Elaigwu, Moses e al.
A icle
Sus ainabili y disclosu e quali y o Nige ian lis ed i ms:
he ole o emale leade ship, boa d communica ion, and
ex e nal assu ance
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Elaigwu, Moses e al. (2024) : Sus ainabili y disclosu e quali y o Nige ian
lis ed i ms: he ole o emale leade ship, boa d communica ion, and ex e nal assu ance, Cogen
Business & Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-23,
h ps://doi.o g/10.1080/23311975.2024.2376774
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/326424
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Cogen Business & Managemen
ISSN: 2331-1975 (Online) Jou nal homepage: www. and online.com/jou nals/oabm20
Sus ainabili y disclosu e quali y o Nige ian
lis ed fi ms: he ole o emale leade ship, boa d
communica ion, and ex e nal assu ance
Moses Elaigwu, James Ike Ugwu, Abdelkade Algho bany, Ogechukwu Ma ia
Ngwoke, Alexande Onyebuchi Ude, Obani Chimaobi Desmond & Pe e
Audu
To ci e his a icle: Moses Elaigwu, James Ike Ugwu, Abdelkade Algho bany, Ogechukwu
Ma ia Ngwoke, Alexande Onyebuchi Ude, Obani Chimaobi Desmond & Pe e Audu (2024)
Sus ainabili y disclosu e quali y o Nige ian lis ed fi ms: he ole o emale leade ship, boa d
communica ion, and ex e nal assu ance, Cogen Business & Managemen , 11:1, 2376774, DOI:
10.1080/23311975.2024.2376774
To link o his a icle: h ps://doi.o g/10.1080/23311975.2024.2376774
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup
Published online: 16 Jul 2024.
Submi you a icle o his jou nal A icle iews: 2217
View ela ed a icles View C ossma k da a
Ci ing a icles: 2 View ci ing a icles
Full Te ms & Condi ions o access and use can be ound a
h ps://www. and online.com/ac ion/jou nalIn o ma ion?jou nalCode=oabm20
Accoun ing, co po A e go e nAnce & Business e hics |
eseA ch A icle
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2376774
Sus ainabili y disclosu e quali y o Nige ian lis ed i ms: he ole o
emale leade ship, boa d communica ion, and ex e nal assu ance
Moses elaigwua, James ike ugwub, Abdelkade Algho banyc, ogechukwu Ma ia ngwoked,
Alexande onyebuchi udeb, obani chimaobi Desmonde and pe e Audu
aDepa men o accoun ing, Kogi s a e uni e si y, anyigba, Kogi s a e, nige ia; bDepa men o accoun ing, Facul y o
Managemen sciences, P ince abubaka audu uni e si y, anyigba, Kogi s a e, nige ia; cDepa men o Managemen ,
uni e si y o o an 1, o an, alge ia; dDepa men o Business adminis a ion, uni e si y o Canada, Wes B i ish Columbia,
Canada; eDepa men o accoun ancy, Ca i as uni e si y, amo ji nike, enugu, nige ia; Depa men o Business adminis a ion,
Facul y o Managemen sciences, P ince abubaka audu uni e si y, anyigba, Kogi s a e, nige ia
ABSTRACT
his s udy examined how emale leade ship, boa d communica ion, independen
hi d-pa y assu ance, and sus ainabili y disclosu e quali y a e in e connec ed in nige ian
lis ed i ms. using da a om he op 100 i ms on he nige ian exchange (ngX) g oup
om 2013 o 2022, comp ising 1000 obse a ions, he s udy e alua es i s hypo heses.
employing a panel eg ession analysis wi h he andom e ec ( e) obus es ima ion
echnique, he indings demons a e ha emale leade ship, boa d communica ion, and
ex e nal assu ance posi i ely and signi ican ly impac sus ainabili y disclosu e quali y.
his sugges s ha ha ing women in leade ship oles, os e ing e ec i e boa d
communica ion h ough sha ed membe ship, and ob aining independen (ex e nal)
assu ance o sus ainabili y disclosu es enhance he quali y o such epo s. he
obus ness o he esul s is con i med by he one-Yea lag e ec , which aligns wi h he
ou comes o he main model. his posi i e co ela ion signi ies an enhancemen in he
quali y o sus ainabili y disclosu es wi hin nige ia. howe e , he e is oom o
imp o emen , as indica ed by desc ip i e s a is ics e ealing a 20% le el o sus ainabili y
disclosu e quali y. his s udy unde sco es he need o egula o s, i m managemen ,
and s akeholde s o bols e compliance wi h sus ainabili y epo ing s anda ds and
guidelines, exe ing p essu e o ele a e disclosu e quali y. in addi ion, he esea ch ills
gaps in he li e a u e by p o iding esh empi ical e idence and insigh s ega ding he
signi icance o emale leade ship, boa d communica ion, and ex e nal assu ance in
shaping sus ainabili y disclosu e quali y among nige ian lis ed i ms.
1. In oduc ion
co po a e en i ies ypically seek o maximize p o i and sha eholde weal h a he expense o people and
he en i onmen ( iamiyu e al., 2021). his is because he u ge o gene a e and maximize p o i appea s
o ump sus ainabili y (i.e., economic, en i onmen al, and social [ees]) epe cussions o i ms’ ope a ional
ac ions ( iamiyu e al., 2021). Financial in o ma ion ocuses on he economic pe o mance o epo ing
i ms, wi h li le o no a en ion paid o non- inancial ac i i ies ha a ec he hos communi y and soci-
e y as a whole (Wang, 2017). he absence o a ocus on sus ainabili y pe o mance and in o ma ion
disclosu e causes inancial in o ma ion o lose c edibili y and is pe cei ed as incomple e ( iamiyu e al.,
2021). As a esul , elking on (2013) emphasized ha business pe o mance should no be judged solely
by inancial epo ing con en bu should also include companies’ sus ainabili y pe o mance.
consequen ly, he pu pose o sus ainabili y epo ing is o s ike a balance be ween inancial and
non- inancial pe o mance in e ms o economic and sus ainable de elopmen (elaigwu e al., 2020). Fo
example, in a si ua ion in which i ms s i e o maximize sha eholde weal h, hey should no ake he
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT abdelkade algho bany [email p o ec ed] Depa men o Managemen , uni e si y o o an 1, o an, alge ia.
h ps://doi.o g/10.1080/23311975.2024.2376774
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 14 Ma ch 2024
e ised 12 June 2024
Accep ed 1 July 2024
KEYWORDS
sus ainabili y disclosu e
quali y; emale leade ship;
boa d communica ion;
ex e nal assu ance;
nige ia
REVIEWING EDITOR
sand a Al es, highe
ins i u e o Accoun ing
and Adminis a ion,
uni e si y o A ei o,
po ugal
SUBJECTS
Business, Managemen
and Accoun ing; Finance;
en i onmen al economics
2 M. elAigWu e Al.
nega i e impac o hei business ac i i ies on he en i onmen , people, and socie y a la ge o g an ed
(ghe ghina & simionescu, 2015; Wo ld commission on en i onmen & De elopmen , 1987). consequen ly,
sus ainabili y epo ing has become a global phenomenon in co po a e p ac ices, which eme ging econ-
omies canno a o d o igno e i sus ainable de elopmen is o be accomplished (elaigwu e al., 2024).
his is because he wo ld is h ea ened by sus ainabili y challenges, and he exis ence o man on he
plane has become a sou ce o conce n in many eme ging economies.
Fo example, inc eased global sus ainabili y h ea s, as ensh ined in he uni ed na ions sus ainable
De elopmen goals in e ms o nega i e e ec s o i m ope a ions, a e a sou ce o conce n o a ious
s akeholde s who eques mo e comp ehensi e co po a e in o ma ion ou side inancial epo ing
(Abdulsalam & Babangida, 2020; Anazonwu e al., 2018; sanusi & sanusi, 2019). hese sus ainabili y issues
conce n clima e change, ozone laye deple ion, pollu ion, dese i ica ion, a ious ypes o emissions, bio-
di e si y loss, and an inc ease in po e y, inequali y, hunge , and a slew o o he s ha a e de imen al
o su i al (AbdulKa eem e al., 2021; Al-Dhama i e al., 2022; alab e al., 2023). Meanwhile, i ms’ ac i e
sus ainabili y pe o mance disclosu e o he a o emen ioned sus ainabili y issues is insu icien , as he
quali y o such disclosu es is c i ical o sus ainable de elopmen .
he e o e, analyzing he sus ainabili y Disclosu e Quali y (sDQ) o nige ian lis ed i ms e eals an
e ol ing landscape in co po a e anspa ency and esponsibili y (e in e al., 2022). While nige ia’s egula-
o y amewo k emphasizes sus ainabili y epo ing, he quali y and dep h o disclosu es a y signi i-
can ly among companies. Adeyemi e al. (2020) no ed ha , al hough he e is an inc easing end in he
numbe o i ms disclosing sus ainabili y in o ma ion, he quali y o hese disclosu es emains a conce n.
se e al ac o s con ibu e o he a ied quali y o sus ainabili y disclosu e among nige ian lis ed i ms.
Fo ins ance, inadequa e egula o y en o cemen and epo ing s anda ds play a pi o al ole. Despi e he
secu i ies and exchange commission (sec) nige ia’s e o s o manda e sus ainabili y epo ing h ough
he nige ian code o co po a e go e nance (2018), compliance lacks uni o mi y ac oss indus ies and
i ms (okoye, 2021).
Mo eo e , he lack o s anda dized epo ing amewo ks ailo ed o nige ia exace ba es his issue.
Al hough global s anda ds such as he global epo ing ini ia i e (g i) and he sus ainabili y Accoun ing
s anda ds Boa d (sAsB) exis , hei alignmen wi h local needs and p io i ies emains a challenge (uadiale
& Fagbemi, 2019). he lack o s akeholde engagemen is ano he c i ical ac o in sus ainabili y disclo-
su e quali y. Fi ms o en s uggle o iden i y and p io i ize s akeholde s’ in e es s and conce ns, leading
o supe icial o gene ic disclosu es ha lack subs ance (Akinbode e al., 2021). in addi ion, sus ainabili y
epo ing quali y esea ch has ecei ed less a en ion in he nige ian con ex and emains a g ay a ea o
in es iga ion (Anazonwu e al., 2018; odoemelam & oka o , 2018; n. p. osazuwa e al., 2017; sanusi &
sanusi, 2019).
gi en he a o emen ioned conce ns and de iciencies in go e nance, e hical p ac ices in business, and
egula o y amewo ks, sus ainabili y disclosu es in eme ging economies ha e o en been pe cei ed as
lacking quali y (elaigwu e al., 2024; Ka mon e al., 2019). his obse a ion p omp ed an in es iga ion o
he sDQ in nige ia. he e o e, his s udy aims o assess he sDQ o lis ed i ms in nige ia, wi h a speci ic
ocus on signi ican go e nance a ibu es, such as emale leade ship, boa d communica ion, and ex e -
nal assu ance, which, o he bes o ou knowledge, ha e no been analyzed oge he in ou con ex . We
chose o analyze hese a iables, as hey a e belie ed o be undamen al de e minan s o sus ainabili y
Disclosu e Quali y (sDQ).
his s udy examines emale leade ship oles as opposed o gende di e si y in he spi i o okenism
and c i ical mass assump ions ( ao & il , 2016; Zhuang e al., 2018), ocusing on women in posi ions
such as ceo, boa d chai s, boa d commi ee chai s, and o he s a egic posi ions ha a e uncommon in
he sus ainabili y epo ing li e a u e on eme ging economies. his is because he emale leade ship ole
in co po a e o ganiza ions equi es a en ion o showcasing emale alen in s a egic posi ions (Aluwong
& Fodio, 2019; Mo eno-gómez e al., 2018), which could lead o mo e e ec i e decisions based on he
cogni i e a ie y o he eams, which could imp o e he sDQ (Al-shae & Zaman, 2016; Klein, 2017).
simila ly, boa d communica ion is explo ed in his s udy h ough he lens o o e lapping membe ship,
which may lead o success ul in o ma ion managemen (Mo eno-gómez e al., 2018). such in o ma ion
managemen is especially impo an when he boa d’s makeup is subs an ially di e si ied as i educes
knowledge asymme y (samuel e al., 2019). Fu he mo e, boa d communica ion (o e lapping
cogen Business & MAnAgeMen 3
membe ship) has ecei ed he leas a en ion in sus ainabili y epo ing esea ch as i is p ima ily ocused
on i m alue and inancial epo ing quali y (Kalelka , 2017; sassen e al., 2018; el e, 2017). Fu he mo e,
he global epo ing ini ia i e (g i-g4) emphasizes he impo ance o he ex e nal assu ance o sus ain-
abili y epo ing, al hough i is no manda o y. Meanwhile, he e has been li le esea ch on he ex e nal
assu ance o sus ainabili y disclosu es in nige ia, as in many o he eme ging na ions. he e o e, because
o he impo ance o ex e nal assu ance o sus ainabili y epo ing ega ding he quali y o disclosu es,
he cu en s udy el i was imely o e alua e he nige ian scena io.
he s udy employed panel eg ession ( andom e ec ) using con en analysis and ound a signi ican ly
posi i e associa ion be ween emale leade ship, boa d communica ion, ex e nal assu ance, and sDQ. he
s udy has p ac ical and heo e ical implica ions o lis ed i ms, s akeholde s o i ms, go e nmen , and
u u e sus ainabili y esea ch. he emainde o his pape is s uc u ed as ollows: sec ion 2 co e s he
li e a u e e iew and heo e ical backg ound, sec ion 3 p esen s he de elopmen o hypo heses, and
sec ion 4 discusses he me hodology. sec ions 5 and 6 p esen he esul s and conclusions, espec i ely,
while sec ion 7 p esen s he limi a ions o he s udy.
2. Regula o y backg ound o he Code o Co po a e Go e nance in Nige ia
i is ob ious ha he ise in indus ies such as e ine ies and b ewe ies, as well as he inc ease in en i-
onmen al impac s, has c ea ed se ious sus ainabili y issues. consequen ly, he u gen egula ion o hese
ac i i ies wi hou ex inguishing he p ospec s o hese sec o s is he e o e equi ed (osazuwa e al., 2015,
2017). he nige ian go e nmen has pu in place policies ia he e ised nige ian code o co po a e
go e nance (nccg) 2018 and i s emphasis on sus ainabili y and enac ed laws (Fede al Minis y o
en i onmen , en i onmen al impac Assessmen Ac , and o he Ac s) ha a e supposed o add ess in
o ali y sus ainabili y issues (Financial epo ing council o nige ia (F c),), 2018). he issue o whe he
his policy is being adhe ed o is a subjec o deba e (ozili, 2021). he e a e indeed legisla ions and
s a egies in place o p o ec he exis ing acili ies ensu e hey mee in e na ional s anda ds and equi e-
men s, and ensu e he ci izens ha e he bes possible condi ions o op imum heal h and wellbeing
(osazuwa e al., 2015). he policies o en i onmen al managemen ange om enac men s in he con-
s i u ion, and in e na ional ea ies o en i onmen and esou ce p o ec ion laws (osazuwa e al., 2017).
he backg ound o he code o co po a e go e nance in nige ia can be aced o he 1990s when
se e al co po a e go e nance issues such as o e alua ion and concealmen o indeb edness le el by
some companies and he collapse o some banks led o he need o a code o co po a e go e nance
(osazuwa, 2016). in 2003, he secu i ies and exchange commission (sec) unde he chai manship o
A edo pe e side se up a commi ee o add ess he issue o co po a e go e nance known as he pe e side
commission on co po a e go e nance o companies (osazuwa, 2016). he commi ee came up wi h i s
epo in 2003. howe e , despi e he code o 2003, se e al companies s ill expe ienced weak go e nance
sys ems which led o a se ies o co po a e ailu es and dis o ed he economy (Aina, 2013). in 2008, wi h
he dawning o he global inancial mel down ha ocked he wo ld economy and he lessons lea ned,
he commission se up ano he commi ee o e iew he 2003 code and ca e o i s pe cei ed weakness,
and also inculca e ways o ensu ing compliance ollowing he in e na ional bes p ac ices (osazuwa,
2016). his was a imely in e en ion as many companies we e acing collapse due o weak go e nance
and isk s uc u es a he ime. his led o he es ablishmen o he e ised code o co po a e go e -
nance o lis ed companies in 2011 (secu i ies and exchange commission (sec); 2011) and 2018 (Financial
epo ing council o nige ia (F c),), 2018).
he e o e, co po a e go e nance egula ions play a pi o al ole in shaping he business landscape o
any coun y, ensu ing anspa ency, accoun abili y, and esponsible decision-making wi hin co po a ions.
in nige ia, he egula o y amewo k go e ning co po a e go e nance has unde gone signi ican e olu-
ion, pa icula ly conce ning boa d gende di e si y and co po a e social esponsibili y (cs ) p ac ices.
he cAMA 20201 ep esen s a landma k o e haul o nige ia’s co po a e go e nance amewo k. i in o-
duces p o isions aimed a enhancing boa d di e si y and accoun abili y. sec ion 849 manda es public
companies o ha e a minimum o 30% emale ep esen a ion on hei boa ds. non-compliance may
esul in penal ies o ines. Besides, he nige ian code o co po a e go e nance (nccg) 2018 p o ides
guidelines o co po a e go e nance p ac ices in nige ia. i emphasizes he impo ance o gende
4 M. elAigWu e Al.
di e si y on boa ds as a means o imp o e decision-making and co po a e pe o mance. he code ec-
ommends ha companies s i e o gende balance in hei boa d composi ion, encou aging di e si y in
skills, expe ience, and pe spec i es (Financial epo ing council o nige ia (F c),), 2018). Mo eo e , he
sec2 plays a c ucial ole in egula ing co po a e go e nance p ac ices in nige ia’s capi al ma ke . i
equi es lis ed companies o disclose hei boa d di e si y policies and epo on hei compliance wi h
gende di e si y objec i es. Addi ionally, sec guidelines encou age companies o in eg a e cs ini ia i es
in o hei business s a egies, ensu ing sus ainable de elopmen and s akeholde alue c ea ion.
3.Theo e ical backg ound and hypo heses de elopmen
3.1. Theo e ical backg ound
he concep o sus ainable de elopmen , spea headed by he uni ed na ions, gained p ominence in
1987 wi h he publica ion o he B und land epo a he uni ed na ions con e ence known as "Agenda
21" in io de Janei o ( iamiyu e al., 2021). By 1992, wi hin a span o ewe han i e yea s, 178 coun ies
had emb aced a comp ehensi e ac ion plan labeled "Agenda 21" du ing he un con e ence on
en i onmen and De elopmen ( iamiyu e al., 2021). he impe us o sus ainabili y epo ing a ose om
socie al conce ns ega ding he sus ainabili y o he human economic sys em, whe e he exponen ial
g ow h o he popula ion poses signi ican h ea s o he biophysical ca ying capaci y o he plane a y
ecosys em, as unde sco ed by he Ame ican Accoun ing Associa ion ( iamiyu e al., 2021).
A imes, he e m "sus ainabili y epo ing" is used in e changeably wi h "co po a e social esponsibil-
i y" (Aziz & osmiza, 2017; elaigwu e al., 2020). ne e heless, esea ch indica es ha while companies in
ad anced economies o en u ilize co po a e social esponsibili y o sa egua d hei epu a ion, sus ain-
abili y epo ing o e s bu geoning economies boundless g ow h oppo uni ies ( iamiyu e al., 2021). Fo
ins ance, Dyduch and K asodomska (2017) sugges ha he global inancial c isis o 2008 led o an
upsu ge in demand o mo e comp ehensi e and de ailed epo s, ei he in he o m o sus ainabili y o
co po a e social esponsibili y concep s, o ebuild con idence among in es o s and consume s in he
ma ke . in con as , lys e al. (2015) a gue ha co po a e sus ainabili y anscends en i onmen al con-
ce ns, co po a e social esponsibili y, and s a egic philan h opy. ins ead, i embodies an awa eness o
s akeholde s’ in e es s, aiming o ensu e economic iabili y, while upholding social esponsibili y and
en i onmen al sus ainabili y.
he discussion o he Wo ld commission on en i onmen and De elopmen (WceD) in 1987 empha-
sized he ele ance o sus ainabili y p ac ices and indica ed ha he u u e is as impo an as he p esen
ega ding he p ese a ion o esou ces (Wo ld commission on en i onmen & De elopmen , 1987). he
impo ance o he u u e is po ayed in he de ini ion o sus ainable de elopmen p o ided by he
WceD. he epo o icially s a es ha sus ainable de elopmen (sus ainabili y) “is he de elopmen ha
mee s he p esen needs wi hou denying he u u e gene a ions he oppo uni y o mee hei own
needs” (Wo ld commission on en i onmen & De elopmen , 1987). sus ainabili y, as de ined by he
WceD, has gained accep ance in se e al p e ious s udies on sus ainabili y p ac ices. sus ainabili y is
de ined as he calcula ion o sus ainable de elopmen ha b ings o h he idea o sus ainabili y epo -
ing (Deegan, 2013; guen he e al., 2006; gu h ie & Abeyseke a, 2006). Following he abo e de ini ion o
sus ainabili y, a non-p o i o ganiza ion, he global epo ing ini ia i e (g i) de ined sus ainabili y epo -
ing as “ epo ing on how an o ganiza ion con ibu es o aims o con ibu e in he u u e, o he imp o e-
men o de e io a ion o economic, en i onmen al, and social condi ions, de elopmen s, and ends a
he local, egional, o global le el” (global epo ing ini ia i e (g i), 2015, p. 17). he g i empha ically
sugges s ha he sus ainabili y concep is widely p esen ed in such a way ha “i in ol es discussing he
pe o mance o he o ganiza ion in he con ex o he limi s and demands placed on en i onmen al o
social esou ces a he sec o , local, egional, o global le el” (global epo ing ini ia i e (g i), 2015).
Based on he ele ance o sus ainabili y, as shown by he a ious de ini ions and he un sus ainable
De elopmen goals (sDgs), s akeholde s ha e communica ed sus ainabili y in o ma ion h ough he sus-
ainabili y epo ing medium as a newly o malized mode o communica ion (Fe nandez-Feijoo e al.,
2018; gnanawee a & Kuno i, 2018; schal egge & Wagne , 2006). he essence o communica ing sus ain-
abili y in o ma ion is o enhance s akeholde s’ in es men decisions by mee ing hei in o ma ion needs,
cogen Business & MAnAgeMen 5
he eby legi imizing i ms’ ope a ions (Deegan, 2013; lock & seele, 2016). howe e , achie ing impac ul
sus ainabili y epo ing p ac ices le he boa d o di ec o s wi h huge esponsibili y ia he boa d’s go -
e nance mechanisms. his po ays he idea o using go e nance elemen s o encou age i ms o engage
in sus ainable p ac ices o enhance he g een en i onmen h ough esou ce conse a ion (cooke, 2015).
Following p e ious nige ian sus ainabili y epo ing li e a u e (e.g. Abdulsalam & Babangida, 2020;
odoemelam & oka o , 2018; o oegbu, odoemelam & oka o , 2018; osazuwa e al., 2017) he p esen
s udy employs salien boa d go e nance elemen s, such as boa d independence and boa d size, o
examine he sus ainabili y disclosu e quan i y o he op 100 lis ed companies in nige ia. he s udy is
p emised on a heo e ical amewo k based on agency, s akeholde , and legi imacy heo ies o explain
he link be ween he a iables o in e es and he sDQ.
Agency heo y ocuses on in o ma ion asymme y be ween a i m and i s a ious s akeholde s and
posi s ha such asymme y can be educed by moni o ing and con olling he esponsibili y o he
boa d (Fama & Jensen, 1983; Jensen & Meckling, 1976). he heo y has been well ope a ionalized in
sus ainabili y epo ing li e a u e and documen ed ha asymme ic in o ma ion could be amelio a ed
h ough i ms’ sus ainabili y disclosu es (cla kson e al., 2008; Ma ínez-Fe e o e al., 2015). sus ainabili y
disclosu e is a communica ion ool ha amelio a es he in o ma ion asymme y ha may exis be ween
company managemen and s akeholde s (Fama & Jensen, 1983; e e e, 2012).
he e o e, agency heo y p o ides a lens h ough which we can unde s and he dynamics be ween
p incipals (sha eholde s) and agen s (managemen ) wi hin o ganiza ions, pa icula ly in he con ex o
decision-making and go e nance. in he ealm o sus ainabili y disclosu e, agency heo y helps illumina e
how emale leade ship, o e lapping membe ship, and ex e nal assu ance in e sec o in luence he qual-
i y o disclosu es. he heo y posi s ha he p esence o emale leade s may enhance boa d moni o ing
and go e nance e ec i eness, leading o imp o ed anspa ency and disclosu e quali y (Adams, 2015).
F om an agency heo y pe spec i e, o e lapping membe ship can ei he enhance o diminish go e -
nance e ec i eness. on one hand, i can acili a e in o ma ion sha ing, coo dina ion, and collec i e
decision-making ac oss di e en o ganiza ional en i ies, he eby imp o ing o e sigh and accoun abili y.
on he o he hand, i may aise conce ns abou con lic s o in e es , di ided loyal ies, and he po en ial
o manage ial en enchmen (Fama & Jensen, 1983). Also, agency heo y sugges s ha ex e nal assu -
ance can mi iga e in o ma ion asymme y be ween p incipals and agen s by enhancing he c edibili y,
eliabili y, and objec i i y o disclosed in o ma ion (Deegan, 2002). By p o iding an ex e nal check on
managemen asse ions, assu ance mechanisms s eng hen he moni o ing and con ol unc ions o co -
po a e go e nance sys ems, he eby educing agency cos s and enhancing disclosu e quali y.
howe e , he main limi a ion o agency heo y is ha i ocuses mo e on mone a y alues, wi h less
conside a ion o o he po en ial use s o non- inancial (economic, en i onmen al, and social) in o ma-
ion. he e o e, his s udy in eg a es o he heo ies o add ess his gap.
s akeholde heo y sugges s ha i ms ha e esponsibili ies no only o hei sha eholde s bu also o
o he pa ies a ec ed by hei ope a ions (F eeman, 1984). his heo y has been p edominan ly used in
p e ious esea ch o elucida e why i ms disclose in o ma ion ela ed o sus ainabili y p ac ices (Şene
e al., 2016). his emphasizes he impo ance o i ms in e ec i ely managing hei ela ionships wi h
a ious s akeholde s o ensu e hei con inued exis ence (F eeman e al., 2004). in essence, s akeholde
heo y unde sco es he signi icance o p io i izing he needs and in e es s o s akeholde s ecognized by
he company’s managemen . p e ious s udies ha e shown ha a s akeholde -o ien ed app oach can pos-
i i ely impac o ganiza ional pe o mance (Şene e al., 2016). F eeman (1984) de ines a s akeholde as
‘any g oup o indi idual who can in luence o is in luenced by he o ganiza ion’s objec i es’ (p. 46). he
emphasized ha esponding o s akeholde s’ expec a ions and main aining posi i e ela ionships can
p o ide companies wi h a compe i i e ad an age o su i al.
consequen ly, s akeholde heo y p o ides a obus amewo k o unde s anding he in e connec edness
be ween emale leade ship, o e lapping membe ship, ex e nal assu ance, and sus ainabili y disclosu e quali y
wi hin o ganiza ions. his heo e ical lens emphasizes he signi icance o a ious s akeholde s, including
employees, cus ome s, communi ies, and in es o s, in shaping o ganiza ional beha io and decision-making
p ocesses (F eeman, 1984). he p esence o emale leade ship wi hin an o ganiza ion has been shown o
posi i ely in luence sus ainabili y p ac ices and disclosu e quali y. esea ch sugges s ha emale leade s o en
exhibi a mo e inclusi e and collabo a i e leade ship s yle, which aligns wi h he p inciples o s akeholde
6 M. elAigWu e Al.
heo y ( . B. Adams & Fe ei a, 2009). Mo eo e , he concep o o e lapping membe ship, whe ein indi iduals
se e on mul iple boa ds o hold a ious posi ions ac oss o ganiza ions, plays a c ucial ole in enhancing
sus ainabili y disclosu e quali y (Kusnadi e al., 2016). When boa d membe s o execu i es a e in ol ed in
mul iple en i ies, hey b ing di e se pe spec i es and expe iences o he decision-making p ocess, enabling a
mo e comp ehensi e conside a ion o s akeholde in e es s (F eeman e al., 2004). ex e nal assu ance u he
s eng hens he link be ween s akeholde heo y and sus ainabili y disclosu e quali y. By subjec ing sus ain-
abili y epo s o independen e i ica ion, o ganiza ions demons a e hei commi men o anspa ency and
accoun abili y, he eby enhancing s akeholde us (Deegan, 2002).
Aligned wi h he p inciples o s akeholde heo y, which posi s ha companies should acknowledge
and add ess he in e es s o all ele an s akeholde s, nume ous in es iga ions ha e been conduc ed o
explo e he ad an ages de i ed om mee ing hese s akeholde demands. one documen ed bene i is
he inancial gain expe ienced by sha eholde s when he managemen esponds o a ious s akeholde
demands ( u e al., 2001). Mo eo e , i ms ha commi o sus ainabili y and disclose hei e o s os e
us among s akeholde s and gain a compe i i e edge, enabling hem o h i e and emain iable
(Jones, 1995). chiu and Wang (2015) examined he ac o s in luencing sus ainabili y disclosu e quali y
and ound ha s akeholde in luence leads o enhancemen s in disclosu e quali y. simila ly, Wang (2017)
obse ed ha sus ainabili y disclosu es inc eased wi h imp o ed boa d go e nance, in line wi h he
s akeholde heo y. consequen ly, sus ainabili y epo ing p ac ices p edominan ly e lec companies’
conce ns o s akeholde s, as hey endea o o sus ain hemsel es. hus, s akeholde heo y se es as a
undamen al amewo k o his s udy, elucida ing why co po a e boa ds p io i ize sus ainabili y epo ing.
legi imacy heo y sugges s ha o ganiza ions consis en ly s i e o align hei ope a ions wi h he
no ms and expec a ions o he socie ies hey unc ion in suchman (1995). F om his pe spec i e, a com-
pany would choose o disclose i s ac i i ies i i s managemen belie es ha such ac ions a e an icipa ed
by he communi ies i se es (co mie & go don, 2001; Deegan, 2002; ankin, 2012). gi en he po en-
ially se e e consequences o pe cei ed b eaches in he social con ac o an o ganiza ion’s su i al, i
becomes c ucial o explo e he emedial measu es ha o ganiza ions may unde ake (elaigwu e al.,
2024). in his con ex , legi imacy heo y in oduces he concep s o he ‘legi imacy gap’ and ‘legi imacy
s a egies’, which play pi o al oles in co po a e sus ainabili y p ac ices.
he e o e, legi imacy heo y p o ides a amewo k o unde s anding how o ganiza ions s i e o
main ain hei legi imacy in he eyes o s akeholde s by con o ming o socie al no ms, alues, and expec-
a ions. in he con ex o sus ainabili y disclosu e, legi imacy heo y sugges s ha o ganiza ions disclose
in o ma ion abou hei sus ainabili y p ac ices o demons a e hei commi men o esponsible business
conduc and o main ain legi imacy in he eyes o s akeholde s (elaigwu e al., 2024; suchman, 1995).
Female leade ship has been inc easingly ecognized as a ac o ha can in luence o ganiza ional
beha io , including sus ainabili y p ac ices. esea ch sugges s ha emale leade s may b ing di e en
pe spec i es and alues o decision-making p ocesses, leading o a g ea e emphasis on issues such as
co po a e social esponsibili y (cs ) and sus ainabili y. Fo example, s udies ha e shown ha companies
wi h emale ceos a e mo e likely o p io i ize sus ainabili y ini ia i es and disclose mo e comp ehensi e
sus ainabili y in o ma ion ( . B. Adams & Fe ei a, 2009). he link be ween emale leade ship, o e lapping
membe ship, and ex e nal assu ance o sus ainabili y disclosu e quali y lies in he way hese ac o s col-
lec i ely con ibu e o o ganiza ional legi imacy. Female leade s, by p io i izing sus ainabili y, se he one
o he o ganiza ion’s commi men o esponsible p ac ices. o e lapping boa d membe ships acili a e
he exchange o ideas and bes p ac ices, os e ing a cul u e o sus ainabili y ac oss o ganiza ions.
ex e nal assu ance mechanisms p o ide independen alida ion o sus ainabili y disclosu es, enhancing
hei c edibili y and ein o cing o ganiza ional legi imacy.
uppe echelon heo y conce ns he ole o emale leade ship. his s udy uses he uppe echelon he-
o y o desc ibe he leade ship posi ion o women in co po a e hie a chies, as opposed o he c i ical
mass heo y (cM ), which has been used in mos sus ainabili y s udies. he cu en s udy employs he
uppe -echelon heo y o add ess he limi s o c i ical mass by looking beyond he minimum o h ee
women on he boa d o gende di e si y in leade ship oles (Mo eno-gómez e al., 2018). Acco ding o
he uppe -echelon heo y, an o ganiza ion’s pe o mance is mos ly de e mined by i s leade s. hus, he
heo y p o ides an empi ical ounda ion o co ela ing speci ic aspec s and di e si y o co po a e hie -
a chy wi h business success (Jeong & ha ison, 2017; Mo eno-gómez e al., 2018). his minimizes bias in
cogen Business & MAnAgeMen 7
e ms o he lowe ou g oup o women on boa ds based only on c i ical mass ( o chia e al., 2011; Wiley
& Monllo - o mos, 2018). Fu he mo e, he uppe echelon belie es ha gende is an impo an ac o o
conside when assessing he pe sonal cha ac e is ics o execu i es (i.e., he op managemen eam) ha
may a ec o ganiza ional pe o mance (nishii e al., 2007).
he exis ing body o li e a u e on co po a e go e nance amewo ks and s a egic managemen
unde sco es he pi o al ole o op managemen in shaping business conduc and ou comes ( . B. Adams
e al., 2010). Mo eno-gómez e al. (2018) ound ha gende di e si y a he uppe mos le els o he
o ganiza ional hie a chy co ela es wi h enhanced company pe o mance. Fu he mo e, hey no ed ha
a g ea e p esence o women in leade ship oles con ibu ed posi i ely o pe o mance, as documen ed
by he new Yo k imes on Decembe 6, 2014. simila ly, esea ch conduc ed in la in Ame ica has e ealed
ha in eg a ing a c i ical mass o women in o op- ie business posi ions yields subs an ial and ad an a-
geous e ec s on pe o mance (Delloi e, 2015, 2017). pal ia e al. (2015) con eyed in hei examina ion
i led " he ceos and chai women in he usA Banking indus y" ha banks led by emale ceos and/o
Boa d chai s exhibi lowe ailu e a es. liu e al. (2014) iden i ied a cons uc i e associa ion be ween
emale ceos and he economic pe o mance o publicly lis ed chinese en e p ises. consequen ly, his
s udy adop s he uppe -echelon heo y o elucida e how leade ship by emale di ec o s can engende
high-quali y sus ainabili y epo ing. he heo e ical amewo k is illus a ed in Figu e 1.
3.2. De elopmen o hypo heses
3.2.1. Female leade ship and SDQ
F iedman (2007) a gues ha pa icipa ion in sus ainabili y epo ing could e eal an agency p oblem. in
o he wo ds, he agen ’s in e es s con lic wi h hose o he p incipal. in such a case, agen s may use
sus ainabili y epo ing o bene i hemsel es a he expense o sha eholde s (F iedman, 2007; Jensen &
Meckling, 1976). Acco ding o agency heo y, boa d e ec i eness in e ms o con ol is c i ical, because
i pushes co po a ions o be mo e accoun able o sus ainabili y policies (Jo & ha jo o, 2011). Meanwhile,
his s udy examines gende leade ship di e si y in he co po a e hie a chy (execu i e oles– he boa d-
oom o op managemen ) as opposed o he oken o c i ical mass o emale pa icipa ion on he boa d
o di ec o s (Mo eno-gómez e al., 2018; Wiley & Monllo - o mos, 2018). his is because women’s leade -
ship oles in co po a ions highligh hei alen in execu i e posi ions (Ko a, 2019; Mo eno-gómez e al.,
2018). consequen ly, women in co po a e high echelons con ibu e o eam di e si y in e ms o bo h
human capi al and social s uc u e. his iewpoin is consis en wi h he uppe -echelon heo y p oposed
by hamb ick and Mason (1984) and Kan e (1977). Acco ding o uppe -echelon heo y, he p esence o
women in leade ship oles con ibu es o he success o companies, as he o ganiza ion e lec s he
quali ies o i s leade s (hamb ick & Mason, 1984; hamb ick, 2007; Mo eno-gómez e al., 2018). his is
suppo ed by p e ious esea ch indica ing ha women end o be mo e isk-a e se han men
(pal ia e al., 2015), possess supe io moni o ing skills ( . B. Adams & Fe ei a, 2009), and exhibi s a egic
Figu e 1. heo e ical amewo k.
14 M. elAigWu e Al.
and social sus ainabili y disclosu e quali y (ssDQ). his analysis aims o equally check he obus ness o
he indings ob ained om he main model, as shown in able 5. he esul s o he sepa a e hemes a e
shown in able 6, indica ing ha he ou comes a e simila o hose o he main model, he eby demon-
s a ing he obus ness o he esul s o he main model.
5.4.2. One-yea lag e ec o independen a iables on SDQ
he esea ch del ed deepe in o assessing he lag e ec o he independen a iables on he sDQ, aking
in o conside a ion ac o s such as e e se causali y, endogenei y, and indi ec e ec s, which a e consis-
en wi h p e ious s udies (se iawan e al. (2021); Kon esa e al. (2020). se iawan e al. (2021) highligh ed
ha endogenei y can s em om a ious sou ces, including "unobse ed e o s, simul anei y, measu e-
men bias, and e e se causali y," a iew also suppo ed by Masaki e al. (2017). se iawan e al. (2021)
p oposed ha add essing simul anei y can be achie ed by e-e alua ing he model using one-yea -
lagged explana o y a iables ins ead o con empo aneous alues. Addi ional indings, de ailed in able 7
using andom e ec s obus analysis, examine he one-yea lag e ec . hese lag esul s a e consis en
wi h he non-lag esul s in able 6, ein o cing he obus ness o he p ima y model.
6. Discussion and implica ions
6.1. Discussion
his s udy examined he ela ionship be ween emale leade ship, boa d communica ion, ex e nal assu -
ance, and sDQ. he esul s indica e a posi i e and signi ican ela ionship be ween he a iables o in e -
es and he sDQ. he posi i e ela ionship be ween emale leade ship and sDQ suppo s he assump ions
o he uppe echelon heo y, which links emale ep esen a ion in co po a e hie a chies o he success
o i ms (hamb ick & Mason, 1984; Jeong & ha ison, 2017; pos & By on, 2015). he posi i e esul also
suppo s he p emise o he agency, s akeholde , and legi imacy heo ies in e ms o amelio a ing in o -
ma ion asymme y enhancing i m su i al, and legi imizing i ms’ ope a ions ia sus ainabili y epo ing
p ac ice as a ool o s akeholde managemen (cho, lee, & p ei e J ., 2013; F eeman, 1984; Jensen &
Meckling, 1976; suchman, 1995). his posi i e ela ionship is consis en wi h p e ious li e a u e ha
iews o ganiza ions as a e lec ion o hei leade s (Mo eno-gómez e al., 2018). his is because he
emale gende is known o be isk-a e se, has be e moni o ing skills, s a egic, and long- e m o ien a-
ion (pal ia e al., 2015; egue a-Al a ado e al., 2017); as i p omo es he sha ing o in o ma ion o
e icien business unc ioning and co po a e pe o mance (Mo eno-gómez e al., 2018) which coincides
wi h he ocus o sus ainabili y p ac ices. Fo ins ance, Mo eno-gómez e al. (2018) ound a posi i e and
signi ican associa ion be ween gende di e si y in he op co po a e hie a chy and i m pe o mance. he
a gued ha he emale leade ship s yle di ec ly a ec s s a egic p ocesses, co po a e cul u e, and,
Table 6. Resul s o Random e ec (Re) obus es ima ion echnique o esDQ, ensDQ, and ssDQ models.
Dep. Va iables esDQ ensDQ ssDQ
(Model) (1) (2) (3)
Indep. Va iables
FeML 0.00 (0.09)*0.00 (0.66)** 0.00 (1.21)***
BCoMM 0.01 (1.11) 0.01 (1.23)*0.03 (2.34)**
eX ass 0.03 (6.69)*** 0.03 (5.30)*** 0.03 (4.80)***
Con ol a iables
LeV 0.00 (3.35)*** 0.00 (3.21)*** 0.00 (3.62)***
Roe 0.00 (0.55)*0.00 (0.57) 0.00 (0.56)**
YeaR DuMMY (Y) Y Y Y
_cons 0.04 (7.70)*** 0.06 (10.10)*** 0.08 (11.80)***
no. o Fi ms 100 100 100
numbe o obs 1000 1000 1000
P-Value 0.000 0.000 0.000
no e: he ela ionship is signi ican a .
*= p ≤ 0.10.
**= p ≤ 0.05.
***= p ≤ 0.01. sDQ: o al sus ainabili y epo ing quali y, FeML: emale leade ship, BCoMM: boa d communica ion, eX ass: ex e nal assu ance,
LeV: le e age, Roe: e u n on equi y.
cogen Business & MAnAgeMen 15
consequen ly, he inancial and non- inancial pe o mance o i ms. simila ly, pal ia e al. (2015) ind ha
companies wi h emale ceos and boa d chai s a e less likely o ail. he au ho a gues ha gende -based
beha io al di e ences ha e a posi i e in luence on co po a e decisions.
he indings also demons a e a signi ican and posi i e co ela ion be ween boa d communica ion, cha -
ac e ized by o e lapping di ec o ships, and sDQ. his sugges s ha ha ing di ec o s se ing on mo e han
one commi ee enhances sDQ. his a i ma i e ou come esona es wi h he p inciples o agency and s ake-
holde heo ies, which a gue ha an e ec i e boa d o di ec o s mi iga es he in o ma ion asymme y be ween
managemen and sha eholde s (chen & Jaggi, 2000), he eby imp o ing he quali y o sus ainabili y disclo-
su es (F eeman, 1984; Jensen & Meckling, 1976). Mo eo e , hese esul s co obo a e he desc ip i e analysis
o boa d communica ion, which e eals ha app oxima ely 49% o boa d commi ees o e lap. his unde -
sco es ha o e lapping di ec o ships a e a bene icial p ac ice ha bols e s he sDQ wi hin his con ex .
he esul o he associa ion be ween boa d communica ion and sDQ is in line wi h p io s udies ha
mos ly looked in o he associa ion be ween o e lapping di ec o ships and inancial epo ing quali y
(Fe nández Méndez e al., 2017; habib & Bhuiyan, 2016; Kalelka , 2017; el e, 2017). hese s udies ound a
posi i e ela ionship om which hypo hesis 2 o he p esen s udy was eplica ed o es o sus ainabili y
epo ing quali y. one plausible eason could be ha e ec i e communica ion on a di e se boa d ia o e -
lapping membe ship is c ucial o he success o he boa d o di ec o s (samuel e al., 2019). his is because
o e lapping membe ships a e said o ha e a connec ion wi h an imp o emen in e ms o expe ise and
knowledge spillo e s and inc ease he moni o ing quali y o he boa d (habib & Bhuiyan, 2014, 2016).
Mo eo e , boa d communica ion is said o be an essen ial ool o di e se boa d e ec i eness; hence, a
di e se boa d can only succeed i he e is e ec i e communica ion o amelio a e he nega i e impac s o
di e si y (samuel e al., 2019). Malenko (2013) obse ed ha di ec o s’ independence is e ec i e, and mem-
be s o he boa d a e mos likely o be p ope ly and adequa ely in o med in he p ocess o boa d discussions
only i he e is an a enue o e ec i e communica ion among hem. such an a enue could be o e lapping
membe ship. o his e ec , samuel e al. (2019) posi ha o e lapping di ec o ships enhance boa d commu-
nica ion, as o e lapping di ec o s ha e homophily and a endency o collabo a ion. simila ly, liao and hsu
(2013) concluded ha app oxima ely 67% o sampled i ms ha e a leas one membe o he audi commi -
ee se ing on he compensa ion commi ee. Fu he , he consis ency o he p esen esul wi h he ex an
li e a u e is e idenced by Fe nández Méndez e al. (2017), who ound ha o e lapping di ec o ships posi-
i ely con ibu e o inancial epo ing quali y. simila ly, habib and Bhuiyan (2016) documen ha companies
wi h o e lapping commi ee membe s ha e be e inancial epo ing quali y han hose wi hou .
he indings also indica e a posi i e co ela ion be ween ex e nal assu ance and he sDQ, sugges ing
ha when companies enlis independen hi d-pa y assu ance p o ide s o e iew hei sus ainabili y
epo s, i enhances he quali y o sus ainabili y disclosu es. his posi i e co ela ion suppo s bo h
agency and s akeholde heo ies, aiming o mi iga e in o ma ion asymme y and ensu e i m su i al by
imp o ing sus ainabili y pe o mance and p o iding c edible sus ainabili y in o ma ion o s akeholde s
(Fama & Jensen, 1983; F eeman e al., 2004). hese esul s a e in line wi h hose o p e ious s udies (e.g.
B aam & pee e s, 2018; hsueh, 2018; Manning e al., 2019). one plausible explana ion is ha me ely
publishing sus ainabili y epo s may no mee s akeholde s’ expec a ions ega ding in o ma ion quali y
unless assu ance se ices a e employed (Junio e al., 2014). howe e , he desc ip i e s a is ics indica e a
low le el o assu ance p ac ices (9%) among he sampled i ms, possibly con ibu ing o he obse ed
Table 7. Resul s o Random e ec (Re) obus es ima ion echnique o sDQ (one-yea lag).
Dep. Va iable sDQ
(Model) (5)
Indep. a iables
FeML~1 0.00 (0.05)**
BCoMM~1 0.09 (2.04)***
eX ass~1 0.08 (5.92)***
Con ol a iables
LeV 0.00 (3.79)***
Roe 0.00 (0.55)*
Yea ixed e ec (Y) Y
no. o Fi ms 100
numbe o obs. 1000
16 M. elAigWu e Al.
low disclosu e quali y (24%). his inding unde sco es he impo ance o ex e nal assu ance o he sDQ,
consis en wi h he s anda ds se by he global epo ing ini ia i e (g i) and he sus ainable De elopmen
goals o he uni ed na ions (Abdul la i e al., 2023; Webe , 2018).
he posi i e co ela ion be ween ex e nal assu ance and he sDQ aligns wi h p io esea ch indings.
Fo ins ance, Fe nandez-Feijoo e al. (2018) obse ed a link be ween he enhanced quali y o sus ainabili y
in o ma ion disclosu e and hi d-pa y (ex e nal) assu ance. Junio e al. (2014) sugges ed ha bo h he
disclosu e and assu ance o sus ainabili y p ac ices a e globally ecognized me hods o enhancing he
sDQ. B aam e al. (2016) ound ha en i onmen ally conscious companies u ilize ex e nal assu ance o
enhance he quali y o sus ainabili y disclosu es, aiming o bols e public con idence, os e us among
s akeholde s, and gain o ganiza ional legi imacy. hese schola s u he heo ized ha , in he absence o
egula ions, sus ainabili y epo s may no accu a ely e lec a i m’s genuine commi men o add essing
he ad e se impac s o i s ope a ions on socie y. simila ly, hsueh (2018) ound ha independen ex e nal
assu ance se ices can help alle ia e c edibili y gaps in sus ainabili y epo ing p ac ices. Fu he mo e,
Manning e al. (2019) documen ed a posi i e associa ion be ween hi d-pa y assu ance and he s Q.
Based on he heo ies and ex an li e a u e, he p esen s udy ound ha emale leade ship, boa d
communica ion, and ex e nal assu ance a e key de e minan s o he sDQ.
6.2. Implica ions
6.2.1. P ac ical and policy implica ions
his esea ch con ibu es o he exis ing body o knowledge by adap ing a sus ainabili y index aligned
wi h bo h he global epo ing ini ia i e (g i) and he sus ainabili y amewo k o he nige ian code o
co po a e go e nance (nccg). his index assesses he economic, en i onmen al, and social aspec s o
sus ainabili y epo ing by examining how he sampled i ms align wi h he uni ed na ions’ sus ainable
De elopmen goals. Mo eo e , his s udy o e s p ac ical insigh s o lis ed companies, egula o s, and
p ac i ione s on he signi icance o emale leade ship, boa d communica ion, and ex e nal assu ance in
de e mining he calibe o sus ainabili y disclosu es in nige ia. he e o e, implemen ing policies o egu-
la ions manda ing ex e nal assu ance, p omo ing g ea e ep esen a ion o women in leade ship oles,
and os e ing boa d communica ion h ough sha ed di ec o ships would signi ican ly imp o e he quali y
o sus ainabili y disclosu es among nige ian lis ed companies.
6.2.2. Theo e ical implica ion
his esea ch has signi ican ly enhanced he unde s anding o sus ainabili y wi hin he con ex o a
de eloping na ion, such as nige ia, whe e companies o en p io i ize sha eholde s o e s akeholde s. By
sc u inizing he assump ions o he uppe echelon, s akeholde , legi imacy, and agency heo ies, his
s udy add esses a c i ical heo e ical gap and p o ides empi ical suppo o hese heo ies. Acco ding o
uppe echelon heo y, o ganiza ional beha io mi o s he cha ac e is ics o leade s. he p esence o
women in leade ship oles, as obse ed in nige ia, is posi i ely co ela ed wi h he sDQ. Mo eo e , he
indings align wi h s akeholde , agency, and legi imacy heo ies, which emphasize he impo ance o
i ms mee ing s akeholde s’ in o ma ion needs h ough anspa en sus ainabili y disclosu es o mi iga e
in o ma ion asymme y and legi imize i m ope a ions. By examining he combined impac o hese a i-
ables and heo ies, his s udy makes a aluable con ibu ion o he exis ing knowledge, pa icula ly as
one o he ew in es iga ions o do so comp ehensi ely.
7. Limi a ions and sugges ions o u u e in es iga ions
his s udy has ce ain limi a ions. i unde sco es i s quan i a i e na u e, a ibu ing his o he subjec i e
na u e o assigning sco es (3, 2, 1, and 0) o he sDQ index. While acknowledging ha subjec i i y in
quan i a i e sco ing is common in esea ch conce ning sDQ, his s udy ecognizes ha elying solely on
quan i a i e da a can pose challenges ha may hinde sus ainabili y pe o mance. Mo eo e , his s udy
exclusi ely employs quan i a i e me hods. Despi e hese limi a ions, we asse he ele ance and imeli-
ness o ou esea ch in nige ia, whe e sus ainabili y epo ing plays a c ucial ole in he public in e es .
Fu u e esea ch should add ess hese limi a ions iden i ied in his s udy.
cogen Business & MAnAgeMen 17
No es
1. companies and Allied Ma e s Ac 2020. nige ia: Fede al epublic o nige ia o icial gaze e, 2020.
2. nige ian code o co po a e go e nance 2018. secu i ies and exchange commission, nige ia.
Au ho s’ con ibu ion
Moses elaigwu and ugwu, James ike – concep ion, d a ing o he pape , c i ical e ision o in ellec ual con en ;
Abdelkade Algho bany and ogechukwu Ma ia ngwoke – Design, da a cleaning, da a analysis, and in e p e a ion.
Alexande onyebuchi ude, obani chimaobi Desmond, and pe e Audu – Da a collec ion.
Disclosu e s a emen
no po en ial con lic o in e es was epo ed by he au ho (s).
Abou he au ho s
Moses Elaigwu is a senio lec u e a he Depa men o Accoun ing, Kogi s a e uni e si y, Anyigba, Kogi s a e,
nige ia. his esea ch a ea ocuses on co po a e go e nance and co po a e sus ainabili y epo ing.
James Ike Ugwu is a senio lec u e a he Depa men o Accoun ing, Facul y o Managemen sciences, p ince Abubaka
Audu uni e si y, nige ia. his a ea o specializa ion public sec o Accoun ing and Finance and co po a e go e nance.
Abdelkade Algho bany is an Assis an p o esso a he Depa men o Managemen , uni e si y o o an 1, o an,
Alge ia. he esea ch a ea ocuses on co po a e go e nance and audi ing.
Ogechukwu Ma ia Ngwoke is a pos g adua e s uden uni e si y o canada, Wes B i ish columbia, canada. his
esea ch a ea ocuses on axa ion and co po a e go e nance
Alexande Onyebuchi Ude is an Associa e p o esso a Dep o Accoun ing, Facul y o Managemen sciences, p ince
Abubaka Audu uni e si y, nige ia. his a ea o specializa ion: co po a e go e nance, oil and gas, public sec o
accoun ing.
Obani Chimaobi Desmond is a lec u e a he Depa men o Accoun ancy, ca i as uni e si y, Amo ji nike, enugu,
nige ia, a ea o specializa ion: pe o mance Managemen (Managemen Accoun ing)
Pe e Audu lec u e a he Depa men o Business Adminis a ion, Facul y o Managemen sciences, p ince Abubaka
Audu uni e si y, nige ia. his esea ch a ea ocuses on human esou ces managemen and co po a e go e nance
Da a a ailabili y s a emen
i u ilized da a om companies’ annual epo s lis ed on he nige ian exchange g oup (ngX) be ween 2013 and 2022.
he au ho s con i m ha he da a o his s udy a e a ailable om lis ed companies - nige ian exchange limi ed
(nxgg oup.com)
Re e ences
Abdul la i , ., au il Mohd, K. n., Kama din, h., & Mohd A i , A. h. (2023). De e minan s o sus ainabili y disclosu e
quali y among plan a ion companies in Malaysia. Sus ainabili y (Swi ze land), 15(4), 1. h ps://doi.o g/10.3390/
su15043799
AbdulKa eem, i. A., elaigwu, M., & ismail shola, A.- . (2021). he ole o isk managemen , sus ainabili y disclosu e
p ac ices, and islamic inance in nige ia business en i onmen . The Jou nal o Managemen Theo y and P ac ice
(JMTP), 2(4), 89–23. h ps://doi.o g/10.37231/jm p.2021.2.4.160
Abdullah, s. n., Mohamad, n. ., & Mokh a , M. Z. (2011). Boa d independence, owne ship and cs o Malaysian la ge
i ms. Co po a e Owne ship and Con ol, 8(2), 467–483. h ps://doi.o g/10.22495/coc 8i2c4p5
Abdulsalam, n., & Babangida, M. A. (2020). e ec o sales and i m size on sus ainabili y epo ing p ac ice o oil and
gas companies in nige ia. Ques Jou nal o Resea ch in Business and Managemen , 8(1), 1–8. h ps://www.
ques jou nals.o g/j bm/ 8-i1.h ml
Adams, . (2015). My hs and ac s abou emale di ec o s. in e na ional Finance co po a ion.
Adams, . B., & Fe ei a, D. (2009). Women in he boa d oom and hei impac on go e nance and pe o mance.
Jou nal o Financial Economics, 94(2), 291–309. h ps://doi.o g/10.1016/j.j ineco.2008.10.007
18 M. elAigWu e Al.
Adams, . B., he malin, B. e., & Weisbach, M. s. (2010). he ole o boa ds o di ec o s in co po a e go e nance: A
concep ual amewo k and su ey. Jou nal o Economic Li e a u e, 48(1), 58–107. h ps://doi.o g/10.1257/jel.48.1.58
Adeyemi, s. B., ogbechie, c., & ibidunni, A. s. (2020). co po a e sus ainabili y epo ing in nige ia: A s udy o lis ed
i ms. Heliyon, 6(6), e04201.
Ahmed haji, A. (2013). co po a e social esponsibili y disclosu es o e ime: e idence om Malaysia. Manage ial
Audi ing Jou nal, 28(7), 647–676. h ps://doi.o g/10.1108/MAJ-07-2012-0729
Ahmad, n. (2017). Boa d independence and co po a e social esponsibili y (cs ) epo ing in Malaysia. Aus alasian
Accoun ing, Business and Finance Jou nal, 11(2), 61–85. h ps://doi.o g/10.14453/aab j. 11i2.5
Aina, K. (2013). Boa d o di ec o s and co po a e go e nance. In e na ional Jou nal o Business and Finance Managemen
Resea ch, 1, 21–34.
Akinbode, s., Adegbi e, e., & el oma i, s. (2021). s akeholde engagemen and co po a e social esponsibili y disclo-
su e: e idence om nige ia. Jou nal o Business E hics, 170(3), 591–613.
Al-Dhama i, ., Al-gam h, B., Fa ooque, o. A., & elaigwu, M. (2022). co po a e social esponsibili y and i m ma ke
pe o mance: he ole o p oduc ma ke compe i ion and i m li e cycle. Asian Re iew o Accoun ing, 30(5), 713–
745. h ps://doi.o g/10.1108/A A-07-2022-0179
Algho bany, A., salau ola inoye, A., elaigwu, M., & che-Ahmad, A. (2024). Does ins i u ional in es o in luence in o -
ma ion echnology in es men decisions and co po a e pe o mance? Cogen Business & Managemen , 11(1), 1–13.
h ps://doi.o g/10.1080/23311975.2024.2316280
Al-shae , h., & Zaman, M. (2016). Boa d gende di e si y and sus ainabili y epo ing quali y. Jou nal o Con empo a y
Accoun ing & Economics, 12(3), 210–222. h ps://doi.o g/10.1016/j.jcae.2016.09.001
Aluwong, D. B., & Fodio, M. i. (2019). e ec o co po a e a ibu es on en i onmen al disclosu e o lis ed oil and gas
companies in nige ia. Eu opean Jou nal o Accoun ing, Audi ing and Finance Resea ch, 7(10), 32–47.
Anazonwu, h. o., egbunike, F. c., & guna di, A. (2018). co po a e boa d di e si y and sus ainabili y epo ing: A s udy
o selec ed lis ed manu ac u ing i ms in nige ia. Indonesian Jou nal o Sus ainabili y Accoun ing and Managemen ,
2(1), 65. h ps://doi.o g/10.28992/ijsam. 2i1.52
As e iou, D., & hall, s. g. (2007). Applied econome ics (2nd ed.). palg a e Macmillan uK.
Aziz, n. s. A., & osmiza, h. B. (2017). A e iew o he indica o s disclosed in sus ainabili y epo ing o public lis ed
companies in Malaysia. Jou nal o Human Capi al De elopmen , 10(2), 1–14.
Bal agi, B. (2005). Econome ic analysis o panel da a (chiches e (ed.), 3 d ed.). John Wiley and sons.
Bandi, . p. (2017). leade ship ole o women a na ional su ey on gende . h ps://doi.o g/10.13140/ g.2.2.26106.08643
B aam, g. J. M., ui de Wee d, l., hauck, M., & huijb eg s, M. A. J. (2016). De e minan s o co po a e en i onmen al
epo ing: he impo ance o en i onmen al pe o mance and assu ance. Jou nal o Cleane P oduc ion, 129, 724–
734. h ps://doi.o g/10.1016/j.jclep o.2016.03.039
B aam, g., & pee e s, . (2018). co po a e sus ainabili y pe o mance and assu ance on sus ainabili y epo s: Di usion
o accoun ing p ac ices in he ealm o sus ainable de elopmen . Co po a e Social Responsibili y and En i onmen al
Managemen , 25(2), 164–181. h ps://doi.o g/10.1002/cs .1447
B eusch, . s., & pagan, A. . (1980). he lag ange mul iplie es and i s applica ions o model speci ica ion in econo-
me ics. The Re iew o Economic S udies, 47(1), 239–253. h ps://doi.o g/10.2307/2297111
chanda , n., chang, h., & Zheng, X. (2012). Does o e lapping membe ship on audi and compensa ion commi ees
imp o e a i m’s inancial epo ing quali y? Re iew o Accoun ing and Finance, 11(2), 141–165. h ps://doi.
o g/10.1108/14757701211228192
chen, c. J. p., & Jaggi, B. (2000). Associa ion be ween independen non-execu i e di ec o s, amily con ol and inan-
cial disclosu es in hong Kong. Jou nal o Accoun ing and Public Policy, 19(4–5), 285–310. h ps://doi.o g/10.1016/
s0278-4254(00)00015-6
chiu, . K., & Wang, Y. h. (2015). De e minan s o social disclosu e quali y in aiwan: An applica ion o s akeholde
heo y. Jou nal o Business E hics, 129(2), 379–398. h ps://doi.o g/10.1007/s10551-014-2160-5
cho, s. Y., lee, c., & p ei e , J ., . J. (2013). co po a e social esponsibili y pe o mance and in o ma ion asymme y.
Jou nal o Accoun ing and Public Policy, 32(1), 71–83. h ps://doi.o g/10.1016/j.jaccpubpol.2012.10.005
cla kson, p. M., li, Y., icha dson, g. D., & as a i, F. p. (2008). e isi ing he ela ion be ween en i onmen al pe o -
mance and en i onmen al disclosu e: An empi ical analysis. Accoun ing, O ganiza ions and Socie y, 33(4–5), 303–
327. h ps://doi.o g/10.1016/j.aos.2007.05.003
cooke, p. (2015). g een go e nance and g een clus e s: egional & na ional policies o he clima e change challenge
o cen al & eas e n eu ope. Jou nal o Open Inno a ion: Technology, Ma ke , and Complexi y, 1(1), 1–17. h ps://doi.
o g/10.1186/s40852-015-0002-z
co mie , D., & go don, i. M. (2001). An examina ion o social and en i onmen al epo ing s a egies. Accoun ing,
Audi ing & Accoun abili y Jou nal, 14(5), 587–617. h ps://doi.o g/10.1108/euM0000000006264
Deegan, c. (2002). in oduc ion: he legi imising e ec o social and en i onmen al disclosu es – a heo e ical ounda-
ion. Accoun ing, Audi ing & Accoun abili y Jou nal, 15(3), 282–311. h ps://doi.o g/10.1108/09513570210435852
Deegan, c. (2013). Financial accoun ing heo y (n. s. no h yde (ed.), 4 h ed.). Mcg aw-hill educa ion.
Delloi e. (2015). Di e sidad en los consejos de Adminis aci?on, Bole ín de gobie no co po a i o. in ie no. 2(ene o de 2015).
Delloi e. (2017). Muje es en los Consejos de Adminis aci?on: Una Pe spec i a Global. h ps://www2.deloi e.com/con en /
dam/Deloi e/mx/Documen s/ isk/gobie no-co po a i o/2017/Muje es-en-consejos-Adminis acion-2017.pd
cogen Business & MAnAgeMen 19
Dyduch, J., & K asodomska, J. (2017). De e minan s o co po a e social esponsibili y disclosu e: An empi ical s udy
o polish lis ed companies. Sus ainabili y, 9(11), 1934. h ps://doi.o g/10.3390/su9111934
elaigwu, M., Abdulmalik, s. o., & alab, h. . (2024). co po a e in eg i y, ex e nal assu ance and sus ainabili y epo -
ing quali y: e idence om he Malaysian public lis ed companies. Asia-Paci ic Jou nal o Business Adminis a ion,
16(2), 410–440. h ps://doi.o g/10.1108/ApJBA-07-2021-0307
elaigwu, M., Abdulmalik, s. o., Algho bany, A., & che-Ahmad, A. (2024). sus ainabili y epo ing quali y in Malaysia:
he in icacy o amily con olled and poli ically connec ed i ms. Co po a e Social Responsibili y and En i onmen al
Managemen , 1–21. h ps://doi.o g/10.1002/cs .2799
elaigwu, M., che-Ahmad, A., & Abdulmalik, s. o. (2020). Boa d go e nance mechanisms and sus ainabili y epo ing
quali y: A heo e ical amewo k. Cogen Business & Managemen , 7(1), 1771075. h ps://doi.o g/10.1080/23311975.
2020.1771075
elaigwu, M., che-Ahmad, A., & Abdulmalik, s. o. (2023). Audi o choice, audi pa ne busyness, and sus ainabili y epo ing
quali y. A o-Asian Jou nal o Finance and Accoun ing, 13(6), 735–758. h ps://doi.o g/10.1504/AAJFA.2023.134699
elking on, J. (2013). en e he iple bo om line. in he iple bo om line (pp. 23–38).
e in, o., Adegboye, A., & Bamigboye, o. A. (2022). co po a e go e nance and sus ainabili y epo ing quali y: e i-
dence om nige ia. Sus ainabili y Accoun ing, Managemen and Policy Jou nal, 13(3), 680–707. h ps://doi.
o g/10.1108/sAMpJ-06-2020-0185
Fama, e. F., & Jensen, M. c. (1983). sepa a ion o owne ship and con ol. The Jou nal o Law and Economics, 26(2),
301–325. h ps://doi.o g/10.1086/467037
Fe nández Méndez, c., A ondo ga cía, ., & pa han, s. (2017). Moni o ing by busy and o e lap di ec o s: an exam-
ina ion o execu i e emune a ion and inancial epo ing quali y. Spanish Jou nal o Finance and Accoun ing /
Re is a Española de Financiación y Con abilidad, 46(1), 28–62. h ps://doi.o g/10.1080/02102412.2016.1250345
Fe nandez-Feijoo, B., ome o, s., & uiz, s. (2018). Financial audi o and sus ainabili y epo ing: Does i ma e ?
Co po a e Social Responsibili y and En i onmen al Managemen , 25(3), 209–224. h ps://doi.o g/10.1002/cs .1449
Financial epo ing council o nige ia (F c). (2018). Nige ia code o co po a e go e nance 2018. h ps://nambnige ia.
o g/nig_code_o _co p._go e nance_2018.pd
F eeman, . e. (1984). S a egic managemen : A s akeholde app oach. M.A. pi man.
F eeman, . e., Wicks, A. c., & pa ma , B. (2004). s akeholde heo y and “ he co po a e objec i e e isi ed. O ganiza ion
Science, 15(3), 364–369. h ps://doi.o g/10.1287/o sc.1040.0066
F iedman, M. (2007). he social esponsibili y o business is o inc ease i s p o i s. in Co po a e e hics and co po a e
go e nance (pp. 173–178). sp inge Be lin heidelbe g. h ps://doi.o g/10.1007/978-3-540-70818-6_14
ghe ghina, s. c., & simionescu, l. n. (2015). Does en ep eneu ship and co po a e social esponsibili y ac as a ca -
alys owa ds i m pe o mance and b and alue? In e na ional Jou nal o Economics and Finance, 7(4), 23–34.
h ps://doi.o g/10.5539/ije . 7n4p23
global epo ing ini ia i e (g i). (2015). GRI’s His o y. h ps://www.global epo ing.o g/in o ma ion/abou -g i/
g ihis o y/pages/g i%27s his o y.aspx
gnanawee a, K. A. K., & Kuno i, n. (2018). co po a e sus ainabili y epo ing: linkage o co po a e disclosu e in o -
ma ion and pe o mance indica o s. Cogen Business & Managemen , 5(1), 1423872. h ps://doi.o g/10.1080/233119
75.2018.1423872
g i. (2015). In e p e a ions on he G4 Guidelines, issued by he Global Sus ainabili y S anda ds Boa d. h ps://www.
mendeley.com/ca alogue/in e p e a ions-g4-guidelines-issued-global-sus ainabili y-s anda ds-boa d/
guen he , e., hoppe, h., & pose , c. (2006). en i onmen al co po a e social esponsibili y o i ms in he mining and
oil and gas indus ies: cu en s a us quo o epo ing ollowing g i guidelines. G eene Managemen In e na ional,
2006(53), 6–25. h ps://doi.o g/10.9774/glea .3062.2006.sp.00003
guja a i, D. n. (1995). Basic econome ics (3 d ed.). Mcg aw-hill.
guja a i, D. n., & po e , D. c. (2004). Basic econome ics (5 h ed.). Mcg aw-hill. h ps://doi.o g/10.1126/science.1186874
gu h ie, J., & Abeyseke a, i. (2006). con en analysis o social, en i onmen al epo ing: wha is new? Jou nal o
Human Resou ce Cos ing & Accoun ing, 10(2), 114–126. h ps://doi.o g/10.1108/14013380610703120
habib, A., & Bhuiyan, M. B. u. (2014). o e lapping membe ship on audi and compensa ion commi ees, audi com-
mi ee equi y holdings, and inancial epo ing quali y. SSRN Elec onic Jou nal, 26(1), 76–90. h ps://doi.o g/10.2139/
ss n.2445936
habib, A., & Bhuiyan, M. B. u. (2016). o e lapping membe ship on audi and compensa ion commi ees and inancial
epo ing quali y. Aus alian Accoun ing Re iew, 26(1), 76–90. h ps://doi.o g/10.1111/aua .12086
hahn, ., & Kühnen, M. (2013). De e minan s o sus ainabili y epo ing: A e iew o esul s, ends, heo y, and op-
po uni ies in an expanding ield o esea ch. Jou nal o Cleane P oduc ion, 59(2013), 5–21. h ps://doi.o g/10.1016/j.
jclep o.2013.07.005
hamb ick, D. (2007). uppe echelons heo y: an upda e. Academy o Managemen Re iew, 32(2), 334–343. h ps://doi.
o g/10.5465/am .2007.24345254
hamb ick, D., & Mason, p. (1984). uppe echelons: he o ganiza ion as a e lec ion o i s op manage s. The Academy
o Managemen Re iew, 9(2), 193–206. h ps://doi.o g/10.2307/258434
hani a, . M., & cooke, . e. (2005). he impac o cul u e and go e nance on co po a e social epo ing. Jou nal o
Accoun ing and Public Policy, 24(5), 391–430. h ps://doi.o g/10.1016/j.jaccpubpol.2005.06.001
20 M. elAigWu e Al.
ha e, g., & owen, D. (1991). en i onmen al disclosu e in he annual epo s o B i ish companies: A esea ch no e.
Accoun ing, Audi ing & Accoun abili y Jou nal, 4(3), 51–60. h ps://doi.o g/10.1108/09513579110144442
hausman, J. A. (1978). speci ica ion es s in econome ics. Econome ica, 46(6), 1251–1271. h ps://doi.
o g/10.2307/1913827
hsueh, J. W.-J. (2018). go e nance s uc u e and he c edibili y gap: expe imen al e idence on amily businesses’
sus ainabili y epo ing. Jou nal o Business E hics, 153(2), 547–568. h ps://doi.o g/10.1007/s10551-016-3409-y
Jensen, M. c., & Meckling, W. h. (1976). heo y o he i m: Manage ial beha io , agency cos s, and owne ship s uc-
u e. Jou nal o Financial Economics, 3(4), 305–360. h ps://doi.o g/10.1016/0304-405X(76)90026-X
Jeong, s.-h., & ha ison, D. A. (2017). glass b eaking, s a egy making, and alue c ea ing: me a-analy ic ou comes o
women as ceos and M membe s. Academy o Managemen Jou nal, 60(4), 1219–1252. h ps://doi.o g/10.5465/
amj.2014.0716
Jo, h., & ha jo o, M. A. (2011). co po a e go e nance and i m alue: he impac o co po a e social esponsibili y.
Jou nal o Business E hics, 103(3), 351–383. h ps://doi.o g/10.1007/s10551-011-0869-y
Jones, . M. (1995). ins umen al s akeholde heo y: A syn hesis o e hics and economics. The Academy o Managemen
Re iew, 20(2), 404–437. h ps://doi.o g/10.5465/am .1995.9507312924
Ju Ahmad, n. B., ashid, A., & gow, J. (2017). Boa d mee ing equency and co po a e social esponsibili y (cs )
epo ing: e idence om Malaysia. Co po a e Boa d Role Du ies and Composi ion, 13(1), 87–99. h ps://doi.
o g/10.22495/cb 13i1c1a 3
Junio , . M., Bes , p. J., & co e , J. (2014). sus ainabili y epo ing and assu ance: A his o ical analysis on a wo ld-wide
phenomenon. Jou nal o Business E hics, 120(1), 1–11. h ps://doi.o g/10.1007/s10551-013-1637-y
Kalelka , . (2017). e ec o audi and compensa ion commi ee membe ship o e lap on audi ees. Asian Re iew o
Accoun ing, 25(1), 34–57. h ps://doi.o g/10.1108/A A-12-2014-0128
Kan e , . M. (1977). Men and women o he co po a ion (Kesne (ed.)). Basic Books.
Ka mon, n., Mohamad, Z. Z., no wani, n. M., & Fa ooque, o. A. (2019). comp ehensi e boa d di e si y and quali y o
co po a e social esponsibili y disclosu e: e idence om an eme ging ma ke . Jou nal o Business E hics, 157(2),
447–481. h ps://doi.o g/10.1007/s10551-017-3672-6
Klein, K. (2017). Does gende di e si y on boa ds eally boos company pe o mance? Knowledge@ Wa on.
Kon esa, M., lako, A., & Wendy, W. (2020). Boa d capi al and ea nings quali y wi h di e en con olling sha eholde s.
Accoun ing Resea ch Jou nal, 33(4/5), 593–613. h ps://doi.o g/10.1108/A J-01-2020-0017
Ko a, h. (2019). F om okenism o c i ical mass. The Pionee . h ps://www.dailypionee .com/2019/columnis s/
om- okenism- o-c i ical-mass.h ml
Kühn, A.-l., s iglbaue , M., & Fi ka, M. s. (2018). con en s and de e minan s o co po a e social esponsibili y websi e
epo ing in sub-saha an A ica: A se en-coun y s udy. Business & Socie y, 57(3), 437–480. h ps://doi.
o g/10.1177/0007650315614234
Kusnadi, Y., leong, K. s., suwa dy, ., & Wang, J. (2016). Audi commi ees and inancial epo ing quali y in singapo e.
Jou nal o Business E hics, 139(1), 197–214. h ps://doi.o g/10.1007/s10551-015-2679-0
liao, c., & hsu, A. W. h. (2013). common membe ship and e ec i e co po a e go e nance: e idence om audi and
compensa ion commi ees. Co po a e Go e nance: An In e na ional Re iew, 21(1), 79–92. h ps://doi.o g/10.1111/
co g.12000
liu, Y., Wei, Z., & Xie, F. (2014). Do women di ec o s imp o e i m pe o mance in china? Jou nal o Co po a e Finance,
28, 169–184. h ps://doi.o g/10.1016/j.jco p in.2013.11.016
lock, i., & seele, p. (2016). he c edibili y o cs (co po a e social esponsibili y) epo s in eu ope. e idence om a
quan i a i e con en analysis in 11 coun ies. Jou nal o Cleane P oduc ion, 122, 186–200. h ps://doi.o g/10.1016/j.
jclep o.2016.02.060
lys, ., naugh on, J. p., & Wang, c. (2015). signaling h ough co po a e accoun abili y epo ing. Jou nal o Accoun ing
and Economics, 60(1), 56–72. h ps://doi.o g/10.1016/j.jacceco.2015.03.001
Malenko, n. (2013). communica ion and decision-making in co po a e boa ds. Re iew o Financial S udies, 27(5),
1486–1532. h ps://doi.o g/10.1093/ s/hh 075
Manning, B., B aam, g., & eimsbach, D. (2019). co po a e go e nance and sus ainable business conduc -e ec s o boa d
moni o ing e ec i eness and s akeholde engagemen on co po a e sus ainabili y pe o mance and disclosu e choices.
Co po a e Social Responsibili y and En i onmen al Managemen , 26(2), 351–366. h ps://doi.o g/10.1002/cs .1687
Ma ínez-Fe e o, J., ga cia-sanchez, i. M., & cuad ado-Balles e os, B. (2015). e ec o inancial epo ing quali y on
sus ainabili y in o ma ion disclosu e. Co po a e Social Responsibili y and En i onmen al Managemen , 22(1), 45–64.
h ps://doi.o g/10.1002/cs .1330
Masaki, ., William, c., & pepinsky, . B. (2017). lagged explana o y a iables and he es ima ion o causal e ec . The
Jou nal o Poli ics, 79(3), 949–963. h ps://doi.o g/10.1086/690946
Mo eno-gómez, J., la uen e, e., & aillan , Y. (2018). gende di e si y in he boa d, women’s leade ship, and business
pe o mance. Gende in Managemen : An In e na ional Jou nal, 33(2), 104–122. h ps://doi.o g/10.1108/gM-05-
2017-0058
nguyen, . h. h., elmag hi, M. h., n im, c. g., & Wu, Y. (2021). en i onmen al pe o mance, sus ainabili y, go e nance
and inancial pe o mance: e idence om hea ily pollu ing indus ies in china. Business S a egy and he
En i onmen , 30(5), 2313–2331. h ps://doi.o g/10.1002/bse.2748
cogen Business & MAnAgeMen 21
nishii, l., go e, A., & a e , J. (2007). Uppe echelon heo y e isi ed: he ela ionship be ween uppe echelon di e si y,
he adop ion o di e si y p ac ices, and o ganiza ional pe o mance, Cen e o A (cAh s Wo king pape #07-04;
(2007) 14). h p://digi alcommons.il .co nell.edu/cah swp/461
odoemelam, n., & oka o , . (2018). he in luence o co po a e go e nance on en i onmen al disclosu e o lis ed
non- inancial i ms in nige ia. Indonesian Jou nal o Sus ainabili y Accoun ing and Managemen , 2(1), 25–49. h ps://
doi.o g/10.28992/ijsam. 2i1.47
o oegbu, g. n., odoemelam, n., & oka o , . g. (2018). co po a e boa d cha ac e is ics and en i onmen al disclosu e
quan i y: e idence om sou h A ica (in eg a ed epo ing) and nige ia ( adi ional epo ing). Cogen Business &
Managemen , 5(1), 1551510. h ps://doi.o g/10.1080/23311975.2018.1551510
okoye, p. . c. (2021). he impac o egula ion on co po a e sus ainabili y epo ing in nige ia. Co po a e Go e nance:
The In e na ional Jou nal o Business in Socie y, 21(1), 65–83.
osazuwa, n. (2016). poli ical connec ion, boa d cha ac e is ics, and en i onmen al disclosu e in nige ia. in Ad anced
science le e s. uni e si i u a a Malaysia.
osazuwa, n. p., che-Ahmad, A., & che-Adam, n. (2015). A heo e ical amewo k on he ela ionship be ween poli ical
connec ion, boa d cha ac e is ics and en i onmen al disclosu e in nige ia. in in e na ional con e ence on
Accoun ing s udies (icAs), Augus , 17–20.
osazuwa, n. p., che-Ahmad, A., & che-Adam, n. (2017). poli ical connec ion, boa d cha ac e is ics, and en i onmen al
disclosu e in nige ia. Ad anced Science Le e s, 23(9), 9356–9361. h ps://doi.o g/10.1166/asl.2017.10480
ozili, p. K. (2021). co po a e go e nance esea ch in nige ia: A e iew. SSRN Elec onic Jou nal, 1(1), 105082. h ps://
doi.o g/10.2139/ss n.3758473
pal ia, A., ähämaa, e., & ähämaa, s. (2015). A e emale ceos and chai women mo e conse a i e and isk a e se?
e idence om he banking indus y du ing he inancial c isis. Jou nal o Business E hics, 131(3), 577–594. h ps://
doi.o g/10.1007/s10551-014-2288-3
pos , c., & By on, K. (2015). Women on boa ds and i m inancial pe o mance: A me a-analysis. Academy o
Managemen Jou nal, 58(5), 1546–1571. h ps://doi.o g/10.5465/amj.2013.0319
ankin, W. (2012). Mine als, me als, and sus ainabili y: mee ing u u e ma e ial needs. Choice Re iews Online, 49(09),
49–5082–49-5082. h ps://doi.o g/10.5860/choice.49-5082
ao, K., & il , c. (2016). Boa d composi ion and co po a e social esponsibili y: he ole o di e si y, gende , s a egy
and decision making. Jou nal o Business E hics, 138(2), 327–347. h ps://doi.o g/10.1007/s10551-015-2613-5
a asi, D., & schul z, M. (2006). esponding o o ganiza ional iden i y h ea s: explo ing he ole o o ganiza ional
cul u e. Academy o Managemen Jou nal, 49(3), 433–458. h ps://doi.o g/10.5465/amj.2006.21794663
egue a-Al a ado, n., de Fuen es, p., & la a ga, J. (2017). Does boa d gende di e si y in luence inancial pe o -
mance? e idence om spain. Jou nal o Business E hics, 141(2), 337–350. h ps://doi.o g/10.1007/s10551-015-2735-9
e e e, c. (2012). he impac o be e co po a e social esponsibili y disclosu e on he cos o equi y capi al.
Co po a e Social Responsibili y and En i onmen al Managemen , 19(5), 253–272. h ps://doi.o g/10.1002/cs .273
osene , J. B. (1996). Ame ica’s compe i i e sec e : u ilizing women as a managemen s a egy. Choice Re iews Online,
33(10), 33–5813–33-5813. h ps://doi.o g/10.5860/choice.33-5813
u , B. M., Mu alidha , K., B own, . M., Janney, J. J., & paul, K. (2001). An empi ical in es iga ion o he ela ionship
be ween change in co po a e social pe o mance and inancial pe o mance: A s akeholde heo y pe spec i e.
Jou nal o Business E hics, 32(2), 143–156. h ps://doi.o g/10.1023/A:1010786912118
samuel, c., Ki , F. s. Y., & s inidhi, B. (2019). he alue o boa d oom communica ion: e hnic di ec o s’ ou -o -boa d
communi y a ilia ions wi h o he boa d membe s and he quali y o acc uals. AFAANZ 2019 Con e ence, 1–62.
h ps://opencon .s3.amazonaws.com/AFAAnZ2019/pape s/161.pd ?AWsAccessKeyid=1s4 Z7FhYc2h e 44Jg2&sign
a u e=z7m eyju3eil1pn s9sluuAwc5o%3D&expi es=1564301593
sanusi, K. A., & sanusi, o. o. (2019). en i onmen al sus ainabili y epo ing p ac ices in nige ia: A e clouds da ke o
ai e in he manu ac u ing indus y? In e na ional Jou nal o Social Sciences and Humani y S udies, 11(2), 1309–
8063.
sassen, ., s o el, M., Beh mann, M., ceschinski, W., & Doan, h. (2018). e ec s o commi ee o e lap on he moni o -
ing e ec i eness o boa ds o di ec o s: a me a-analysis. The Jou nal o Risk Finance, 19(4), 379–395. h ps://doi.
o g/10.1108/J F-11-2017-0187
schal egge , s., & Wagne , M. (2006). in eg a i e managemen o sus ainabili y pe o mance, measu emen , and
epo ing. In e na ional Jou nal o Accoun ing, Audi ing and Pe o mance E alua ion, 3(1), 1. h ps://doi.o g/10.1504/
iJAApe.2006.010098
secu i ies and exchange commission (sec). (2011). code o co po a e go e nance o public companies in nige ia.
Şene , İ., a oğlu, A., & Ka apola gil, A. A. (2016). sus ainabili y epo s disclosu es: Who a e he mos salien s ake-
holde s? P ocedia - Social and Beha io al Sciences, 235(oc obe ), 84–92. h ps://doi.o g/10.1016/j.sbsp o.2016.11.028
se iawan, D., B ahmana, . K., As ihapsa i, A., & Maisa oh, s. (2021). Does a o eign boa d imp o e co po a e social
esponsibili y? Sus ainabili y, 13(20), 11473. (h ps://doi.o g/10.3390/su132011473
suchman, M. c. (1995). Managing legi imacy: s a egic and ins i u ional app oaches. The Academy o Managemen
Re iew, 20(3), 571–610. h ps://doi.o g/10.5465/am .1995.9508080331
su ipun, M., & s an on, p. (2012). De e minan s o en i onmen al disclosu e in hai co po a e annual epo s.
In e na ional Jou nal o Accoun ing and Financial Repo ing, 2(1), 99. h ps://doi.o g/10.5296/ija . 2i1.1458
22 M. elAigWu e Al.
alab, h. ., Abdulzah a, A. n., Al-shiblawi, g. A. K., elaigwu, M., Flayyih, h. h., Abdulmalik, s., & Audu, F. (2023).
co po a e go e nance owa ds sus ainabili y pe o mance quali y: A case o lis ed i ms in Malaysia. Jou nal o
In o ma ion Sys ems Enginee ing and Managemen , 8(4), 22882. h ps://doi.o g/10.55267/iad .07.14051
ang, J., c ossan, M., & owe, W. g. (2011). Dominan ceo, de ian s a egy, and ex eme pe o mance: he mode -
a ing ole o a powe ul boa d. Jou nal o Managemen S udies, 48(7), 1479–1503. h ps://doi.o g/10.1111/j.1467-
6486.2010.00985.x
eoh, h. Y., & hong, g. (1984). Ano he look a co po a e social esponsibili y and epo ing: an empi ical s udy in
a de eloping coun y. Accoun ing, O ganiza ions and Socie y, 9(2), 189–206. h ps://doi.o g/10.1016/0361-
3682(84)90007-2
iamiyu, M. A., oyedokun, g. e., & Adeyemo, A. (2021). Fi ms cha ac e is ics and sus ainabili y epo ing o lis ed
manu ac u ing companies in nige ia. A a Mul idisciplina y Jou nal o Managemen Sciences, 3(1), 1–18. h ps://
www. esea chga e.ne /publica ion/351060248
o chia, M., calab ò, A., & huse, M. (2011). Women di ec o s on co po a e boa ds: F om okenism o c i ical mass.
Jou nal o Business E hics, 102(2), 299–317. h ps://doi.o g/10.1007/s10551-011-0815-z
uadiale, o. M., & Fagbemi, . o. (2019). sus ainabili y epo ing and co po a e pe o mance: empi ical e idence om
nige ia. Co po a e Social Responsibili y and En i onmen al Managemen , 26(6), 1293–1305.
an Knippenbe g, D., De D eu, c. K. W., & homan, A. c. (2004). Wo k g oup di e si y and g oup pe o mance: An
in eg a i e model and esea ch agenda. The Jou nal o Applied Psychology, 89(6), 1008–1022. h ps://doi.
o g/10.1037/0021-9010.89.6.1008
el e, p. (2017). Do o e lapping audi and compensa ion commi ee membe ships con ibu e o be e inancial
epo ing quali y? empi ical e idence o he ge man wo- ie sys em. In e na ional Jou nal o Economics and
Accoun ing, 8(3/4), 196. h ps://doi.o g/10.1504/iJeA.2017.092272
e goossen, . g. A. (1993). he use and pe cei ed impo ance o annual epo s by in es men analys s in he
ne he lands. Eu opean Accoun ing Re iew, 2(2), 219–244. h ps://doi.o g/10.1080/09638189300000020
Wang, M. c. (2017). he ela ionship be ween i m cha ac e is ics and he disclosu e o sus ainabili y epo ing.
Sus ainabili y (Swi ze land), 9(4), 624. h ps://doi.o g/10.3390/su9040624
Webe , J. l. (2018). co po a e social esponsibili y disclosu e le el, ex e nal assu ance and cos o equi y capi al.
Jou nal o Financial Repo ing and Accoun ing, 16(4), 694–724. h ps://doi.o g/10.1108/JF A-12-2017-0112
Wiley, c., & Monllo - o mos, M. (2018). Boa d gende di e si y in he s eM&F sec o s: he c i ical mass equi ed o
d i e i m pe o mance. Jou nal o Leade ship & O ganiza ional S udies, 25(3), 290–308. h ps://doi.o g/10.1177/
1548051817750535
Wo ld commission on en i onmen and De elopmen . (1987). Ou common u u e. ox o d uni e si y p ess.
Zainal, D. (2017). Quali y o co po a e social esponsibili y epo ing (cs ): he in luence o owne ship s uc u e and
company cha ac e is ics. Asian Jou nal o Accoun ing Pe spec i es, 10(1), 16–35. h ps://doi.o g/10.22452/AJAp. ol-
10no1.2
Zhuang, Y., chang, X., & lee, Y. (2018). Boa d composi ion and co po a e social esponsibili y pe o mance: e idence
om chinese public i ms. Sus ainabili y (Swi ze land), 10(8), 2752. h ps://doi.o g/10.3390/su10082752
cogen Business & MAnAgeMen 23
Appendix A
sus ainaBiLi Y HeMes anD CHeCKLis s
A ECONOMIC
1P ocu emen p ac ices
2indi ec economic impac
3Clima e- ela ed inancial isks and oppo uni ies
4Responsible/sus ainable lending
5P oduc Quali y imp o emen
6iso s anda d
7P oduc sa y s anda d Me
8Cus ome se ice imp o emen /awa d/Ra ing
9sus ainabili y (CsR) Commi ee
10 Co po a e go e nance
B ENVIRONMENTAL
11 emissions (haza dous subs ances)
12 emissions (g eenhouse gas)
13 Was e Managemen hazadous
14 Was e Managemen non-hazadous
15 e luen (any liquid)
16 Pollu ion (Wa e and ai )
17 ene gy Conse a ion
18 Biodi e si y
19 supply Chain (en i onmen al)
20 P oduc and se ices Responsibili y (en i onmen al)
21 Ma e ials/Recycling
22 Compliance (en i onmen al)/Penal ies
23 en i onmen al awa d
24 en i onmen al Mg sys em iso 14001/14004 Ce i ica ion
25 Land emedia ion, con amina ion, o deg ada ion
C SOCIAL
26 Di e si y & inclusion
27 Human Righ s
28 occupa ional sa e y and Heal h
29 an i-compe i i e beha io
30 an i-co up ion
31 Labo p ac ices
32 educa ion/schola ship, aining, and o he s
33 socie y (Financial o disad an age)
34 socie y (social impac assessmen )
35 socie y (compensa ed)
36 socie y (in olun a y ese lemen )
37 P oduc and se ices Responsibili y (social)
38 supply Chain (social)
39 Compliance (social)
40 s a Wel a e
41 indus ial Rela ion
42 s akeholde engagemen - Communi y. and Wo kplace
