Corporate Board Diversity and Sustainability Reporting: A Study of Selected Listed Manufacturing Firms in Nigeria

Helen Obiageli Anazonwu(1), Francis Chinedu Egbunike(2), Ardi Gunardi(3),

(1) Nnamdi Azikiwe University, Faculty of Management Sciences, Awka, Nigeria
(2) Nnamdi Azikiwe University, Faculty of Management Sciences, Awka, Nigeria
(3) Universitas Pasundan, Faculty of Economics and Business, Bandung, Indonesia


The objective of the study is to ascertain the influence of corporate board diversity on sustainability reporting on a sample of quoted manufacturing firms in Nigeria. The study adopts a panel research design. The population of the study comprised quoted manufacturing companies on the Nigerian Stock Exchange. This was restricted to companies classified under conglomerates, consumer goods, and, industrial goods sector. The study used secondary data, extracted from the annual reports of the studied manufacturing companies. Fixed effects panel regression analysis was used to test the hypotheses. The dependent variable sustainability reporting was measured using an Economic, Social, and Governance (ESG) index, the independent variables were board member nationality, proportion of women directors, proportion of non-executive directors, and multiple directorships. The results show no significant positive influence of board member nationality, while proportion of women directors, proportion of non-executive directors, and multiple directorships were significant. The study recommends among others, the adoption of NSE Sustainability Disclosure Guidelines for a unified integrated reporting framework for Nigerian firms, secondly, a heterogeneous board composition, which can leverage on the diverse set of skills of board members.


board diversity, sustainability reporting, women directors, corporate social responsibility

Full Text:



Akhtaruddin, M., Hossain, M. A., Hossain, M., & Yao, L. (2009). Corporate Governance and Voluntary Disclosure in Corporate Annual Reports of Malaysian Listed Firms. Journal of Applied Management Accounting Research, 7(1), 1–20.

Al-Shaer, H., & Zaman, M. (2016). Board Gender Diversity and Sustainability Reporting Quality. Journal of Contemporary Accounting & Economics, 12(3), 210–222.

Allison, P. D. (1994). Using Panel Data to Estimate the Effects of Events. Sociological Methods & Research, 23(2), 174–199.

Arayssi, M., Dah, M., & Jizi, M. (2016). Women on Boards, Sustainability Reporting and Firm Performance. Sustainability Accounting, Management and Policy Journal, 7(3), 376–401.

Arfken, D. E., Bellar, S. L., & Helms, M. M. (2004). The Ultimate Glass Ceiling Revisited: The Presence of Women on Corporate Boards. Journal of Business Ethics, 50(2), 177–186.

Bear, S., Rahman, N., & Post, C. (2010). The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation. Journal of Business Ethics, 97(2), 207–221.

Ben-Amar, W., Chang, M., & McIlkenny, P. (2017). Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project. Journal of Business Ethics, 142(2), 369–383.

Bernardi, R. A., Bosco, S. M., & Vassill, K. M. (2006). Does Female Representation on Boards of Directors Associate With Fortune ’s “100 Best Companies to Work For” List? Business & Society, 45(2), 235–248.

Brüderl, J., & Ludwig, V. (2015). Fixed-Effects Panel Regression. In H. Best & C. Wolf (Eds.), The SAGE Handbook of Regression Analysis and Causal Inference (pp. 327–357). SAGE Publications Ltd.

Cabeza-García, L., Fernández-Gago, R., & Nieto, M. (2017). Do Board Gender Diversity and Director Typology Impact CSR Reporting? European Management Review.

Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. The Financial Review, 38(1), 33–53.

Cheng, E. C. M., & Courtenay, S. M. (2006). Board Composition, Regulatory Regime and Voluntary Disclosure. The International Journal of Accounting, 41(3), 262–289.

Cho, C. H., Michelon, G., Patten, D. M., & Roberts, R. W. (2015). CSR Disclosure: The More Things Change…? Accounting, Auditing & Accountability Journal, 28(1), 14–35.

Conger, J. A., & Lawler III, E. (2001). Building a High-Performing Board: How to Choose the Right Members. Business Strategy Review, 12(3), 11–19.

Deloitte. (2017). 2017 Board Diversity Survey: Seeing is Believing. Retrieved from

Eccles, R. G., Serafeim, G., & Krzus, M. P. (2011). Market Interest in Nonfinancial Information. Journal of Applied Corporate Finance, 23(4), 113–127.

Eulerich, M., Velte, P., & Uum, C. van. (2014). The Impact of Management Board Diversity on Corporate Performance – An Empirical Analysis for the German Two-Tier System. Problems and Perspectives in Management, 12(1), 25–39.

Fernandez-Feijoo, B., Romero, S., & Ruiz-Blanco, S. (2014). Women on Boards: Do They Affect Sustainability Reporting? Corporate Social Responsibility and Environmental Management, 21(6), 351–364.

Ferreira, D. (2011). Board Diversity. In H. K. Baker & R. Anderson (Eds.), Corporate Governance: A Synthesis of Theory, Research, and Practice (pp. 225–242). New Jersey: John Wiley & Sons, Inc.

Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á., & Muñoz-Torres, M. J. (2015). Integrating Sustainability into Corporate Governance: An Empirical Study on Board Diversity. Corporate Social Responsibility and Environmental Management, 22(4), 193–207.

Frias-Aceituno, J. V., Rodriguez-Ariza, L., & Garcia-Sanchez, I. . (2013). The Role of the Board in the Dissemination of Integrated Corporate Social Reporting. Corporate Social Responsibility and Environmental Management, 20(4), 219–233.

Gangl, M. (2010). Causal Inference in Sociological Research. Annual Review of Sociology, 36(1), 21–47.

Garcia-Torea, N., Fernandez-Feijoo, B., & de la Cuesta, M. (2016). Board of Director’s Effectiveness and the Stakeholder Perspective of Corporate Governance: Do Effective Boards Promote the Interests of Shareholders and Stakeholders? BRQ Business Research Quarterly, 19(4), 246–260.

Ghani, E. K., Jamal, J., Puspitasari, E., & Gunardi, A. (2018). Factors Influencing Integrated Reporting Practices Among Malaysian Public Listed Real Property Companies: A Sustainable Development Effort. International Journal of Managerial and Financial Accounting, 10(2), 144–162.

Gibson, K., & O’Donovan, G. (2007). Corporate Governance and Environmental Reporting: an Australian study. Corporate Governance: An International Review, 15(5), 944–956.

Guthrie, J. P., & Parker, L. D. (1990). Corporate Social Disclosure Practice: A Comparative International Analysis. Advances in Public Interest Accounting, 3(159–175).

Habbash, M. (2016). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from Saudi Arabia. Social Responsibility Journal, 12(4), 740–754.

Hajek, A., Brettschneider, C., Lange, C., Posselt, T., Wiese, B., Steinmann, S., … König, H.-H. (2015). Longitudinal Predictors of Institutionalization in Old Age. PLoS ONE, 10(12), e0144203.

Halaby, C. N. (2003). Panel Models for the Analysis of Change and Growth in Life Course Studies. In J. T. Mortimer & M. J. Shanahan (Eds.), Handbook of the Life Course (pp. 503–527). Boston, MA: Springer US.

Handajani, L., Subroto, B., Sutrisno, T., & Saraswati, E. (2014). Does Board Diversity Matter on Corporate Social Disclosure? An Indonesian Evidence. Journal of Economics and Sustainable Development, 5(9), 8–16.

Haniffa, R. M., & Cooke, T. E. (2002). Culture, Corporate Governance and Disclosure in Malaysian Corporations. Abacus, 38(3), 317–349.

Haniffa, R. M., & Cooke, T. E. (2005). The Impact of Culture and Governance on Corporate Social Reporting. Journal of Accounting and Public Policy, 24(5), 391–430.

Hoang, T. C., Abeysekera, I., & Ma, S. (2016). Board Diversity and Corporate Social Disclosure: Evidence from Vietnam. Journal of Business Ethics, 1–20.

Hsiao, C. (2003). Analysis of Panel Data (2nd ed.). Cambridge: Cambridge University Press.

Huijsmans, M. C. (2017). The Influence of Executive Board National Culture and Board Nationality Diversity on Corporate Social Performance in Western European Non-Financial Firms. Retrieved from

Hyun, E., Yang, D., Jung, H., & Hong, K. (2016). Women on Boards and Corporate Social Responsibility. Sustainability, 8(4), 300.

IIRC. (2011). Towards Integrated Reporting: Communicating Value in the 21st Century.

Ioannou, I., & Serafeim, G. (2015). The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’ Perceptions and Shifting Institutional Logics. Strategic Management Journal, 36(7), 1053–1081.

Jain, T., & Jamali, D. (2016). Looking Inside the Black Box: The Effect of Corporate Governance on Corporate Social Responsibility. Corporate Governance: An International Review, 24(3), 253–273.

Jizi, M. (2017). The Influence of Board Composition on Sustainable Development Disclosure. Business Strategy and the Environment, 26(5), 640–655.

Khan, H. (2010). The Effect of Corporate Governance Elements on Corporate Social Responsibility (CSR) Reporting: Empirical Evidence from Private Commercial Banks of Bangladesh. International Journal of Law and Management, 52(2), 82–109.

Kolk, A. (2008). Sustainability, Accountability and Corporate Governance: Exploring Multinationals’ Reporting Practices. Business Strategy and the Environment, 17(1), 1–15.

Kolk, A., & van Tulder, R. (2010). International Business, Corporate Social Responsibility and Sustainable Development. International Business Review, 19(2), 119–125.

Landry, E. E., Bernardi, R. A., & Bosco, S. M. (2016). Recognition for Sustained Corporate Social Responsibility: Female Directors Make a Difference. Corporate Social Responsibility and Environmental Management, 23(1), 27–36.

Lau, C., Lu, Y., & Liang, Q. (2016). Corporate Social Responsibility in China: A Corporate Governance Approach. Journal of Business Ethics, 136(1), 73–87.

Leung, E. Y. W. (2015). Diversifying the Board – A Step Towards Better Governance. Retrieved from

Lincoln, A., & Adedoyin, O. (2012). Corporate Governance and Gender Diversity in Nigerian Boardrooms. International Journal of Humanities and Social Sciences, 6(11), 3286–3292.

Maddala, G. S. (1987). Limited Dependent Variable Models Using Panel Data. The Journal of Human Resources, 22(3), 307–338.

Malik, M. (2015). Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature. Journal of Business Ethics, 127(2), 419–438.

Mallin, C. (2004). Corporate Governance. Oxford: Oxford University Press.

Masulis, R. W., Wang, C., & Xie, F. (2012). Globalizing the Boardroom – The Effects of Foreign Directors on Corporate Governance and Firm Performance. Journal of Accounting and Economics, 53(3), 527–554.

Michelon, G., & Parbonetti, A. (2012). The Effect of Corporate Governance on Sustainability Disclosure. Journal of Management & Governance, 16(3), 477–509.

Monks, R. A. G., & Minow, N. (2004). Corporate Governance (3rd ed.). Malden: Blackwell Publishers.

Nadeem, M., Zaman, R., & Saleem, I. (2017). Boardroom Gender Diversity and Corporate Sustainability Practices: Evidence from Australian Securities Exchange Listed Firms. Journal of Cleaner Production, 149, 874–885.

Nekhili, M., Nagati, H., Chtioui, T., & Nekhili, A. (2017). Gender-Diverse Board and the Relevance of Voluntary CSR Reporting. International Review of Financial Analysis, 50, 81–100.

NSE. (2017). Industry Sectors. Retrieved from

Nwannebuike, U. S., & Ike, U. J. (2014). Accounting Profession and Corporate Governance in Nigeria: A Critical Review. International Journal of Managerial Studies and Research, 2(8), 94–102.

Okaro, S. C., & Okafor, G. O. (2017). Integrated Reporting in Nigeria: The Present and Future. In M. Aluchna & S. O. Idowu (Eds.), Responsible Corporate Governance: Towards Sustainable and Effective Governance Structures (pp. 247–263). Springer International Publishing.

Ong, T., & Djajadikerta, H. G. (2017). Impact of Corporate Governance on Sustainability Reporting: Empirical Study in the Australian Resources Industry. In 8th Conference on Financial Markets and Corporate Governance.

Post, C., Rahman, N., & Rubow, E. (2011). Green Governance: Boards of Directors’ Composition and Environmental Corporate Social Responsibility. Business & Society, 50(1), 189–223.

Prado-Lorenzo, J.-M., Gallego-Alvarez, I., & Garcia-Sanchez, I. M. (2009). Stakeholder Engagement and Corporate Social Responsibility Reporting: The Ownership Structure Effect. Corporate Social Responsibility and Environmental Management, 16(2), 94–107.

Prado-Lorenzo, J.-M., & Garcia-Sanchez, I.-M. (2010). The Role of the Board of Directors in Disseminating Relevant Information on Greenhouse Gases. Journal of Business Ethics, 97(3), 391–424.

Rao, K., & Tilt, C. (2016a). Board Composition and Corporate Social Responsibility: The Role of Diversity, Gender, Strategy and Decision Making. Journal of Business Ethics, 138(2), 327–347.

Rao, K., & Tilt, C. (2016b). Board Diversity and CSR Reporting: An Australian Study. Meditari Accountancy Research, 24(2), 182–210.

Rao, K., Tilt, C. A., & Lester, L. H. (2012). Corporate Governance and Environmental Reporting: An Australian Study. Corporate Governance: The International Journal of Business in Society, 12(2), 143–163.

Rodríguez-Ariza, L., García-Sánchez, I.-M., & Frías-Aceituno, J.-V. (2012). The Role of the Board in Achieving Integrated Financial and Sustainability Reporting. In XV Encuentro AECA. Esposende.

Rupley, K. H., Brown, D., & Marshall, R. S. (2012). Governance, Media and the Quality of Environmental Disclosure. Journal of Accounting and Public Policy, 31(6), 610–640.

Said, R., Zainuddin, Y. H., & Haron, H. (2009). The Relationship Between Corporate Social Responsibility Disclosure and Corporate Governance Characteristics in Malaysian Public Listed Companies. Social Responsibility Journal, 5(2), 212–226.

Sánchez, I. G., Domínguez, L. R., & Álvarez, I. G. (2011). Corporate Governance and Strategic Information on the Internet: A Study of Spanish Listed Companies. Accounting, Auditing & Accountability Journal, 24(4), 471–501.

Şener, İ., & Karaye, A. B. (2014). Board Composition and Gender Diversity: Comparison of Turkish and Nigerian Listed Companies. Procedia - Social and Behavioral Sciences, 150, 1002–1011.

Setó-Pamies, D. (2015). The Relationship between Women Directors and Corporate Social Responsibility. Corporate Social Responsibility and Environmental Management, 22(6), 334–345.

Seuring, S., & Müller, M. (2008). Core Issues in Sustainable Supply Chain Management – A Delphi Study. Business Strategy and the Environment, 17(8), 455–466.

Sharif, M., & Rashid, K. (2014). Corporate Governance and Corporate Social Responsibility (CSR) Reporting: An Empirical Evidence from Commercial Banks (CB) of Pakistan. Quality & Quantity, 48(5), 2501–2521.

Sharma, S., & Henriques, I. (2005). Stakeholder Influences on Sustainability Practices in the Canadian Forest Products Industry. Strategic Management Journal, 26(2), 159–180.

Ujunwa, A., Nwakoby, I., & Ugbam, C. O. (2012). Corporate Board Diversity and Firm Performance: Evidence from Nigeria. Corporate Ownership & Control, 9(2), 216–226.

Velte, P. (2017). Does Board Composition Have an Impact on CSR Reporting? Problems and Perspectives in Management, 15(2), 19–35.

Walls, J. L., Berrone, P., & Phan, P. H. (2012). Corporate Governance and Environmental Performance: Is There Really A Link? Strategic Management Journal, 33(8), 885–913.

Webb, E. (2004). An Examination of Socially Responsible Firms’ Board Structure. Journal of Management and Governance, 8(3), 255–277.

Yasser, Q. R., Al Mamun, A., & Ahmed, I. (2017). Corporate Social Responsibility and Gender Diversity: Insights from Asia Pacific. Corporate Social Responsibility and Environmental Management, 24(3), 210–221.

Zhang, J. Q., Zhu, H., & Ding, H. (2013). Board Composition and Corporate Social Responsibility: An Empirical Investigation in the Post Sarbanes-Oxley Era. Journal of Business Ethics, 114(3), 381–392.

Article Metrics



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.