Female Directors, Blockholders Ownership and Corporate Social Responsibility Disclosure of Listed Non-Financial Companies in Nigeria
DOI:
https://doi.org/10.61143/umyu-jafr.8(1)2025.026Keywords:
Female Directors, Block-holders Ownership, Corporate Social Responsibility DisclosureAbstract
This study examines the moderating effect of block-holder ownership on the relationship between female board representation and corporate social responsibility disclosure (CSRD) of listed non-financial companies in Nigeria. Using a purposive sample of 56 non-financial firms listed on the Nigerian Exchange Group between 2015 and 2022, the study adopts a CSRD index based on the Global Reporting Initiative (GRI) standards and employs the Feasible Generalized Least Squares (FGLS) regression model to account for heteroskedasticity. The findings show that female directors positively impact CSRD, and block-holder ownership also shows a significant positive impact on CSRD. More importantly, block-holder ownership significantly moderates the relationship between female board presence and CSRD, amplifying its effect. These results show the importance of inclusive governance and strategic ownership in fostering responsible business practices. The study recommends that regulators promote board gender diversity and that companies engage block-holders more effectively to enhance CSR outcomes and disclosures in the Nigerian firms.
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