Abstract
The hazardous effects of companies’ activities have sparked the increasing need from stakeholders for transparent and trustworthy report on sustainability issues. There is still evidence of low report on sustainability performance in the listed non-financial firms in Nigeria which has attributed to corporate governance mechanism issues. Therefore, this study examines the effect of board characteristics on sustainability reporting of listed non-financial firms in Nigeria from 2010 to 2018. Sustainability reporting was measured using content analyses on corporate annual report on sustainability used Global Reporting Initiatives (G4) guidelines. The population of the study consist of 47 non-financial firms from Consumer goods, Industrial and Oil and Gas sectors. The study used a sample of 30 firms and secondary data which was employed, sourced from the audited annual report of the sampled firms was employed. Robust Fixed effect regression was used for the analysis and the study found among others that board gender has positive and significant effect on sustainability reporting of listed non-financial firms in Nigeria. The study concludes that women directors enhance the level of reporting on sustainability reporting of listed non-financial firms in Nigeria. The study recommendation among others that board of directors should ensure diversity gender by appointing more women directors on the board as the mean also reveal that their presence is low.
Highlights
The demands from corporate organization have gone beyond the maximization of the shareholder’s wealth to the need of other stakeholders of the firms which includes the employee, community and the environment [49]
This study examined the effect of board characteristics on sustainability reporting of listed non-financial firms in Nigeria for the period 2010 to 2018
The specific objectives include examine the effect of board size on sustainability reporting of listed non-financial firms in Nigeria, evaluate the effect of board independence, assess the effect of board gender on sustainability reporting of listed non-financial firms in Nigeria, after review on the discussion of findings the study concludes that the size of the board plays a significant role in improving sustainability reporting of listed non-financial firms in Nigeria
Summary
The demands from corporate organization have gone beyond the maximization of the shareholder’s wealth to the need of other stakeholders of the firms which includes the employee, community and the environment [49]. Organizations are required to report their sustainability performance by following proper standards for sustainability reporting, i.e. Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Carbon Disclosure Project (CDP), Task Force on Climaterelated Financial Disclosure (TCFD), etc. This aims to build trust for consumers and all stakeholders of companies [31]. [1] Attributes low reports on sustianability performance in Nigeria to ineffective and poor corporate govenance practice by firms Corporate governance mechanisms such as the board of directors are not sustainability compliance [11].
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