Abstract
This study examined the impact of corporate diversity on corporate social environmental disclosure of registered manufacturing firms in Nigeria. The study considered both industrial and consumer goods firms, respectively, consisting a total of 37 firms. A total of 17 firms was selected for this study using purposive random sampling spanning the period 2012–2016. While the content analysis technique was engaged to ascertain the extent of corporate social environmental disclosure, the study adopted the following variables (board size, foreign directors, and gender) as measures for corporate diversity. Findings from the study revealed that board size, foreign directors and gender had a significant positive influence on the extent of corporate social environmental disclosure of the selected firms. On the other hand, the presence of an independent director and non-executive director had an insignificant positive influence on corporate social environmental disclosure. Thus, the study recommends that a large and diverse board with experience, expertise and women involvement would enhance mandatory environmental audit and environmental grievance mechanism report, and if necessary, an ecological committee would be established, and also community leader on the board would contribute enormously to the going concern of the business.
Highlights
Corporate managers were charged with maximizing shareholders wealth within legal bounds
The result shows that board size (BSIZE) has firm the independent variables, which are the Board size (BSIZE), and positive relationship with corporate social en
The random effects model was considered more influence on the level of voluntary information suitable model for the panel regression analysis. disclosed by firms. This is evident in the using the random effects model from the t-statistics of (6.64) and a p-value less than 0.01 table above, the independent variables are harmo- level of significance, respectively. This outcome niously capable of explaining about 54% of the se- suggests the rejection of the null hypothesis, while lected industries social environmental disclosure, the alternative hypothesis is accepted and clearly which infers that only 54% of the independent vari- depicts that the presence of at least one woman ables are capable of predicting our dependent varia- on board would improve the social environmenbles
Summary
Corporate managers were charged with maximizing shareholders wealth within legal bounds. The drive of maximizing shareholders wealth led to the neglect of other stakeholders such as the society, plant, ecosystem and the environment where the business is situated (Balabanis, Philips, & Lyall, 1998; Uwuigbe, et al, 2017). This idea was rather short lived at the advent of an increasing industrial revolution, having so much impact on the host community, ranging from global warming, large emission of greenhouse gases, and disposal of toxic wastes, which stirred up stakeholder’s interest on corporate environmental reporting (Anderson, 1989).
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