SMEs are characterized by a number of flaws that threaten their survival and counteract them from reaching high levels of growth and development. Access to finance is the primary problem facing these companies in the Moroccan context. Aware of the effective and potential impacts of SMEs on the country as a whole, the Moroccan Government through a variety of actors has mobilized its efforts in a number of ways to support this population of companies. This study assesses the extent to which actors within the Moroccan SMEs’ financing ecosystem align to support these companies and develop their ability to access external financing. Using the MACTOR model, based on an in-depth contextual analysis and expert interviews, our findings suggest that Morocco’s SMEs’ financing ecosystem is skewed, with high levels of convergence between its components.

Anairi, F., & Radi, S. (2017). Sources Of Financing for Small and Medium-Sized Enterprises (SMEs) And Survival Constraints (French). European Scientific Journal, ESJ, 13(25), 318. https://doi.org/10.19044/esj.2017.v13n25p318

Anzules-Falcones, W., Diaz-Marquez, A. M., Padilla, L., et al. (2021). Foresight for Small and Medium Enterprises in the Context of the Circular Economy. Foresight and STI Governance, 15(1), 86–96. https://doi.org/10.17323/2500-2597.2021.1.86.96

AL-Mubaraki, H., Aruna, M. (2013). Technology Innovation for SME Growth: A Perception for the Emerging Economies. Journal of Economics and Sustainable Development, 4(3), 156-163.

Balme, R., & Brouard, S. (2005). The consequences of political choices: rational choice and public action (French). Revue Française de Science Politique, 55(1), 33–50. https://doi.org/10.3917/rfsp.551.0033

Batrancea, L. M., Balcı, M. A., Chermezan, L., et al. (2022). Sources of SMEs Financing and Their Impact on Economic Growth across the European Union: Insights from a Panel Data Study Spanning Sixteen Years. Sustainability, 14(22), 15318. https://doi.org/10.3390/su142215318

Belhaj, Y. (2019). The convergence of public policies to promote Moroccan exporting companies: determining factors and ways of consolidation (French). Faculté des sciences juridiques, économiques et sociales de Meknès

Belley, S. (2017). Reference systems, mediators and the coherence of territorial public action in Quebec (2000-2016) (French). Dossier, 44(1–2), 43–63. https://doi.org/10.7202/1041604ar

Benyetho, K., Dinedine, N., & Missaoui, K. (2020). Financing of National and Exporting Moroccan smes: exploratory survey Financing of National and Exporting Moroccan (Fremch). SMEs: Revue Française d’Economie et de Gestion, 1, 181-204.

Bianchi, C., Nasi, G., & Rivenbark, W. C. (2021). Implementing collaborative governance: models, experiences, and challenges. Public Management Review, 23(11), 1581–1589. https://doi.org/10.1080/14719037.2021.1878777

Boocock, G., & Shariff, M. N. M. (2005). Measuring the Effectiveness of Credit Guarantee Schemes. International Small Business Journal: Researching Entrepreneurship, 23(4), 427–454. https://doi.org/10.1177/0266242605054054

Bouarara, K., & Haddad, M. (2023). Towards a typological analysis of business incubators in Morocco (French). African Scientific Journal, 248-272.

Bouarara, K., Oudgou, M., & Baguare, A. (2023). Evaluation of The Performance of Incubation Business Services in Morocco. International Journal of Entrepreneurship, Business and Creative Economy, 3(2), 152–165. https://doi.org/10.31098/ijebce.v3i2.1517

Boucher, A. (2016). Boundary spanning regimes and public policy change: the convergence of welfare and immigration policies. Australian Journal of Political Science, 52(1), 19–36. https://doi.org/10.1080/10361146.2016.1260682

Cadot, O., Disdier, A. C., Gourdon, J., et al. (2014). Assessing the impact of financial instruments on businesses (French). Available online: http://www.afd.fr/webdav/site/afd/shared/PUBLICATIONS/RECHERCHE/Scientifiques/Documents-de-travail/137-document-travail.pdf (accessed on 16 January 2023).

Candel, J. J. L., & Biesbroek, R. (2016). Toward a processual understanding of policy integration. Policy Sciences, 49(3), 211–231. https://doi.org/10.1007/s11077-016-9248-y

Cardarelli, R., & Koranchelian, T. (2023). Morocco’s Quest for Stronger and Inclusive Growth. Washington, DC: International Monetary Fund. https://doi.org/10.5089/9798400225406.071

Carey, G., & Crammond, B. (2015). What Works in Joined-Up Government? An Evidence Synthesis. International Journal of Public Administration, 38(13–14), 1020–1029. https://doi.org/10.1080/01900692.2014.982292

Carey, G., Nevile, A., Kay, A., et al. (2019). Managing staged policy implementation: Balancing short‐term needs and long‐term goals. Social Policy & Administration, 54(1), 148–162. https://doi.org/10.1111/spol.12530

Carmen, E., Fazey, I., Bergseng, A. M., et al. (2023). Building policy synergies: A case of community resilience, climate change and community empowerment policies in Scotland. Environmental Science & Policy, 150, 103579. https://doi.org/10.1016/j.envsci.2023.103579

Caselli, S., Corbetta, G., Rossolini, M., et al. (2019). Public Credit Guarantee Schemes and SMEs’ Profitability: Evidence from Italy. Journal of Small Business Management, 57(sup2), 555–578. https://doi.org/10.1111/jsbm.12509

Cejudo, G. M., & Michel, C. L. (2021). Instruments for Policy Integration: How Policy Mixes Work Together. SAGE Open, 11(3), 215824402110321. https://doi.org/10.1177/21582440211032161

Challis, L., Fuller, S., Henwood, M., et al. (1988). Joint Approaches to Social Policy. Cambridge University Press. https://doi.org/10.1017/cbo9780511598333

Christensen, T., & Lægreid, P. (2007). The Whole‐of‐Government Approach to Public Sector Reform. Public Administration Review, 67(6), 1059–1066. https://doi.org/10.1111/j.1540-6210.2007.00797.x

Cowling, M. (2010). The role of loan guarantee schemes in alleviating credit rationing in the UK. Journal of Financial Stability, 6(1), 36–44. https://doi.org/10.1016/j.jfs.2009.05.007

Cravo, T. A., Gourlay, A., & Becker, B. (2010). SMEs and regional economic growth in Brazil. Small Business Economics, 38(2), 217–230. https://doi.org/10.1007/s11187-010-9261-z

Devereaux, A. N. (2016). David Colander and Roland Kupers, Complexity and the Art of Public Policy: Solving Society’s Problems from the Bottom Up. Public Choice, 167(3–4), 295–298. https://doi.org/10.1007/s11127-016-0344-5

Di Francesco, M. (2001). Process not Outcomes in New Public Management? ‘Policy Coherence’ in Australian Government 1. The Drawing Board: An Australian Review of Public Affairs, 1(3), 103-116.

Doh, S., & Kim, B. (2014). Government support for SME innovations in the regional industries: The case of government financial support program in South Korea. Research Policy, 43(9), 1557–1569. https://doi.org/10.1016/j.respol.2014.05.001

Evans, N. (2023). Policy consistency: What it means, how to measure it, and links with other processes. Considerations on the implementation of the EU Climate Law. Available online: https://www.researchgate.net/publication/370472554_Policy_Consistency_What_it_means_how_to_measure_it_and_links_with_other_processes?enrichId=rgreq-00a46d2fc650224c09689895c0027185-XXX&enrichSource=Y292ZXJQYWdlOzM3MDQ3MjU1NDtBUzoxMTQzMTI4MTE1NTE4MDcwOEAxNjgzMTA5MDI4ODgy&el=1_x_2&_esc=publicationCoverPdf (accessed on 16 March 2023).

Geerlings, H., & Stead, D. (2003). The integration of land use planning, transport and environment in European policy and research. Transport Policy, 10(3), 187-196. https://doi.org/10.1016/S0967-070X(03)00020-9

Gherghina, Ștefan C., Botezatu, M. A., Hosszu, A., et al. (2020). Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation. Sustainability, 12(1), 347. https://doi.org/10.3390/su12010347

Godet, M. (1991). Actors’ moves and strategies: The mactor method. An air transport case study. Futures, 23(6), 605-622. https://doi.org/10.1016/0016-3287(91)90082-D

Gogsadze, N., & Rhein, B. (2022). From fragmentation to policy coordination: Why does it matter? International Policy Centre for Inclusive Growth.

Guerrero, O. A., & Castañeda, G. (2020). Quantifying the coherence of development policy priorities. Development Policy Review, 39(2), 155–180. https://doi.org/10.1111/dpr.12498

Halpern, C. (2009). Public policies (French). Dictionnaire Des Mouvements Sociaux, 429–437. https://doi.org/10.3917/scpo.filli.2009.01.0429

Hamilton, K., & Beck, T. (2016). Professional Evidence and Applied Knowledge Services. SME Financing—How To Topic Guide.

Hefnaoui, A., & Ben Darkawi, Z. (2020). Moroccan SMEs and the Difficulties in Accessing External Financing (French). Revue Internationale Du Chercheur, 1(2020), 686-708.

Heichel, S., Pape, J., & Sommerer, T. (2005). Is there convergence in convergence research? An overview of empirical studies on policy convergence. Journal of European Public Policy, 12(5), 817–840. https://doi.org/10.1080/13501760500161431

High Commission for Planning of Morocco. (2019). Available online: https://www.hcp.ma/Enquete-nationale-aupres-des-entreprises-2019_a2405.html (accessed 16 February 2024).

Hong, J., & Lu, J. (2016). Assessing the effectiveness of business incubators in fostering SMEs: evidence from China. International Journal of Entrepreneurship and Innovation Management, 20(1/2), 45. https://doi.org/10.1504/ijeim.2016.075298

Howlett, M., & Rayner, J. (2007). Design Principles for Policy Mixes: Cohesion and Coherence in ‘New Governance Arrangements.’ Policy and Society, 26(4), 1-18. https://doi.org/10.1016/s1449-4035(07)70118-2

Jacob Levitsky, J. L. (1997). Credit guarantee schemes for SMEs – an international review. Enterprise Development & Microfinance, 8(2), 4–17. https://doi.org/10.3362/0957-1329.1997.013

Jaziri, R. (2005). Contractualization project for Tunisian universities: analysis of the interplay of players using the MACTOR method (French). Available online: https://www.researchgate.net/profile/Raouf_Jaziri/publication/237692079_Projet_de_contractualisation_des_universites_tunisiennes_Analyse_du_jeu_d’acteurs_par_la_methode_Mactor/links/5833358e08ae004f74c5a5f8/Projet-de-contractualisation-des-universites-tun (accessed on 19 February 2024).

Kang, J. W., & Heshmati, A. (2007). Effect of credit guarantee policy on survival and performance of SMEs in Republic of Korea. Small Business Economics, 31(4), 445–462. https://doi.org/10.1007/s11187-007-9049-y

Karré, P. M., Alford, J., Van Der Steen, M., & Van Twist, M. (2012). Whole of government in theory and practice: An exploratory account of how Australian and Dutch governments deal with wicked problems in an integrated way. Innovation and the Public Sector, 17, 97-113. https://doi.org/10.3233/978-1-60750-998-1-97

Kavanagh, D., & Richards, D. (2001). Departmentalism and joined-up government. Parliamentary Affairs, 54(1), 1–18. https://doi.org/10.1093/pa/54.1.1

Kiss, A., Popp, J., Oláh, J., et al. (2019). The Reform of School Catering in Hungary: Anatomy of a Health-Education Attempt. Nutrients, 11(4), 716. https://doi.org/10.3390/nu11040716

Koura, A., Boudhar, A., & Oudgou, M. (2022). The Problem of Financing Moroccan SMEs: Challenges and Expectations in the Era of the New Development Model (French). Gestion et Société, 1, 1-25.

Koura, A., Boudhar, A., & Oudgou, M. (2023). Public policy analysis toolbox: a variety of models. International Journal of Accounting, Finance, Auditing, Management and Economics—IJAFAME, 4(6), 166-189.

Laeven, L. (2002). Financial constraints on investments and credit policy in Korea. Journal of Asian Economics, 13(2), 251-269. https://doi.org/10.1016/S1049-0078(02)00111-2

Lagazio, C., Persico, L., & Querci, F. (2021). Public guarantees to SME lending: Do broader eligibility criteria pay off? Journal of Banking & Finance, 133, 106287. https://doi.org/10.1016/j.jbankfin.2021.106287

Lakner, Z., Kiss, A., Merlet, I., et al. (2018). Building Coalitions for a Diversified and Sustainable Tourism: Two Case Studies from Hungary. Sustainability, 10(4), 1090. https://doi.org/10.3390/su10041090

Le Blanc, D. (2015). Towards Integration at Last? The Sustainable Development Goals as a Network of Targets. Sustainable Development, 23(3), 176–187. https://doi.org/10.1002/sd.1582

Leca, J. (2012). L’état entre politics, policies et polity. Gouvernement et Action Publique, 1(1), 59–82. https://doi.org/10.3917/gap.121.0059

Macioszek, E., Cieśla, M., & Granà, A. (2023). Future Development of an Energy-Efficient Electric Scooter Sharing System Based on a Stakeholder Analysis Method. Energies, 16(1), 554. https://doi.org/10.3390/en16010554

Martín-García, R., & Morán Santor, J. (2019). Public guarantees: a countercyclical instrument for SME growth. Evidence from the Spanish Region of Madrid. Small Business Economics, 56(1), 427–449. https://doi.org/10.1007/s11187-019-00214-0

Meijers, E., & Stead, D. (2004). Policy integration: what does it mean and how can it be achieved? A multi-disciplinary review. 2004 Berlin Conference on the Human Dimensions of Global Environment Change: Greening of Policies - Interlinkages and Policy Integration; Berlin. pp. 1-15.

Meissner, D., & Kergroach, S. (2019). Innovation policy mix: mapping and measurement. The Journal of Technology Transfer, 46(1), 197–222. https://doi.org/10.1007/s10961-019-09767-4

Nilsson, M., Zamparutti, T., Petersen, J. E., et al. (2012). Understanding Policy Coherence: Analytical Framework and Examples of Sector–Environment Policy Interactions in the EU. Environmental Policy and Governance, 22(6), 395–423. https://doi.org/10.1002/eet.1589

Nioche, J. P. (2017). The three paradigms of public policy evaluation and accountability (French). Revue Française d’administration Publique, 160(4), 1227–1240. https://doi.org/10.3917/rfap.160.1227

Nouna, K., & Ait Soudane, J. (2019). Moroccan SMEs and financing Problem (French). International Journal of Economics & Strategic Management of Business Process (ESMB)15, 9-23.

OECD. (2013). Breakdown of manufacturing companies by size (French). OECD. https://doi.org/10.1787/eco_surveys-mex-2013-graph5-fr

OECD. (2016). Better Policies for Sustainable Development 2016. OECD. https://doi.org/10.1787/9789264256996-en

OECD. (2019). Policy Coherence for Sustainable Highlights Pcsd Can Empower People and Ensure Inclusiveness Building Blocks of Policy Coherence for Sustainable. OECD.

OECD. (2021). Making Better Policies for Food Systems. OECD. https://doi.org/10.1787/ddfba4de-en

Oh, I., Lee, J. D., Heshmati, A., et al. (2008). Evaluation of credit guarantee policy using propensity score matching. Small Business Economics, 33(3), 335–351. https://doi.org/10.1007/s11187-008-9102-5

Oudgou, M. (2020). The Determinants of the Capital Structure: An Applied Study on SMEs in the City of Meknes-Morocco. Athens Journal of Mediterranean Studies, 6(4), 315–328. https://doi.org/10.30958/ajms.6-4-4

Oudgou, M., & Zeamari, M. (2015). Financing difficulties for Moroccan SMEs: a critical view Summary: December (French). Revue Économie, Gestion et Société. https://doi.org/10.13140/RG.2.1.1951.2405

Papadopoulou, C. A., Papadopoulou, M., Laspidou, C., et al. (2020). Towards a Low-Carbon Economy: A Nexus-Oriented Policy Coherence Analysis in Greece. Sustainability, 12(1), 373. https://doi.org/10.3390/su12010373

Parsons, K., & Hawkes, C. (2019). Brief 5: Policy Coherence in Food Systems. Rethinking Food Policy: A Fresh Approach to Policy and Practice.

Parsons, W. (2002). From Muddling Through to Muddling Up—Evidence Based Policy Making and the Modernisation of British Government. Public Policy and Administration, 17(3), 43–60. https://doi.org/10.1177/095207670201700304

Peña, I. (2004). Business incubation centers and new firm growth in the Basque country. Small Business Economics, 22(3-4), 223-236. https://doi.org/10.1023/b:sbej.0000022221.03667.82

Rees, G. H., & MacDonell, S. (2017). Data gathering for actor analyses: A research note on the collection and aggregation of individual respondent data for MACTOR. Future Studies Research Journal: Trends and Strategies, 9(1), 115–137. https://doi.org/10.24023/futurejournal/2175-5825/2017.v9i1.256

Rens, V., Iwu, C. G., Tengeh, R. K., et al. (2021). SMEs, Economic Growth, and Business Incubation Conundrum in South Africa. A Literature Appraisal. Journal of Management and Research, 8(2), 214–251. https://doi.org/10.29145/jmr/82/08

Rhodes, R. (1996). The new governance. Public Manage. Crit. Perspect, 44, 208.

Riadh, H. (2021). Intelligent tourism system using prospective techniques and the Mactor methodology: a case study of Tunisian tourism. Current Issues in Tourism, 25(9), 1376–1398. https://doi.org/10.1080/13683500.2021.1937072

Riding, A. L., & Haines, G. (2001). Loan guarantees: Costs of default and benefits to small firms. Journal of Business Venturing, 16(6), 595-612. https://doi.org/10.1016/S0883-9026(00)00050-1

Rogge, K. S., & Reichardt, K. (2016). Policy mixes for sustainability transitions: An extended concept and framework for analysis. Research Policy, 45(8), 1620–1635. https://doi.org/10.1016/j.respol.2016.04.004

Sari, D. A., Margules, C., Lim, H. S., et al. (2021). Evaluating policy coherence: A case study of peatland forests on the Kampar Peninsula landscape, Indonesia. Land Use Policy, 105, 105396. https://doi.org/10.1016/j.landusepol.2021.105396

Savard, J. F., & Saël, E. (2020). Coherence as a Measure of Public Policy in the Fight against Excessive Gambling in the French-speaking Swiss Cantons (French). Yearbook of Swiss Administrative Sciences, 11(1), 12. https://doi.org/10.5334/ssas.139

Schmidt, T. S., & Sewerin, S. (2019). Measuring the temporal dynamics of policy mixes—An empirical analysis of renewable energy policy mixes’ balance and design features in nine countries. Research Policy, 48(10), 103557. https://doi.org/10.1016/j.respol.2018.03.012

Serrasqueiro, Z., Leitão, J., & Smallbone, D. (2018). Small- and medium-sized enterprises (SME) growth and financing sources: Before and after the financial crisis. Journal of Management & Organization, 27(1), 6–21. https://doi.org/10.1017/jmo.2018.14

Sørensen, C. H., & Longva, F. (2011). Increased coordination in public transport—which mechanisms are available? Transport Policy, 18(1), 117–125. https://doi.org/10.1016/j.tranpol.2010.07.001

Surya, B., Menne, F., Sabhan, H., et al. (2021). Economic Growth, Increasing Productivity of SMEs, and Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 20. https://doi.org/10.3390/joitmc7010020

Taylor, A. (2000). Hollowing Out or Filling In? Taskforces and the Management of Cross-Cutting Issues in British Government. The British Journal of Politics and International Relations, 2(1), 46–71. https://doi.org/10.1111/1467-856x.00024

TJM Peters, D., Klijn, E. H., Stronks, K., et al. (2017). Policy coordination and integration, trust, management and performance in public health policy networks: a survey (French). Revue Internationale Des Sciences Administratives, 83(1), 205–225. https://doi.org/10.3917/risa.831.0205

Tosun, J., & Lang, A. (2017). Policy integration: mapping the different concepts. Policy Studies, 38(6), 553–570. https://doi.org/10.1080/01442872.2017.1339239

Trein, P., Biesbroek, R., Bolognesi, T., et al. (2020). Policy Coordination and Integration: A Research Agenda. Public Administration Review, 81(5), 973–977. https://doi.org/10.1111/puar.13180

Trein, P., Fischer, M., Maggetti, M., et al. (2023). Empirical research on policy integration: a review and new directions. Policy Sciences, 56(1), 29–48. https://doi.org/10.1007/s11077-022-09489-9

van Meerkerk, I. (2014). Boundary Spanning in Governance Networks. Available online: https://repub.eur.nl/pub/76033/Thesis-Ingmar-van-Meerkerk_complete.pdf (accessed on 19 February 2024).

Wagner, J. (1992). Firm size, firm growth, and persistence of chance: Testing GIBRAT’s law with establishment data from Lower Saxony, 1978?1989. Small Business Economics, 4(2), 125–131. https://doi.org/10.1007/bf00389853

Wilkins, P. (2002). Accountability and Joined‐up Government. Australian Journal of Public Administration, 61(1), 114–119. https://doi.org/10.1111/1467-8500.00266

Woywode, M., & Lessat, V. (2012). Success factors for fast-growing companies in Germany (French). Articles, 14(3–4), 17–43. https://doi.org/10.7202/1008696ar

Zenasni, M. (2022). The startup support ecosystem: the case of Morocco (French). International Journal of Economic Studies and Management (IJESM) 4(4), 822-834.

Zittoun, P. (2017). The pragmatic making of public policy (French). Anthropologie & Développement, 45, 65–89. https://doi.org/10.4000/anthropodev.543

Zizi, Y., Oudgou, M., & El Moudden, A. (2020). Determinants and Predictors of SMEs’ Financial Failure: A Logistic Regression Approach. Risks, 8(4), 107. https://doi.org/10.3390/risks8040107