Title: Boardroom Governance and Corporate Social Impact: Evidence from CSR Donation Decision in Nigerian Oil and Gas Industry
Authors: Agbaraevoh
Roseline
Chinasa. Phd
ACA.
Ndukwe- Tochi Chosen Chinwe
Department of Marketing
Arinze Henry Nwankwo
Aruommah Kelechukwu Obinwanne
PhD
Volume: 10
Issue: 3
Pages: 135-145
Publication Date: 2026/03/28
Abstract:
This paper critically evaluates boardroom governance as measured by independence, gender diversity, board-size and boardroom expertise, on corporate social impact using corporate social responsibility (CSR) donations in the oil and gas industry in Nigeria. It uses purposive sampling, panel co-integration tests (Pedroni), and fully modified least squares (FMOLS) regression to analyze secondary panel data (2018-2023) of listed firms on the Nigerian Exchange Group (NGX) through a quantitative ex post facto design. Results indicate a strong long-run equilibrium between variables; board diversity positively and significantly affects CSR donations (b = 0.589, p = 0.045), whilst board size (b = 0.133, p = 0.440) and independence (b = 0.111, p = 0.516) have positive yet statistically insignificant effects. To practitioners, companies ought to focus on diversity in boards to improve philanthropic activities; policymakers can ensure that quotas of diversity are upheld through the Financial Reporting Council of Nigeria to increase social impact in high-conflict industries. This enhances sustainable governance of resource-dependent economies.