Moderating Effect of Board Gender Diversity on the Relationship between Social Reporting and Value of Non-Financial Firms in Nigeria

Abstract

This study investigated the moderating effect of board gender diversity on the relationship between social reporting and the value of non-financial firms in Nigeria. Employing an ex-post facto research design, the study analyzed secondary data from 104 non-financial companies listed on the Nigerian Exchange Group (NGX) over the period 2013 to 2023. The System Generalized Method of Moments (System GMM) was utilized has a technique of data analysis. The findings revealed that employee relations and community investment have insignificant effect on firm value. The study further revealed that stakeholder engagement has a significant effect on firm value. The further revealed board gender diversity significantly moderate the relationship between social reporting and firm value of listed non-financial firms in Nigeria.  Based on these findings, the study recommends that the regulatory bodies such as the Financial Reporting Council of Nigeria (FRCN) and the Securities and Exchange Commission (SEC) should consider mandating stakeholder engagement disclosures in corporate reports to promote accountability and long-term value creation. Also, corporate governance codes should encourage gender diversity policies that mandate minimum female representation on boards. Companies should also foster inclusive boardroom environments that leverage diverse perspectives in decision-making.