Saving the Environment in Emerging Markets: The Synergistic Roles of Corporate Ownership Structure, Financing Strategy, and Innovation Capacity

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dc.authoridKongkuah, Maxwell / 0000-0003-3486-693X
dc.contributor.authorNing, Wu
dc.contributor.authorSaeed, Ummar Faruk
dc.contributor.authorKongkuah, Maxwell
dc.date.accessioned2025-05-29T02:58:16Z
dc.date.available2025-05-29T02:58:16Z
dc.date.issued2025
dc.departmentÇanakkale Onsekiz Mart Üniversitesi
dc.description.abstractAs 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.
dc.description.sponsorshipResearch on the Enabling Mechanism of Digital Platform Ecosystem for Intelligent Upgrading of Manufacturing Enterprises [22YJC630119]
dc.description.sponsorshipThis research is funded by Research on the Enabling Mechanism of Digital Platform Ecosystem for Intelligent Upgrading of Manufacturing Enterprises (22YJC630119).
dc.identifier.doi10.1002/bse.4245
dc.identifier.endpage5138
dc.identifier.issn0964-4733
dc.identifier.issn1099-0836
dc.identifier.issue4
dc.identifier.scopus2-s2.0-86000609003
dc.identifier.scopusqualityQ1
dc.identifier.startpage5114
dc.identifier.urihttps://doi.org/10.1002/bse.4245
dc.identifier.urihttps://hdl.handle.net/20.500.12428/30302
dc.identifier.volume34
dc.identifier.wosWOS:001443207000001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherWiley
dc.relation.ispartofBusiness Strategy and the Environment
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_WOS_20250529
dc.subjectcorporate governance
dc.subjectemerging markets
dc.subjectenvironmental footprint disclosure
dc.subjectfinancing strategy
dc.subjectinnovation capacity
dc.subjectsustainable development
dc.titleSaving the Environment in Emerging Markets: The Synergistic Roles of Corporate Ownership Structure, Financing Strategy, and Innovation Capacity
dc.typeArticle

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