Uncertainty and sustainable eco-financing in the MENA region: the mediating role of corporate social responsibility

Purpose This study aims to examine the impact of economic uncertainty on sustainable eco-financing in Middle East and North Africa (MENA) countries, highlighting the mediating role of corporate social responsibility (CSR). Unlike traditional macroeconomic approaches, it adopts a corporate-level perspective, analyzing how firms integrate green financing and sustainability practices under uncertainty. This ensures alignment between theoretical conceptualizations of green corporate transition and empirical measures based on managerial perceptions. Design/methodology/approach A quantitative cross-sectional survey of 625 professionals across diverse sectors in the MENA region was conducted. Data collected through a structured questionnaire were analyzed using structural equation modeling to test the conceptual framework and examine mediation effects. Sustainable eco-financing was assessed using firm-level green performance indicators, while macroeconomic factors, such as future economic prospects, were also considered. Findings Economic uncertainty restrains investment but encourages firms to adopt sustainable governance models. Companies reinforce CSR initiatives to maintain competitiveness and legitimacy, positioning green performance as a strategic lever that reconciles efficiency with environmental protection. Green financing plays a central role by directing capital toward environmentally positive projects and facilitating resource mobilization for sustainability. CSR significantly mediates the relationship between uncertainty and green performance, enhancing resilience and long-term sustainability outcomes. Practical implications This study addresses a research gap in the MENA context, showing that CSR strengthens access to green finance and supports firms in navigating economic uncertainty. Findings offer insights for business practice, policymaking and education, promoting sustainable investments, carbon reduction and green job creation. Originality/value Conceptually, this study integrates macroeconomic green economy perspectives with microlevel corporate finance measures, positioning CSR as a key mediator. Empirically, it contributes to understanding sustainability dynamics in an underexplored region, providing a framework linking green transition policies to responsible corporate financial behavior.