attend these places of sale and draw diversified purchasing behaviour and shopping: Among the clients of Aswak Assalam (hypermarket signboard) [. . .] you can find a woman in djellaba (traditional dressing) as you can find one dressed in the European; There are some who leave with the shopping cart overloaded (value of 2,000 to 3,000 Dh[2]). There are some who leave with a small bag (laughter); Typical customer of Aswak Assalam is I would say, either a customer immaculately dressed making his purchases or either a modest/popular person with no purchasing goal, but considering the supermarket as an exit or a recreational place.


The existing gaps between different social classes in emerging countries in particular, give rise to very different shopping behaviours. So, some consumer groups have virtually abandoned the traditional commerce to convert to modern means of retail as a place of main supply (middle class) or exclusive (upper class), while the lower social group that did not reach till recently the hypermarkets, through the extension of public transportation means, use it mainly as a time place of relaxation, strolling and discovery. 4.1.1 Modern retail as a scene of social distinction for the upper and middle classes. The upper class converted quite early to modern retail network and made it his main source of supply followed after a while by consumers belonging to the medium class. The observations have revealed that the shopping trolleys of these customers are made up of diverse product categories, including basic necessities (food, cleaning, etc.), usually bought in the traditional circuit. This shows the conversion and the support of these customers to this new form of supply. The trolleys of high-income customers also contain the products they describe as “refined” and are not necessarily part of traditional consumption patterns of the country (frozen meat, pie, cheese, smoked salmon and foie gras). Often, these brands imported from abroad (Lu, President, etc.) are vectors of social tagging on the exhibits, especially on their way to the cash counter. This category of customer does not see the activity of shopping as an exit, but rather as mainly a utilitarian task with a small allocation of time dedicated for this activity. Moreover, for these customers, the hypermarket would be an ideal store where you maximize the time. They also do not hesitate to use tools, such as preparation of purchase lists or possession of privilege cards that allow them not to wait at large queuing, recorded in the observations and responses of interviewees. Furthermore, the observation of the route of these customers within the hypermarket revealed that this category of consumers are familiar with the store and go directly to the shelves where they used to go and not trying to “loiter” in point of sale. These people are accurate in their choices and actions. They are familiar with such retailers and have fully integrated the internal organization of this mode of retail: I never exceed an hour. It’s fast I take the essential; First I make a list before leaving. I’m not going without anything just like that because I forget things; The ideal hypermarket would be the one where it is well labelled because sometimes at the checkout they tell you: ah here you are! There is no reference! So it is a waste of time [. . .]. I would like not to wait too much at the checkout, and that there is always someone who packs [. . .]; But the ideal thing, thanks to the magnetic sticker, the terminals or sensors recognize the bar codes, each product emits its own waves, they give you the ticket, you check it and you pay.

Even when customers belonging to these higher social classes have joined the modern retail network due to convenience and time saving reasons, they are not less in search of other symbolic elements. Indeed, the activities of consumption and shopping are also understood as a marker of the game of social distinction and an expression of social belonging. This symbolic dimension/meaning of consumption showed how consumer habits, possessions and shopping practices were indicators of class identity,

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markers of condition and of social status and more generally, of individual and collective identity (Holt, 1998a). Moreover, through their visit to modern retail stores, upper classes customers seeking to preserve consistency between their self-image and the perceived positioning of the retail outlet. In doing so, it is for them a way to differentiate themselves from the lower classes and to express a sense of belonging and a unique social identity. At the same time, the categorization function associated with the use of modern trade, represents for clients from the upper classes a chance to meet with their peers and to avoid the “mixing of genders” (for instance with lower classes), something that the traditional format does not offer. The presence of “this” more modest consumer category seems to bother certain customers of higher social class who would continue to own the modern retail network (such as at the time of launching of this retail format) as a symbol of refinement, modernity and social distinction. As a result, to do their shopping in hypermarkets, this category of customers use some strategies of avoidance (of waste of time and of mixing with lower classes) consisting in: . choosing the moments when the stores are not big crowded and avoiding those characterized by the strong presence of the modest category (afternoons and week ends); and . delegating the purchase to their servants. Buyers come during the week, because they know that there will not be as much jostling; I prefer to do my shopping in the morning. In the morning there are less people; Marjane (hypermarket banner) [. . .] it has became like the “souk” (popular open market) in these last days; If Marjane was a country it would be China. There are already many people, it’s too much [. . .].

4.1.2 Modern retail stores as a gateway to upgrading of self-image for the lower class. The modest categories consider the walk in hypermarkets as a relaxing and strolling moment. They usually go there with family, not necessarily to make shopping, but for entertainment and to roam around. This category of customers seeks also to discover what is in these large stores of which they have only heard of and which represent “the” temple of consumption that gives an image of opulence enhanced by the genuine display of the offer. Consumers of modest segments are provided with a basket or a shopping trolley, indispensable tool and symbol of immersion in the experience of consumption, although they generally limit themselves to a few promotional products and other small purchases. They show their access to the consumption in this type of stores in particular by showing the bag with the effigy of the store signboard. We are here in presence of a sort of consumer identity construction through the cultural transfer of objects meanings (McCracken, 1986). The circuit of these customers in the store is not structured. They usually go to all the shelves to find cheap items and droped prices. The observations have revealed that some of these customers may spend hours in the store without buying anything. The time is not at all a constraint for them precisely because they are going there to spend it:


The supermarket, I go there once every month or every 2 months [. . .]. I’ go there only in the afternoon for a walk for 1 hour to 1h30 [. . .]. Marjane is for walking, especially for strolling; They are with family even if they have a small basket. They spend a lot of time, walking [. . .] You find a shopping trolley and behind it you see 4 or 5 people [. . .]. There are also people who come for curiosity; There are people who come [. . .] to walk, because they come to have an ice cream. They take the opportunity to buy small things, let’s say a trolley that does not exceed the 200 Dh; Customers who leave with a Marjane bag, for them that makes them different.

Customers belonging to the modest class have long feel excluded from modern retailing (located in the periphery of the city) since they perceived them as physically distant and symbolically refined. These stores are seen not intended for them, as they were initially largely frequented by higher classes. For them, the fact of having crossed the psychological and sociological barriers to access to such places of consumption and make some small purchases is an act highly charged of meaning. Despite their modest income, parents are happy to please their children by buying a few sweets or small toys. It is also a symbolic act of self-fulfilment through which individuals try to compensate the perceived lack of resources in their daily lives (Wicklund and Gollwitzer, 1982). In other words, it is a way to fill a sense of exclusion long perceived and experienced by this segment of the population, for long unable to access the consumption. This behaviour comes also from a desire to achieve an ideal image of oneself, reflected by going to the same places as the upper social classes. By attending these new stores, modest classes are therefore looking to express alongside a high class considered inaccessible in daily life, and with which it does not have the opportunity to mingle. This is a symbolic and experiential part of the purpose of going out to the hypermarkets. The interviews have revealed that these consumers prefer to go to a store located in a “up class” neighbourhood even though it is far away, to the one carrying the same signboard, but situated in a popular area where they find themselves uniquely with their peers: The fact that Marjane Sale´, is an old and popular hypermarket, its neighbourhood customers are moving to the far new ones (under the same banner) located near higher class quarters; On sundays, things change, we see people from Te´mara (small city in the popular suburbs of Rabat) for example. It is a little part of their stroll; But in fact, in hypermarkets, it begins to mix. You find even less civilized people [. . .] The ideal hypermarket would be [. . .] that one where there are refined people.

4.2 “Bricolage” of singular practices of consumption and shopping The notion of “bricolage” as used here is a metaphor borrowed from Le´vi-Strauss (1960) to designate the reinscriptions/reconstructions of meaning that people from a given culture use to reorganize their view of the world (and of objects) and their behaviors on the basis of various cultural traits, which are “cobbled together” to produce new meanings. The objects/behaviors thus obtained lose their original purpose or aim and become the construction materials for another project. This concern for “recovery” can be used to create meaning, weaving significant connections between often apparently heterogeneous objects. The notion of “bricolage” thus allows cultural,

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social and economic transformations not to be reduced to a strict opposition between tradition and modernity, and at the same time brings into play the notion of cultural hybridization. Affecting consumption patterns and redirecting purchasing practices, the expansion of foreign sales formats has caused a cultural hybridization (Thompson and Tambyah, 1998; Sandikci, 2001). This cultural melange initiated the emergence of complex consumer behaviour patterns, torn between the need of maintaining links with the cultural roots and the search for a symbolic consumption referring to imported cultural values. Then, this hybridization can be understood as “a contribution to a sociology of the in-between, a sociology from the interstices. This involves merging endogenous/exogenous understandings of culture” (Pieterse, 1995, p. 64). The concept of hybridization enables to explore how stores’ and products’ meanings are appropriated and sometimes reconfigured in singular manners, to help consumers to negotiate and to shape their identities and to allow them to live their consumption and shopping experiences. We have observed that individuals build contextualised consumption practices which new retailers did not expect. Indeed, some practices related to traditional commerce, such as the search of interactions with the staff (salespeople and cashiers), the tendency to break up (fragment) purchases and the strategies of appropriation of the space, are transposed to modern retail formats. This reflects the tendency of local consumers to create hybrid practices of consumption with respect to the modern trade. 4.2.1 Tendency to break up purchases even when attending modern retail stores. The Moroccan city of Rabat, like those of many emerging countries, has a system of food retail dominated by traditional units (small neighbourhood grocery stores), whose strength is their closeness and geographic density although they are independant and not structured in a network. The geographical proximity that results enables consumers to buy frequently in small quantities and to adopt fragmented purchase practices for many categories of products. Thus, the daily supply expeditions to traditional stores are catalysed by their proximity and by the natural need for interaction and social ties with the merchant and other customers (even without a purchasing goal). In stead of decreasing vis a` vis traditional commerce, these purchase habits and practices are extended to hypermarkets. It is sufficient that a modern retail store is located not far from a residential area for the consumers returning to fragmented patterns of purchases they apparently find it difficult to detach for cultural reasons: So we have a special feature, for Aswak Assalam. We can position ourselves as hypermarket but we have a sales behaviour that looks like a traditional store. We see customers coming on a daily basis; [. . .] We are exactly in a [. . .] in a residential neighbourhood. So it was full of houses around, people who want to come by foot [. . .]. So we have an inflow which varies between 4 and 7 times per week, and even more times. It’s people who come almost every day; [. . .] Aswak Assalam is surrounded by apartments so people send regularly their servants to shop. It’s like a grocery store but this is Aswak Assalam (a hypermarket).

4.2.2 Search for social link and spatial appropriation in modern retail stores. Customers are very sensitive to the friendliness that such a modern store can also present. This point is highly appreciated and can be the origin of the loyalty of some people to the point of sale.


The people come from a culture in which social life has an important place looking to meet and seek weaving relationships including going shopping. The comments of shoppers in the stores have shown that they are looking to speak and interact with sellers, cashiers and other customers in order to learn, to share a shopping experience or simply to (r) establish the social link in the urban city of Rabat, where it tends to deteriorate. The store is therefore a space of life, experience and social interactions. The behavioural patterns developed with traditional trade were recurring and cultural values associated with it are transposed and perpetuated with modern retail formats. In addition, the presence of characteristics such as geographical proximity of residence and the warm-hearted reception in some modern retail stores favour the tendency of shoppers to appropriate the space of the point of sale. The behaviours observed and the interviews conducted with shoppers within the two stores surveyed testify of it. Some people living near supermarkets did not bother to go dressed “casually” or even in slippers to conduct their purchases. It is noteworthy that this singular behaviour take place primarily in the hypermarkets located near residential areas. These points of sale are then seen as an “extension of home” and therefore permit a practical demonstration of consumer informality and an expression of strategies of spatial appropriation inherited from traditional trade and the peculiar relationship with the grocer: In Marjane, they apply the Auchan theory, i.e. we are here to serve the customers [. . .]. They get what they want and that is it. On the contrary, we (Aswak Assalam) establish relations with the customers. And that pleases. In Morocco we still need a shopkeeper in front of us, to talk to him. This is trade (commerce) and not retail (distribution); I always have the image of people who come to Aswak Assalam in slippers, something that does not happen at Marjane where they neither see them coming in slippers nor in pyjamas (At Aswak Assalam). They feel at home, it is the local grocer, but on a large-scale.

V. Differentiation of assortment and positioning between the global retail signboard (Marjane) and the local retail banner (Aswak Assalam) The setting up of foreign modern retail banners in Morocco (and in emerging countries in general) has altered the local trade system/environment by speeding up the arrival of local actors of modern mass-market retail. Some of them have copied and duplicated the “Western” hypermarket concept imported by Marjane while others have chosen a different positioning, by suggesting a slightly different assortment and conveying traditional values as did Aswak Assalam. This local hypermarket chain excludes alcoholic drinks, pork and derivatives from its products offer. It favours local and bulk products (following the example of traditional selling format), and positions itself as the large food hypermarket of the traditional Moroccan family. Thus, Marjane (Auchan) and Aswak Assalam adopted different positioning, reflected in their respective offers, marketing strategies and images as confirmed by the interviews. Marjane is defined and perceived as a modern, Western “retailer” whereas Aswak Assalam is positioned and identified as a modern “trader” firmly anchored in the local tradition. 5.1 Aswak Assalam, a retail concept synonymous with tradition and authenticity This signboard is strongly associated with the local Arab and Muslim culture in conservative consumers minds, as stated bellow:

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If Aswak Assalam was a country, it would be Morocco!; It would be an eastern country; If it was a colour, it would be red and green (Moroccan flag); If it was a colour, it would be green (symbol of Islam).

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The well-identified Moroccan style is reinforced by the policy of Aswak Assalam that positions itself as a retailer respecting the Moroccan values and the Islamic traditions. Such a position is well conveyed by the fact that alcohol and pork are banned from its shelves. The hypermarket features a prayer room on the food court floor. Therefore, it strengthens its image which is strongly associated with family and the traditional Moroccan values and culture: The typical customer of Aswak Assalam? It’s the head of the family, I always have the image of a family or a group of friends [. . .] rather conservative people; It’s very clear when we ask our customers, they say, we chose to come here with our families because there is no alcohol; Aswak Assalam is for families.

These aspects also bring to the customers a feeling of comfort and security: We feel more secure at Aswak Assalam. Maybe because, [. . .] err, alcohol attracts another category of customers that some people don’t want to meet. Seeing someone leaving and carrying a bag of alcohol is a bit scary. We don’t want to get close to this person [. . .] Aswak Assalam is more for families. It is strange but sometimes I prefer to pay more to spend a pleasant moment and feel secure; We always have the impression that Chaˆabi (Aswak Assalam owner) inspires confidence, takes a lot of social actions, forbids alcohol. Even if you pay more you have the feeling of participating to these actions; Confidence, security, rest for Aswak.

5.2 Marjane, a retail concept reflecting modernity and Western lifestyle Although Aswak Assalam is appreciated by the conservative category that recognizes its traditional and Muslim identity and values, this signboard is perceived negatively by the “liberal” consumers who aspire to a Western lifestyle. These are rather searching for modernity and symbols reflecting open mindedness and refinement. This category of customers tends to depreciate local banners and associate them with a dull and archaic image: I think that in Marjane, we find quite good/refined people, compared to Aswak Assalam; If Aswak Assalam was a country, it would be Morocco (laughing) [. . .]. I don’t know, it’s like “marche´ central” (local popular market); If Aswak Assalam was a colour, it would be grey (dull).

Conversely, these liberal consumers attribute to Marjane a very positive image associated with the Western way of life and modernity. This image is strengthened by its partnership with Auchan, which explains the availability, among other things, of imported products, foreign brands and Auchan private brands. This positive image is expressed in the following statements’ extracts:


If Marjane was a country, it would be France; If Marjane was a country, it would be wonderland; Marjane inspires/reflects the Western world. I would say, it looks a lot like Auchan, as it’s very big; Marjane is a big shopping centre [. . .] there is a lot of French brands. You can find roughly the same brands as in France; Marjane has a good reputation. It has Auchan’s design. People who travel abroad like Marjane because it looks like Auchan; Maybe Marjane is more popular with Europeans than Aswak Assalam. That’s what I notice. There are a lot of foreigners in Marjane compared to Aswak Assalam; The customers of Marjane are modern people.

The perceived image of Marjane is consistent with the positioning policy adopted by this banner as its image is very different than the one reflected by Aswak Assalam. Its strategy values things that are synonymous with modernity, sophistication and refinement such as offer theatralization, assortment attractiveness, merchandising dynamism or shelves display that reflect a Western lifestyle. 5.3 Hybrid shopping practices tied for the retail banner expressing a strong local identity Hybrid behaviours reminding us of traditional commerce (rapid adoption of the premises/spatial appropriation, purchase fragmentation and search for a social bound) take place in modern stores especially in the ones with a strong local identity, such as Aswak Assalam. The policy of Aswak Assalam, by highlighting the Moroccan tradition and the Muslim religious values, makes the customers strongly identify with the banner and adopt the store as a domestic space. Thus, the purchase fragmentation, the fact that customers visit the store dressed very casually (slippers and pyjamas), the search for social interactions with other customers and with the staff are some behaviour patterns that are more pointed out in Aswak Assalam than in Marjane. Aswak Assalam marketing manager confirms the same in the following statement: So we have a distinctive feature for Aswak Assalam. We can position ourselves as a hypermarket, which means a large self service surface, but our selling practices are like in a convenience store [. . .] the customers feel at home, it is the corner shop, but at a large-scale. So we have an inflow which varies between 4 and 7 times a week, and even more. Some people come almost every day.

The strategy of Aswak Assalam reflects the Ynna group culture, founded and managed by Miloud Chaabi, a pious man, a devout muslim, owner of a hotel chain “Ryad Assalam”, among other things, where the same principles are applied (neither alcohol nor pork are suggested at the chain restaurants). In competition with this group, founded by a self-taught man who has been brought up the hard way and has remained very close to his humble and traditional origins, there is the ONA holding, owner of Marjane and Auchan partner. It is managed by young managers, trained in leading Western universities (American, British or French ones), less affected by local culture and open to Western values and lifestyle. This background information contributes to a better understanding of the strategic differences established by each one of these two retail banners in Morocco.

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VI. Concluding remarks and research implications The retail sector is undergoing major changes in emerging countries that have significant impact on both the restructuring of the commercial apparel as a whole and on the evolution of both the purchasing behaviour and attendance stores of local consumers. This research has shown that in the case of Morocco, the movement was behind the emergence of hybridization of consumption practices and the evolution of symbolism of consumption and shopping activities. These changes reflect the need for nesting modernity and entertainment offered by the modern sales network and commitment to cultural habits and values related to traditional commerce. Behaviours differ between social groups. Thus, the upper and middle classes that have converted early to modern retail network will have (symbolically) seized and made it their main source of supply. This category of customers attributes to the work of shopping as utility and as an ordinary activity. Howerver, these practices of shopping, although they meet the needs of utilities, are full of symbolic meaning. Through the frequentation of modern retail banners, these shoppers are obviously looking to differentiate themselves from those belonging to lower classes who still frequenting traditional shops, expressing though a sense of unique social identity. The store gives them a way for self-expression and social tagging. The presence increasingly felt for the most modest in the store seems to be undesirable by the upper class who would continue to own the modern retail system by adopting avoidance strategies of mixing with the lower social classes. For the more modest, the fact of not having the means to buy in supermarkets does not prevent them to attend. This category of customers is seeking to go to hypermarkets for reasons that do not routinely order to buy (loitering, drag [. . .]) and finds out more in these modern retail stores as a moment of relaxation, entertainment and stroll with their family. These consumers prefer to also attend a store located in a “up class� neighbourhood although geographically distant to the nearby supermarket of the same signboard, but situated in a popular area where they would end up with their peers. These people stemming from low social classes are trying to meet (and to mix with) consumers belonging to higher classes, they do not have much opportunity to meet and with whom they wish to be seen. The findings of this research enable to lay out some managerial implications for both the location and positioning strategies of modern retailing in emerging countries (like Morocco) and in terms of public policy to manage the balance and the future of local traditional shops and modern retail stores. The establishment of new retail actors (as in the case of foreign store signboards) requires obviously some adaptation to local traditions and constraints of the consumers either in terms of location of the points of sale and on the functioning and the organization of the stores. A settlement on the outskirts of the cities responds to the concerns of cost of land but generates access difficulties, due to poor development of public transportation (for the medium and low classes). A contrario the opening of stores close to residential areas certainly increases the visiting frequency but is accompanied by a purchase fragmentation generated by an increase in visits with a low basket average and the need to mobilize number of cashiers regularly. It is therefore necessary to anticipate managing major flows in order not to affect negatively the perceived quality of service, used as an important store selection cue for affluent customers.


Second, quality of the service, focus on the in-store atmosphere attributes, cleanliness, dramatizations of the offer, courtesy and competence of the sellers, are highly expected by middle to upper classes customers and should be particularly taken care of by retailers. Despite being a young sector, the consumers have high expectations in the modern retail field and a need to re-enchanting their shopping experiences (Firat and Venkatesh, 1995; Filser, 2001). The reasons can be found at both, the high exposure of urban consumers to the satellite channels that provide foreign exposure (and/or experience abroad), the side role of the upper class in establishing of quality standards for the shop and the high requirements of foreigners living in Morocco and Moroccan Diaspora living in Western countries. On the other hand, regarding the banners positioning for new entrants (local or foreign retail actors), these research results show that to set up in an emerging economy such as Morocco, among others two contrasting positioning strategies seem to be suitable for a banner: (1) Emphasizing local distinctive features (culturally “emic” rooted/dependent perspective) while introducing some modern services (self-service, parking, trolleys, etc.) and expressing it through an assortment which excludes products and brands that are far from or against local values and traditions (alcohol, pork, non-halal meals, etc.) and suggesting conversely more bulk, local and traditional products (precooked meals, local fruits and vegetables, etc.), and possibly by developing new services consistent with this positioning such as traditional dressing for the staff, interest free consumer credit (without “Riba” in Islamic Finance meaning), etc. This kind of positioning has advantages related to attendance motivation as well (deep anchoring in local traditions, authenticity) and disadvantages that form as many avoidance motives (perceived archaic image, lack of modernity). (2) Showing off and asserting a resolutely modern positioning (“etic” neutral/standardizing cultural perspective), reflecting it in the store interior design, in shelves display and in the assortment by suggesting more foreign (Western) products and brands, refined or sophisticated products (salmon, foie gras, cheese, etc.) and other services that better fit with this image, thus facilitating the immersion in an idyllic or enchanting consuming world, which enables the consumers to escape from the daily routine. This kind of positioning has as many advantages (modernity, open mindedness and Western lifestyle) as disadvantages or reasons for rejection (loss of cultural identity, denial of origins and loss of traditional values/authenticity). The outcome of this research, lead also to questions about future changes in the retail system in an emerging country like Morocco. Some changes are already noticeable and predictable of more substantial amendments in trade scenario of Morocco. Thus, the recent emergence of new concepts that combine local tradition values and requirements of the modern retail, as illustrated by the case of the new chain of local shops “Hanouty” raises the question of sustainability of the current system of dual retail modes. These new small-sized stores provide high-quality service and competitive prices, while respecting the proximity, ease and credit facilities and social bonds as provided by traditional stores and claimed by local customers. We witness hence, a structural change that gradually will lead to the extinction of traditional trade in its current form,

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or well is it not that the proposal of start of resistance ahead of the latter in the battle against the modern retail format? Some elements of the answer are in the project of the Moroccan Ministry of Trade “Rawaj 2020” which aims to revitalize and modernize the internal trade, through the balance of power between local traditional shops and modern retailing. The public policy has to assist the small commerce either to convert or to specialize or, at least to modernize and to upgrade existing stores, with incentives. Finally, this research is not exempted from limitations which open interesting research avenue. The first being the difficulty to extend the results (beyond big cities to medium size ones) since the data collection took place within the city of Rabat, the capital of Morocco. A second shortcoming underlines the study of the single food retail sector and raises the question of expanding on the new consumption and shopping practices observed in non-food sector such as the ready-to-wear (with store signboards like Zara, Morgan and Etam) and cosmetics (with the recent setting up of Sephora) which are growing rapidly in the main cities of this country. Notes 1. According to the department “Haut Commissariat au Plan” of the Economic and Financial Ministry. 2. Approximately ten Dh (Dirham is the Moroccan currency) equal e1.

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Appendix

Table AI. Customers interviewees profiles

Table AII. Retailers interviewees profiles

Customers

Social classa

Genderb

C1 C2 C3 C4 C5 C6 C7 C8 C9 C10 C11 C12 C13 C14 C15 C16

H M H H M M M L H L L L H L M H

F F F F F M F M F M F F F F M F

Age (years) 25-34 35-44 25-34 25-34 25-34 25-34 45-54 25-34 35-44 45-54 35-44 45-54 45-54 25-34 45-54 18-24

Notes: aCategorization of interviewees in high (H), middle (M) and low (L) social classes is based on income, education level, housing location and owning transportation means; bF – female and M – male

Retailers

Function

Hypermarket signboard

R1 R2 R3

Store director Marketing director Marketing director

Marjane Aswak assalam Marjane


About the authors Abdelmajid Amine is Professor of Marketing at IAE Gustave Eiffel School of Management, University of Paris-Est, France. He was formerly Director of Institute of Research in Management (IRG) at the same university. He received his PhD in Marketing from University of Paris Pantheon Sorbonne and a qualification to supervise doctoral theses from University of Paris Dauphine. His research interests include consumption practices, online communities and retailing in emerging countries. He is the author of a book on consumer behavior and has published many articles in French and English academic journals. Abdelmajid Amine is the corresponding author and can be contacted at: amine@u-pec.fr Najoua Lazzaoui is a PhD student in Marketing at IRG, University of Paris-Est, France. After graduating from ENCG Business School of Settat in Morocco in 2003, she holds a Master’s degree in Marketing Research from the University of Paris-Est (IAE Gustave Eiffel School of Management). Her current research interest includes consumer behavior in emerging countries, modern and traditional retail, consumption symbolism and cultural values. Prior to entering the doctoral program, she worked as a Customer Relation Manager in an international bank established in Morocco and as a Marketing and Communication Manager of the Moroccan TV sport channel for more than three years.

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Reactions to modern food retailing systems 581


Physicochemical and nutritional study of argan oil (Argania spinosa L.) in south-western Algeria M. Belarbi-Benmahdi, D. Khaldi, C. Beghdad, H. Gouzi and N. Bendimerad Laboratoire de Recherche des Produits Naturels, De´partement de Biologie, Faculte´ des Sciences, Universite´ Abou Bekr Belkaid, Tlemcen, Algeria, and

B. Hammouti Laboratoire de Chimie Applique´e et Environnement, Faculte´ des Sciences, Universite´ Mohammed 1st, Oujda, Morocco Abstract Purpose – The purpose of this paper is to evaluate the physicochemical properties, fatty acids, tocopherols, and polyphenols of Algerian argan oil. Design/methodology/approach – The argan oil was extracted from the kernel by an organic solvent, the n-hexane. Several methods and techniques (spectrophotometric, titrimetric, refractometric, and chomrtographic (CPG/high-performance liquid chromatographic – HPLC) were used to characterise to argan oil. Findings – The argan oil was yellow oil with faintly marked smell and flavour. The physicochemical analysis showed that the oil was pure, fresh, not siccative and rich in C18 medium chain unsaturated fatty acids, particularly the oleic acid. A HPLC and gaseous phase chromatography methods were developed for the quali-quantitative analysis of a-tocopherol and fatty acids composition, respectively. Research limitations/implications – This highlight shows that the composition of argan oil is oleic-linoleic type rich in a-tocopherol (20 mg/kg). The phenolic fraction known for its antioxidant properties ranges from 30 to 50 mg/kg. The argan oil is mainly rich in antioxidant compounds such as phenolic compounds and a-tocopherol. Argan oil is rich in unsaturated fatty acids, tocopherol and phenolic compounds. Practical implications – Considering its rich composition in antioxidant compounds and essential fatty acid, argan oil has been used for a long time as a food and for body care, prevention and treatment of cardiovascular and some cancers diseases. A deep knowledge of the chemical composition of argan oil will certainly show that is has a high-nutritional potentiality and is claimed to have favourable medicinal and cosmetic properties. Originality/value – No such research has been carried out on the argan oil extracted from Argania spinosa (L.) of Algeria. The present work was undertaken to study the physicochemical and nutritional properties of the argan oil. Keywords Algeria, Oils, Nuts (food) Paper type Research paper The potential of using argan oil in pharmaceutical, food and cosmetic products without any toxicity for humans is well-documented. A study of acute toxicity in rats shows a good tolerance reaching 150 ml/kg of body weight. In addition to therapeutic and nutritional properties, the argan tree is used as rampart against uncontrolled desertification in the cited areas (Nouaim et al., 1991). Despite the wide spread used of argan oil, no study has been carried out on the argan oil extracted from A. spinosa (L.) of Algeria. Thus, the present work aimed to investigate the physicochemical and nutritional properties of the argan oil.

Introduction The argan tree (Argania spinosa L.), in the Sapotaceae family, is a species of tree endemic to the south western Morocco. It also grows in Algeria (Tindouf areas). Several researches have shown that argan is a source of high-value products including oil and biologically active tissue extracts (Charrouf, 2002a). Its oleaginous fruits produce an edible oil of exceptional quality, known as “argan oil”. It has a distinctive chemical composition and is now recognised to have benefits in human health. Various components have been isolated and detected in this oil, such as phenolics, tocopherols, b-carotene, polyunsaturated fatty acids, which contribute greatly to the nutritional benefits. Argan oil has long been used as Berber folk medicines for the treatment of juvenile acne, chicken pox, rheumatisms and hypercholesterolemia (Charrouf, 1991; Charrouf and Guillaume, 1999).

Experimental Materials and methods Fruits of the argan tree were collected during February 2005 from the Tindouf areas (south-western Algeria). The oil B. Hammouti wishes to congratulate Emerald Group Publishing Limited for achieving 40 years in publishing 1967-2007. The authors would like to thank Professor Nickola Machev (Department of Agro Chemistry, High Agricultural Institute, Plovdiv, Bulgaria), Professor Josiane Prost (UPRES Lipids Laboratory and Nutrition, Faculty of Sciences, University of Bourgogne, Dijon, France), Professor Hafida Merzouk (Department of Biology, University of Tlemcen, Algeria) and Dr Tarik Benmahdi (Pathologist, Veterinary Laboratory Regional of Mostaganem, Algeria).

The current issue and full text archive of this journal is available at www.emeraldinsight.com/0369-9420.htm

Pigment & Resin Technology 38/2 (2009) 96– 99 q Emerald Group Publishing Limited [ISSN 0369-9420] [DOI 10.1108/03699420910940581]

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Physicochemical and nutritional study of argan oil

Pigment & Resin Technology

M. Belarbi-Benmahdi et al.

Volume 38 · Number 2 · 2009 · 96 –99

extraction from ground kernel was realised with an organic solvent called n-hexane with a soxhlet apparatus (Mountasser and Elhadek, 1999). Physicochemical parameters determinations were conducted according AFNOR (1984) norms. Gas phase chromatography (GPC) was carried out to determine the fatty acid composition of argan oil after conversion of fatty acid into methyl esters by BF3 methanol. The chromatograph used was the 5730A Hewlett Packard apparatus model equipped with flame ionization detection on a capillary spiral apolar column. The representative peaks of methyl esters was identified using reference substances (methylic ester) by comparing the retention distance of each chromatogram peak with those obtained using standard substances. The vitamin E (a-tocopherol) content was determined by high-performance liquid chromatography as described by Zaman et al. (1993). Total quantitative analysis of polyphenols from the removed fat nut was realised using the acetone/water extraction using the method described by Pirisi et al. (2000).

According to the refractive index, we conclude that the argan oil throughout the Algerian area of Tindouf is of oleic type which resembles olive oil (1.4677-1.4705) (Codex Alimentarius (FAO.OMS), 1983) and arachnid oil (1.468-1.472) (INCI, 2002). Acid index Acid index of fats is a suitable parameter reflecting their alteration degree. It is a chemical criterion of freshness and purity of oil. The acid index of A. spinosa (L.) was estimated to be 1.12. Saponification index The saponification index of argan oil was equal to 193.57. Therefore, the physicochemical assay of A. spinosa (L.) virgin oil showed that this oil is pure fresh, not siccative rich in C18 medium chain unsaturated fatty acid especially the oleic acid which will contribute to the viscosity and good fluidity. Chromatography assay of A. spinosa oil The fatty acid composition study of argan oil showed that more than 70 per cent were of oleic-linoleic types with respective ratio of 52.6-18.1 per cent. Small percentage of linolenic acid findings (0.2 per cent) was observed (Table II). Saturated fatty acids analysis reveals a predominance of palmitic and stearic acids. These results were confirmed by findings of (Charrouf and Guillaume, 1999; Khallouki et al., 2003). The proportion of each fatty acid strongly influences the characteristic of oil. Indeed, linoleic acid showed a percentage superior to 2 per cent which will allow classification as not siccative. The absence of C22:1 erucic acid indicates argan oil as non-toxic and edible oil. The noticed variation in fatty acids composition of different argan oils could be attributed to various factors in particular to the geographical origin of samples (Maurin, 1992). In fact, Fellat-Zarrouk et al. (1987) and Maurin et al. (1989) noted that the palmitic acid ratio increases when moving from plain to high plateau, as well as a rises of oleic acid with pluviometry and linoleic acid with altitude. At nutritional and dietetic level, argan oil is mainly composed of unsaturated fatty acids with cis geometric isomerism and consequently shows no problem of digestion or assimilation to human organism (Rahmani, 2005). The high oleic and linoleic acids contents also confer it nutritional and dietetic quality. Today’s scientific research on nutrition has recognised that oils rich in oleic acid are responsible for health benefits. In fact, oleic acid consumption is associated with increasing serum HDL cholesterol levels in humans suggesting favourable effects on inflammatory properties (Radi, 2003). However, it is important to note that the argan oil is not a good source of omega 3 acids with the main role in the prevention of arteriolosclerosis. The argan oil contains only a-linoleic acid (C18:3n-3) as omega 3 fatty acid at a low percentage of 0.2 per cent. The other n-3 fatty acids of this series such as EPA (C20:5n-3) and DHA (C22:6n-3) are not detected in the argan oil. For balanced diet, the omega 6/omega 3 ratio must be around 4. Thus, argan oil-based diet needs to be added with other oil rich with omega 3 (nut or colza oil) or fish oil rich with EPA and DHA (Rahmani, 2005).

Results and discussion Oil extracted from the nut of A. spinosa (L.) is yellowish in colour, smell and pronounced flavour. Our results showed that the oil yield was about 33.98 per cent which was similar with those reported by Mountasser and Elhadek (1999) estimated at 34.9 per cent. It has been established that the extraction oil by organic solvent was the method most reliable and profitable from economical point of view (Jimenez et al., 1977). Physicochemical indexes Density index The density index is considered to be the physical criteria controlling the extracted oil purity. The value obtained, 0.907, is close to that found by Charrouf (1984, 2002b) at 0.906. Thus, the density of argan oil is close to both olive oil (0.910-0.916) and almond oil (0.911-0.917) (Olle¨, 2002). Refractive index The refractive index of argan oil was 1.4685. So, we can deduce that our oil is pure since its refraction index is in the range 1.463-1.472, the Moroccan norm 08.05.090 (SNIMA, 2003). The refractive index is related to molecular weight of fatty acids. Its value changes according to lipid saturation degree of lipids and gives information about unsaturated fatty acid profiles in oil (Olle¨, 2002). Table I gathers values of refractive indexes of oils according to the type of predominant unsaturated fatty acid (Olle¨, 2002). Table I Values of the refractive index of oils according to the type of predominant unsaturated fatty acid High oils contents Oleic A Linoleic A Linolenic A

Refractive index ND20 1.468-1.472 1.471-1.477 1.480-1.523

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Physicochemical and nutritional study of argan oil

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Volume 38 · Number 2 · 2009 · 96 –99

Table II Composition of total fatty acids analysed by GPC Fatty acid type in percentage of total fatty acid Palmitic A, C16:0 Margarinic A, C17:0 Stearic A, C18:0 Palmitoleic A, C16:1 Oleic A, C18:1 Linoleic A, C18:2 Linolenic A, C18:3 Arachidic A, C20:0 Gondeique A, C20:1 Erucic A, C22:0

A. spinosa of Tindouf areas (Algeria) our study

Maroccan A. spinosa (Charrouf, 2002a, b)

Israeli A. spinosa (Yaghmur et al., 2001)

22.5 0.2 6.0 0.2 52.6 18.1 0.2 – – –

13.9 0.1 5.6 0.2 46. 9 31.6 0.1 0.4 – –

15.6 – 3.2 – 55.4 24.4 0.5 0.3 0.4 –

Charrouf, M. (1984), “Contribution a` l’e´tude chimique de l’huile d’Argania spinosa (L.) Sapotaceae”, The`se, Universite´ de Perpignan, Perpignan. Charrouf, Z. (1991), “Valorisation d’Argania spinosa (L.) Sapotaceae: Etude de la composition chimique et de l’activite´ biologique du tourteau et de l’extrait lipidique de la pulpe”, The`se Sciences, Univ. Mohammed V, Rabat. Charrouf, Z. (2002a), “L’huile d’argane, une prodigieuse vitalite´ ne´e au bord du desert”, Espe´rance me´dicale, Vol. 9 No. 87. Charrouf, Z. (2002b), “Valorisation de l’arganier: Re´sultat et perspectives”, in Collin, G. and Garneau, F.-X. (Eds), 5e Colloque Produits naturels d’origine ve´ge´tale. Actes du colloque de Sainte-Foy, Laboratoire d’analyse et de se´paration des essences ve´ge´tales, Universite´ du Que´bec a` Chicoutimi, Chicoutimi, Quebec, 261-70, 7 au 9 aouˆt 2001. Charrouf, Z. and Guillaume, D. (1999), “Ethnoeconomical, ethnomedical and phytochemical study of Argania spinosa (L.) skeels”, Journal of Ethnopharmacology, Vol. 67 No. 7, pp. 7-14. Chimi, H. (2005), “Conservation compare´es de l’huile d’argane et de l’huile d’olive cahiers d’e´tudes et de recherches francophones”, Agriculture, Vol. 14 No. 5, pp. 467-71. Codex Alimentarius (FAO.OMS) (1983), Norme Codex Stan pour les huiles d’olives vierges et raffine´es et l’huile d’olive de grignons d’olives raffine´es, Vol. 11, Ed. FAO, Paris. Fellat-Zarrouk, K., Smoughen, S. and Maurin, R. (1987), “Etude de la pulpe du fruit de l’arganier (Argania spinosa) du Maroc”, Matie`re grasse et latex. Actes Institut, Agron. Ve´t. Rabat, Vol. 7 Nos 3/4, pp. 17-22. INCI (2002), “Fiche technique- huile d’arachide”, InciArachis Hypogaea – Cas 8002-03-7 – Einecs/Elincs, 232296 – 4. Jimenez, S., Buron, I. and Garcia, R. (1977), “Cine´tica de extraccio´n del aceite de bellota por percolacio´n con hexane”, Agroq. Tecnol. Alim., Vol. 17, pp. 363-71. Khallouki, F., Younos, C., Soulimani, R., Oster, T., Charrouf, Z., Spieglehader, B., Batsh, H. and Owen, R.W. (2003), “Consumption of argan oil (Morocco) with its unique profile of fatty acids, squalene, sterols, and tocophe´rols and phe´nolics antioxidants should confer valuable cancer chemo-preventive effects”, Eur. Journal Cancer Prev., Vol. 12 No. 1, pp. 67-75.

Vitamin E Vegetable oils are the main source of vitamin E. It constitute the most important natural antioxidant, it not only assures good oil conservation, but also shows a pharmacological advantage in trapping the oxygenated free radicals produced during physiological oxido-reduction reactions (Radi, 2003). Vitamin E content in A. spinosa (L.) in the form of a-tocopherol was estimated at 20 mg/kg of oil, these values agree with Moroccan 08.05.090 norm represented at 14.4-38.4 mg/kg (SNIMA, 2003). Khallouki et al. (2003) reported that a-tocopherol and g-tocopherol represents about 35 and 500 mg/kg, respectively, of the all tocopherols found in argan oil. Spectrophotometric determination of total polyphenols The polyphenols amounts dosed within A. spinosa (L.) fruit are represented as 50.01 mg/kg. Chimi’s (2005) findings showed an estimated tenure of 56.2 mg/kg which is comparable to our results. However, Khallouki et al. (2003) found markedly a lower concentration (5 mg/kg). Although argan oil is poorer in polyphenol than olive oil (133 mg/kg), these compounds nevertheless are interesting due to their protection role of oil against oxidation.

Conclusion The argan and its oil are not well-exploited because the lack of appropriate modern extractions and productions techniques. Our study aimed to introduce Saharan in Algeria and to understand physiochemical and nutritional properties of its oil. Chemical composition of A. spinosa (L.) oil revealed several components such as essential fatty acids, vitamin E and polyphenols. Owing to its high-monounsaturated fatty acids and vitamin E contents, argan oil stands out as a vegetable oil having excellent benefits for human health. Further studies are needed to determine its physiological and metabolic effects. An ecological and agronomical study is needed to allow the extension of its geographical areas.

References AFNOR (1984), Recueil de normes franc¸aises des corps gras, Graines ole´agineuses produits derives, 3rd ed., Association Franc¸aise de Normalisation – AFNOR, Paris, pp. 85-140. 98


Physicochemical and nutritional study of argan oil

Pigment & Resin Technology

M. Belarbi-Benmahdi et al.

Volume 38 · Number 2 · 2009 · 96 –99

Maurin, R. (1992), “L’huile d’argane Argania spinosa (L.) Skeels, Sapotaceae: Mise au point”, Revu. Franc¸. Corps Gras., Vol. 39 No. 5, pp. 139-46. Maurin, R., Fellat-Zarrouk, K. and Kirs, M. (1989), “Huile d’argan, Argania spinosa du Maroc, Triglyce´rides”, Actes du congre`s, Euro-lipid. Angers, Vol. 1 No. 2, pp. 151-8. Mountasser, A. and Elhadek, M. (1999), “Optimisation des facteurs influenc¸ant l’extraction de l’huile d’argan par une presse”, Ole´agineux, Corps gras, lipides, Vol. 6 No. 3, pp. 273-9. Nouaim, R., Chaussod, R., Mangin, G. and Massillon, P. (1991), “L’arganier, syste´me racinaire et microflore”, paper presented at colloque “Ligneux des zones arides”, Nancy. Olle¨, M. (2002), “Direction de la concurrence, de la consommation et de re´pression des fraudes interre´gionales de Montpellier”, Dossier P3325, Technique d’analyse. Pirisi, F.M., Cabras, P., Falqui Cao, C., Migliorini, M. and Muggelli, M. (2000), “Phenolic compounds in Virgin olive oil. 2. Reappraisal of the extraction, HPLC separation, and quantification procedures”, J. Agric. Food Chem., Vol. 48 No. 4, pp. 1191-6.

Radi, N. (2003), “L’Arganier arbre du sud ouest marocain, en pe´ril, a` prote´ger”, The`se pour le diploˆme d’Etat de Docteur en pharmacie, Universite´ de Nantes, Nantes, p. 59. Rahmani, M. (2005), “Composition chimique de l’huile d’argane vierge”, Cahier Agricultures, Vol. 14 No. 5, pp. 461-5. SNIMA (2003), “Norme Marocaine, Service de Normalisation Industrielle Marocaine (SNIMA). Huile d’Argane. Spe´cifications”, Norme marocaine NM 08. 5. 090, Rabat. Yaghmur, A., Aserin, A., Garti, N., Mizrahi, Y. and Nerd, A. (2001), “Evaluation of argan oil for deep-fat frying”, Food Sci. Technol., Vol. 34 No. 3, pp. 124-30. Zaman, Z., Fielden, P. and Frost, P.G. (1993), “Simultaneous determination of vitamins A and E and carotenoids in plasma by reversed phase HPLC in elderly and younger subjects”, Clin. Chem., Vol. 39 No. 11, pp. 2229-34.

Corresponding author B. Hammouti can be contacted at: hammoutib@yahoo.fr

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‫ف ّكر في استخدام “الخدمات التحريرية في شبكة االمتياز لدى إميرالد”‬ ‫(‪ ،)Emerald Literati Network Editing Service‬واالتصال‬ ‫بالمختصين الذين توصي بهم إميرالد‪:‬‬ ‫‪www.emeraldinsight.com/tk/NAR/editing‬‬

‫ﺟﻭﺍﺋﺯ ﺇﻣﻳﺭﺍﻟﺩ ﻟﻸﺑﺣﺎﺙ‬

‫كما تقدم إميرالد مجموعة من الجوائز العالمية وترحب باألبحاث التي يقدمها‬ ‫الباحثون في شمال أفريقيا‪:‬‬ ‫هل حصلت على درجة الدكتوراة في السنوات الثالث األخيرة؟ يمكنك في‬ ‫هذه الحالة النظر في التقدم للحصول على جوائز إميرالد ‪“Emerald/‬‬ ‫”‪ EFMD Outstanding Doctoral Awards‬أو جوائز ‪“Emerald‬‬ ‫”‪.Engineering Outstanding Doctoral Research Awards‬‬ ‫لمعرفة تفاصيل متطلبات تقديم األبحاث وكيف يمكنك التقدم‪ :‬يرجى االطالع على‬ ‫الصفحة ‪www.emeraldinsight.com/tk/NAR/odra‬‬ ‫أو الصفحة ‪www.emeraldinsight.com/tk/NAR/odra_eng‬‬ ‫وعالوة على ذلك‪ ،‬تقام مسابقة كتابة دراسات الحالة “‪CEEMAN/Emerald‬‬ ‫‪ ”case writing‬سنوياً‪ ،‬وتتجاوز القيمة اإلجمالية لمجموعة الجوائز مبلغ‬ ‫‪ 10,000‬جنيه استرليني‪ ،‬متضمنة جائزة نقدية بمبلغ ‪ 4000‬جنيه استرليني‪.‬‬ ‫و ُتمنح الجوائز للفائز األول وفائزين آخرين‪ ،‬فضالً عن النظر في كل دراسات‬ ‫الحالة التي يتم تسليمها إلمكانية نشرها في دراسات الحالة لألسواق الناشئة‪ .‬يرجى‬ ‫قراءة متطلبات التقديم بعناية على الرابط‪:‬‬ ‫‪www.emeraldinsight.com/tk/NAR/ceeman‬‬ ‫ومن بين الفائزين مؤخراً بالمنطقة البروفيسور عبد الرحمن حاسي والبروفيسور‬ ‫جيوفانا ستورتي من جامعة األخوين في المغرب‪ ،‬ولقد فازا في مسابقة ‪“AABS/‬‬ ‫”‪ Emerald Case Competition‬لعام ‪.2013‬‬

‫“سعدنا بفوزنا بجائزة إميرالد والجمعية األفريقية لكليات إدارة‬ ‫األعمال الخاصة بكتابة دراسات الحالة لعام ‪ .2013‬فالبحث‬ ‫والكتابة عن القيادة المستندة إلى القيم كان أمراً مح ّفزاً للتفكير‪،‬‬ ‫ومثيراً للحماسة‪ ،‬والتبصّر‪ .‬واألهم من ذلك‪ ،‬نحن نشعر‬ ‫باالمتنان تجاه مسابقة إميرالد ‪Emerald AABS Case‬‬ ‫‪ Competition‬لما تقدمه من مساحة لكاتبي دراسات الحالة‬ ‫لعرض مساهماتهم األكاديمية‪ .‬فنحن نشعر صدقا ً أنها واحدة‬ ‫من أهم المسابقات المتاحة لك ّتاب الحالة في األوساط األكاديمية‪”.‬‬ ‫عبد الرحمن حاسي وجيوفاني ستورتي‪ ،‬جامعة األخوين‪ ،‬المغرب‬

‫بهدف دعم وتشجيع األبحاث في منطقة شمال أفريقيا‪ ،‬عمدت إميرالد بالتعاون مع‬ ‫جمعيات أفريقية إلى إنشاء برنامج للجوائز البحثية‪ ،‬يتضمن‪:‬‬

‫للمزيد من المعلومات عن جوائز إميرالد البحثية‪:‬‬

‫جائزة صندوق ‪Emerald/EFMD-MENA Management Fund‬‬ ‫بالشراكة مع المؤسسة األوروبية للتنمية اإلدارية (‪ .)EFMD‬وينبغي على‬ ‫المتقدمين تقديم مقترح بحثي في مجال اإلدارة‪ ،‬سعيا ً إلى الفوز بأي من الجوائز‬ ‫النقدية الثالثة التالية‪ 2000 :‬جنيه استرليني للمشروع البحثي الفائز‪ ،‬وجائزتين فئة‬ ‫‪ 500‬جنيه استرليني للمشتركين الفائزين الثاني والثالث‪ .‬للمزيد من المعلومات‪،‬‬ ‫يرجى االطالع على الصفحة‪:‬‬

‫لالتصال‬

‫‪www.emeraldinsight.com/tk/NAR/mena‬‬

‫‪www.emeraldinsight.com/tk/NAR/awards‬‬

‫للمزيد من المعلومات بشأن الجوائز الحالية‪ ،‬يرجى توجيه‬ ‫االستفسارات إلى‪:‬‬ ‫إيما ستيفنسون‪ ،‬المسؤول التنفيذي للعالقات األكاديمية‬ ‫هاتف‪+44 (0) 1274 785198 :‬‬ ‫فاكس‪+44 (0) 1274 785200 :‬‬ ‫البريد اإللكتروني‪estevenson@emeraldinsight.com :‬‬


‫‪8‬‬ ‫‪Emerald Group Publishing Limited‬‬

‫مجموعة الهندسة‬ ‫مع التركيز على المجاالت األساسية للهندسة الميكانيكية والكهربائية‪ ،‬لهذه المجموعة تمثيل تحريري ومساهمات‬ ‫من المؤلفين من بعض أفضل المؤسسات على مستوى العالم‪ .‬وتخضع كافة الدوريات لمراجعة النظراء وتستخدم‬ ‫عمليا ً على نطاق واسع من قِبل منظمات عالمية تعمل في قطاعات الفضاء‪ ،‬والسيارات‪ ،‬والتصنيع‪.‬‬ ‫أسباب رئيسية تدعوك الختيار هذه المجموعة‪:‬‬ ‫ ‬‫ ‬‫ ‪-‬‬ ‫ ‬‫‪ -‬‬

‫‪ 70%‬من الدوريات المتضمنة في هذه المجموعة مصنفة من قِبل طومسون رويترز‪ ،‬مع تصنيفها جميعا ً من‬ ‫قِبل سكوباس‪.‬‬ ‫ً‬ ‫تضم هذه المجموعة أكثر من ‪ 38,000‬مقاال من ‪ 23‬دورية‪ ،‬ولقد تم تحميل أكثر من ‪ 700,000‬مقال في‬ ‫عام ‪.2012‬‬ ‫في عام ‪ 2013‬أطلقت إميرالد “المجلة الدولية لألنظمة الذكية غير المأهولة”‪.‬‬ ‫تقدم المجموعة محتوى دوليا ً أصليا ً ذا أهمية عملية‪.‬‬ ‫سوف تحصل على دخول فوري على التقنيات والعمليات الجديدة‪.‬‬

‫أمثلة ألهم العناوين‪:‬‬ ‫‪ISSN 1355-2546‬‬

‫‪Volume 16 Number 1 2010‬‬

‫‪Rapid Prototyping‬‬ ‫‪Journal‬‬ ‫‪The international journal for research on‬‬ ‫‪additive manufacturing technologies‬‬ ‫‪and rapid product development‬‬

‫‪Rapid Prototyping Journal is‬‬ ‫‪published in association with GARPA‬‬

‫‪www.emeraldinsight.com‬‬

‫ ‬

‫‪ISSN 0143-991X‬‬

‫‪Volume 35 Number 1 2008‬‬

‫‪Industrial Robot‬‬ ‫‪The international journal of industrial and‬‬ ‫‪service robotics‬‬

‫‪www.emeraldinsight.com‬‬

‫‪ISSN 1748-8842‬‬

‫‪Volume 83 Number 1 2011‬‬

‫‪Aircraft Engineering‬‬ ‫‪and Aerospace‬‬ ‫‪Technology‬‬ ‫‪An International Journal‬‬

‫تنشر بالتعاون مع التحالف العالمي لجمعيات النمذجة السريعة (‪ ،)GARPA‬دورية النمذجة‬ ‫السريعة ‪ Rapid Prototyping Journal‬وهي دورية رائدة عالميا ً في مجال بحوث التصنيع‬ ‫اإلضافية‪.‬‬ ‫ألكثر من ثالثين عاما ً ودورية ‪ Industrial Robot‬دورية عالمية رائدة تقديم تغطية مُحدّثة‬ ‫لألنشطة الدولية المتعلقة بتصميم وتطبيقات الروبوتات الصناعية والخدمية‪.‬‬ ‫دورية ‪ Aircraft Engineering and Aerospace Technology‬هي ثالث أقدم دورية‬ ‫حيث تعود إلى عام ‪ ،1929‬وهي مخصصة للبحث في المواد والتقنيات المستخدمة في صناعة‬ ‫الطائرات والفضاء‪.‬‬

‫‪www.emeraldinsight.com‬‬

‫مقاالت جديرة باالهتمام من كبار المؤلفين‪:‬‬ ‫‪Neal Wagner, Zbigniew Michalewicz, Sven Schellenberg, Constantin Chiriac and‬‬ ‫‪Arvind Mohais, “Intelligent techniques for forecasting multiple time series in real-world‬‬ ‫‪systems” – International Journal of Intelligent Computing and Cybernetics, 2011, Vol. 4,‬‬ ‫‪No. 3‬‬ ‫‪Parisa Gilani and Yasamin Razeghi, “Global manufacturing: creating the balance‬‬ ‫‪between local and global markets” – Assembly Automation, 2010, Vol. 30, No. 2‬‬ ‫‪Amir Hossein Alavi and Amir Hossein Gandomi, “A robust data mining approach for‬‬ ‫‪formulation of geotechnical engineering systems” – Engineering Computations, 2011,‬‬ ‫‪Vol. 28, No. 3‬‬

‫للمزيد من المعلومات عن دوريات إميرالد اإللكترونية‪ ،‬يرجى زيارة الموقع‪:‬‬ ‫‪please visit: www.emeraldinsight.com/tk/NAR/engineering‬‬

‫قاعدة بيانات هندسية أساسية‪:‬‬ ‫تضم مجموعات دوريات إميرالد اإللكترونية الهندسية‬ ‫ملخصات والنصوص الكاملة للمقاالت التي يتم‬ ‫نشرها في ‪ 23‬دورية دولية معتمدة‪ ،‬وهي من ثم‬ ‫تغطي الجوانب األساسية للتقنيات الهندسية المص ّنفة‬ ‫في فئتين فرعيتين‪:‬‬ ‫• الهندسة الميكانيكية وهندسة المواد‬ ‫• الهندسة الكهربية واإللكترونية‬

‫“أجد دورية ‪Rapid Prototyping‬‬ ‫‪ Journal‬مصدراً أساسيا ً في مجالي‪ .‬وأرى‬ ‫أن محتواها وثيق الصلة‪ ،‬ومُحدّث‪ ،‬ويشتمل‬ ‫على مزيج رائع من األوراق من كافة أنحاء‬ ‫العالم”‪.‬‬ ‫د‪ .‬ريتشارد بيب‪ ،‬قسم التصميم والتكنولوجيا‪ ،‬جامعة‬ ‫لوبورو‪ ،‬المملكة المتحدة‬


‫‪07‬‬

‫‪7‬‬

‫‪Supporting Research and Publishing in North Africa‬‬

‫ﺩﺭﺍﺳﺎﺕ ﺍﻟﺣﺎﻟﺔ ﻟﻸﺳﻭﺍﻕ ﺍﻟﻧﺎﺷﺋﺔ ﻟﺩﻯ ﺇﻣﻳﺭﺍﻟﺩ‬ ‫بصيرة محلية ذات أهمية عالمية‬ ‫دراسات الحالة لألسواق الناشئة لدى إميرالد ‪Emerald Emerging Markets Case Studies‬‬ ‫‪ EEMCS‬هي مجموعة إلكترونية من حاالت التدريس المح ّكمة‪ ،‬والتى ترتكز على اتخاذ القرارات في مجال‬ ‫األعمال التجارية والتنمية اإلدارية من خالل األسواق الرئيسية الناشئة‪ .‬و ُتكتب هذه الدراسات من قِبل متخصصين‬ ‫يعملون في أو بشكل وثيق مع االقتصادات النامية لطرح وجهات نظر محلية ذات جاذبية عالمية‪ ،‬فضالً عن‬ ‫تعزيز التزامنا بالتنمية األكاديمية في المنطقة‪.‬‬ ‫وتتناول دراسات الحالة لألسواق الناشئة (‪ )EEMCS‬الطلب المتزايد من المعلمين والممارسين في مجال‬ ‫األعمال على حاالت التدريس مراقبة الجودة‪ ،‬والتي ترتكز على األسواق الناشئة‪ .‬كما تفيد هذه المجموعة‬ ‫المتنامية التي تضم أكثر من ‪ 250‬دراسة حالة من التحديثات المنتظمة على مدار العام‪.‬‬

‫تطبيق عملي‬ ‫ُتستخدم حاالت التدريس داخل الفصول الدراسية من أجل تحفيز عملية التعلّم وإضافة المعرفة العملية‪ .‬ولدعم هذه‬ ‫الغاية‪ ،‬يُرفق بكل حالة المالحظات التدريسية التي يضيفها المؤلف‪.‬‬ ‫‪:Emerald Emerging Markets Case Studies‬‬ ‫• تشرك الطالب من خالل التعلّم النشط وأمثلة لقضايا حقيقية متعلقة باألعمال التجارية‪.‬‬ ‫• تلقي الضوء على األسواق االستراتيحية ونظرية األعمال التجارية‪ ،‬بما يسمح للطالب بتحويل المعرفة اإلدارية‬ ‫إلى واقع عملي‪.‬‬ ‫• تشجع التفكير التجاري واالستكشاف النقدي من خالل األنشطة داخل الفصل الدراسي‪.‬‬ ‫• تمنح فهما ً للقضايا المتعددة التي تواجهها الشركات في اإلقتصادات الناشئة‪.‬‬

‫من يمكن أن يستفيد من دراسات الحالة لألسواق الناشئة لدى إميرالد؟‬ ‫ • مهنيو التدريس‬ ‫ تزويد المُعلّمين بمصادر تدريس موثوقة‪ ،‬وحديثة‪ ،‬وشاملة تدعم تقديم برامج اإلدارة في المرحلة الجامعية‬ ‫والماجستير‪.‬‬ ‫• ‬ ‫ ‬ ‫• ‬ ‫ ‬

‫الطالب‬ ‫تزويد الطالب بحاالت سهلة االستيعاب تلقي الضوء على اإلدارة الدولية من الناحية العملية ومن حيث المفاهيم‬ ‫النظرية األساسية في مجال األعمال التجارية‪.‬‬ ‫مهنيو المكتبات‬ ‫تزويد المهنيين في مجال المكتبات بمصادر تعليمية عملية وحصرية من أجل تعزيز قوة مقتنيات المكتبة‬ ‫االفتراضية‪.‬‬

‫أمثلة الحاالت‪:‬‬ ‫مجموعة نوفاتيس المغربية‪.Diaper Manufacturing in a Developing Country :‬‬ ‫فودافون مصر (أ)‪.The Investment Decision :‬‬ ‫‪Auditor Industry Specialization in a MENA Region Country: Lessons Learnt from‬‬ ‫‪PricewaterhouseCoopers - Egypt‬‬ ‫للمزيد من المعلومات عن دوريات إميرالد اإللكترونية‪ ،‬يرجى زيارة الموقع‪:‬‬ ‫‪www.emeraldinsight.com/tk/NAR/emcs‬‬

‫“أحب المحتوى المترجم األوثق صلة‬ ‫باألسواق من حولنا‪ ،‬نظراً لسهولة استيعابه‬ ‫من قِبل الطالب‪ ،‬حيث الشركات والسمات‬ ‫البيئية المتضمنة تسهّل عليهم عملية الربط‪.‬‬ ‫كما أنه يم ّكن من فهم القضايا المختلفة التي‬ ‫قد تواجهها الشركات في األسواق الناشئة‪،‬‬ ‫والتي تختلف عن القضايا في البلدان‬ ‫المتطورة‪”.‬‬ ‫محمد نشأت فيصل‪ ،‬مدرس مساعد‪ ،‬جامعة قطر‬


‫‪06‬‬ ‫‪Emerald Group Publishing Limited‬‬

‫ﺳﻼﺳﻝ ﻛﺗﺏ ﺇﻣﻳﺭﺍﻟﺩ ﺍﻹﻟﻛﺗﺭﻭﻧﻳﺔ‬ ‫مكتبة عند أطراف أصابعك‬ ‫تشتمل سالسل الكتب اإللكترونية لدى إميرالد على أكثر من ‪ 1300‬مجلداً من أكثر من ‪ 135‬سلسلة فيالمجالين‬ ‫الهامين‪ :‬األعمال واإلدارة واالقتصاد‪ ،‬والعلوم االجتماعية‪.‬‬ ‫أعدها كبار األكاديميين والمؤلفين‪ ،‬تقدم كل مجموعة محتوى واسعاً‪ ،‬وثيق الصلة‪ ،‬وعالي الجودة‪ ،‬إلى جانب‬ ‫سهولة ويسر الوصول إلى المحتوى اإللكتروني‪ .‬وبما تشتمل عليه من بحوث متخصصة وعالية التأثير تقدم هذه‬ ‫العناوين تحليالً أكثر عمقا ً وشمولية لموضوع البحث‪ ،‬بما يجعلها مصدراً جوهريا ً للطالب‪ ،‬والباحثين‪ ،‬والصناعة‪.‬‬

‫مجموعة األعمال واإلدارة واالقتصاد‬ ‫بما تشتمل عليه من محتوى متميز‪ ،‬ودولي‪ ،‬وعالي الجودة‪ّ ،‬‬ ‫تعزز هذه المجموعة من مكانة إميرالد باعتبارها‬ ‫ً‬ ‫ناشراً رائداً على مستوى العالم في مجال بحوث األعمال واإلدارة‪ .‬وهي تتألف من أكثر من ‪ 890‬مجلدا من أكثر‬ ‫من ‪ 85‬عنوان من سالسل الكتب اإللكترونية‪.‬‬

‫مجموعة العلوم االجتماعية‬ ‫تشتمل هذه المجموعة على مؤلفين دوليين مرموقين يقدمون أحدث البحوث متعددة التخصصات في العلوم‬ ‫االجتماعية‪ .‬وهي تتألف من أكثر من ‪ 400‬مجلد من أكثر من ‪ 50‬عنوان من سالسل الكتب اإللكترونية‪.‬‬

‫“إميرالد هي واحدة من أفضل شركات النشر‬ ‫التي تتمتع بسمعة طيبة‪ ..‬فالكتب اإللكترونية‬ ‫التعليمية التي تقدمها مفيدة للغاية ووثيقة الصلة‬ ‫للطالب‪ ،‬وهيئات التدريس‪ ،‬والباحثين‪ .‬فهي‬ ‫تضيف قيمة حقيقية لألنشطة الجامعية والبحثية‪”.‬‬ ‫علي المعمري‪ ،‬أمين مكتبة‪ ،‬جامعة دبي‪ ،‬اإلمارات‬ ‫العربية المتحدة‬

‫عناوين سالسل الكتب الرئيسية‪:‬‬ ‫“تتسّم إميرالد بالحيوية والحماسة‪ ،‬وتقدم‬ ‫خدماتها لعمالئها بصبر وحذر‪”.‬‬ ‫‪International Perspectives on Education and Society‬‬

‫زينغ جون‪ ،‬رئيس قسم‪ ،‬مكتبة مقاطعة لياونينغ‪،‬‬ ‫الصين‬

‫‪Research in Social Problems and Public Policy‬‬

‫‪Research in the Sociology of Health Care‬‬

‫للمزيد من المعلومات عن دوريات إميرالد اإللكترونية‪ ،‬يرجى زيارة الموقع‪:‬‬ ‫‪www.emeraldinsight.com/tk/NAR/ebooks‬‬


‫‪05‬‬ ‫‪Supporting Research and Publishing in North Africa‬‬

‫ﺩﻭﺭﻳﺎﺕ ﺇﻣﻳﺭﺍﻟﺩ‬ ‫قاعدة دوريات إميرالد اإللكترونية في اإلدارة‬ ‫ريادة في بحوث اإلدارة‬ ‫تتمتع إميرالد بإرث قوي في مجال البحوث اإلدارية‪ .‬إن سعة مقتناياتنا‪ ،‬المعترف بها كرائة في المجال‪ ،‬تضمن‬ ‫استمرارنا في توفير مورد رئيسي للطالب‪ ،‬والباحثين‪ ،‬وممارسي األعمال الذين يدرسون ويعملون في هذا‬ ‫المجال‪ .‬وتخضع كافة األوراق البحثية لعملية تحكيم صارمة حتى تطمئن بأن المحتوى ذو صلة وعلى أعلى‬ ‫جودة‪.‬‬ ‫وفيما يلي المجاالت الرئيسية المدرجة في هذه المجموعة‪:‬‬ ‫المحاسبة والمالية‬ ‫واالقتصاد‬

‫إدارة المعلومات‬ ‫والمعرفة‬

‫إدارة الممتلكات‬ ‫والبيئة المبنية‬

‫األعمال واإلدارة‬ ‫واالستراتيجية‬

‫التسويق‬

‫السياسة العامة‬ ‫واإلدارة البيئية‬

‫دراسات الموارد‬ ‫البشرية‪ ،‬والتعلم‪،‬‬ ‫والتنظيم‬

‫العمليات‪،‬‬ ‫واللوجستيات‪،‬‬ ‫والجودة‬

‫إدارة السياحة‬ ‫والضيافة‬

‫لقد اخترنا ثالثة مقاالت نرى أنها وثيقة الصلة‬ ‫بمنطقة شمال أفريقيا‪ ،‬وأدرجنا النص الكامل‬ ‫في هذا الكتيب‪ .‬وفيما يلي الدوريات المأخوذة‬ ‫منها هذه المقاالت‪:‬‬ ‫‪ISSN 1086-7376‬‬

‫‪Volume 25 Number 1 2008‬‬

‫‪Studies in Economics‬‬ ‫‪and Finance‬‬

‫‪www.emeraldinsight.com‬‬

‫‪ISSN 0959-0552‬‬

‫‪Volume 36 Number 1 2008‬‬

‫‪International Journal of‬‬

‫‪Retail & Distribution‬‬ ‫‪Management‬‬

‫مجموعات دوريات إميرالد اإللكترونية المتخصصة‬

‫‪incorporating Retail Insights‬‬

‫مُكرّ سة للتخصص ‪...‬‬

‫‪www.emeraldinsight.com‬‬

‫تعزيزاً وإكماالً وتوسيعا ً لقوة مقتنياتها في اإلدارة‪ ،‬قامت إميرالد بتنويع عروضها من خالل نشر بحوث عالية‬ ‫الجودة في مجاالت التعليم‪ ،‬والهندسة‪ ،‬والرعاية الصحية واالجتماعية‪ ،‬ودراسات المكتبات‪ .‬ومن خالل تفانينا في‬ ‫التنمية المجتمعية في هذا المجال‪ ،‬تتيح لك مجموعات دوريات إميرالد اإللكترونية المتخصصة‬ ‫‪ Emerald’s Specialist eJournals Collections‬فرصة الوصول إلى أحدث البحوث المتخصصة في‬ ‫هذا المجال‪.‬‬ ‫التعليم‪.‬‬

‫الرعاية الصحية‬ ‫واالجتماعية‬

‫الهندسة‪.‬‬

‫دراسات المكتبات‪.‬‬

‫‪Studies in Economics and Finance‬‬ ‫& ‪International Journal of Retail‬‬ ‫‪Distribution Management‬‬ ‫‪Pigment & Resin Technology‬‬

‫‪ISSN 0369-9420‬‬

‫‪Volume 37 Number 1 2008‬‬

‫‪Pigment & Resin‬‬ ‫‪Technology‬‬ ‫‪The international journal of colorants,‬‬ ‫‪polymers and colour applications‬‬

‫‪www.emeraldinsight.com‬‬

‫“توازن دوريات إميرالد لعلوم المكتبات‬ ‫والمعلومات بين الممارسة واالبتكار‪ ،‬وأفكار‬ ‫اليوم وأبحاث الغد‪ ،‬فيما تشكل معا ً مجموعة‬ ‫تعليمية للمهنيين النشطاء والطالب‪ .‬كما‬ ‫يفيد المدراء والمبتدئون على حد سواء من‬ ‫التغطية الدولية والعمق التكنولوجي‪”.‬‬ ‫مايكل سيادل‪ ،‬محرر‪Library Hi Tech, ،‬‬ ‫‪Institute for Library and Information‬‬ ‫‪ Sciences‬هامبولدت‪ ،‬جامعة برلين‪ ،‬ألمانيا‪.‬‬

‫للمزيد من المعلومات عن دوريات إميرالد اإللكترونية‪ ،‬يرجى زيارة الموقع‪:‬‬ ‫‪www.emeraldinsight.com/tk/NAR/ejournals‬‬


‫‪04‬‬ ‫‪Emerald Group Publishing Limited‬‬

‫دعم الباحثين في شمال أفريقيا‬ ‫دأبت إميرالد منذ عدت سنوات على العمل مع المجتمعات األكاديمية في شمال‬ ‫أفريقيا‪ ،‬ونحن نفخر بأن يكون لدينا مساهمين أكاديميين ينتمون إلى مجموعة كبيرة‬ ‫من الجامعات‪ ،‬والكليات‪ ،‬والمؤسسات البحثية‪ ،‬وكبريات المنظمات‪ .‬وتم ّكن أكثر‬ ‫من ‪ 1500‬مؤلفا ً من شمال أفريقيا من نشر مقاالتهم في دوريات وكتب إميرالد‪،‬‬ ‫ويتبوأ عدد من كبار األكاديميين في شمال أفريقيا مواقعا ً في المجالس التحريرية‬ ‫االستشارية لمنشوراتنا‪.‬‬ ‫ترغب إميرالد في مواصلة بناء عالقات قوية في منطقة شمال أفريقيا‪ ،‬وتزويد‬ ‫الطالب‪ ،‬والمحاضرين‪ ،‬والباحثين بفرصة الوصول إلى مجموعاتنا من الدوريات‬ ‫اإللكترونية‪ ،‬والكتب اإللكترونية‪ ،‬ودراسات الحالة التي تعزز من بيئات البحث‬ ‫األكاديمي في شمال أفريقيا‪ .‬وسوف نستمر في الشهور والسنوات القادمة في دعم‬ ‫المؤتمرات وتقديم ورش العمل للمؤلفين الطموحين‪ ،‬ودعم األبحاث من خالل‬ ‫برامج الجوائز لدينا‪.‬‬

‫منتجاتنا‬ ‫يشارك عدد كبير من الجامعات والكليات في قواعد بياناتنا اإللكترونية التي تضم‬ ‫الدوريات والكتب‪ .‬فهم يجدون مقاالتنا عن األعمال‪ ،‬واإلدارة‪ ،‬والتسويق‪ ،‬والهندسة‬ ‫ال غِ نى عنها لطالبهم‪ ،‬وباحثيهم‪ ،‬وأعضاء هيئة التدريس لديهم‪.‬‬ ‫ويشتمل االشتراك في قواعد بيانات إميرالد على توفير الوصول إلى المحتوى في‬ ‫السنوات التي يتم االشتراك ألجلها‪ ،‬فيما يعتبر استثماراً في مكتبتك‪.‬‬

‫للوصول إلى هذا القسم يمكنك ببساطة أن تتبع هذا الربط أو تمسح الباركود التالي‬ ‫بهاتفك الذكي‪www.emeraldinsight.com/tk/NAR/librarians :‬‬

‫“بصفتي مدير مكتبة أجد محتوي المكتبة المتاح على موقع إميرالد متميزاً‬ ‫بشكل خاص‪ .‬فهذا الجزء الخاص بأمناء المكتبات يعتبر جزءاً من منصة‬ ‫إميرالد التي سأعود إليها بانتظام طلبا ً للمشورة والمعلومات فيما يتعلق بعملي‪”.‬‬ ‫ماري أونيل‪ ،‬رئيس قسم المكتبة‪ ،‬والوظائف‪ ،‬والخدمات الطالبية في مدرسة دبلن‬ ‫لألعمال‬

‫ويقدم قسم “إميرالد للمؤلفين” نصائحا ً وتوجيهات عملية بشأن كافة جوانب الكتابة‪.‬‬ ‫ويشتمل على “دليل إميرالد للنشر”‪ ،‬فيما يعتبر أداة جوهرية تعطيك فكرة عن كيفية‬ ‫النشر في الدوريات البحثية الدولية‪ .‬واستناداً إلى خبرة في هذا المجال تتجاوز‬ ‫‪ 45‬عاما ً مع محرري أكثر ‪ 290‬دورية‪ ،‬يساعد “دليل إميرالد للنشر” على منح‬ ‫المقاالت واألوراق البحثية أفضل فرص النشر‪.‬‬ ‫للوصول إلى هذا القسم يمكنك ببساطة أن تتبع هذا الربط أو تمسح‬ ‫الباركود التالي بهاتفك الذكي‪www.emeraldinsight.com/tk/ :‬‬

‫‪NAR/authors‬‬

‫موراد أونالين مجانية‬ ‫تقدم إميرالد مجموعة من موارد الدعم المتخصصة التي يتم إعدادها وفق احتياجات‬ ‫أمناء المكتبات‪ ،‬والمؤلفين‪ ،‬والباحثين‪ ،‬والمدرسين‪ ،‬والطالب‪.‬‬ ‫ولقد تم تصميم قسم “إميرالد ألمناء المكتبات” خصيصا ً لمجتمع دراسات المكتبات‬ ‫والمعلومات بغية تحسين خدمات المعلومات وتقديم خدمة أفضل لمستخدمي‬ ‫المكتبات‪ .‬ومن بين مجاالت المقاالت الخاصة‪ :‬إدارة مكتبتك‪ ،‬والتسويق لمكتبتك‪،‬‬ ‫وموارد إدارة المعلومات‪ ،‬ومقاالت الشهر‪ ،‬والكتابة لدوريات دراسات المكتبات‬ ‫والمعلومات‪ ،‬ودعم الموارد وفعاليات المكتبات‪.‬‬

‫“مبادراتكم إلقامة العالقات مع المؤلفين غير مسبوقة في عالم النشر‪”.‬‬ ‫بيرد برايتمان‪ ،‬ماجستير استراتيجيات الحياة العملية‪ ،‬الواليات المتحدة األمريكية‬


‫‪03‬‬ ‫‪Supporting Research and Publishing in North Africa‬‬

‫نبذة عن إميرالد‬ ‫ناشر عالمي يربط البحث بالممارسة لصالح المجتمع‬ ‫منذ تأسيسها في عام ‪ 1967‬أصبحت شركة إميرالد للنشر أكبر شركات النشر‬ ‫العلمي المعنية بنشر الدوريات والكتب في مجاالت األعمال التجارية واإلدارة‪ ،‬مع‬ ‫حضور قوي ومتزايد في كافة المجاالت؛ بما في ذلك التعليم‪ ،‬والهندسة‪ ،‬والرعاية‬ ‫الصحية واالجتماعية‪ ،‬ودراسات المكتبات‪.‬‬ ‫نعتمد في تحقيق الجودة األعلى لألبحاث على مراجعة النظراء بدون معرفة‬ ‫المراجعين لهوية المؤلف‪ ،‬إلى جانب االستفادة من بعض من خيرة المساهمين ذوي‬ ‫الخبرة في مجاالت تخصصهم‪.‬‬ ‫الجودة العالية – توفير أبحاث علمية عالية الجودة ومح ّكمة في اإلدارة‪ ،‬مع حصول‬ ‫أكثر من ‪ 55‬دورية و‪ 3‬سالسل كتب على تصنيف طومسون رويترز (‪.)ISI‬‬ ‫خدمة ممتازة وسهولة الوصول – توفير وصول سهل ويسير إلى المحتوى العلمي‪،‬‬ ‫مع التحسين المستمر لمستويات خدماتنا التي نقدمها لعمالئنا‪ ،‬بما يتيح التوزيع لكافة‬ ‫المشاركين لدينا في كافة أنحاء العالم‪.‬‬

‫بصيرة مميزة من أفضل الخبراء – ينعكس التزامنا بالجودة ووثاقة الصلة في شبكة‬ ‫متنامية تضم أكثر من ‪ 100,000‬مستشار ومؤلف ومحرر‪ ،‬ونحو ‪ 5000‬عميل‬ ‫في أكثر من ‪ 130‬دولة على مستوى العالم‪.‬‬ ‫إذا أردت معرفة المزيد عن منتجاتنا وخدماتنا‪ ،‬أو إذا رغبت في أن نقوم بزيارة‬ ‫لمؤسستك‪ ،‬أو إذا أردت الحصول على تجربة مجانية لمنتجاتنا‪ ،‬يرجى االتصال بنا‪.‬‬ ‫لالتصال بإميرالد‬ ‫إيريك بروج‪ ،‬مدير األعمال – شمال أفريقي‬ ‫مجموعة إميرالد المحدودة للنشر‬ ‫هاتف‪+44 (0)1274 785195 :‬‬ ‫جوال‪+44 (0)7875 249006:‬‬ ‫بريد إلكتروني‪ebroug@emeraldinsight.com :‬‬ ‫‪www.emeraldinsight.com‬‬


02 Emerald Group Publishing Limited

‫فهرس المحتويات‬ 03_______________________________________________________________________________________________________________________________________________________________________ ‫نبذة عن إميرالد‬ 04_______________________________________________________________________________________________________________________________________________________ ‫دعم البحوث في شمال أفريقيا‬ 05__________________________________________________________________________________________________________________________________________________________ ‫دوريات إميرالد اإللكترونية‬ 06_____________________________________________________________________________________________________________________________________________________ ‫سالسل كتب إميرالد اإللكترونية‬ 07_____________________________________________________________________________________________________________________________________________________ ‫دراسات الحالة لألسواق الناشئة‬ 08__________________________________________________________________________________________________________________________________ ‫مجموعة دوريات إميرالد اإللكترونية في الهندسة‬ 09_________________________________________________________________________________________________________________________________________________________________ ‫برامج جوائز إميرالد‬ 10___________________________________________________________________________________________________________________________________________________________________ ‫دعم المؤلفين الجدد‬

‫مقاالت مميزة‬ Ghabri Yosra, Olfa Ben Ouda Sioudi, “Ultimate ownership structure and stock liquidity: empirical evidence from Tunisia”, Studies in Economics and Finance, Vol. 24, No. 4 Abdelmajid Amine, Najoua Lazzaoui, “Shoppers’ reactions to modern food retailing systems in an emerging country. The case of Morocco”, International Journal of Retail and Distribution Management, Vol. 38, No. 8 M. Belarbi-Benmahdi, D. Khaldi, C. Beghdad, H. Gouzi and N. Bendimerad, B. Hammouti, “Physicochemical and nutritional study of argan oil (Argania spinosa L.) in south-western Algeria”, Pigment and Resin Technology, Vol. 38, No. 2


‫مجموعة إميرالد للنشر‬

‫دعم البحث‬ ‫والنشر في شمال أفريقيا‬

‫‪www.emeraldinsight.com‬‬

Supporting Research and Publishing in North Africa  
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