Preliminary Results of the Exploratory Study on the Recovery of Companies in Difficulty: Case of Moroccan Women's Enterprisesi

Any existing company, including the female companies, is brought to make decisions perpetually, but is not immunized against the daily risks and the internal and external difficulties which it can meet. The company, being at a time of its existence, in a difficult situation involving even its own survival, must confront its difficulties and overcome them in order to guarantee its evolution and its durability, and this while facing an environment that is particularly not stable.The Thing which carried us out to raise an interesting question that we will answer in this article: How do female business owners behave in the face the problems and how do they manage to overcome these shortcomings and failures? In the same vein, an exploratory study was carried out with the collaboration of 40 Moroccan female companies , managed by women, with all regions combined, and the results will be presented in this present paper. The objective is to exhibit the vision of the failures, their causes, and their solutions according to the Moroccan creative women and business leaders at this time, hence, the originality of this work is assured/guaranteed/asserted.

center of the analyses and the theoretical debates.
The female company is part of this development engine and the question of women entrepreneurs cannot be neglected when we talk about this rise in the field of entrepreneurship and about the role of micro and small and medium-sized female Moroccan companies. Those are seen as a means of providing employment opportunities, wealth creation, income distribution and poverty reduction. A significant number of these women use entrepreneurship as a dilemma for the wage and the diploma crisis, which is why a large number of women are operating in the informal sector just to fill their financial needs. Nevertheless, there are other women fighters who prefer to start their own business and be their "own boss" instead of being employed in the public or private sector to achieve a specific objective or goal.
If entrepreneurship is analyzed as a process, then every effort should be made to ensure that this process does not end and stop after a few months or years. The existing company must remain entrepreneurial to increase its chances of survival (E.M. HERNANDEZ, 2006). These women's enterprises there are condemned to disappear due to many difficulties and failures that do not concern only the financial field as it is known, and do not affect only small and medium-sized enterprises. It can concern all areas of the company, regardless of its size, even those quoted on the stock market.
The analysis of the concept of the distress of a company has always been the essential element of investigation of researchers and people concerned in the field. These situations of failure influence and impact the continuity of the business activity, or even its existence. Nevertheless, few studies have been conducted on the concept of failures from Moroccan women's enterprises and their recovery. Hence the purpose of this paper which aims to fill this theoretical vacuum and provide researchers with enough data on this aspect of the female entrepreneurship.
The main purpose of this research is to conduct an exploratory study to present the situation of female Moroccan companies. The results of this survey will allow us to identify the type of failures that women entrepreneurs face, the period of these crises and how they solve their problems.

Female Entrepreneurship in Morocco: A Continuous Evolution
Contrary to what can be seen in several countries of sub-Saharan Africa, women entrepreneurs are not numerous in Morocco. According to AFEM ii , the percentage of women entrepreneurs is only 11%, except that this proportion disguises the reality of female entrepreneurial dynamism, caused mainly by the weight of the informal sector.
The economic evolution of the country has pushed and encouraged the Moroccan woman to go beyond this spectator's cape and become an active and not passive player in society, and since the number of women's businesses (created and managed by women) continues to increase , slowly but surely.
Since the arrival of King Mohammed VI to the throne, the status of women in the kingdom has been marked by notable improvements. Women's entrepreneurship has become a vital engine for the dynamism of Morocco's economy. In fact, the international studies of the Global Entrepreneurship Monitor (GEM) have shown the strong correlation between the female entrepreneurial activity rate and economic growth. Also, the public authorities of many countries now include women's entrepreneurship in their economic policy planning. A claim that argues the development of this field was neglected before and seen as a completely wasteland.
Today, the encouragement of the entrepreneur woman and her company in Morocco is part of an approach to promote and develop the current situation of women in different sectors and fields. Tangible results started to be produced/show, since there is a noticeable growth in women's entrepreneurship that shows up in their participation in economic development.
The essential triggering factor for this change in the state of mind is the appearance of the new family code, the Moudawana, which has contributed to the spread of this new culture based on the principles of concrete equality between women and men.

1-The profile of Moroccan women's enterprises
The companies which are created and managed by women are generally small of size considering their manpower and their sales turnover. They are located and operated in the most traditional sectors of activity, namely services, textiles, trade, catering, hotels and others.

a-The size
The authors unanimously agreed on the concept of the youth of enterprises created and run by women, as they are generally more recent than those created and managed by men.
The women-run business survey showed that most women's businesses are microenterprises and micro-enterprises as most of their managers either work alone or employ no more than 10 employees.
The specialized center for research on SMEs (LAMBRECHT and PIRNAY, 2003) attaches and attributes the size characteristic to the sector of work as well as to the level of education of the entrepreneur and not to the fact that it is led by a woman. Moreover, a company in the industrial sector employs more people than a company in the services sector.
About two-thirds of women's businesses, created and run by women, employ fewer than twenty Moroccan workers, half of whom are women. So we face the case of the TPE and SME, which is consistent with the economic reality of Morocco in more than 90% of SMEs.

b-The Age
The ABC (Agency for Business Creation) carried out a study which showed that women's start-ups are small and less durable than those launched by their male counterparts. 79% of companies created and run by women did not employ employees full-time at the launch of the activity, compared with 76% of companies created and managed by men. After 3.5 years of creation, the situation has changed for companies concerning the employability of employees; 71% of women entrepreneurs still have no staff, while men are only 59%.
Regarding the sustainability rate and continuity on a five-year scale, it was 45.4% for companies created by men and 41% for companies created by women. Thus, in the case of one in three businesses managed by a woman is 5 years old, and a company in two under 10 years. In the case of Moroccan women's businesses, more than 60% of these women are under 10 years of age and about 40% are under 5 years old.

c-Legal Forms
In Morocco, the companies created and managed by women are in most cases SARLs or individual companies with a rate of 57% and 20% respectively. They are also, but rarely, limited companies with 16%. Women entrepreneurs opted for the legal firm LLB (Limited Liability Company) because of its simplicity in question creation certainly, but also given that its start-up capital is not too high.

d-Activity Sector
According to the 1998 ABC (Agency for Business Creation) investigation, women's enterprises (managed or created by women) are in most cases in the personal services sector. The analysis of the six activities accompanying start-ups by women entrepreneurs noted a remarkable We therefore note the dominant presence of the tertiary sector in the launch of women's companies, a thing which impacts the sustainability rate of their companies.
Nevertheless, it is necessary to indi that recently, women having a diploma of a BAC+3 or more, decide to invest in the tertiary sector of companies. There is a rate of 75% of women with this degree in the service sector, including 51% in the business services sector. Nevertheless, it is necessary to indicate that recently, women having a diploma of a BAC+3 or more, decide to invest in the tertiary sector of companies. There is a rate of 75% of women with this degree in the service sector, including 51% in the Moroccan women entrepreneurs carry out their work in the agricultural, artisanal and commercial sector in traditionally female areas and cultures. Women's percentage who exercise the activity at home is of: 33,1 % in urban zones and 63,8 % in rural areas.
Enterprises created and run by women are present in all sectors of activity; they are mainly and more strongly shown in the services sector with a percentage of 37% and that of commerce and distribution with a percentage of 31%.
However, we note that women who start and run their companies and who have an industrial activity have a particular presence in the textile sector.
The question is, are women entrepreneurs able to sustain and ensure the continuity of their companies? And once problems have occurred, do they arrive to manage them? This is what we will see in this next point. Women's percentage who exercise the activity at home is of: 33,1 % in urban d and run by women are present in all sectors of activity; they are mainly and more strongly shown in the services sector with a percentage of 37% and that of commerce and distribution with However, we note that women who start un their companies and who have an industrial activity have a particular

1-The concept of failure
The question is, are women entrepreneurs able to sustain and ensure the continuity of their companies? And once problems have rive to manage them? This is what we will see in this next point.

2-Recovery Of Companies In Difficulty
After diagnosing the company when the failure and its type are detected, it will establish objectives, determine phases, and maintain technical orientations. These instructions allow the development of a redress plan.
The recovery of a failing firm, according to D. Schendel, GR Patton and J. Riggs (1976) iii , is defined as "a sequence of a declining period of at least four years, followed by a period of recovery of results of similar duration " iv .
The assembly of these two periods can give rise to two years of reluctance during which, and after having achieved a first growth, the results re-offend.
Inappropriately, this relapse of the results leaves place for corrective operations only after a very long period; "When the magnitude of the decline no longer allows one to ignore it" v .
It is noted that the recovery process then retains a staggering characteristics to a rapid improvement. It is a program that must then show itself as a reasonable sequence of actions that leads to its outcome.
Despite this, the mutations made cannot be limited to minor adaptations. They concern the entire firm to recover and are more of the activity of leaders than a favorable evolution of the environment vi .

2-1-The Recovery Plan
The recovery plan is defined as "a coherent and dynamic set of actions and measures intended to remove the business from economic difficulties that are likely to jeopardize its entire existence" vii .

a-Economic Dimension
The economic action plan is generally based on a few measures developed to attract customers back to the firm and to change the market shares it would have lost and already lost during the crisis period.
It makes it possible to evaluate the production capacity of the firm, as well as the quality of its production mechanism without forgetting the sales force and the manufacturing and distribution processes.

b-Financial Dimension
The Journal of Organizational Management Studies

: les dimensions d'un plan de redressement
The economic action plan is generally based on a few measures developed to attract customers back to the firm and to change the market shares it would have t and already lost during the crisis It makes it possible to evaluate the production capacity of the firm, as well as the quality of its production mechanism without forgetting the sales force and the manufacturing and distribution processes.
For the financial action plan, it is based on the financial failures that generally arise from an imbalance caused by a mismatch between the financial management of the firm in question and its level of activity.

c-Judicial Dimension
The legal action plan is put in place when the firm in difficulty goes bankrupt (elimination or recovery) or when it is insolvent (cessation of payment) caused by the appearance of a faulty and insufficient cash which does not support the expenses of the insufficient company, also by the presentation of several obstacles in question of obtaining credit or by an unfavorable economic situation.

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anizational Management environment in order to succeed in its For the financial action plan, it is based on the financial failures that generally arise from an imbalance caused by a mismatch between the financial management of the firm in question and its level of activity.
legal action plan is put in place when the firm in difficulty goes bankrupt (elimination or recovery) or when it is insolvent (cessation of payment) caused by the appearance of a faulty and insufficient cash which does not support the expenses ficient company, also by the presentation of several obstacles in question of obtaining credit or by an According to BAKIOUI D. and FERHANE , here is a schematization of the three different forms of recovery. An explanatory text contains the objectives of the research is sent with the questionnaire that was available on the web from Google Forms under the link: https://goo.gl/forms/xtPgWso68tTxf6yD2 A pre-test of the questionnaire was conducted with 3 respondents who validated the wording of the questions and the choice of answers and estimated the time required to answer the questionnaire.

2-2-Recovery of the company in financial distress
After three months of investigation from November 2017 to January 2018, we obtained 42 questionnaires, 2 of them are non-exploitable.
It should be noted that data collection is still ongoing. We stopped this study at the level of available answers and chose to analyze just the last part of the questionnaire that meets our objective.

Results
The following section presents information on the vision of women entrepreneurs surveyed on business failures and turnarounds.   Two main causes are apparent from these graphs (market and economic conditions that account for more than 82% of the reasons for difficulties, other causes include, "the tightening of bank credit policies, the mentality of people, the market and the "Ethics; the organization of the Moroccan administration and low working capital" are insignificant and represent only 17% of cases.

Conclusion
The purpose of the investigation clarify and study the idea of recovery in the Moroccan entrepreneur.
According to our results, at different levels, the majority of women entrepreneurs in our sample face different types of problems as shown in our graphs.
The results of the causes of these problems were not surprising for us; a large rate was awarded to the funding: an expected result. On the other hand, these preliminary results show that Moroccan women entrepreneurs face other problems little known in the literature and that we they no longer exist; as market difficulties.
To our surprise, recovery is not expected or used by many women entrepreneurs facing failures as noted above.
It should also be noted that this research has faced -and still faces, since the questionnaire is still being distributed several limitations, including a very harsh one, including the reluctance of a large number of women contractors to answer our questionnaire.  The purpose of the investigation is to recovery in the According to our results, at different levels, the majority of women entrepreneurs in our sample face different types of problems s of these problems were not surprising for us; a large rate was awarded to the funding: an expected result. On the other hand, these preliminary results show that Moroccan women entrepreneurs face other problems little known in the literature and that we believe they no longer exist; as market-related To our surprise, recovery is not expected or used by many women entrepreneurs facing It should also be noted that this research and still faces, since the estionnaire is still being distributedseveral limitations, including a very harsh one, including the reluctance of a large number of women contractors to answer Bibliography