Arwa H. Amoush

Type of the article: Research Article

Abstract
This study examines the relationship between family ownership and investment efficiency in the Middle East and North Africa (MENA) region by investigating the mediating role of environmental, social, and governance (ESG) performance and the moderating role of board gender diversity. Using a sample of non-financial firms from eight MENA countries (Saudi Arabia, Egypt, Jordan, Kuwait, United Arab Emirates, Qatar, Oman, and Bahrain) over the period 2015–2023, comprising 3,245 firm-year observations, and ESG data obtained from Refinitiv, the analysis employs firm fixed-effects and system GMM estimations. The results indicate that family ownership is positively associated with investment efficiency (β = 0.044, p < 0.01). Family ownership also has a positive effect on ESG performance (β = 0.118, p < 0.01), while ESG performance is positively associated with investment efficiency (β = 0.039, p < 0.01). Further analysis reveals that ESG performance partially mediates the relationship between family ownership and investment efficiency. Moreover, board gender diversity strengthens the positive effect of ESG performance on investment efficiency (β = 0.001, p < 0.01), indicating that firms with greater female board representation are better able to translate sustainability engagement into efficient capital allocation. The findings highlight the complementary roles of family ownership, ESG performance, and board gender diversity in enhancing investment efficiency in emerging markets. These results provide important implications for policymakers, investors, and corporate leaders seeking to promote sustainable governance and efficient investment decisions in the MENA region.

Type of the article: Research Article

Abstract
Municipal waste-to-energy is often assessed through technical efficiency, energy output, or regulatory compliance. Yet, these indicators do not show whether plants create positive social welfare after operating costs and environmental damages are monetized. This study examines how operational performance, emissions intensity, and stricter environmental valuation shape the net social benefit of German municipal waste-to-energy plants from 2017 to 2023. Germany serves as a benchmark case because its mature waste-to-energy sector, European emissions regulation, and public environmental and energy-market reporting enable transparent public-record welfare assessment. The study constructs a plant-year analytical dataset for 70 facilities from publicly accessible administrative, environmental, market, and technical records, with net social benefit treated as a constructed welfare-accounting measure based on observed records, documented public proxies, and explicit valuation assumptions. It uses plant- and year-fixed-effects models, valuation sensitivity tests, and an optimization-based decision-support layer. The descriptive evidence shows substantial welfare heterogeneity, with a mean traceable-baseline net social benefit of 17.9 euros per metric ton under the central valuation case and lower mean welfare under higher shadow prices. The fixed-effects results do not provide statistical support for the hypothesized operational drivers in the public-data panel: energy recovery, emissions intensity, availability, oxygen instability, and the interaction between emissions intensity and the shadow price index are not statistically significant. The study contributes by integrating cost accounting, externality valuation, and operational performance into a transparent public-record welfare metric for policy appraisal.