Financial Governance and Decision-Making Autonomy: An Analysis of the Subsidiaries of Moroccan Hypo-Groups

Abstract

In an economic context marked by increased competition and a transformation of governance models, the issue of decision-making autonomy of subsidiaries occupies a central role in the performance and responsiveness of business groups. Moroccan hypo-groups, characterized by flexible structuring and strong centralization of power, provide a relevant field of study to analyze the determinants of this autonomy. The central problem of this research is to identify to what extent the internal characteristics of subsidiaries (size, age) and external conditions, particularly environmental uncertainty, influence the decision-making delegation granted to local managers. To answer this question, a quantitative approach was employed. Data was collected from 246 subsidiary managers and analyzed using rigorous statistical tools, including Principal Component Analysis (PCA) to assess the validity of the measurement instruments, followed by multiple regression to test the formulated hypotheses. The results show that the size and age of subsidiaries have a significant positive effect on decision-making autonomy, while environmental uncertainty notably reduces it. This study thus highlights the structural and contextual determinants that influence the governance of Moroccan hypo-groups.