BOARD INDEPENDENCE AND SUSTAINABILITY DISCLOSURE OF LISTED MANUFACTURING FIRMS IN NIGERIA: MODERATING ROLE OF FIRM AGE

Abstract

Sustainability disclosure plays an important role in improving the transparency of information, the involvement of stakeholders, and the long-term responsibility of corporations, especially in growing economies such as Nigeria. This study examines the moderating role of firm age and the effect of board independence on the sustainability disclosure of listed manufacturing firms in Nigeria. Purposive sampling was employed to select 16 out of 34 listed manufacturing companies that regularly issued sustainability reports between 2013 and 2023. An ex post facto research design was adopted. Panel corrected standard errors were employed to test the hypotheses, and the results revealed that sustainability disclosures are negatively and significantly affected by both board independence. Further, the study establishes that firm age interacts with board independence and has a positive and significant effect on sustainability disclosure. Therefore, this study recommends that regulators like Security and Exchange Commission should mandate Environmental, Social, and Governance training and workshops for 
independent directors to enhance board participation in sustainability and improve disclosure quality. 

Keywords: Board independence, firm age, firm size, sustainability disclosure