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In this study, the reliability of the Fama–French Three-Factor model (FF3F) and the Carhart Four-Factor model (C4F) is examined thoroughly. In order to determine which of the asset pricing models is the best to explain portfolio returns on the Moroccan share market, these two models are indeed evaluated in the Moroccan market. Additionally, it is worth mentioning that five years of monthly data from the firms that listed on the Casablanca Stock Exchange are used in this research, as well over the period of nine years. The results of this inquiry show that these models barely have a partial hold on the Casablanca Stock Exchange (CSE), which limits their ability to predict the cross-sections of returns. In accordance with this, the C4F model has somewhat greater explanatory power than the FF3F Model. Moreover, our research adds to the body of knowledge by inserting two learned material asset pricing theories to the proof in the market, which is still evolving, and where distinctive anomalistic traits still exist (the CSE).

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As most world countries, Morocco is facing energy challenges related to the increase in energy consumption resulting from the population growth. Thus, energy efficiency practices are increasingly considered as a priority for the country. Manufacturing companies are pivotal elements to improve energy efficiency. Despite the ambitious Moroccan strategy for energy efficiency, a considerable number of manufacturing companies are lagging in terms of energy efficiency. By drawing on institutional theory, we construct a research model that aims to assess the effect of institutional pressure on energy efficiency practices. Importantly, we explore the mediating role of dynamic capabilities between institutional pressure and energy efficiency practices. Our research model was empirically tested using survey data collected from 193 manufacturing companies located in four different regions of Morocco. Results show that companies’ dynamic capabilities positively influence companies’ energy efficiency practices. Coercive pressure is not positively related to dynamic capabilities, whereas normative and mimetic pressure are positively related to dynamic capabilities. Coercive pressure does not directly influence energy efficiency practices and does not influence energy efficiency practices through the mediation of dynamic capabilities. Normative and mimetic pressure directly influence energy efficiency practices and influence energy efficiency practices through the mediation of dynamic capabilities.

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