Beyond Compliance: How Board–Ownership Structures and Eco‐Technology Intensity Drive Circular Economy Performance in <scp>MENA</scp> Firms

ABSTRACT As 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.