The Pecking Order Theory and sme s Financing: Insight into the Mediterranean Area and a Study in the Moroccan Context

Small and medium sized enterprises (SMEs) are the necessary force of the socio-economic development in the Mediterranean. Their role as providers of employment and as key players of economic growth is essential. Indeed, the issues relating to the starting up, financing and operation of sme s provoke a crucial interest, growing internationally. However, the financing of SMEs breaks in the momentum of economic growth. It is often said that SMEs access to credit is difficult and a major constraint is related to credit institution’s features in the Mediterranean, i. e. Morocco. Thus, the paper’s subject is closely related to the identification of the hierarchical funding of sme s, introduced at the Casablanca stock exchange. To this end, we adopted a dynamic approach and we used a Data analysis of panel. They are particularly suited to analyze dynamic effects, because they allow a better understanding of the dynamic adjustment of the sme’s financial structure.