Board Attributes and Corporate Social Responsibility Disclosure in Nigeria

ABSTRACT

This study examined how certain characteristics of the board of directors affected the disclosure of corporate social responsibility in Nigeria. It specifically looked at how board independence, size, board meetings, and board gender diversity impacted the level of corporate social responsibility (CSR) disclosures of the listed insurance firms in Nigeria between 2015 and 2021. Secondary data from the annual reports and accounts of a sample of listed firms that are listed on the Nigerian Exchange Group (NGX) were used in the study. For a period of seven years, the twenty-two (22) listed insurance firms on the Nigerian Exchange Group (NGX) were subjected to a multiple panel regression estimate technique. The data was estimated, and the proposed hypotheses were tested using the Panel Least Squares (PLS) regression approach. Among other things, the results showed that while board meetings and board independence show no significant link with CSR disclosure, board size and gender diversity had a substantial impact on CSR disclosure among listed insurance businesses in Nigeria. The study suggests, among other things, that the management of insurance enterprises in Nigeria take into account the expansion of the board size in accordance with the findings. The adoption of such a policy is expected to assist the board of insurance firms in exerting more effective control over management's operations and improve communication and decision-making in relation to the disclosure of corporate social responsibility.