Board of directors and corporate social responsibility reporting of quoted companies in Nigeria

Abstract

Purpose: Despite significance of boards of directors, very few studies have examined their influences. This paper investigates the effect of board on corporate social responsibility reporting of quoted companies in Nigeria.

Methodology: Although, the study is empirical, the research design is correlational in nature. Panel data of 329 observations was extracted from 47 firms over 7 years (2013-2019). The data was tested for descriptive analysis (mean, number of observations, standard deviations, minimum and maximum means, normality, multicollinearity, and heteroskedasticity.

Findings: Results reveal that board size, diligence and independence failed to show significant effects. However, board gender diversity, firm size and leverage show significant effect. It also shows that social disclosure index is superior to corporate social responsibility disclosure model.

Originality/Value: The paper concludes that female directors, firm size and debt are the key elements of corporate social responsibility reporting of quoted firms in Nigeria. Therefore, shareholders should appoint more women on the board. Management should increase firm size by acquiring additional assets and take advantage of cheap debt opportunities in the capital market.