Effect of Board and Firm Characteristics on Sustainability Reporting of Listed Multinational Firms in Nigeria

Rukayya Sanusi Bayero, Muhammed Dahiru Tahir, Nasiru Yunusa, Bello Sabo

Abstract


This study examines the effect of board and firm characteristics on sustainability reporting among listed multinational firms in Nigeria. Board characteristics were measured by board gender diversity and board meetings, while firm characteristics were represented by leverage and market capitalization. Sustainability reporting, the dependent variable, was measured using the Global Reporting Initiative (GRI) checklist. Data were obtained from the annual reports and accounts of 15 listed multinational firms covering 2016–2025. The study employed the Random Effects Generalized Least Squares (GLS) model using Stata, with multicollinearity and heteroskedasticity tests conducted to ensure the robustness of the results. Findings reveal that board gender diversity has a positive and significant effect on sustainability reporting, while board meetings have an insignificant effect. Similarly, market capitalization has a positive and significant effect, whereas leverage has no significant effect. The study recommends that listed multinational firms in Nigeria maintain adequate female representation on their boards and strengthen their market capitalization to enhance sustainability reporting. 


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References


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