Oye ogba, Ezekiel Oluwagbemiga; Oladele, Femi; Kolawole, Peace Ebunlomo;
Adeyemo, Mo oluwake Adedamola
A icle
Co po a e go e nance p ac ices and sus ainabili y
epo ing quali y: e idence om he Nige ian lis ed
inancial ins i u ion
Cogen Business & Managemen
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Oye ogba, Ezekiel Oluwagbemiga; Oladele, Femi; Kolawole, Peace Ebunlomo;
Adeyemo, Mo oluwake Adedamola (2024) : Co po a e go e nance p ac ices and sus ainabili y
epo ing quali y: e idence om he Nige ian lis ed inancial ins i u ion, Cogen Business &
Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-19,
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Co po a e go e nance p ac ices and
sus ainabili y epo ing quali y: e idence om he
Nige ian lis ed financial ins i u ion
Ezekiel Oluwagbemiga Oye ogba, Femi Oladele, Peace Ebunlomo Kolawole
& Mo oluwake Adedamola Adeyemo
To ci e his a icle: Ezekiel Oluwagbemiga Oye ogba, Femi Oladele, Peace Ebunlomo Kolawole
& Mo oluwake Adedamola Adeyemo (2024) Co po a e go e nance p ac ices and sus ainabili y
epo ing quali y: e idence om he Nige ian lis ed financial ins i u ion, Cogen Business &
Managemen , 11:1, 2325111, DOI: 10.1080/23311975.2024.2325111
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Co po a e go e nance p ac ices and sus ainabili y epo ing quali y:
e idence om he Nige ian lis ed inancial ins i u ion
Ezekiel Oluwagbemiga Oye ogba, Femi Oladele, Peace Ebunlomo Kolawole and Mo oluwake
Adedamola Adeyemo
accoun ing and Finance P og amme, College o social and Managemen sciences, Bowen uni e si y, iwo, nige ia;
ABSTRACT
This s udy asce ains whe he a composi e co po a e go e nance (CCG) index is ela ed
o he sus ainabili y epo ing quali y o lis ed banks in Nige ia. We posi ha , o a
company o epo adequa ely on sus ainabili y ini ia i es, he e mus be a s ong
co po a e go e nance mechanism. Using a balanced se o panel da a wi h 190
obse a ions om 19 quo ed banks o a pe iod o en yea s (2012–2021), his s udy
in es iga es he ela ionship be ween he co po a e go e nance index and sus ainabili y
epo ing quali y. Ca ego ical da a we e ob ained using a scale o 0–6 and dicho omous
da a we e ob ained using a bina y dummy. Ou esul s show ha co po a e go e nance
mechanisms ha e a s a is ically signi ican in luence on he quali y o sus ainabili y
epo ing. We es ablish ha banks wi h dilu ed owne ship, g ea e boa d independence,
a high le el o audi commi ee inancial expe ise, and g ea e sha eholde igh s and
p o ec ion a e likely o ha e highe SRQ. Ou esul s p o ide empi ical suppo o
esou ce-based heo y which emphasizes he in e nal capabili ies o a i m as a sou ce
o compe i i e ad an age. In his con ex , e ec i e CG can be a s a egic esou ce ha
will help posi ion he i m o sus ainable pe o mance. This s udy highligh s he
co po a e go e nance mechanisms ha banks should ocus on owa ds achie e quali y
sus ainabili y epo ing, which includes dilu ed owne ship, boa d independence,
inancial expe ise in he audi commi ee, boa d di e si y, sha eholde s’ igh s, and
p o ec ion. In addi ion, i es ablishes ha adequa e sus ainabili y p ac ices enhance
s akeholde s’ con idence in he pe o mance o lis ed companies.
1. In oduc ion
Gi en he cu en s a e o global economic dis up ions including clima e change, and economic mel -
down, he e is g owing demand o i ms o become mo e anspa en . Wi h cu en de elopmen s, a-
di ional co po a e inancial epo ing is no longe su icien (Hamad e al., 2020).
Oladele and Oyewole (2020) no ed ha gi en he limi a ions o gene al-pu pose inancial epo ing,
he need o enhance us in he inancial epo ing amewo k calls o uncon en ional o ms o epo -
ing such as na a i e epo ing, dialogic accoun ing, inno a ion accoun ing, con idence accoun ing, in e-
g a ed epo ing, and he ansna ional con e gence o inancial epo ing. The e is signi ican ag eemen
in he li e a u e o a mo e obus epo ing amewo k ha cap u es he social and en i onmen al
impac s o i ms’ ac i i ies as well as hei economic pe o mance (Gi ón e al., 2020; Moses e al., 2020).
Fi ms do no ope a e in isola ion: hei ac i i ies a ec and a e a ec ed by he en i onmen in which
hey ope a e (Uwuigbe, 2018). As pa o a la ge ecosys em comp ising s akeholde s and key ac o s
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT ezekiel oluwagbemiga oye ogba ezekiel.oy[email p o ec ed].ng accoun ing and Finance P og amme, College o social
and Managemen sciences, Bowen uni e si y, Bank Road, P M B 284, iwo, nige ia
h ps://doi.o g/10.1080/23311975.2024.2325111
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
Recei ed 2 No embe 2023
Re ised 23 Feb ua y 2024
Accep ed 25 Feb ua y 2024
KEYWORDS
Boa d independence;
sha eholde s igh and
p o ec ion; dilu ed
owne ship; e u n on
capi al employed; audi
quali y
SUBJECTS
Co po a e go e nance
mechanisms,
Sus ainabili y epo ing
quali y, Managemen
Accoun ing, Co po a e
Repo ing; Business,
Managemen and
Accoun ing;
En i onmen al Economics;
Finance
REVIEWING EDITOR
Collins N im, Uni e si y o
Sou hamp on, Uni ed
Kingdom o G ea B i ain
and No he n I eland
ACCOUNTING, CORPORATE GOVERNANCE & BUSINESS ETHICS |
RESEARCH ARTIClE
2 E.O. OYEROGBA ETAl.
(supplie s, cus ome s, inancie s, policy and egula ions, suppo s, and ins i u ions), hey in e ac in
dynamic ways o c ea e a su i ing and sus ainable en u e (Ma ou khani e al., 2018; Raposo e al.,
2021). Consequen ly, many ac o s a e in e es ed in wha i ms do, how, when, and why hey do so. Thei
pe cep ion o hese ac ions po en ially igge s ce ain eac ions ( a ou able o un a ou able) (Gi ón
e al., 2020; Jamaliah e al., 2023). Sus ainabili y epo ing is he e o e essen ial in g owing and de elop-
ing secu i y ma ke s in which he annual inancial s a emen is he mos c edible sou ce o in o ma ion
o in es o s. Disclosu e o he company’s commi men o a sus ainable global economy will enable
in es o s and o he s akeholde s o unde s and, measu e, and assess a i m’s social, economic, go e -
nance, and en i onmen al pe o mance, and hei se goals, as well as s a egies o managing en i on-
men al change mo e e ec i ely.
Adequa e disclosu e enables managemen o be anspa en abou he isks and oppo uni ies con-
on ing hem, gi ing s akeholde s be e insigh in o pe o mance beyond he bo om line. Howe e ,
while de eloping economies encou age he p ac ice o sus ainabili y epo ing, he impe us o epo on
sus ainabili y is s ill la gely olun a y (Ala awi e al., 2023; Isa, 2014) as he e a e cu en ly no manda o y
equi emen s o epo ing he social and en i onmen al implica ions o a i m’s ope a ion in Nige ia
(Oyewumi e al., 2018; Sanyaolu e al., 2023). Al hough epo ing on he economic pe o mance (which
is also a dimension o sus ainabili y) o a i m is manda o y and he e a e speci ic guidelines such as
hose p o ided by he In e na ional Financial Repo ing S anda ds (IFRS) (lawal e al., 2020), epo ing
on he social and en i onmen al dimensions o sus ainabili y emains olun a y. Consequen ly, ew i ms
ha e epo ed sus ainabili y in Nige ia (Osemene & Fagbemi, 2019). The e o e, adequa e sus ainabili y
disclosu e is a unc ion o in e nal go e nance mechanisms and o he ins i u ional ac o s (Oye ogba, 2021).
In his s udy, we asce ain whe he a composi e co po a e go e nance (CCG) index in luences sus ain-
abili y epo ing quali y, ep esen ed by he h ee majo componen s (economic, en i onmen al, and
social) o sus ainabili y epo ing.
P e ious s udies ha e adop ed legi imacy, signaling, and s akeholde heo ies o explain he ela ion-
ship be ween co po a e go e nance and sus ainabili y epo ing (E in e al., 2022; Gao, 2010; G eek,
2011; Hassink e al., 2010; Ijewe eme, 2015; Mane i & Tocca ondi, 2012; Shamil e al., 2014). These au ho s
asse ed ha o ganiza ions epo sus ainabili y ac i i ies o signal quali y in o ma ion, seek legi imacy,
and mee s akeholde expec a ions. Simila ly, Hani a and Cooke (2005) epo ed ha i ms engage s ake-
holde s by p omo ing highe co po a e disclosu e, including sus ainabili y in o ma ion. Meanwhile, many
s udies on sus ainabili y epo ing ha e used da a om de eloped coun ies compa ed o de eloping
A ican coun ies, such as Nige ia. The sus ainabili y epo ing li e a u e in eme ging coun ies ocuses on
he in luence o social esponsibili y on inancial pe o mance, de e minan s o disclosu e, he ex en o
disclosu es, and in e na ional compa isons o epo ing p ac ices (Boi al & Hen i, 2017; E in e al 2022;
Jian e al., 2017), and only a ew s udies ha e in es iga ed he quali y o sus ainabili y epo ing (Gi ón
e al., 2020; Kama udin e al., 2022; Moses e al., 2020). Conce ning A ican coun ies such as Nige ia,
apa om he wo k o E in e al (2022) and Oluwagbemiga (2021), li le has been said abou sus ain-
abili y epo ing quali y. Hence, i is impo an o in es iga e how co po a e go e nance mechanisms
in luence sus ainabili y epo ing quali y in Nige ia.
P io s udies (E in e al., 2022, Ogungbade & Oye ogba, 2020; Al-Shae and Zaman 2016) ha e assessed
sus ainabili y quali y on a scale o 0-4. The sco es a e as ollow: SRQ = 0, whe e he e is no sus ainabili y
epo : SRQ = 1, whe e a sus ainabili y epo exis s wi hou a sus ainabili y commi ee and assu ance
p o ision; SRQ = 2, whe e a sus ainabili y epo exis s and wen h ough sc u iny by he boa d o e sigh
commi ee; SRQ = 3, whe e sus ainabili y epo exis s and assu ance is p o ided by he non-Big 4 audi
commi ee; SRQ = 4, whe e sus ainabili y epo exis s h ough assu ance by one o he Big 4 audi i ms.
This app oach sa is ies he demand o he Global Repo ing Ini ia i es (GRI, 2015) guidelines o olun a y
sus ainabili y epo ing (Adwally, 2015; Phi i e al., 2021). Howe e , ollowing he de elopmen o GRI G4
in 2016, his app oach ep esen s a na ow measu emen o SRQ as i ails o inco po a e he disclosu e
o quan i a i e in o ma ion in o he measu emen o SRQ, which is one o he p incipal oci o GRI G4.
The GRI G4 amewo k is GRI’s 4 h gene a ion o SRQ guidelines (Gi ón e al., 2020). I is designed o
uni e sal applicabili y o di e en o ms o o ganiza ions, especially in he indus ial sec o , ac oss di e -
en na ions (Ma ou khani e al., 2018; Osemene & Fagbemi, 2019; Raposo e al., 2021).
COGENT BUSINESS & MANAGEMENT 3
li e a u e ha e been e y sca ce in measu ing company SRQ based on a quan i a i e disclosu e
app oach in he de eloping economy, pa icula ly, he Nige ia con ex (T an e al., 2021; Oyewumi e al.,
2018). Ha ing iden i ied his esea ch gap, we p opose a new measu emen o SRQ. Consis en wi h Phi i
e al (2021), we inco po a e he disclosu e o quan i a i e in o ma ion in o he measu emen o SRQ on
a scale o 0–6 (de ails can be ound in he me hodology sec ion). This s udy can be conside ed a pionee
comp ehensi e s udy ocusing on he assessmen o sus ainabili y epo ing quali y om quan i a i e
and quali a i e disclosu es, wi h he inclusion o o e sigh and assu ance p o isions in Nige ia. This
app oach is undamen al o achie ing anspa ency and assis s s akeholde s in conduc ing sound and
objec i e assessmen s o a i m’s pe o mance and aking app op ia e ac ions (Elmghaamez e al., 2023;
Inua & Emeni, 2019; Osemene & Fagbemi, 2019). Subsequen ly, his s udy applied he scale o assess he
quali y o sus ainabili y epo s published by lis ed banks in Nige ia.
Nige ia banks we e chosen as a sample o many unique and impo an easons. Nige ia is ecognized
as he second la ges s ock ma ke in sub-Saha an A ica (Wo ld Bank, 2017). The coun y is classi ied as
a middle-income de eloping A ican Na ion (In e na ional Mone a y Fund (IMF), 2016; KPMG, 2014).
Nige ian companies a e no impe ious o he global hea es o sus ainabili y epo ing because o global
compe i ion (Adwally, 2015). Again, he na ion has wi nessed se e al e o ms o accoun ing egula ions
and co po a e go e nance amewo ks in Nige ia wi h pa icula a en ion o co po a e epo ing: in ol -
ing sus ainabili y p ac ices and epo ing. The Secu i y and Exchange Commission (SEC) issued a e ised
code o co po a e go e nance on he 1s o Ap il 2018 o imp o e he quali y o in o ma ion epo ed
in he annual inancial s a emen o he companies lis ed in Nige ia (Oye ogba, 2018; O i & Mbu-Oga ,
2018). Simila ly, he Sus ainable Banking P inciples in oduced in 2011 by he Cen al Bank o Nige ia
(CBN) ensu e ha inancial ins i u ions ake sus ainabili y p ac ices beyond social esponsibili y. The 2021
amewo k o he Financial Repo ing Council o Nige ia (FRCN) i emizes impo an a eas o co po a e
go e nance, co po a e epo ing, and accoun ing p ac ices o all lis ed companies in Nige ia. All egula-
o y amewo ks ha e p o isions ega ding dilu ed owne ship, boa d independence, audi commi ee
inancial expe ise, boa d di e si y, sha eholde igh s and p o ec ion. In Nige ia, sus ainabili y epo ing
is s ill olun a y; hence, i is impo an o analyze he quali y o sus ainabili y epo s. The choice o
Nige ian banks is also s eng hened by hei uniqueness because o he weak and lapses in en o cing
egula ions such as he Companies and Allied Ma e s Ac (CAMA 2020), weak go e nance, and co up-
ion (Oluwagbemiga, 2021; Oye ogba, 2021; Syde e al., 2020).
Using a sample size o 19 quo ed banks in he Nige ian Capi al Ma ke (NCM), we documen a signi -
ican posi i e in luence o he co po a e go e nance index on sus ainabili y epo ing. The esul s high-
ligh signi ican imp o emen s in in o ma ion disclosu e on sus ainabili y o banks ha ha e emb aced
ull compliance wi h he p o isions in he code o co po a e go e nance, speci ically ega ding dilu ed
owne ship, boa d independence, inancial expe ise in he audi commi ee, boa d di e si y, sha eholde
igh s and p o ec ion. O he a iables ha nega i ely in luence sus ainabili y epo ing a e amily owne -
ship, audi quali y, capi al gea ing, i m size, and i m p o i abili y. Finally, he s udy shows ha he highe
he numbe o o eign na ionals on he boa d, he be e is sus ainabili y epo ing.
This s udy o e s insigh ul con ibu ions o he exis ing li e a u e on sus ainabili y p ac ices and
epo ing. Fi s , his s udy in oduces a new measu emen based on quan i a i e and quali a i e disclo-
su es o imp o e he eliabili y and quali y o sus ainabili y disclosu e. Second, based on he p esump-
ion ha no single co po a e go e nance mechanism can signi ican ly in luence sus ainabili y epo ing,
excep o he o ali y o co po a e go e nance mechanisms, his s udy de eloped a composi e co po a e
go e nance index using 48 i ems. The use o ce ain co po a e go e nance mechanisms, such as boa d
size, numbe o boa d mee ings, execu i e compensa ion, boa d independence, and CEO duali y o ep-
esen he en i e co po a e go e nance p ac ices o e s a na ow assessmen o co po a e go e nance
p ac ices (Black e al., 2017; Boyd e al., 2017). Thi d, he CG index and SRQ measu emen de eloped in
his s udy p o ide a new pla o m o u u e s udies o examine no only quan i y, bu also quali y
aspec s o sus ainabili y epo ing.
The emainde o he pape is o ganized as ollows: Sec ion 2 e iews he li e a u e. The me hodology
o he s udy is explained in Sec ion 3. The highligh s o he esul s a e p esen ed in Sec ion 4. Finally,
conclusions a e p esen ed in Sec ion 5, along wi h a eas o u u e s udies.
4 E.O. OYEROGBA ETAl.
2. Backg ound
The concep o sus ainabili y epo ing is a opic o deba e globally, pa icula ly wi h he in oduc ion
and implemen a ion o he Uni ed Na ions Sus ainable De elopmen Goals (UN-SDGs) in 2015 (Hashim
e al., 2015). Wi h he adop ion o he SDGs, companies we e ecognized as c i ical pa ne s and ac i e
pa icipan s and in ad ancing he global sus ainable de elopmen agenda (Inua & Emeni, 2019). As a
panacea o economic de elopmen , he banking sec o is should be posi ioned o suppo he global
and he coun y speci ic sus ainable de elopmen goals (lawal e al., 2020). As con ained in he 2018
Global P og ess Repo on sus ainable banking, achie ing he clima e a ge s and SDGs equi es abou
$70 illion o inancing by 2030 (SEC, 2018). In esponse o his call, he launch o he Sus ainable
Banking Ne wo k (SBN) commenced in o de o os e guidelines, na ional policies, p inciples, and oad-
maps on sus ainable banking in eigh een eme ging coun ies (Okoye e al., 2020, Oladele & Oyewole, 2020).
The h us o sus ainable banking en ails a sys em ha aligns p o i maximiza ion wi h en i onmen al
and social conce ns in he ope a ions, in es men decision and c edi isk managemen o posi i e alue
c ea ion in he economy (Raposo e al., 2021; Oye ogba, 2018). While emaining p o i able o he owne s
o he company, i ocuses on he doc ine o sha ed alue, esponsible business p ac ices, and he iple
bo om line o go e nance, en i onmen al, and social ac o s o mi iga e nega i e oo p in s and con ib-
u e o he economic ans o ma ion (Almonee & Samon a ay, 2019; Akinleye e al., 2019; Chin e al.,
2023). In Nige ia, he Sus ainable Banking P inciples (NSBPs) bi hed in 2012 ma k a unique d i e in
co po a e sus ainabili y epo ing whe e banks a e expec ed o do measu ably mo e o d i e gains in he
ma ke , human, and en i onmen al de elopmen (Dong & Wong anich awee, 2023; Elaigwu, e al., 2022;
Oye ogba, 2021). The issues o conce n a e whe he he sus ainable banking p inciples u ning he ide
on majo economy, social, and en i onmen al issues in Nige ia? Wha ac o s a e esponsible o quali y
sus ainable p ac ices and epo ing?
In his s udy, we conside co po a e go e nance p ac ices as one o he key d i e s o sus ainabili y
epo ing quali y in he banking sec o and explo e i ’s in luence on sus ainabili y epo ing quali y.
Being he li e wi e o any economy, he bank plays an impo an ole in accele a ing economic g ow h
o sus ainable de elopmen . The banking sec o in Nige ia is domina ed by comme cial banks, known
as Deposi Money Banks (DMBs), which p o ides he ounda ion o he de elopmen o he na ion’s
inancial sys em (Moses e al., 2020). In 2019, he sec o wi nessed he me ge o Diamond Bank wi h
Access Bank and he es ablishmen o addi ional h ee banks: Ti an T us Bank l d, Globus Bank l d, and
TAJ Bank. The epo om he Cen al Bank o Nige ia (CBN) shows ha Globus and Ti an T us Bank
we e licensed o ope a e as comme cial lende s while TAJ Bank limi ed ob ained a license o ope a e as
a non-in e es bank. This b ings he o al numbe o licensed comme cial banks in Nige ia o 23.
F om he banking sec o , he coun y’s G oss Domes ic P oduc (GDP) was 3.37% in 2017 and 3.31%
in he second qua e o 2018 (SEC, 2018). The agg ega e nominal GDP con ibu ion o he banking
indus y was 3.23% in he i s qua e o 2019, indica ing a sligh educ ion om he 3.76% con ibu ed
o he p eceding yea , bu signi ican ly highe han he 2.84% eco ded in he i s qua e o 2020. In a
epo by he Nige ia Deposi Insu ance Co po a ion (NDIC) 2021, he banking sec o non-pe o ming
loans (NPls) wi nessed a educ ion o he une o 25.15% om N2.36 illion in 2017 o 1.79 illion in
2018. In he same epo , he o e all heal h o Deposi Money Banks in 2018 o 2020 was ela i ely
sound and s able based on an analysis o hei asse ’s quali y, capi al adequacy, liquidi y a io, ea nings
quali y, and ma ke isk sensi i i y. All hese a e clea indica ions ha Nige ian banks a e beginning o
wake up o he need o conduc hei businesses in a sus ainable manne (Oluwagbemiga, 2021).
Al hough, sus ainabili y epo ing is s ill a olun a y disclosu e, he egula o y agencies appea o be
s epping up he campaign o sus ainable p ac ices and owne s and manage s o Nige ian banks ha e
in ensi ied e o s a imp o ing hei sus ainabili y ac i i ies in line wi h he SDG goals (E in e al., 2022).
The banks ha e suppo ed causes and go e nmen ini ia i es ac oss di e en egions and sec o s in
Nige ia. The go e nmen e o s owa d imp o ing li e expec ancy we e complemen ed wi h he banking
sec o heal h in e en ion p og ams, while he capaci y o ele an go e nmen agencies o add ess
c ime and p omo e public peace was s eng hened wi h he banks in es men in secu i y in as uc u e.
Endowmen s, dona ions, and sponso ships in a o o ins i u ions o lea ning ep esen s massi e suppo
o eaching and lea ning, while spo s and you h de elopmen ini ia i es p o ided oppo uni ies o
COGENT BUSINESS & MANAGEMENT 5
many young people o pu sue hei d eams (SEC, 2018). I is pe inen o in es iga e he ex en o which
hese e o s ha e yielded he desi ed esul in e ms o quali y sus ainabili y epo .
3.Theo e ical li e a u e e iew
A numbe o heo ies ha e been ound in he li e a u e ha ha e been used o explain he ela ionship
be ween CG and sus ainabili y including he s ewa dship heo y (A as & C ow he , 2008; Mahmood e al.,
2018; Okoye e al., 2020), esou ce based iew (Hashim e al., 2015), agency heo y (Omolade & Tony,
2014); s akeholde heo y (Gangi e al., 2018) and he legi imacy heo y (Oyewumi e al., 2018; Thomsen,
2013). S ewa dship heo y o igina es om sociology and psychology (Fan a e al., 2013). Donaldson and
Da is (1991) p opounded s ewa dship heo y. This heo y examines he ela ionship be ween manage s
and sha eholde s (Okoye e al., 2020). One way o iew co po a e pe o mance is om he pe spec i e
o s ewa dship. In he con ex o sus ainabili y, managemen is conce ned wi h he s ewa dship o a
i m’s in e nal and en i onmen al esou ces (A as & C ow he , 2008). Hence, managemen ac s as cus o-
dians o he i ms’ esou ces and is conce ned wi h managing he esou ces ou side he o ganiza ion. The
heo y assumes ha he ela ionship be ween he p incipal and s ewa d explains changes in he pe o -
mance o he o ganiza ion.
Ba ney’s (1991) esou ce-based iew emphasizes a i m’s in e nal capabili ies as a sou ce o compe i-
i e ad an age. In his con ex , e ec i e CG can be a s a egic esou ce ha can help posi ion he i m
o sus ainable pe o mance (Hashim e al., 2015). Agency heo y ad oca es ha co po a e owne ship
should be sepa a ed om con ols. In u n, he agen s (manage s) a e expec ed o ac in he in e es s o
he p incipals (sha eholde s). This heo y p io i izes maximizing sha eholde weal h. S akeholde heo y
was p opounded by F eeman (1984). The heo y sees an o ganiza ion as accoun able o mo e han he
sha eholde s o a company. The heo y a gues ha i ms a e expec ed o se e he in e es s o a ious
s akeholde s who a e a ec ed o can a ec a i m’s pe o mance.
legi imacy heo y is closely ela ed o s akeholde heo y (Oyewumi e al., 2018) al hough Moses e al.
(2020) a gue o he wise. Fundamen ally, he p emise o he heo y is ha o ganiza ions can signal hei
legi imacy (Oyewumi e al., 2018) using he legi imacy de ice- annual epo (Uwuigbe, 2018). The heo y
a emp s o explain a i m’s e o o b idge any pe cei ed legi imacy gap in a bid o a oid si ua ions
ha could h ea en i s su i al o a ac sanc ions o any kind. Acco ding o his heo y, business ope -
a ions a e based on exp ess and implied social con ac s (Uwuigbe, 2018) which de e mine he g ow h
and su i al o a business (Oyewumi e al., 2018).
4. Empi ical li e a u e e iew and hypo hesis de elopmen
This s udy assesses how co po a e go e nance (CG) impac s sus ainabili y epo ing ac oss h ee dimen-
sions ( inancial, social, and en i onmen al). F om an empi ical pe spec i e, his obus ocus s ems om
conce ns aised by A as and C ow he (2008) and Mahmood e al. (2018). Thei s udy called o empi ical
esea ch on sus ainabili y epo ing, pa icula ly in ela ion o CG. This s udy he e o e appea s o ep e-
sen an a emp o ake a obus look a he e ec o CG on sus ainabili y epo ing.
As one o he con empo a y issues in business, he issue o CG and sus ainabili y epo ing has
ecei ed subs an ial a en ion in he li e a u e. Howe e , he wo phenomena ha e mos ly been s udied
independen ly (Mahmood e al., 2018; Syde e al., 2020) o in ela ion o inancial pe o mance (Akinleye
e al., 2019; Okoye e al., 2020). Hence, ew s udies p o ide linkages be ween hese wo in de eloping
economies (Gi ón e al., 2020; Masud e al., 2018), ewe in Nige ian li e a u e (Anazonwu e al., 2018;
Inua & Emeni, 2019). Co po a e go e nance- boa d o di ec o s (execu i e and non-execu i e)- p o ec
he in e es s o sha eholde s and a emp o sa is y he expec a ions o o he s akeholde s by aking
cha ge o majo decisions and ac ions o o ganiza ions, including epo ing (Anazonwu e al., 2018;
Hamad e al., 2020). The e o e, esea che s ha e s udied how he cha ac e is ics and unc ions o boa ds
shape he le el o sus ainabili y epo ing (Anazonwu e al., 2018). The li e a u e is eple e wi h CG and
sus ainabili y epo ing issues ocusing on boa d cha ac e is ics such as size, independence, di e si y, and
membe na ionali y (Aliyu, 2019; Anazonwu e al., 2018; Mahmood e al., 2018; Osemene & Fagbemi,
6 E.O. OYEROGBA ETAl.
2019), boa d commi ees such as isk managemen , co po a e social esponsibili y, and audi commi ees
(Aliyu, 2019; Hamad e al., 2020; Mahmood e al., 2018) and CEO cha ac e is ics such as duali y, compen-
sa ion, and enu e (Inua & Emeni, 2019; Osemene & Fagbemi, 2019) amongs o he s. The e a e only a
hand ul o s udies linking he wo phenomena in Nige ia, such as Anazonwu e al. (2018) o he man-
u ac u ing indus y; Osemene and Fagbemi (2019) o consume goods companies; Adeniyi and Fadipe
(2018) in he ood and be e age indus y; Aliyu (2019) o indus ial goods, oil and gas, and na u al
esou ces, as well as he s udy o Inua and Emeni (2019) which cap u ed all i ms quo ed on he NGX.
Mo eo e , mos highligh ed s udies ocused on one o wo dimensions o sus ainabili y epo ing. This is
no o men ion he lack o consis ency in he pas empi ical li e a u e (lyndon & O uya, 2018; Masud
e al., 2018). Consequen ly, he ela ionship be ween CG and co po a e sus ainabili y epo ing emains
unclea (Mahmood e al., 2018) pa icula ly in de eloping economies (Gi ón e al., 2020).
The exis ing li e a u e on sus ainabili y epo ing has ocused p ima ily on a ce ain se o indi idual
ac o s in luencing sus ainabili y epo ing in de eloped coun ies, wi h limi ed li e a u es in eme ging
coun ies. These s udies documen ed signi ican ela ionships be ween sus ainabili y epo ing and
i m-speci ic ac o s (Cohn, 2014; Seda & K ame , 2014), egula o y ac o s (Achua, 2009; Adesola, 2008;
Oma e al. 2013) and co po a e go e nance- ela ed ac o s (Ag awal & Chadha, 2015; Gha an & Yasmin,
2017; Nehme e al., 2015; Sul ana e al., 2015; Tau ingana e al., 2008). Speci ically, Ijewe eme (2015)
obse ed ha esea ch on he de e minan s o sus ainabili y epo ing places g ea e emphasis on
i m-speci ic a iables and o he ela ed ac o s. Ch is ensen e al. posi ed ha p e ious s udies ocused
on egula o y ac o s (e.g., concep ual amewo k and In e na ional Financial Repo ing S anda ds), and
indus y- ela ed ac o s (e.g., isk exposu e and eco e y plan) (Oye ogba, 2021; Seda & K ame , 2014).
In conclusion some esea ch on co po a e go e nance and sus ainabili y epo ing ocuses on ce ain
boa d cha ac e is ics (Mui & Mailley, 2015; Oye ogba e al., 2016; Ogungbade & Oye ogba, 2020) and
audi commi ee e ec i eness (Ibie an, 2013; Imhonopi & U im, 2013; K ame e al., 2017). Addi ionally,
an app eciable numbe o s udies ha e de o ed e o s o in es iga ing he combined e ec s o co po-
a e go e nance mechanisms on sus ainabili y epo ing (Gao, 2010; G eek, 2011; Hassink e al., 2010;
Ijewe eme, 2015). P e ious s udies ha e p esen ed mixed and con adic o y indings on he link be ween
co po a e go e nance mechanisms and sus ainabili y epo ing. Fo example, G eek (2011) obse ed a
signi ican nega i e ela ionship be ween boa d o e sigh unc ion and sus ainabili y epo ing. Howe e ,
Oye ogba e al., (2017) epo ed insigni ican ela ionships be ween owne ship s uc u e, boa d o e sigh
unc ions, and sus ainabili y epo ing. Based on he exis ing li e a u e, his hypo hesis is p oposed
Hi: Co po a e go e nance p ac ices ha e no s a is ically signi ican ela ionship wi h SRQ
5. Resea ch design
5.1. Popula ion and s udy sample
The s udy ocused on he 23 banks quo ed on he Nige ia Exchange G oup (NEG) o a pe iod o en
yea s om 2012 o 2021. Da a we e ex ac ed om a ious sou ces, including audi ed annual epo s and
inancial s a emen s o he selec ed banks, s ock exchange ac books, Nige ian cen al banks s a is ical
bulle ins and o he in e ne sou ces. The inal sample consis ed o balanced panel da a comp ising 190
i m-yea obse a ions o 19 quo ed banks o he en-yea pe iod. The de ails a e lis ed in Table 1. As
shown Table 1, wo banks we e emo ed om he sample because hey we e non-in e es bank. Thei
Table 1. Popula ion and sample o he s udy.
numbe o Banks numbe o i m yea % o he a ge
obse a ions popula ion
Lis ed banks as a 31s Dec, 2021 23 230 100
Less: non-in e es banks (2) (20) (9)
Less: Regional banks (2) (20) (9)
Lis ed Banks in he inal sample 19 190 8
COGENT BUSINESS & MANAGEMENT 7
exclusion om he inal sample was necessi a ed by he ac ha hei go e nance s uc u e is no iden-
ical o ha o o he lis ed banks. The o he wo banks we e emo ed because he banking e o m o
2016 educed hem o egional s a us.
5.2. Compu a ion o co po a e go e nance index
The main explana o y a iable in his s udy is he co po a e go e nance index and i s cons i uen com-
ponen s. The p ima y lis o co po a e go e nance mechanisms was de eloped om he ollowing
sou ces:
1. The e ised OECD Code o Co po a e Go e nance
2. The p o isions o he 2018 SEC e ised co po a e go e nance code in Nige ia
3. The co po a e go e nance p o isions in he Companies and Allied Ma e s Ac , 2020
4. The p o isions in he Cen al Bank o Nige ia co po a e go e nance codes o banks and o he inan-
cial ins i u ions ope a ing in Nige ia
5. O he co po a e go e nance i ems we e bo owed om he exis ing li e a u e (Black e al., 2017;
Oluwagbemiga, 2021; Oye ogba, 2018)
F om hese sou ces, a comp ehensi e co po a e go e nance index wi h 48 i ems was de eloped. Fo
he inal i ems o be included in he co po a e go e nance index o be de e mined, he ollowing p o-
cedu es a e ollowed:
i. In p e ious s udies, all a iables ha we e ound o be signi ican we e selec ed. Hence, CG a iables
such as owne ship s uc u e, audi commi ee expe ience, boa d o e sigh unc ions, audi commi -
ee independence, boa d mee ings and sha eholde s igh s and p o ec ion ha e a consis en and
signi ican ela ionship wi h sus ainabili y epo ing (K ame e al., 2017; Ibie an, 2013; Imhonopi &
U im, 2013).
ii. In line wi h Black e al. (2017), we pe o med a panel mul i a ia e eg ession using 48 co po a e
go e nance mechanisms and sus ainabili y o es ablish he signi ican co po a e go e nance mecha-
nisms (a he 5% signi icance le el) o he selec ion o i ems o be included in he co po a e go -
e nance index. The es ima ed model o his unc ion is as ollows;
SRQ A o
n
CGM
j
i ij i i
=− + ++ +
∑
α β φλε
-
(i)
whe e SRQ is he igu e ob ained he o -sus ainabili y epo ing quali y o company i a ime , he
speci ic co po a e go e nance mechanism included in he co po a e go e nance index is ep esen ed by
CGM. Conside ing he obse ed he e ogenei y in co po a e go e nance p ac ices among he 19 quo ed
banks in ou sample, i m-yea and c oss-sec ional con ols we e included in ou model. The co po a e
go e nance mechanisms wi h signi ican esul s om he es ima ion model a e dilu ed owne ship, boa d
independence, boa d di e si y, audi commi ee inancial expe ise, sha eholde igh s and p o ec ion,
and o eign na ional and amily owne ship. Conside ing he esul s om S eps (i) and (ii), he inal co -
po a e go e nance index consis ing o se en commonly sha ed and s a is ically signi ican co po a e go -
e nance cha ac e is ics was de eloped.
5.3. Measu emen o sus ainabili y epo ing quali y
To measu e he SRQ, we ely o he p o ision om he ollowing documen s
i. USEPA amewo k o sus ainabili y indica o s
ii. P o isions om he Nige ian Sus ainable Banking P inciples (NSBP) issued by he Cen al Bank o
Nige ia (CBN, 2012)
14 E.O. OYEROGBA ETAl.
numbe o b anches. As can be seen in Table 8, he e-es ima ion p oduced a Be a Coe icien o 0.791
and -s a is ics o 3.228, which is signi ican a 1% and 5% le els o signi icance. Excep o he be a
coe icien s o ROA and FSIZE, he esul s o he con ol a iables emain as p e iously epo ed. The e
is a minimal dec ease in he epo ed be a coe icien o i m size. This dec ease pe sis ed o all he
di e en ial esul s. Howe e , a nega i e sign was main ained, indica ing a high deg ee o ag eemen wi h
he baseline eg ession esul s.
7. Summa y and conclusion
In his s udy, we asce ain whe he a composi e co po a e go e nance (CCG) index has a ela ionship
wi h he sus ainabili y epo ing quali y (economic, en i onmen al, and social). This s udy is mo i a ed by
he pe sis en call o adequa e disclosu e o sus ainabili y ac i i ies om di e en s akeholde s. We p e-
mised ou a gumen on s akeholde s’ heo y and s a e ha o he ull e ec o co po a e go e nance
mechanisms o be el on sus ainabili y epo ing quali y, an examina ion o a ull se o co po a e go -
e nance mechanisms is wa an ed. lis ed i ms can ocus on ce ain elemen s o co po a e go e nance
mechanisms, as es ablished by p e ious s udies wi h a iew o enhancing he sus ainabili y epo ing
quali y. This lea es he ques ion o whe he he in e es s o all s akeholde s a e p o ec ed by he speci ic
elemen s o co po a e go e nance mechanisms. This also aises he ques ion o which co po a e go e -
nance elemen s a e use ul in enhancing sus ainabili y epo ing quali y. How can a mix o co po a e
go e nance elemen s be achie ed o ensu e imp o ed sus ainabili y epo ing quali y. These ques ions
mo i a ed his s udy.
Conside ing he my iad o li e a u e on he d i e s o SRQ spanning h ee decades, we ocus on mo e
ecen li e a u e ha in es iga es he link be ween co po a e go e nance and SRQ. This esul ed in o a
e iew o 39 ecen a icles on he a iables unde in es iga ion. We measu ed SRQ using a scale o 0–6.
The highes sco e is ob ained when a sus ainabili y epo is objec i ely e iewed by an independen
audi i m, whe eas he lowes sco e ep esen s he absence o sus ainabili y epo s in a bank. Wi h a
sample o 19 lis ed banks o a pe iod o en yea s (2012–2021), using he o de ed p obi and bina y
logis ics eg ession me hods, ou esul s shows ha co po a e go e nance mechanisms ha e a s a is i-
cally signi ican in luence on sus ainabili y epo ing quali y. The e o e, we es ablish ha banks wi h
dilu ed owne ship, g ea e boa d independence, a high le el o audi commi ee inancial expe ise and
Table 8. o de ed logis ic eg ession o Cg-index and sRQ wi h al e na i e measu es.
Ca ego ical da a o ma ginal e ec s
Va iables Baseline Reg Low Fai Mode a e good High excellen
DoWs 0.426***
(0.139)
BinD 0.311**
(.318)
aDFine 0.637**
(0.399)
BDiV −0.329**
(0.181)
sHRP 0.249**
(0.115)
Fna −0.572***
(0.105)
FoWs −0.662***
(0.214)
Cg-inDeX 0.791*** −0.076*** −0.159** 0.438** 0.207** 0.179** 0.093**
(0.384) (0.066) (0.048) (0.137) (0.019) (0.111) (0.036)
Roa 1.995** −0.067** −0.091** −0.226** 0.189** 0.095** 0.007*
(0.887) (0.013) (0.041) (0.118) (0.016) (0.007) (0.009)
FgRW 1.228** 0.117*** 0.078*** 0.189** 0.213*** 0.052** 0.047**
(0.745) (0.019) (0.031) (0.052) (0.164) (0.013) (0.026)
CgeaR 0.652** 0.555** 0.611** −0.317** −0.240*** −0.138** −0.104**
(0.276) (0.201) (0.100) (0.225) (0.289) (0.079) (0.059)
aQua 0.085** −0.197** −0.294** 0.526** 0.159** 0.041** 0.009
(0.009) (0.068) (0.005) (0.029) (0.049) (0.023) (0.107)
FsiZe −4.048** 1.311** −2.126** −2.231** −1.574** −1.135** −0.951**
5.989 (0.262) (0.144) (0.416) (0.393) (0.118) (0.031)
COGENT BUSINESS & MANAGEMENT 15
g ea e sha eholde igh s and p o ec ion a e likely o ha e highe sus ainabili y p ac ices and epo ing
quali y. By con as , banks wi h highe boa d di e si y, la ge o eign na ionals and a g ea e p opo ion
o amily owne ship a e less likely o epo quali y sus ainabili y. Ou esul s p o ide empi ical suppo
o Ba ney’s (1991) esou ce-based heo y which emphasizes a i m’s in e nal capabili ies as a sou ce o
compe i i e ad an age. In his con ex , e ec i e CG can be a s a egic esou ce ha can help posi ion
he i m o sus ainable pe o mance (Hashim e al., 2015)
Fu he analysis e eals ha ex e nal assu ance is a use ul ool o enhancing he quali y o sus ain-
abili y epo ing. We also ound ha ha ing a s anding commi ee o p o ide o e sigh unc ions on
sus ainabili y ac i i ies con ibu es o an inc ease in sus ainabili y epo ing quali y. The esul s a e use-
ul in de e mining co po a e go e nance p ac ices ha con ibu e posi i ely owa d sus ainabili y
epo ing quali y and hose ha do no . I is essen ial o lis ed banks o conside which aspec s o hei
go e nance s uc u e could po en ially imp o e hei sus ainabili y epo ing quali y and concen a e
on hem.
Ou esul s highligh ha ex e nal assu ance and boa d o e sigh appea o be he p incipal
ins umen s ha p omo e highe SRQ le els. The e o e, i is essen ial o he boa d o di ec o s o
ha e a s anding commi ee wi h he equi ed expe ise o egula e sus ainabili y- ela ed asks. While
i is ecommended ha boa ds o lis ed banks should ensu e ha sus ainabili y epo s a e sub-
jec ed o ex e nal e iew be o e publica ion, i is c ucial o egula o y agencies such as he Cen al
Bank o Nige ia, Secu i y Exchange G oup, and so on o enac law ha will make p o ision o ex e -
nal assu ance on sus ainabili y epo ing as a egula o y equi emen . This will s eng hen
non- inancial disclosu e, which will ul ima ely enhance he c edibili y o co po a e epo ing in lis ed
banks in Nige ia.
8. Limi a ion and a eas o u u e esea ch
Being he s udy o a single sec o , he sample size could be conside ed as a limi a ion. Howe e , i
should be kep in mind ha a igo ous and exhaus i e sea ch o all he co po a e go e nmen mech-
anisms ha ha e been ound o ha e a signi ican in luence on sus ainabili y epo ing quali y in
s udies conduc ed using da a om o he sec o s we e included in he de elopmen o ou co po a e
go e nance index. Fu u e s udies can conside using da a om he en i e lis ed companies wi h he
exclusion o inancial ins i u ions. We a e cu en ly conduc ing a simila s udy on he manu ac u ing
sec o . Also, we employed seconda y da a in his pape . Al hough, mos o he co po a e go e nance
a ibu es could be sou ced om he audi ed annual epo s and o he eliable sou ces, i would be
en iching o conduc p ima y in e iews wi h he managemen and boa d membe s o ob ain addi-
ional in o ma ion on o he unobse able d i e s o sus ainabili y epo ing quali y ha a e no usually
cap u ed in he annual epo s.
Au ho s con ibu ions
Ezekiel Oluwgbemiga OYEROGBA: Concep ualiza ion, Me hodology, Da a Analysis, W i ing-O iginal D a
Femi OlADElE: Valida ion, Da a analysis, W i ing – e iew and edi ing
Peace Ebunoluwa KOlAWOlE: Da a cu a ion, Me hodology, W i ing – e iew and edi ing.
Mo oluwake Adedamola ADEYEMO: Da a cu a ion, In e p e a ion o esul s, W i ing – e iew and edi ing
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
D Ezekiel Oluwagbemiga Oye ogba is an Associa e P o esso o Accoun ing a he Bowen Uni e si y, Nige ia, wi h
expe ise in co po a e go e nance and co po a e epo ing. He holds a PhD in Accoun ing and has pu o e 15 yea s
16 E.O. OYEROGBA ETAl.
in o eaching, esea ch, and consul ancy. He has published se e al pape s in op a ed academic jou nals and supe -
ised ele en (11) PhD s uden s and se e al MSc S uden s.
Femi Oladele is a Public Policy En husias who has au ho ed and co-au ho ed pee e iewed publica ions on accoun -
ing, inno a ion, echnology, and en ep eneu ship. His doc o al hesis won he 2021 Eme ald & HETl Ou s anding
Doc o al Resea ch Awa ds (Highly Commended P ize). Femi uses esea ch o suppo public policy discou se, s a e-
gies, and ou comes.
Peace Ebunlomo Kolawole is a lec u e a Bowen Uni e si y, Osun S a e, Nige ia wi h expe ise in inancial epo ing
and audi ing. She holds a PhD in Accoun ing and is in ol ed in eaching and esea ch. He esea ch in e es is in
co po a e epo ing and has published quali y pape s in in e na ional jou nals in his a ea. She is cu en ly supe is-
ing some pos g adua e s uden s in co po a e epo ing.
Mo oluwake Adedamola Adeyemo is an educa o , she cu en ly wo ks a Bowen Uni e si y as a lec u e in he
depa men o Accoun ing and Finance. Adeyemo Mo oluwake is a g adua e o Bowen Uni e si y, Iwo, Osun S a e
om he depa men o Accoun ing whe e she ob ained he bachelo ’s deg ee and Mas e o Science deg ee as well.
She is pu suing a Ph.D in one o he epu able Uni e si y in Nige ia. She is a young en husias ic esea che , and he
a ea o special y is Co po a e Go e nance and Co po a e Finance.
Funding
No unding was ecei ed o his s udy.
Da a a ailabili y s a emen
Da a o his s udy we e ex ac ed om he annual inancial s a emen s o he selec ed banks.
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