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Öğe Beyond Compliance: How Board-Ownership Structures and Eco-Technology Intensity Drive Circular Economy Performance in MENA Firms(Wiley, 2025) KaoDui, Li; Kongkuah, Maxwell; Alessa, NohaAs global environmental challenges intensify and resource scarcity deepens, firms in emerging economies face mounting pressure to adopt sustainable and circular business models. In this context, the role of corporate governance in enabling circular economy (CE) transformation has become increasingly critical, yet remains underexplored-particularly in the Middle East and North Africa (MENA) region. This study investigates the impact of board-ownership dynamics on CE performance, with a specific focus on the moderating role of eco-technology intensity among listed manufacturing firms. Grounded in agency theory and the resource-based view, the research proposes an integrated framework that links internal governance attributes and ownership structures with firm-level CE outcomes. Using panel data from 447 firms across MENA countries between 2010 and 2022, the study employs system and difference Generalized Method of Moments (GMM) estimators to address endogeneity and firm-level heterogeneity. The results reveal that gender and age diversity, independent directors, managerial, and institutional ownership significantly enhance CE performance, while CEO duality and foreign ownership undermine it. Family ownership shows no significant effect. Notably, eco-technology intensity strengthens the influence of effective governance while mitigating the drawbacks of weaker structures. Heterogeneity analysis further indicates that the governance-CE relationship varies across regional (Middle East vs. North Africa) and production process contexts. These findings contribute to the theoretical advancement of governance and sustainability literature and offer actionable insights for firms, regulators, and policymakers committed to driving CE transitions in emerging markets.Öğe Carbon Capture and Storage as a Decarbonisation Strategy: Empirical Evidence and Policy Implications for Sustainable Development(Mdpi, 2025) Kongkuah, Maxwell; Alessa, Noha; Haouas, IlhamThis paper examines the impact of carbon capture and storage (CCS) deployment on national carbon intensity (CI) across 43 countries from 2010 to 2020. Using a dynamic common correlated effects (DCCE) log-log panel, we estimate the elasticity of CI with respect to sectoral CCS facility counts within four income-group panels and the full sample. In the high-income panel, CCS in direct air capture, cement, iron and steel, power and heat, and natural gas processing sectors produces statistically significant CI declines of 0.15%, 0.13%, 0.095%, 0.092%, and 0.087% per 1% increase in facilities, respectively (all p < 0.05). Upper-middle-income countries exhibit strong CI reductions in direct air capture (-0.22%) and cement (-0.21%) but mixed results in other sectors. Lower-middle- and low-income panels show attenuated or positive elasticities-reflecting early-stage CCS adoption and infrastructure barriers. Robustness checks confirm these patterns both before and after the 2015 Paris Agreement and between emerging and developed economy panels. Spatial analysis reveals that the United States and United Kingdom achieved 30-40% CI reductions over the decade, whereas China, India, and Indonesia realized only 10-20% declines (relative to a 2010 baseline), highlighting regional deployment gaps. Drawing on these detailed income-group insights, we propose tailored policy pathways: in high-income settings, expand tax credits and public-private infrastructure partnerships; in upper-middle-income regions, utilize blended finance and technology-transfer programs; and in lower-income contexts, establish pilot CCS hubs with international support and shared storage networks. We further recommend measures to manage CCS's energy and water penalties, implement rigorous monitoring to mitigate leakage risks, and design risk-sharing contracts to address economic uncertainties.Öğe Decoupling economic growth and carbon emissions: a time-varying analysis of the environmental kuznets curve hypothesis in France (1890-2019)(Springer, 2025) Sağlam, Muhlis Selman; Yılancı, Veli; Kongkuah, MaxwellGlobal concerns regarding climate change and the necessity for sustainable economic pathways have sharpened the focus on the Environmental Kuznets Curve (EKC) hypothesis. For France, grasping the long-term dynamics between economic expansion, energy usage, and technological advancement is vital for creating effective low-carbon strategies. To explore this, we utilize an extensive dataset spanning 1890-2019 and employ sophisticated econometric methods. These include unit root tests incorporating Fourier functions, a cointegration test adept at handling both smooth and abrupt structural breaks, the Fourier Toda-Yamamoto causality procedure, and partial wavelet coherency analysis. Our goal is to rigorously probe the enduring connections among carbon dioxide (CO2) emissions, energy consumption, economic freedom, and total factor productivity. The empirical analysis confirms a stable cointegrating link between these variables. Notably, both energy consumption and economic freedom show a significant positive correlation with CO2 emissions. Evidence supporting the EKC hypothesis-specifically, an inverted U-shaped relationship between economic growth and emissions-appears only during distinct historical periods. Furthermore, time-varying coefficient estimates and causality tests reveal evolving dynamics influenced by structural transformations, economic occurrences, and technological progress. These outcomes suggest that decoupling economic growth from environmental harm in France hinges on policies that bolster energy efficiency, carefully integrate economic freedom with strong environmental rules, and actively promote green technological innovation.Öğe Examining the moderating role of environmental regulations on financial development and ecological footprint in the MENA region(Springer, 2024) Zhou, Dejun; Saeed, Ummar Faruk; Kongkuah, Maxwell; Wiredu, IshmaelThis study investigates the moderating impact of environmental regulations (ER) on the relationship between financial development (FD), foreign direct investment (FDI), and ecological footprint (EF) within the frameworks of the Environmental Kuznets Curve and Porter's hypothesis. The problem addressed is the dual challenge of fostering economic growth through FD and FDI while mitigating environmental degradation in the MENA region. The aim is to understand how ER can balance these dynamics. Utilizing panel data from 18 MENA countries spanning 1990-2022, the study employs Dynamic Common Correlated Effects and Pooled Mean Group estimations for the empirical analysis. Our results reveal that all three FD indicators-financial development of the banking sector, financial sector, and private sector-are associated with a reduction in EF. FDI outflows also contribute to lowering the EF, whereas FDI inflows have an adverse effect, increasing EF. A curvilinear relationship is observed among FD, FDI, and EF, indicating that while the initial impact is positive, it diminishes beyond a certain threshold. Importantly, ER is found to positively influence the relationship between FD, FDI, and EF, mitigating negative environmental impacts. GMM modeling was applied in the study to handle issues of endogeneity. The findings highlight the necessity for policymakers to prioritize and enhance ER and policies to achieve Sustainable Development Goals. Strengthening ER can ensure that economic development via FD and FDI does not come at the expense of environmental sustainability.Öğe FDI Inflows-Economic Globalization Nexus in ASEAN Countries:The Panel Bootstrap Causality Test Based on Wavelet Decomposition(Springer, 2023) Görüş, Muhammed Sehid; Yılancı, Veli; Kongkuah, MaxwellThis study aims to investigate the causal linkage between foreign direct investment (FDI) inflows and economic globalization (considering de facto and de jure indexes) for 7 Association of Southeast Asian Nations (ASEAN) countries for 1985–2018. Our sample consists of Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Empirically, we propose the panel bootstrap causality test based on wavelet decomposition to find a causal link between the series in different time scales. The main advantages of the methodology can be listed as follows; (a) testing the unit root behavior of the series, or existence of a cointegration relationship between the series are not pre-requisites, (b) one can test the causal relationship between the series in different time scales. Also, we employ the panel bootstrap causality test of Kónya (Econ Modell 23:978–992, 2006) to compare our results with the panel bootstrap causality test based on wavelet decomposition. In addition to the causality analyses, this study utilizes the panel bootstrap cointegration test of Westerlund-Edgerton (2007) to find long-run relationship between variables. The proposed method’s results exhibit that ASEAN countries’ FDI inflows and types of economic globalization levels have mutually affected each other, especially in the long-run. The empirical findings offer some significant implications for policymakers.Öğe Forest product footprint convergence in the Amazon: A panel data analysis of ACTO countries(Elsevier, 2025) Yilanci, Veli; Kongkuah, MaxwellThis study examines the convergence of forest product footprints (FPF) among seven Amazon Cooperation Treaty Organization (ACTO) countries from 1961 to 2022. The research investigates whether FPF levels are converging or diverging across these nations, which share the Amazon rainforest. Employing a panel unit root test that accounts for smooth and sharp structural breaks, the study identifies both convergence and divergence patterns. Colombia, Ecuador, and Guyana show evidence of convergence, potentially driven by conservation policies and indigenous land management. Conversely, Brazil and Peru demonstrate divergence, likely influenced by extensive agriculture, mining, and international trade in forest products. The findings emphasize the need for coordinated regional policies within ACTO to foster sustainable forest management practices, address divergent national interests, and prioritize environmental conservation in the Amazon.Öğe Nuclear energy consumption and CO2 emissions in India: Evidence from Fourier ARDL bounds test approach(Korean Nuclear Soc, 2022) Ozgur, Onder; Yilanci, Veli; Kongkuah, MaxwellThis study uses data from 1970 to 2016 to analyze the effect of nuclear energy use on CO2 emissions and attempts to validate the EKC hypothesis using the Fourier Autoregressive Distributive Lag model in India for the first time. Because of India's rapidly rising population, the environment is being severely strained. However, with 22 operational nuclear reactors, India boasts tremendous nuclear energy potential to cut down on CO2 emissions. The EKC is validated in India as the significant coefficients of GDP and GDP.2 The short-run estimates also suggest that most environmental externalities are corrected within a year. Given the findings, some policy recommendations abound. The negative statistically significant coefficient of nuclear energy consumption is an indication that nuclear power expansion is essential to achieving clean and sustainable growth as a policy goal. Also, policymakers should enact new environmental laws that support the expansion and responsible use of nuclear energy as it is cleaner than fossil fuels and reduces the cost and over-dependence on oil, which ultimately leads to higher economic growth in the long run. Future research should consider studying the nonlinearities in the nuclear energy-CO2 emissions nexus as the current study is examined in the linear sense. (c) 2021 Korean Nuclear Society, Published by Elsevier Korea LLC. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).Öğe Redefining corporate accountability for sustainable development: the strategic nexus of innovation and governance mechanisms in building institutional resilience(Springer Nature, 2025) Osei, Abednego; Kongkuah, Maxwell; Quarshie, Michael AyikweiIn today’s dynamic business landscape, where sustainability has become a fundamental pillar of corporate responsibility and long-term success, the governance structures that drive sustainability practices warrant deeper scrutiny. This study explores the complex relationship between board dynamics and sustainability footprint disclosure among listed firms in the MENA region, with a particular focus on the moderating role of innovation capacity. Grounded in Agency Theory and Stakeholder Theory, the study analyzes data from 461 companies over the period 2010 to 2022, employing robust econometric techniques to ensure methodological rigor. The findings present compelling evidence that board interlock, gender diversity, board digital literacy, and board ownership positively influence sustainability footprint disclosure, while board independence and the presence of foreign nationals demonstrate negative associations. Notably, the study highlights that innovation capacity plays a critical role in enhancing the impact of board dynamics on sustainability reporting. A heterogeneous analysis further reveals significant variations across industries in the MENA region. Additionally, the sensitivity analysis confirmed the robustness of the results, further reinforcing the reliability of the findings. This study provides important practical and policy implications by emphasizing the need for robust board structures and innovation-driven strategies to enhance corporate sustainability performance. It calls for gender diversity quotas, sustainability training for independent directors, and innovation incentives to improve governance quality and transparency in sustainability reporting. Beyond its theoretical contributions, the research encourages corporations and policymakers to prioritize sustainability-focused reforms that promote long-term value creation, stakeholder trust, and alignment with global sustainability standards. © The Author(s), under exclusive licence to Springer Nature Switzerland AG 2025.Öğe Renewable Energy and Carbon Intensity: Global Evidence from 184 Countries (2000-2020)(Mdpi, 2025) Kongkuah, Maxwell; Alessa, NohaThis study investigates how various renewable energy technologies influence national carbon intensity (CO2 emissions per unit of GDP) across 184 countries over the period 2000-2020. In the context of Sustainable Development Goals (SDG 7 and SDG 13) and the post-Paris-Agreement policy landscape, it addresses the gap in understanding technology-specific decarbonization effects and the role of governance. A dynamic panel framework employing the Dynamic Common Correlated Effects (DCCE) estimator accounts for cross-sectional dependence and temporal persistence, while disaggregating total renewables into hydropower, wind, solar, and geothermal generation. Environmental regulation is incorporated as a moderating variable using the World Bank's Regulatory Quality index. Empirical results demonstrate that higher renewable generation is associated with statistically significant reductions in carbon intensity, with hydropower showing the most consistent negative effect across all income groups. Solar and geothermal technologies yield substantial carbon-reducing impacts in lower-middle-income settings once supportive policies are in place. Wind exhibits heterogeneous outcomes: positive or insignificant effects in some high- and upper-middle-income panels prior to 2015, shifting toward neutral or negative after more stringent regulation. Interaction terms reveal that stronger regulatory environments amplify renewable-driven decarbonization, particularly for intermittent sources such as wind and solar. Key contributions include (1) a comprehensive global assessment of four disaggregated renewable technologies; (2) integration of regulatory quality into decarbonization pathways, illustrating post-2015 policy moderations; and (3) methodological advancement through a large-sample DCCE approach that captures unobserved common shocks and heterogeneous country dynamics. These findings inform targeted policy measures-such as prioritizing hydropower where feasible, strengthening regulatory frameworks, and tailoring technology strategies-to accelerate low-carbon energy transitions worldwide.Öğe Saving the Environment in Emerging Markets: The Synergistic Roles of Corporate Ownership Structure, Financing Strategy, and Innovation Capacity(Wiley, 2025) Ning, Wu; Saeed, Ummar Faruk; Kongkuah, MaxwellAs global environmental challenges intensify and stakeholder pressure mounts, the imperative for companies, particularly in emerging markets, to adopt sustainable practices has become increasingly critical. Addressing a gap in the literature, this study examines the impact of ownership structure (OS) and financing strategy (FS) on environmental footprint disclosure (EFD) among energy sector firms in the Middle East and North Africa (MENA) region, while also considering the moderating role of innovation capacity. Drawing on the resource-based view, signaling, and stakeholder theories, this study analyzes panel data from 384 firms spanning 2010 to 2023. To address potential endogeneity issues, the study employs the difference GMM modeling to mititgate endogeneity issues. Additionally, the MMQR approach is applied to capture heterogeneous effects across varying levels of EFD practices. The findings reveal that concentrated and state ownership significantly enhance EFD, while managerial ownership exerts a negative influence. Firms relying on equity financing demonstrate higher EFD levels compared to those relying on debt. Moreover, innovation capacity not only directly impacts EFD but also amplifies the influence of OS and FS on EFD. Notably, the findings remain robust after employing various econometric techniques, including DiD, 2SLS, DCCE, and PSM. These results suggest that encouraging concentrated and state ownership, alongside equity financing, can drive improved environmental transparency within MENA firms. This study underscores the strategic role of innovation in strengthening EFD, offering valuable guidance for policymakers and industry leaders on ownership and financing decisions to foster sustainable development and enhance environmental responsibility.Öğe The Strategic Role of Circular Economy Innovations and Stakeholder Engagement in Advancing Responsible Production and Consumption(Wiley, 2025) KaoDui, Li; Kongkuah, MaxwellAs the urgency of global sustainability goals intensifies, achieving responsible production and consumption (RPC) has become a critical priority, especially in emerging markets where economic growth must be balanced with environmental stewardship. Businesses play a pivotal role in advancing sustainability, and understanding how governance practices influence RPC is essential for aligning corporate strategies with global objectives. This study investigates how circular economy innovations and stakeholder engagement moderate the link between indigenous directors and RPC. Using secondary data from 439 manufacturing firms across MENA countries between 2012 and 2022, we employed the method of moments quantile regression (MMQR) and fixed effects estimations, addressing endogeneity through GMM modeling and propensity score matching techniques. Our findings demonstrate that indigenous directors significantly enhance RPC across all quantiles. Additionally, circular economy innovations not only advance RPC but also amplify the positive effects of indigenous directors on sustainable practices. Stakeholder engagement further strengthens this relationship, particularly in higher quantiles, underscoring the importance of inclusive governance for achieving sustainability goals. These insights provide actionable implications for business leaders and policymakers, particularly in the MENA region, by emphasizing the strategic integration of Indigenous leadership and circular economy innovations into corporate governance. This study offers a framework for aligning business strategies with global sustainability objectives, notably SDG 12 while also contributing to the literature on strategic management and sustainability. By highlighting the role of Indigenous leadership in driving sustainable practices, this research provides valuable guidance for firms and policymakers seeking to advance environmental sustainability in emerging market economies.Öğe Unmasking Sustainability Justice Performance to Achieve SDG 16 in MENA: Insights From Heterogeneous Analysis(Wiley, 2025) KaoDui, Li; Kongkuah, Maxwell; Alessa, NohaIn an era where sustainability is paramount, the role of corporate governance in promoting sustainability justice remains underexplored, particularly in emerging regions such as MENA. This study extends the literature on corporate governance and sustainability by examining the relationship between corporate governance mechanisms and sustainability justice performance (SJP) in MENA firms. Drawing on agency theory and normative ethics (consequentialism), the study hypothesizes that effective governance mitigates agency conflicts and fosters ethical decision-making, thereby enhancing sustainability justice. To test these hypotheses, we analyze a dataset of 727 listed firms in MENA from 2010 to 2022, using robust econometric techniques and instrumental variables to address endogeneity concerns. The findings show that, regarding structural attributes, board independence and board size are positively linked with SJP, whereas the board members' shareholding proportion and CEO duality show negative effects. Concerning diversity attributes, gender diversity has a positive impact on SJP, but foreign nationals negatively affect SJP. Regarding process attributes, board members' remuneration, board meetings, and board tenure all have positive links with SJP. Additionally, there is significant heterogeneity in how corporate governance impacts SJP across industries, ownership types, and dimensions of sustainability. The results are robust after rigorous checks and sensitivity analyses. Policymakers should prioritize reforms that strengthen board independence, promote gender diversity, and encourage more frequent board meetings to improve sustainability justice. Additionally, limiting shareholder power, addressing CEO duality, and aligning executive compensation with sustainability goals will enhance governance and foster long-term positive sustainability outcomes across the MENA region.
