Impact of Corporate Governance on Voluntary Disclosure of Nigerian-Listed Industrial Goods Companies

Abstract

This study investigates the impact of corporate governance on voluntary disclosure of Nigerian-listed industrial goods companies. Expo-facto was employed as the study's research design. For a period of fifteen (15) years, from 2007 to 2021, the study used data from secondary sources included in the yearly reports and accounts of the listed manufacturers of industrial goods. The population of the study consisted of thirteen (13) industrial product companies that are listed on the Nigerian stock exchange. As of December 31, 2021, a sample of 10 Nigerian industrial goods businesses that are publicly traded was used. Additionally, regression using Ordinary List Square (OLS) was used to analyze the data. The findings indicate that Board Independence, Board Gender, Board Experience, Board management ownership and chief executive officer duality have statistically significant and favourable effects on the voluntary disclosure of listed Nigerian industrial goods companies. However, it was discovered that there is statistically no positive link between VLD and any of the study's explanatory variables, with the exception of BEXP and BGND. According to the study's findings, improving corporate governance systems can encourage voluntary disclosure, which can increase corporate transparency and boost corporate accountability for Nigerian manufacturers of industrial goods. The results of this study are also helpful for market participants, such as investors, regulators, and others, in the Nigerian capital markets.