EFFECT OF CORPORATE GOVERNANCE ON CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA

Abstract

This study examined the effect of corporate governance on corporate social responsibility disclosure (CSRD) industrial goods firms listed on Nigerian Exchange Group. Being motivated by persistent inconsistencies in CSR reporting despite increasing global emphasis on transparency, the study was anchored on stakeholder theory. A correlational research design was adopted using panel data from 11 listed industrial goods firms on the Nigerian Exchange Group over the period 2016 to 2025. Census sampling technique was employed and the fixed effects regression models were employed along with diagnostic tests such as Hausman and heteroskedasticity tests, which were used for analysis. The findings revealed that board gender diversity had a positive and significant effect on CSRD, indicating that female board representation enhanced transparency and sustainability disclosure. Managerial ownership also showed a significant relationship with CSRD, although the effect varies across model specifications, suggesting that equity ownership influences disclosure behaviour. It was therefore recommended that firms increase female participation on boards and adopt balanced managerial ownership structures to strengthen CSR disclosure practices, while Regulators should enforce stronger governance frameworks to ensure consistent sustainability reporting among industrial goods firms in Nigeria.