CORPORATE ATTRIBUTES AND SUSTAINABILITY DISCLOSURE AMONG NIGERIAN LISTED NON-FINANCIAL FIRMS: THE MODERATING EFFECT OF BOARD GOVERNANCE SCORE

Abstract

This study examines the effect of corporate attributes on sustainability disclosure among Nigerian listed non-financial companies, with Board Governance Score (BGS) as a moderator. Framed within two theories, the research adopts an ex-post facto design within the positivism paradigm. Sustainability disclosure was measured using a binary score, while BGS was constructed as a composite index of board size and audit committee using median split technique. The study analyzed longitudinal panel data from 84 non-financial companies listed on the Nigerian Exchange Group (NGX), with 59 companies selected through a filtering procedure over ten years (2015–2024). Data were sourced from annual reports, sustainability reports, interim reports, and company websites. Analysis employed descriptive statistics, correlation, and panel regression. Diagnostic tests confirmed data normality and minimal multicollinearity. Heteroscedasticity and autocorrelation were addressed using PCSE, and a link test validated model specification. Findings revealed that profitability and firm size have a positive and significant relationship with sustainability disclosure. Moderation analysis confirmed that these relationships remained significant when BGS was included as a moderator. However, liquidity showed no significant effect on sustainability disclosure under BGS's moderating influence. The study recommends that Nigerian regulators and corporate boards implement targeted incentives and capacity-building programs to encourage robust sustainability reporting. Specific benchmarks should be established for larger firms, while tailored support should be provided for younger and highly leveraged companies to improve sector-wide compliance and disclosure quality.