CORPORATE GOVERNANCE ATTRIBUTES AND FIRM-SPECIFIC FEATURES AS DETERMINANTS OF SUSTAINABILITY INITIATIVES OF LISTED FINANCIAL AND NON-FINANCIAL COMPANIES IN NIGERIA
Main Article Content
Abstract
As a result of the low attention given by companies towards sustainability initiatives, this study aims to examine the influence of corporate governance mechanisms and firm-specific attributes on sustainability initiatives among listed companies in Nigeria from 2016 to 2021. The data analysis is based on all firms recognized by the world corporate social responsibility consensus rater (CSRHUB) in Nigeria. The data were analyzed using panel regressions. The Breusch/Pagan test was performed. In addition, the study performed robust random and fixed effect tests, the fixed generalized least square, the panel-corrected standard error, and the Driscoll and Kraay standard error in testing the hypotheses. The results from models 5, 6, and 7 are consistent, showing that board independence, size, and age positively influence sustainability initiatives. In contrast, board size and firm leverage are negatively related to sustainability initiatives. However, the findings show that board gender diversity does not significantly affect sustainability initiatives.
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