Strategic Agility and Financial Performance of Companies in Emerging Markets: Case of Moroccan Companies Listed on the Casablanca Stock Exchange

Résumé

Abstract

Strategic agility has increasingly been recognized as a cornerstone of organizational resilience in turbulent economic environments. This paper investigates the impact of strategic agility on the financial performance of firms operating in an emerging market environment, with a specific focus on Moroccan companies listed on the Casablanca Stock Exchange. Anchored in the dynamic capabilities framework (Teece, 2007), the study operationalizes strategic agility through three core dimensions: sensing, seizing, and transforming. A mixed-methods approach is employed, combining a structured questionnaire administered to 30 listed firms with financial data covering the 2019–2023 period. Partial Least Squares Structural Equation Modeling (PLS-SEM) is used to test six hypotheses relating strategic agility to both accounting and market-based financial indicators. The results reveal a strong positive relationship between agility and internal performance metrics such as revenue, EBITDA, and net income, whereas the relationship with return on equity is not statistically significant. The findings offer important implications for both managers and policy makers.

Keywords : Strategic agility, dynamic capabilities, financial performance, emerging markets, Morocco.