CEO Attributes and Quality of Sustainability Reports of Nigerian Listed Firms
Abstract
Despite the globally growing emphasis on sustainability reporting among corporations, the quality of information disclosed remains highly variable. While the definition of quality is obscure, managers can use discretion in their report since there is no regulatory policy for the disclosure of non-financial information in Nigeria, which leads to lack of transparency and consistency in sustainability reports. Therefore, this study assesses the relationship between managerial characteristics and the quality of sustainability reports of Nigerian listed firms. The sample includes 76 non-financial firms from several sectors spanning ten (10) years from 2015 to 2024. CEO attributes were proxied with CEO compensation, CEO reputation, CEO gender, CEO turnover, CEO shareholdings and multiple directorships while the study used an index for sustainability
reporting quality (SRQ). Since the dependent variable SRQ is a categorical variable, the ordered logistic regression technique was used to run the model for the study. The result showed that managerial compensation, multiple directorships and gender positively influence SRQ, while CEO turnover and reputation have a negative effect on SRQ. However, CEO stock ownership is evidenced to have no significant effect on the quality of sustainability reports. The study findings remain robust when employing an alternative SRQ measure using the ESG disclosure index aligned with the GRI framework.The robustness tests confirm a positive relationship of CEO compensation, ownership and multiple directorships with SRQ while reputation has a negative relationship with SRQ, which is consistent with the ordinal regression result. The
research is underpinned by the upper echelons and legitimacy theories, examining how managerial characteristics shape the quality of firms’ information disclosure and revealing the fact that average sustainability reporting quality by Nigerian firms challenges the notion that disclosures primarily serve compliance objectives. The study demonstrates the impact of CEO dynamics in advancing corporate sustainability reporting in an emerging market like Nigeria.
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References
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