171666 20260527123127.0 doi 10.1016/j.dsef.2026.100142 sideral 149426 ART-2026-149426 eng Alqudah, Mohammad Zakaria Does ESG scores moderate the impact of FinTech on investment efficiency? Insights from firms in the MENA region 2026 This paper explores the efficacy of ESG performance in high-tech adoption and investment efficiency in the Middle East and North African (MENA) region. The focus on the MENA region is particularly relevant given the rapid expansion of digital ecosystems in the area, combined with heterogeneous institutional frameworks, where the interaction between sustainability practices and technology adoption remains insufficiently studied. The study seeks to investigate whether ESG scores strengthen the effect of FinTech adoption on both capital allocation and firm performance. Modeling a panel of firm-year observations (n = 4417) for the years 2010–2024, OLS regression, two-stage Heckman models, and 2SLS estimation are used to examine main effects and moderators. Findings show that FinTech adoption positively influences investment efficiency and this effect is stronger among firms with high ESG scores, and ESG scores are a determinant of the efficient investment allocation. The results are also robust to alternative specifications of the model. Theoretically, the study extends our understanding of ESG performance as related to digital transformation in nascent institutional environments. As a matter of practical policy, it offers direction for policymakers and managers in the MENA region to incorporate sustainability within technology adoption policies Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/AEI/PID2024-159374NB-I00 info:eu-repo/grantAgreement/ES/DGA/S56-25R info:eu-repo/semantics/openAccess by https://creativecommons.org/licenses/by/4.0/deed.es info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Marashdeh, Zyad Martín, Emilio Universidad de Zaragoza (orcid)0000-0003-4315-0642 Jebreel, Mohammad 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 10 (2026), 100142 [15 pp.] Development and Sustainability in Economics and Finance 2950-5240 929405 http://zaguan.unizar.es/record/171666/files/texto_completo.pdf Versión publicada 2194308 http://zaguan.unizar.es/record/171666/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:171666 articulos driver 2026-05-27-11:26:08 ARTICLE