BOARD ATTRIBUTES AND CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE IN NIGERIAN FINANCIAL SECTOR.

ABSTRACT

This study evaluated the effect of board attributes on corporate social responsibility disclosures in Nigeria. The specific objectives of the study were to ascertain the effect of, board size, board independence, foreign directors, and board gender diversity on corporate social responsibility disclosure amongst quoted financial firms in Nigeria. Secondary data from the annual reports of 36 financial firms listed in the Nigeria Exchange Group from 2013 to 2023 was used for this study, Panel regression was used to analyze the data. Findings revealed that board size is negative and significant in increasing corporate social responsibility disclosures among the listed financial institutions in Nigeria. Also, the results showed that board independence   has a positive and significant effect on corporate social responsibility. In addition, the findings showed that foreign directors has a positive and significant effect on corporate social responsibility disclosures in listed financial institutions in Nigeria. Lastly, findings showed that board gender diversity has a negative and significant effect on corporate social responsibility disclosure. Based on the findings derived, the study concludes that there are several variables that affect corporate social responsibility disclosure. In a nutshell, board of directors of quoted financial firms, should increase the size of the board, in order to enhance their corporate social responsibility. Quoted financial institutions should appoint more non-executive directors in order to enhance the independence of the board, which could enhance the corporate social responsibility disclosures of the listed financial firms. The appointment of foreign directors should be encouraged as this could enhance the disclosure of corporate social responsibilities of listed financial firms. Lastly, more women should be appointed into the board of quoted financial institutions as this could increase the disclosure of corporate social responsibility in the yearly financial reports.