80

We examine the operational performance of M&A in Morocco and analyze the impact of a determining economic variable not tested yet by empirical studies and measuring the creation of wealth by a company, namely gross value added. The overall sample contains listed and unlisted companies and is composed of 136 companies (68 initiating companies and 68 control companies), and the study period (2004–2018) is divided into two sub-periods, each including a wave of M&A with different characteristics. According to the results, acquirers experience a deterioration in long-term operational performance in both sub-periods: 2004–2009 and 2010–2018. We also noticed a positive impact of gross value added, organizational mode (quality of governance), and method of rapprochement on post-M&A operational performance, and a negative impact of concentration of capital, institutional ownership, and method of payment.