Board dynamics and corporate voluntary disclosure of listed deposit money banks in Nigeria

Abstract

This study examines impact of Board dynamic on corporate voluntary disclosure of listed Deposit Money Banks in Nigeria over the period of 10 years (2010-2019). The study uses census sampling technique to arrive at sample size of fourteen (14) deposit money banks listed the floor of Nigerian Stock Exchange as at 2019. Secondary data extracted from annual reports and accounts of the sampled firms was analyzed using multiple regression. The regression result shows that board size has a positive and significant impact on corporate voluntary disclosure of the sampled banks, while foreign membership on the board and chief executive officer duality has a negative and significant impact on voluntary disclosure. However, board independence has negative and insignificant impact on voluntary disclosure. Therefore, the study concludes that board size increases corporate voluntary disclosure while board independence does not improve corporate voluntary disclosure. The study recommends among others that the management of listed DMBs in Nigeria should increase the size of its board so as to reduce the likelihood of information asymmetry and promote value-creating activities in order to increase the extent of voluntary disclosure of information.