Abstract:
Abstract: The objective of this study is to examine the impact of corporate governance mechanisms on the level of environmental disclosure (ED) in Nigeria. This study utilized the ex-post facto research design. A sample of 40 companies listed in the manufacturing and Food and Beverage sector was used for the study. The necessary data was extracted from the annual reports of corporate organizations for the period 2011-2017 financial years. The data analysis method used is the conditional quantile regression estimator. The results reveal that for firms at the lowest ED quantile, board independence has a negative effect but as firms move up the ED quantile to higher environmental disclosures, we observed that the effect of board independence becomes positive and significant at 5%. The results thus supports that the presence of more independent boards is significant in influencing higher levels of environmental disclosures. For both firms in the low, middle and slightly high levels of ED, we do not find evidence that the size of the board plays any significant role except for firms in the highest levels of ED. The effect of foreign ownership on environmental disclosure significant but just at the moderate levels of disclosure (3rd-5th quantile) with a negative coefficient. For disclosure levels at higher quantiles, foreign ownership does not show up as a determinant factor. Based on the study findings, the recommendations are as follows; Firstly, the study recommends the need for more independent directors to be brought into corporate boards and those directors should be such that hold fewer multiple directorship and are devoted to effective monitoring. Secondly, the study recommends that increasing or reducing the presence of foreign ownership will not still be effective if these contextual challenges are not addressed. Thirdly, the study recommends that companies should adopt the optimal board size that ensures that environmental issues are addressed
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