POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com
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POLAC MANAGEMENT REVIEW (PMR)
DEPARTMENT OF MANAGEMENT SCIENCE
NIGERIA POLICE ACADEMY, WUDIL-KANO
BOARD GENDER DIVERSITY, FOREIGN DIRECTORS, AND CORPORATE SUSTAINABILITY
REPORTING IN NIGERIA
Yusu Alabi Olumoh Depa men o Accoun ing, Finance, and Taxa ion, Kwa a S a e Uni e si y, Male e
Fa imah Zah a U hman Depa men o Accoun ing, Ib ahim Badamasi Babangida Uni e si y, Lapai,
Abs ac
While sus ainabili y has become a global call, manu ac u ing i ms in Nige ia con inue o ace challenges in making
hei co po a e sus ainabili y epo ing anspa en . P ecisely, he challenges a e o en symp oma ic o poo
unde lying co po a e go e nance s uc u es, pa icula ly in he composi ion o he boa d in e ms o gende and he
p esence o o eign di ec o s. Though highly ecognized o d i ing imp o ed sus ainabili y p ac ices, boa ds ha a e
di e se and in e na ionally o ien ed a e ye o be ce ain abou hei pa icula in luence on sus ainabili y epo ing
in Nige ia. In ligh o hese challenges, his s udy seeks o explo e how boa d gende di e si y and o eign di ec o
p esence in luence co po a e sus ainabili y epo ing in Nige ia. The s udy adop ed an ex-pos ac o esea ch design
and sampled 20 manu ac u ing companies using a judgmen al sampling app oach. The s udy u ilized seconda y da a
collec ed om annual epo s o lis ed manu ac u ing i ms h oughou 2010–2023 and employed an e o -co ec ed
panel eg ession echnique o da a analysis. The indings indica e ha boa d gende di e si y posi i ely in luences
co po a e sus ainabili y epo ing, while he p esence o o eign di ec o s does no signi ican ly in luence co po a e
sus ainabili y epo ing in Nige ia. This s udy concludes ha di e se and in e na ional boa ds a e mo e likely o lead
o comp ehensi e sus ainabili y epo ing. The p esen s udy made a ailable some insigh in o he ole ha inclusi e
boa d con igu a ions can play in u he ing good co po a e go e nance and sus ainabili y in Nige ian i ms. The
s udy ecommends ha co po a e en i ies should ensu e ha p omo ing gende di e si y on boa ds is a s ep owa ds
enhancing hei co po a e go e nance and sus ainabili y p ac ices, which also needs companies o encou age and
p omo e gende inclusion in boa d appoin men s o in luence hei sus ainabili y epo ing and dedica ion owa ds
co po a e social esponsibili y.
Keywo ds: Boa d Gende Di e si y, Fo eign Di ec o s, Co po a e Sus ainabili y Repo ing.
JEL Classi ica ion Codes: G34, M14
1. In oduc ion
In he mode n pe spec i e, Co po a e Sus ainabili y
Repo ing, o CSR, has eme ged as an impo an aspec
o co po a e go e nance a ound he globe.
O ganiza ions, especially hose ope a ing in highly
egula ed en i onmen s, a e inc easingly expec ed o
epo non- inancial in o ma ion ela ed o ESG
me ics. The ising ocus on co po a e social
esponsibili y has eme ged in esponse o g owing
demands om s akeholde s, in es o s, egula o s, and
he public o g ea e anspa ency ega ding a
company's social and en i onmen al impac . Resea ch
indica es ha CSR can enhance i ms’ epu a ion,
con ibu e o isk managemen , and suppo long- e m
sus ainabili y goals (Boi al &Yu ie , 2024).
Globally, ad anced na ions ha e led he cha ge
in CSR p ac ices, p ima ily due o s onge egula o y
amewo ks and ins i u ional suppo . Fo example, in
Eu ope, di ec i es such as he Eu opean Union’s Non-
Financial Repo ing Di ec i e (NFRD) manda e la ge
companies o disclose ESG in o ma ion, p omo ing
mo e s anda dized and igo ous epo ing p ac ices
(Cicchiello e al., 2021). The Uni ed S a es has also seen
signi ican de elopmen in CSR epo ing, pa icula ly
ollowing he ise o ESG in es men and he
in oduc ion o amewo ks like he Global Repo ing
Ini ia i e (GRI) s anda ds (Sun e al., 2024). Companies
POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com
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om hese egions ha e de eloped s ong CSR
p ac ices and ha e been qui e ac i e in embedding CSR
in o hei co po a e s a egies.
Howe e , de eloping coun ies ha e aced
nume ous obs acles in implemen ing CSR p ac ices.
The ins i u ional capaci y o he coun y is ela i ely
limi ed, egula o y amewo ks a e weak, and in es o
p essu e is also limi ed; he e o e, i ms ail o disclose
non- inancial in o ma ion e ec i ely. Ne e heless, he
impo ance o CSR is gaining ac ion in hese egions
due o ising en i onmen al conce ns and socie al
expec a ions (Gi ón e al., 2021; Wulan, 2022). Fo
ins ance, s udies om coun ies such as China and
Indonesia show a g owing emphasis on CSR,
pa icula ly linked o he ac i i ies o o eign di ec o s
and boa d di e si y (Jiang e al., 2023; Haide &
Nishi ani, 2022). In Nige ia, CSR is s ill
unde de eloped compa ed o he coun ies wi h
ad anced economies, wi h mos s udies ocusing on he
egula o y, ins i u ional, and co po a e go e nance
ac o s. Resea ch has shown ha boa d composi ion,
especially he numbe o women and o eign di ec o s,
is a signi ican de e minan o he ex en o which
companies adop CSR p ac ices (Amidjaya e al., 2023).
While his has been going on, he combined e ec o
boa d gende di e si y and o eign di ec o s on CSR
epo ing in Nige ia emains a key a ea o esea ch ha
has emained mos ly unexplo ed, especially in small- o
medium-sized i ms and ac oss sec o s.
This s udy, he e o e, ies o ill his gap in he
li e a u e by examining how hese go e nance a iables
play a ole in shaping CSR epo ing p ac ices in he
Nige ian con ex . In pa icula , he s udy aims o
de e mine he impac o o eign di ec o s on co po a e
sus ainabili y epo ing in Nige ia and o examine he
impac o boa d gende di e si y on co po a e
sus ainabili y epo ing in Nige ia. F om he abo e
objec i es, he ollowing hypo heses ha e been
o mula ed.
Ho1: Boa d gende di e si y does no ha e a signi ican
impac on co po a e sus ainabili y epo ing in Nige ia.
HO2: Fo eign di ec o s ha e a signi ican in luence on
co po a e sus ainabili y epo ing in Nige ia.
Resul s ob ained in his s udy would add o he
academic ield o knowledge in aspec s o boa d
composi ion, such as boa d gende di e si y and o eign
di ec o s, among lis ed companies. This would enable
policymake s o b ing ou sus ainable policies ha
would ease bo h sho - and long- e m sus ainable
en i onmen s o business en i ies o h i e, and also
assis he co po a e en i ies in Nige ia o know which
a ea o boa d cha ac e is ics o p io i ize so as o enable
hem o imp o e on hei ESG epo ing p ac ices.
2. Li e a u e Re iew
2.1 Concep ual Issues
Fo eign Di ec o s
The p esence o o eign di ec o s b ings di e si y wi h
in e na ional expe ience ha could u he s eng hen
good co po a e go e nance p ac ices in e ms o
sus ainabili y epo ing. Acco ding o Youse e al.
(2025), o eign di ec o s e e o indi iduals who se e
on a company's boa d o di ec o s bu a e no ci izens o
pe manen esiden s o he coun y in which he
company is p ima ily based. Thei inclusion on he
boa d is o en a s a egic decision aimed a b inging a
global pe spec i e, di e se expe iences, and
in e na ional ma ke insigh s o he i m's go e nance
(Yahaya, 2025). These di ec o s can o e aluable
knowledge abou o eign ma ke s, egula o y
en i onmen s, and cul u al nuances, which is
pa icula ly bene icial o mul ina ional co po a ions o
companies wi h global aspi a ions (Wulan, 2022).
Addi ionally, o eign di ec o s can enhance he boa d's
independence, as hey may be less en angled in local
ne wo ks and ela ionships ha could in luence
decision-making (Haide & Nishi ani, 2022; Pu &
Zulka li, 2025).
The p esence o o eign di ec o s can in luence
a company's s a egic di ec ion and in e na ionaliza ion
e o s. By p o iding insigh s in o global ends,
compe i i e landscapes, and bes p ac ices om
di e en ju isdic ions, hey can help he boa d iden i y
new oppo uni ies, mi iga e in e na ional isks, and
na iga e complex c oss-bo de challenges (Aksan &
Gan yowa i, 2020). Thei di e se p o essional
backg ounds, o en spanning a ious indus ies and
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unc ional a eas ac oss di e en coun ies, can en ich
boa d discussions, os e inno a ion, and imp o e he
quali y o s a egic decisions (E in e al., 2022).
Mo eo e , hei appoin men can signal a company’s
commi men o global go e nance s anda ds and a ac
in e na ional in es o s (Amidjaya e al., 2023).
Boa d Gende Di e si y
Boa d gende di e si y has been in ocus as one o he
ace s o co po a e go e nance, o which a ious
s udies (A ayaka nkul e al., 2022). Singhania e .al.
(2024) indica e ha decision-making, CSR ini ia i es,
and inancial pe o mance a e all be e when he e is a
gende -di e se boa d o di ec o s. Women di ec o s
p e e o b ing di e en dimensions, which possibly
encou ages b oade sus ainabili y ini ia i es.
Acco ding o Ca ajal e al. (2022), boa d
gende di e si y is he inclusion o women, alongside
men, on a company's boa d o di ec o s. This concep
goes beyond me e ep esen a ion, aiming o le e age
he dis inc pe spec i es, expe iences, and leade ship
s yles ha indi iduals o di e en gende s b ing o
go e nance. The mo emen owa ds g ea e gende
di e si y on boa ds is d i en by bo h e hical
conside a ions o equali y and empi ical e idence
sugges ing i s posi i e impac on go e nance quali y
and sus ainabili y epo ing (Cicchiello & Fellega a,
2021; Zahid e al., 2020).
Ad oca es o boa d gende di e si y
emphasize he nume ous bene i s i can b ing o an
o ganiza ion. Resea ch consis en ly sugges s ha
gende -di e se boa ds end o be mo e e ec i e,
exhibi ing imp o ed inancial pe o mance, be e isk
managemen , and enhanced inno a ion (Buallay &
Alhalwachi, 2022; Gi ón e al., 2022). Women di ec o s
o en b ing di e en p oblem-sol ing app oaches, a
ocus on b oade s akeholde in e es s, including social
and en i onmen al conce ns, and a mo e collabo a i e
decision-making s yle (Sul ana e al., 2024). Thei
p esence can also lead o mo e obus discussions,
educed g oup hink, and a g ea e likelihood o
challenging con en ional wisdom, ul ima ely esul ing
in mo e comp ehensi e and well-conside ed s a egic
ou comes (Singhania e al., 2024). Beyond di ec
pe o mance me ics, boa d gende di e si y
con ibu es o a company’s epu a ion, legi imacy, and
co po a e sus ainable epo ing. I signals a
commi men o equali y and mode n go e nance
p inciples, enhancing b and image and appealing o
ESG-conscious in es o s (Daniel-Vasconcelos e al.,
2022; Mon ei o, Lemos & Ribei o, 2022). Mo eo e ,
di e se boa ds a e be e posi ioned o unde s and and
espond o he needs o di e se cus ome bases and
employee demog aphics, os e ing an inclusi e
co po a e cul u e and s onge s akeholde ela ionships
(Ya am & Adapa, 2021; Haque & Jones, 2020).
Co po a e Social Responsibili y (CSR)
Co po a e Social Responsibili y (CSR) is a sel -
egula ing business model ha helps a company be
socially accoun able o i sel , i s s akeholde s, and he
public (MacG ego -Pelikáno á, 2025). By p ac icing
CSR, companies aim o be conscious o hei impac on
all aspec s o socie y, including economic, social, and
en i onmen al dimensions. CSR ep esen s a
company’s e hical commi men o sus ainable
de elopmen and imp o ed quali y o li e o i s
s akeholde s (A el a, Ale asoul & Usman, 2022).
These ini ia i es ange om en i onmen al p o ec ion
and e hical labo p ac ices o philan h opy and
communi y de elopmen (Ca by-Hall, 2025).
CSR ex ends beyond legal compliance o
include p oac i e in eg a ion o social and
en i onmen al conce ns in o business s a egy. This
includes educing ca bon emissions, p omo ing
di e si y and inclusion, and in es ing in educa ion and
local communi ies (Co ea-Ga cia e al., 2020). CSR is
no only a mo al impe a i e bu also a s a egic ool o
enhancing co po a e image, a ac ing socially
conscious in es o s, and imp o ing employee mo ale
(Ja eed e al., 2022). S udies ha e shown ha
companies wi h di e se boa ds, pa icula ly hose wi h
gende di e si y and o eign di ec o s, end o engage
mo e deeply in CSR and sus ainabili y epo ing
(Agus ia e al., 2022; Juwi a & Honggowa i, 2022;
Gup a, N., & Ansa i, 2025).
E ec i e CSR s a egies yield bo h in e nal and
ex e nal bene i s. In e nally, hey can lead o imp o ed
employee sa is ac ion and e en ion, while ex e nally,
hey os e consume loyal y and open access o e hical
POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com
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ma ke s (P o asi & Ha asheh, 2021). Mo eo e , CSR-
d i en i ms a e be e equipped o manage egula o y
isks and mee s akeholde expec a ions in dynamic
business en i onmen s (Gi haiga & Kosgei, 2023). As
such, CSR has e ol ed in o a co e elemen o
sus ainable business pe o mance, s ongly in luenced
by boa d composi ion and go e nance quali y (Osuji &
Edeji, 2025).
2.2 Theo e ical F amewo k
This s udy is ancho ed on s akeholde heo y, which
posi s ha o ganiza ions mus conside he in e es s o
all s akeholde s, no jus sha eholde s, in hei
go e nance and decision-making p ocesses. The
inclusion o o eign di ec o s and gende -di e se boa d
membe s e lec s esponsi eness o global and socie al
expec a ions, he eby enhancing co po a e social
esponsibili y (CSR) (A el a e al., 2022; E in e al.,
2022). S akeholde heo y suppo s he iew ha
di e se boa d composi ions imp o e anspa ency,
e hical conduc , and sus ainabili y epo ing (Amidjaya
e a., 2023; Buallay & Alhalwachi, 2022). Thus, boa d
di e si y se es as a s a egic mechanism o balancing
s akeholde demands and p omo ing long- e m alue
c ea ion (Gi haiga & Kosgei, 2023
2.3 Empi ical Re iew
Some s udies ha e analyzed he associa ion be ween
boa d gende di e si y and co po a e sus ainabili y
epo ing, poin ing ou he impo an ole ha gende -
di e se boa ds play in enhancing sus ainabili y
p ac ices ac oss a ious egions.
Saidu e al. (2020) s udied he impac o boa d
di e si y on sus ainabili y epo ing o lis ed indus ial
goods i ms in Nige ia, using a c oss-sec ional su ey
app oach and S uc u al Equa ion Modeling (SEM).
Thei indings showed a signi ican posi i e
ela ionship be ween boa d di e si y and sus ainabili y
epo ing.
Simila ly, Moses and Che-Ahmad (2020) used
C i ical Mass Theo y (CMT) o explain boa d gende
di e si y. They pos ula ed ha he inclusion o women
on boa ds enhances he quali y o sus ainabili y
epo ing. This heo y was u he suppo ed by
Wahyuni e al. (2024), who con i med he c i ical mass
e ec o gende di e si y on sus ainabili y epo ing
wi h a ocus on en i onmen al p ese a ion and
co po a e sus ainabili y ou comes. Simila ly, Juwi a and
Honggowa i (2022) examined he boa d di e si y o
Indonesia be o e and du ing COVID-19. They ound
ha gende di e si y signi ican ly impac ed
sus ainabili y epo ing and disclosed i s a ying ends
du ing he pandemic. The posi i e impac o gende
di e si y on sus ainabili y epo ing in Nige ia and
Po ugal was u he suppo ed by E in e al. (2022) and
Mon ei o e al. (2022), espec i ely. The s udy
conduc ed by Ya am and Adapa (2021), ocusing on
he c i ical mass e ec o boa d gende di e si y on
CSR and sus ainabili y epo ing in Aus alia, a i ms
ha i signi ican ly enhances sus ainabili y p ac ices.
In Indonesia, Agus ia e al. (2022) ound ha
boa d di e si y ac s as a media ing agen in i m alue
and hus con ibu es o sus ainabili y epo ing. In he
same way, Gi haaga and Kosgei 2023 p esen an
in es iga ion in o he associa ion be ween boa d
cha ac e is ics, including gende di e si y, and
sus ainabili y epo ing in Eas A ica. Signi ican
posi i e e ec s a e ealized om he esul s. Gi ón e al.
(2022) ocused on assessing how boa d gende di e si y
a ec s SDG epo ing in lowe -middle-income
coun ies o Asia and A ica. The esea ch indica ed a
posi i e associa ion be ween gende -di e se boa ds and
SDG epo ing and ex e nal assu ance.
Buallay e al. (2022) ocus on Middle Eas e n
i ms. Thei indings p o e ha an inc ease in he
p esence o women ensu es an inc ease in he
sus ainabili y o epo ing p ac ices. Khunkaew and
Wichian ak (2023) explo ed he ASEAN egion and
showed ha gende di e si y posi i ely in luenced
sus ainabili y epo ing and co po a e pe o mance.
Pa eek, Sahu, and Gup a (2023) ocused on how boa d
gende di e si y in luences co po a e sus ainabili y
pe o mance in India. The esul s showed ha , along
wi h boa d size, gende di e si y has a signi ican e ec
on sus ainabili y epo ing. Singhania e al. (2024)
looked in o eme ging ma ke s and disco e ed an
inc ease in he quali y o sus ainabili y epo ing
because o gende di e si y. Sul ana e al. (2024)
analyzed he ole o boa d gende di e si y in ligh o
POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com
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ex ended commi men s owa d SDGs in eme ging
ma ke s and a ibu ed inc eased disclosu e o SDG
commi men s o gende -di e se boa ds. In his espec ,
se e al s udies ha e looked in o he ela ionship
be ween o eign di ec o s on co po a e boa ds and
sus ainabili y epo ing ac oss a ious egions. Fo
ins ance, Aksan and Gan yowa i (2020) gauged he
impac o o eign boa d p esence and o eign owne ship
on sus ainabili y epo ing and i m alue in Indonesian
Fi ms. They no iced ha companies whose le el o
o eign di ec o s was highe ha e mo e obus i m
alue, which in luenced hei p ac ice o Sus ainabili y
Repo ing.
On he same no e, Saidu e al. (2020) gauged
he impac o o eign di ec o s on sus ainabili y
epo ing in he Indus ial goods i ms o Nige ia. Thei
indings indica ed ha o eign boa d ep esen a ion is
posi i ely ela ed o he ex en o sus ainabili y
epo ing, he e o e showing ha o eign di ec o s
enhance anspa ency and en i onmen al disclosu es. In
ela ion, Co ea-Ga cia e al. (2020) in es iga ed he
associa ion be ween o eign boa d membe s and he
quali y o sus ainabili y epo ing in La in Ame ican
business g oups. They ound ha o eign owne ship
signi ican ly enhanced he quali y o sus ainabili y
disclosu es, unde lining he demand o highe
go e nance s anda ds om o eign in es o s. Gold e al.
(2021) esea ched boa d di e si y, including o eign
di ec o s, in Nige ian i ms. The au ho s ound ha
boa ds wi h di e se in e na ional backg ounds a e
associa ed wi h high-quali y sus ainabili y disclosu es.
Ma dini and Elleuch-Lahyani (2022), in hei
ocus on he pe o mance o ca bon emissions in
F ance, iden i ied o eign di ec o s con ibu ing o CSR
p ac ices and en i onmen al disclosu e, pa icula ly
wi hin he F ench con ex . Toumi e al. (2022), while
s udying CSR disclosu e p ac ices in F ance,
es ablished ha "a i m wi h a highe o eign boa d
membe pe cen age was mo e commi ed o CSR
ac i i ies, especially in social and en i onmen al
epo ing. Haide and Nishi ani (2022) esea ched he
impac o o eign di ec o s and ins i u ional in es o s on
sus ainabili y epo ing in Japan. They ound ha bo h
we e signi ican ac o s con ibu ing o highe le els o
sus ainabili y epo ing and g ea e anspa ency. Wulan
(2022) in es iga ed he impac o o eign di ec o s and
o eign owne ship on ca bon emission disclosu e in
Indonesia. The s udy documen ed ha i ms wi h highe
le els o o eign di ec o s exhibi ed be e
en i onmen al disclosu e p ac ices. Amidjaya e al.
(2023) in es iga ed he boa d cha ac e is ics o
di e si y, including o eign di ec o s in Indonesian
lis ed banks.
They ound ha o eign di ec o s acili a e
inc eased in e na ionaliza ion and suppo s ingen
sus ainabili y p ac ices, especially in he adop ion o
in e na ional s anda ds. Gi haiga and Kosgei (2023)
looked a he boa d cha ac e is ics o o eign di ec o s
and he e ec on he sus ainabili y epo ing o he lis ed
i ms in Eas A ica. The s udy ound ha boa ds
comp ising o eign di ec o s, independen di ec o s,
and non-execu i e membe s we e mo e ap o epo
sus ainabili y- ela ed disclosu e o quali y ma e ial o
achie e good go e nance. Singhania e al. (2024)
e alua ed he pe o mance o o eign di ec o s in
d i ing sus ainabili y epo ing imp o emen s in
eme gen ma ke s. They ound ha boa ds wi h o eign
di ec o s con ibu ed o inc eased quali y in e ms o
sus ainabili y epo ing, mainly wi h ega d o he
global sus ainable de elopmen goals. On hei pa ,
Cicchiello e al. (2021) ha e analyzed in hei wo k he
con ibu ion gi en by gende di e si y and o eign
di ec o s o sus ainabili y epo ing wi hin Asian and
A ican i ms, unde lining he ele an con ibu ion
gi en by o eign di ec o s. These a eas include, bu a e
no limi ed o, esea ch gaps in he li e a u e ela ing o
boa d gende di e si y, o eign di ec o s, and co po a e
sus ainabili y epo ing. Concep ually, al hough ea lie
s udies such as Ha jo o e al. (2020) and Haide &
Nishi ani (2022) ha e explo ed how o eign di ec o s
can enhance sus ainabili y epo ing in China,
Indonesia, and Japan, espec i ely, he e is a dea h o
ocused esea ch wi h ega d o Nige ia. P ecisely, no
s udy has speci ically examined he combined impac o
boa d gende di e si y and o eign di ec o s on
co po a e sus ainabili y epo ing in he Nige ian
con ex .
3. Me hodology
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The s udy adop ed an ex-pos ac o esea ch design o
de e mine he impac o independen a iables, iz.,
o eign di ec o s, boa d gende di e si y, on
sus ainabili y epo ing. The non-expe imen al ype
examines causali y a e he ac wi hou any
in e e ence by he esea che . The esea ch ocuses on
all 34 manu ac u ing companies lis ed in he Nige ian
Exchange G oup as o 31 Decembe 2023, ocusing on
wo sec o s ha pose di e en challenges in
sus ainabili y epo ing: he indus ial and consume
goods sec o s. This is educed o 34 h ough a wo-poin
il e o con inuous lis ing and a ailabili y o da a
h oughou he s udy pe iod. The sample size will be 20
companies, which is abou 60% o he popula ion. The
sample will be collec ed based on annual epo s om
he yea s 2013-2023 o ensu e ha he yea s align wi h
g ea ends conce ning ESG ac o s and indus y-
speci ic ini ia i es o sus ainabili y.
This wo k es s he hypo heses ega ding how o eign
boa d cha ac e is ics- o eign di ec o s and boa d
gende di e si y-a ec co po a e sus ainabili y
epo ing by adop ing he model sugges ed by
Singhania e al. (2024). The esea ch by Singhania e al.
2024 which del ed in o Boa d gende di e si y and
sus ainabili y epo ing quali y, has i s model s a ed as:
SRQ = (Boa d Gende Di e si y) ………… (1)
SRQi = β0 + β1BGDi + εi .……………….. (2)
Whe e: SRQ = Sus ainabili y Repo ing Quali y, BGD
Boa d Gende Di e si y ε = E o e m. The e o e, wi h
ha in mind, he model used in his esea ch ep esen s
an ex ension and modi ica ion o he wo k done by
Singhania e al. (2024. A he same ime, hey de ine
boa d gende di e si y along wi h adding o eign
di ec o s as he a iables in an independen manne .
Modi ica ion and ex ension a e ele an o achie ing
he s a ed objec i es o his s udy, so his p ocedu e is
subs an ia ed.
Mo e speci ically, in ligh o he model o
Singhania e al. (2024) adap ed, he dependen a iable
(sus ainabili y epo ing quali y) used by he
esea che s has been eplaced by co po a e
sus ainabili y epo ing o make his wo k mo e obus .
The model o his s udy is w i en as:
CSRi = β0 + β2FDRi + β2BGDi + εi .………….(3)
Whe e CSR = Co po a e Sus ainabili y Repo ing, FDR
= Fo eign Di ec o s, and BGD = Boa d Gende
Di e si y, β0 = In e cep coe icien , β1-2 = Pa ame e s
o he es ima e, εi = E o e m. The s udy inco po a ed
h ee majo a iables, which we e u he di e en ia ed
in o dependen , independen , and con ol a iables. The
dependen a iable is sus ainabili y epo ing, measu ed
by he economic, social, and go e nance disclosu es,
whe e each i em was sco ed as one o ze o based on he
p esence o absence o speci ic disclosu e elemen s.
Among he independen a iables is he inclusion o
wo majo cha ac e is ics o he boa d: o eign di ec o s
and boa d gende di e si y. FDR is he a io o o eign
di ec o s o he o al numbe o di ec o s on he boa d,
while BGD has been quan i ied by he pe cen age o
women on he boa d o e he o al numbe o di ec o s.
Among he i m-speci ic ac o s, he pape conside s
company size as a con ol a iable p oxies by he
na u al loga i hm o o al asse s.
Based on hese wo hypo heses, he associa ion
among boa d cha ac e is ics, manage ial abili y, and
sus ainabili y epo ing o manu ac u ing i ms has
been es ed h ough desc ip i e and in e en ial s a is ics.
Panel eg essions used PCSE o accoun o
he e oscedas ici y and con empo aneous co ela ion
along wi h a ime- a ying a iable o ensu e e icien
and obus es ima ions o panel da a agains classic
in e ence me hods (Al a ez e al., 1991). Using his
app oach, unobse ed he e ogenei y and i s c oss-
sec ional dependencies a e pu unde con ol.
4. Resul s and Discussion
The analysis was ca ied ou o de e mine he e ec o
boa d gende di e si y and o eign di ec o s on
co po a e sus ainabili y epo ing among lis ed
manu ac u ing i ms in Nige ia. Tables 1 o 4
unde sco e he summa y o he esul s: desc ip i e
s a is ics, mul icollinea i y es s, and model goodness-
o - i measu es ha gi e an o e iew o a iable
dis ibu ion, ela ionship amongs a iables, and
obus ness o he eg ession model employed.
4.1 Desc ip i e S a is ics and Diagnos ic Assessmen
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Table 1 p esen s he desc ip i e s a is ics o he s udy
a iables, showing hei minimum, maximum, mean,
s anda d de ia ion, and Ja que-Be a alues o assess
da a dis ibu ion and no mali y. Table 2 epo s he
collinea i y diagnos ics using he Va iance In la ion
Fac o (VIF) and ole ance alues o es o
mul icollinea i y among he independen a iables.
Table 3 p o ides he goodness-o - i esul s using
Pea son's chi-squa ed and De iance s a is ics o
e alua e he model's adequacy and i ness o u he
analysis.
Table 1: Desc ip i e S a is ics
Va iables
Min
Max.
Mean
S d. De
Ja que-Be a
Co po a e Social Responsibili y
0.0000
1.0000
0.735000
0.4424407
0.0370
Fo eign Di ec o s
0.0000
1.1670
0.179114
0.1687585
0.0046
Boa d Gende Di e si y
0.0000
0.5000
0.159427
0.1082354
0.0015
Co po a e size
6.4820
10.9880
8.368155
0.8418301
0.0011
Au ho ’s Compu a ion (2024)
Table 2: Collinea i y Tes s
Model
Collinea i y S a is ics
Tole ance
VIF
Fo eign Di ec o s
0.773
1.293
Boa d Gende Di e si y
0.883
1.132
Csize
0.895
1.117
Au ho ’s compu a ion (2024)
Table 3: Goodness-o -Fi
Chi-Squa e
d
Sig.
Pea son
214.271
193
.140
De iance
213.832
193
.145
Sou ce: Au ho ’s Compu a ion (2024).
Table 1 gi es desc ip i e s a is ics o he a iables
in ol ed in he s udy. CSR has an a e age o 0.735,
which indica es ha mos i ms end o be ai ly highly
a ed in e ms o sus ainabili y disclosu es. The mean
p opo ions o o eign di ec o s and boa d gende
di e si y a e 0.179 and 0.159, espec i ely, which
indica e limi ed boa d di e si ica ion among
manu ac u ing i ms. Ja que-Be a es esul s con i m
no mali y o he da a o all a iables a p- alues below
0.05. Table 2 summa izes he es o mul icollinea i y.
All he ole ance alues a e g ea e han 0.7, wi h VIF
alues less han 1.5. Hence, no mul icollinea i y issue is
de ec ed. Table 3 assesses he i ness o he model using
he Pea son and De iance Chi-Squa e es s. Bo h o
hese ha e p- alues > 0.05, and hence i may be said ha
he model i s well and he assump ions unde lying
eg ession analysis a e me . These indings oge he
alida e he app op ia eness o he da ase o eg ession
analysis and s eng hen he eliabili y o he esea ch
esul s.
4.2 Reg ession Analysis
Acco ding o he e o -co ec ed panel eg ession
model shown in Table 4, bo h gende di e si y on
boa ds and he p esence o o eign di ec o s has a
signi ican posi i e impac on co po a e sus ainabili y
epo ing.
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Table 4. Co ela ed Panels Co ec ed S anda d E o s
No e: Co po a e Social Responsibili y (CSR) is he dependen a iable.
Sou ce: Au ho ’s Compu a ion (2024)
4.3 Discussions o Findings
F om he esul s as shown in Table 4, he boa d gende
di e si y was seen o s ongly in luence he p ac ice o
CSR, while o eign di ec o s did no seem o ha e much
in luence on companies' choices o CSR, especially as i
conce ns he Nige ian cases. Fo eign di ec o s:
coe icien = -0.0052 and s anda d e o = 0.1262. As
shown, i is no signi ican , p=0.967, e en a 5%
p obabili y le el. I means ha he o eign di ec o s'
p esence in selec ed manu ac u ing i ms would no
signi ican ly in luence he CSR p ac ices o he selec ed
manu ac u ing i ms. F om H01, i es ed he ela ion
be ween o eign di ec o s wi h sus ainabili y epo ing.
The esul ob ained is s a is ically less eliable, which
migh be due o a andom a ia ion o he da a. The
esul s o his s udy un coun e o he indings o ela ed
li e a u e such as Aksan and Gan yowa i (2020); Saidu e
al. (2020); and Co ea-Ga cia e al. (2020), which
epo ed he posi i e associa ion o o eign di ec o s and
sus ainabili y epo ing. Howe e , he e ha e also been
mixed and insigni ican esul s in o he s udies, like
Haide and Nishi ani (2022) and Wulan (2022),
especially in de eloping coun y con ex s like Nige ia.
This a gumen again indica es ha , while
s akeholde heo y conside s ha o eign di ec o s will
b ing in global go e nance p ac ices, he e he esul s
p o e ha in Nige ia, ins i u ional and en i onmen al
ac o s a e likely o hinde he impac o o eign di ec o s
on CSR pe o mance.
On he o he hand, he coe icien s o boa d
gende di e si y a e posi i e and s a is ically signi ican ,
wi h 0.7501 p = 0.001, demons a ing a good ela ionship
be ween he wo a iables. This sugges s ha i ms wi h
highe gende di e si y on he boa d a e likely o epo
on sus ainabili y. The coe icien o co po a e size is -
0.0182 wi h a s anda d e o o 0.0310, no signi ican
wi h a p = 0.558, indica ing i m size does no play an
impo an ole in CSR p ac ices. The cons an e m o
1.2118 wi h a s anda d e o o 0.3685 is s a is ically
signi ican a p = 0.001, indica ing he base le el o CSR.
Tes ing H02 o he associa ion be ween boa d gende
di e si y and CSR, he esul is highly signi ican ,
emphasizing he impo ance o gende di e si y owa ds
sus ainabili y epo ing p ac ices. This inding is
suppo ed by a numbe o ecen s udies, including
Ma dini and Elleuch-Lahyani (2022), Toumi e al.
(2022), and Gold e al. (2021), indica ing ha boa d
gende di e si y imp o es CSR pe o mance. Howe e ,
o he s udies, such as Gi haiga and Kosgei (2023) and
Amidjaya e al. (2023), p esen mixed indings and
indica e ha he ela ionship can be modi ied by di e en
ins i u ional and cul u al con ex s. These indings a e,
he e o e, in consonance wi h he S akeholde Theo y,
which posi s ha di ec o s, especially in boa ds wi h
di e se ep esen a ion, play a signi ican ole in
esponding o s akeholde expec a ions and CSR
commi men s.
5. Conclusion and Recommenda ions
Based on he esul o he hypo heses p esen ed in Table
4, his s udy concluded ha o eign di ec o s do no
in luence he sus ainabili y epo ing o he sampled
manu ac u ing companies in Nige ia. This pos ula es
ha hough o eign expe ise is impo an , i may no
ansla e in o imp o emen in sus ainabili y epo ing in
Va iables
Coe icien
S anda d e o
Z
p- alue
Fo eign Di ec o s
-.0051595
.1261851
-0.04
0.967
Boa d Gende Di e si y
.7501363
.2205763
3.40
0.001
Co po a e size
-.0181612
.0310097
-0.59
0.558
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he con ex o manu ac u ing companies in Nige ia.
Howe e , he boa d's gende di e si y inspi es he
sus ainabili y epo ing o sampled companies. This
would mean ha wha ma e s in e ms o boa d
in luence on he sus ainabili y epo ing o a i m is
ce ain kinds o a ibu es and quali ies, which could be
di e se, expe , o sensi i e abou he issues o
sus ainabili y. In ligh o he conclusion de i ed om
he p ecising sec ion abou gende di e si y impac ing
sus ainabili y epo ing, he s udy, he e o e,
ecommends ha Nige ian companies should sus ain he
inc ease in he gende di e si y o hei BODs, and hei
boa ds should ha e he knowledge and expe ise o
o e see sus ainabili y epo ing. They should also
de elop a sus ainabili y epo ing policy ha aligns wi h
he o e all s a egy and communica e he impo ance o
he sus ainabili y epo o he a ious s akeholde s. Wi h
hese, he quali y and, hus, anspa ency o he
sus ainabili y epo ing o he companies would
imp o e. This could help hem in be e isk
managemen , enhancemen o b and epu a ion, and
a ac ion and e en ion o in es o s and cus ome s.
O ganiza ions should no ely solely on he p esence o
o eign di ec o s o imp o e CSR bu should ins ead
c ea e an enabling en i onmen ha allows all di ec o s
o con ibu e meaning ully. Policymake s and egula o s
should encou age a co po a e go e nance cul u e ha
alues di e si y, anspa ency, and accoun abili y in
sus ainabili y p ac ices.
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