BOARD GENDER DIVERSITY, FOREIGN DIRECTORS, AND CORPORATE SUSTAINABILITY REPORTING IN NIGERIA

POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 1 POLAC MANAGEMENT REVIEW (PMR) DEPARTMENT OF MANAGEMENT SCIENCE NIGERIA POLICE ACADEMY, WUDIL-KANO BOARD GENDER DIVERSITY, FOREIGN DIRECTORS, AND CORPORATE SUSTAINABILITY REPORTING IN NIGERIA Yusuf Alabi Olumoh Department of Accounting, Finance, and Taxation, Kwara State University, Malete Fatimah Zahra Uthman Department of Accounting, Ibrahim Badamasi Babangida University, Lapai, Abstract While sustainability has become a global call, manufacturing firms in Nigeria continue to face challenges in making their corporate sustainability reporting transparent. Precisely, the challenges are often symptomatic of poor underlying corporate governance structures, particularly in the composition of the board in terms of gender and the presence of foreign directors. Though highly recognized for driving improved sustainability practices, boards that are diverse and internationally oriented are yet to be certain about their particular influence on sustainability reporting in Nigeria. In light of these challenges, this study seeks to explore how board gender diversity and foreign director presence influence corporate sustainability reporting in Nigeria. The study adopted an ex-post factor research design and sampled 20 manufacturing companies using a judgmental sampling approach. The study utilized secondary data collected from annual reports of listed manufacturing firms throughout 2010–2023 and employed an error-corrected panel regression technique for data analysis. The findings indicate that board gender diversity positively influences corporate sustainability reporting, while the presence of foreign directors does not significantly influence corporate sustainability reporting in Nigeria. This study concludes that diverse and international boards are more likely to lead to comprehensive sustainability reporting. The present study made available some insight into the role that inclusive board configurations can play in furthering good corporate governance and sustainability in Nigerian firms. The study recommends that corporate entities should ensure that promoting gender diversity on boards is a step towards enhancing their corporate governance and sustainability practices, which also needs companies to encourage and promote gender inclusion in board appointments to influence their sustainability reporting and dedication towards corporate social responsibility. Keywords: Board Gender Diversity, Foreign Directors, Corporate Sustainability Reporting. JEL Classification Codes: G34, M14 1. Introduction In the modern perspective, Corporate Sustainability Reporting, or CSR, has emerged as an important aspect of corporate governance around the globe. Organizations, especially those operating in highly regulated environments, are increasingly expected to report non-financial information related to ESG metrics. The rising focus on corporate social responsibility has emerged in response to growing demands from stakeholders, investors, regulators, and the public for greater transparency regarding a company's social and environmental impact. Research indicates that CSR can enhance firms’ reputation, contribute to risk management, and support long-term sustainability goals (Boiral &Yuriev, 2024). Globally, advanced nations have led the charge in CSR practices, primarily due to stronger regulatory frameworks and institutional support. For example, in Europe, directives such as the European Union’s NonFinancial Reporting Directive (NFRD) mandate large companies to disclose ESG information, promoting more standardized and rigorous reporting practices (Cicchiello et al., 2021). The United States has also seen significant development in CSR reporting, particularly following the rise of ESG investment and the introduction of frameworks like the Global Reporting Initiative (GRI) standards (Sun et al., 2024). Companies POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 2 from these regions have developed strong CSR practices and have been quite active in embedding CSR into their corporate strategies. However, developing countries have faced numerous obstacles in implementing CSR practices. The institutional capacity of the country is relatively limited, regulatory frameworks are weak, and investor pressure is also limited; therefore, firms fail to disclose non-financial information effectively. Nevertheless, the importance of CSR is gaining traction in these regions due to rising environmental concerns and societal expectations (Girón et al., 2021; Wulan, 2022). For instance, studies from countries such as China and Indonesia show a growing emphasis on CSR, particularly linked to the activities of foreign directors and board diversity (Jiang et al., 2023; Haider & Nishitani, 2022). In Nigeria, CSR is still underdeveloped compared to the countries with advanced economies, with most studies focusing on the regulatory, institutional, and corporate governance factors. Research has shown that board composition, especially the number of women and foreign directors, is a significant determinant of the extent to which companies adopt CSR practices (Amidjaya et al., 2023). While this has been going on, the combined effect of board gender diversity and foreign directors on CSR reporting in Nigeria remains a key area of research that has remained mostly unexplored, especially in smallor medium-sized firms and across sectors. This study, therefore, tries to fill this gap in the literature by examining how these governance variables play a role in shaping CSR reporting practices in the Nigerian context. In particular, the study aims to determine the impact of foreign directors on corporate sustainability reporting in Nigeria and to examine the impact of board gender diversity on corporate sustainability reporting in Nigeria. From the above objectives, the following hypotheses have been formulated. Ho1: Board gender diversity does not have a significant impact on corporate sustainability reporting in Nigeria. HO2: Foreign directors have a significant influence on corporate sustainability reporting in Nigeria. Results obtained in this study would add to the academic field of knowledge in aspects of board composition, such as board gender diversity and foreign directors, among listed companies. This would enable policymakers to bring out sustainable policies that would ease both shortand long-term sustainable environments for business entities to thrive, and also assist the corporate entities in Nigeria to know which area of board characteristics to prioritize so as to enable them to improve on their ESG reporting practices. 2. Literature Review 2.1 Conceptual Issues Foreign Directors The presence of foreign directors brings diversity with international experience that could further strengthen good corporate governance practices in terms of sustainability reporting. According to Yousef et al. (2025), foreign directors refer to individuals who serve on a company's board of directors but are not citizens or permanent residents of the country in which the company is primarily based. Their inclusion on the board is often a strategic decision aimed at bringing a global perspective, diverse experiences, and international market insights to the firm's governance (Yahaya, 2025). These directors can offer valuable knowledge about foreign markets, regulatory environments, and cultural nuances, which is particularly beneficial for multinational corporations or companies with global aspirations (Wulan, 2022). Additionally, foreign directors can enhance the board's independence, as they may be less entangled in local networks and relationships that could influence decision-making (Haider & Nishitani, 2022; Pu & Zulkafli, 2025). The presence of foreign directors can influence a company's strategic direction and internationalization efforts. By providing insights into global trends, competitive landscapes, and best practices from different jurisdictions, they can help the board identify new opportunities, mitigate international risks, and navigate complex cross-border challenges (Aksan & Gantyowati, 2020). Their diverse professional backgrounds, often spanning various industries and POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 3 functional areas across different countries, can enrich board discussions, foster innovation, and improve the quality of strategic decisions (Erin et al., 2022). Moreover, their appointment can signal a company’s commitment to global governance standards and attract international investors (Amidjaya et al., 2023). Board Gender Diversity Board gender diversity has been in focus as one of the facets of corporate governance, for which various studies (Arayakarnkul et al., 2022). Singhania et.al. (2024) indicate that decision-making, CSR initiatives, and financial performance are all better when there is a gender-diverse board of directors. Women directors prefer to bring different dimensions, which possibly encourages broader sustainability initiatives. According to Carvajal et al. (2022), board gender diversity is the inclusion of women, alongside men, on a company's board of directors. This concept goes beyond mere representation, aiming to leverage the distinct perspectives, experiences, and leadership styles that individuals of different genders bring to governance. The movement towards greater gender diversity on boards is driven by both ethical considerations of equality and empirical evidence suggesting its positive impact on governance quality and sustainability reporting (Cicchiello & Fellegara, 2021; Zahid et al., 2020). Advocates for board gender diversity emphasize the numerous benefits it can bring to an organization. Research consistently suggests that gender-diverse boards tend to be more effective, exhibiting improved financial performance, better risk management, and enhanced innovation (Buallay & Alhalwachi, 2022; Girón et al., 2022). Women directors often bring different problem-solving approaches, a focus on broader stakeholder interests, including social and environmental concerns, and a more collaborative decision-making style (Sultana et al., 2024). Their presence can also lead to more robust discussions, reduced groupthink, and a greater likelihood of challenging conventional wisdom, ultimately resulting in more comprehensive and well-considered strategic outcomes (Singhania et al., 2024). Beyond direct performance metrics, board gender diversity contributes to a company’s reputation, legitimacy, and corporate sustainable reporting. It signals a commitment to equality and modern governance principles, enhancing brand image and appealing to ESG-conscious investors (Daniel-Vasconcelos et al., 2022; Monteiro, Lemos & Ribeiro, 2022). Moreover, diverse boards are better positioned to understand and respond to the needs of diverse customer bases and employee demographics, fostering an inclusive corporate culture and stronger stakeholder relationships (Yarram & Adapa, 2021; Haque & Jones, 2020). Corporate Social Responsibility (CSR) Corporate Social Responsibility (CSR) is a selfregulating business model that helps a company be socially accountable to itself, its stakeholders, and the public (MacGregor-Pelikánová, 2025). By practicing CSR, companies aim to be conscious of their impact on all aspects of society, including economic, social, and environmental dimensions. CSR represents a company’s ethical commitment to sustainable development and improved quality of life for its stakeholders (Afeltra, Alerasoul & Usman, 2022). These initiatives range from environmental protection and ethical labor practices to philanthropy and community development (Carby-Hall, 2025). CSR extends beyond legal compliance to include proactive integration of social and environmental concerns into business strategy. This includes reducing carbon emissions, promoting diversity and inclusion, and investing in education and local communities (Correa-Garcia et al., 2020). CSR is not only a moral imperative but also a strategic tool for enhancing corporate image, attracting socially conscious investors, and improving employee morale (Javeed et al., 2022). Studies have shown that companies with diverse boards, particularly those with gender diversity and foreign directors, tend to engage more deeply in CSR and sustainability reporting (Agustia et al., 2022; Juwita & Honggowati, 2022; Gupta, N., & Ansari, 2025). Effective CSR strategies yield both internal and external benefits. Internally, they can lead to improved employee satisfaction and retention, while externally, they foster consumer loyalty and open access to ethical POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 4 markets (Provasi & Harasheh, 2021). Moreover, CSRdriven firms are better equipped to manage regulatory risks and meet stakeholder expectations in dynamic business environments (Githaiga & Kosgei, 2023). As such, CSR has evolved into a core element of sustainable business performance, strongly influenced by board composition and governance quality (Osuji & Edeji, 2025). 2.2 Theoretical Framework This study is anchored on stakeholder theory, which posits that organizations must consider the interests of all stakeholders, not just shareholders, in their governance and decision-making processes. The inclusion of foreign directors and gender-diverse board members reflects responsiveness to global and societal expectations, thereby enhancing corporate social responsibility (CSR) (Afeltra et al., 2022; Erin et al., 2022). Stakeholder theory supports the view that diverse board compositions improve transparency, ethical conduct, and sustainability reporting (Amidjaya et a., 2023; Buallay & Alhalwachi, 2022). Thus, board diversity serves as a strategic mechanism for balancing stakeholder demands and promoting long-term value creation (Githaiga & Kosgei, 2023 2.3 Empirical Review Some studies have analyzed the association between board gender diversity and corporate sustainability reporting, pointing out the important role that genderdiverse boards play in enhancing sustainability practices across various regions. Saidu et al. (2020) studied the impact of board diversity on sustainability reporting for listed industrial goods firms in Nigeria, using a cross-sectional survey approach and Structural Equation Modeling (SEM). Their findings showed a significant positive relationship between board diversity and sustainability reporting. Similarly, Moses and Che-Ahmad (2020) used Critical Mass Theory (CMT) to explain board gender diversity. They postulated that the inclusion of women on boards enhances the quality of sustainability reporting. This theory was further supported by Wahyuni et al. (2024), who confirmed the critical mass effect of gender diversity on sustainability reporting with a focus on environmental preservation and corporate sustainability outcomes. Similarly, Juwita and Honggowati (2022) examined the board diversity of Indonesia before and during COVID-19. They found that gender diversity significantly impacted sustainability reporting and disclosed its varying trends during the pandemic. The positive impact of gender diversity on sustainability reporting in Nigeria and Portugal was further supported by Erin et al. (2022) and Monteiro et al. (2022), respectively. The study conducted by Yarram and Adapa (2021), focusing on the critical mass effect of board gender diversity on CSR and sustainability reporting in Australia, affirms that it significantly enhances sustainability practices. In Indonesia, Agustia et al. (2022) found that board diversity acts as a mediating agent in firm value and thus contributes to sustainability reporting. In the same way, Githaaga and Kosgei 2023 present an investigation into the association between board characteristics, including gender diversity, and sustainability reporting in East Africa. Significant positive effects are realized from the results. Girón et al. (2022) focused on assessing how board gender diversity affects SDG reporting in lower-middle-income countries of Asia and Africa. The research indicated a positive association between gender-diverse boards and SDG reporting and external assurance. Buallay et al. (2022) focus on Middle Eastern firms. Their findings prove that an increase in the presence of women ensures an increase in the sustainability of reporting practices. Khunkaew and Wichianrak (2023) explored the ASEAN region and showed that gender diversity positively influenced sustainability reporting and corporate performance. Pareek, Sahu, and Gupta (2023) focused on how board gender diversity influences corporate sustainability performance in India. The results showed that, along with board size, gender diversity has a significant effect on sustainability reporting. Singhania et al. (2024) looked into emerging markets and discovered an increase in the quality of sustainability reporting because of gender diversity. Sultana et al. (2024) analyzed the role of board gender diversity in light of POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 5 extended commitments toward SDGs in emerging markets and attributed increased disclosure of SDG commitments to gender-diverse boards. In this respect, several studies have looked into the relationship between foreign directors on corporate boards and sustainability reporting across various regions. For instance, Aksan and Gantyowati (2020) gauged the impact of foreign board presence and foreign ownership on sustainability reporting and firm value in Indonesian Firms. They noticed that companies whose level of foreign directors was higher have more robust firm value, which influenced their practice of Sustainability Reporting. On the same note, Saidu et al. (2020) gauged the impact of foreign directors on sustainability reporting in the Industrial goods firms of Nigeria. Their findings indicated that foreign board representation is positively related to the extent of sustainability reporting, therefore showing that foreign directors enhance transparency and environmental disclosures. In relation, Correa-Garcia et al. (2020) investigated the association between foreign board members and the quality of sustainability reporting in Latin American business groups. They found that foreign ownership significantly enhanced the quality of sustainability disclosures, underlining the demand for higher governance standards from foreign investors. Gold et al. (2021) researched board diversity, including foreign directors, in Nigerian firms. The authors found that boards with diverse international backgrounds are associated with high-quality sustainability disclosures. Mardini and Elleuch-Lahyani (2022), in their focus on the performance of carbon emissions in France, identified foreign directors contributing to CSR practices and environmental disclosure, particularly within the French context. Toumi et al. (2022), while studying CSR disclosure practices in France, established that "a firm with a higher foreign board member percentage was more committed to CSR activities, especially in social and environmental reporting. Haider and Nishitani (2022) researched the impact of foreign directors and institutional investors on sustainability reporting in Japan. They found that both were significant factors contributing to higher levels of sustainability reporting and greater transparency. Wulan (2022) investigated the impact of foreign directors and foreign ownership on carbon emission disclosure in Indonesia. The study documented that firms with higher levels of foreign directors exhibited better environmental disclosure practices. Amidjaya et al. (2023) investigated the board characteristics of diversity, including foreign directors in Indonesian listed banks. They found that foreign directors facilitate increased internationalization and support stringent sustainability practices, especially in the adoption of international standards. Githaiga and Kosgei (2023) looked at the board characteristics of foreign directors and the effect on the sustainability reporting of the listed firms in East Africa. The study found that boards comprising foreign directors, independent directors, and non-executive members were more apt to report sustainability-related disclosure of quality material to achieve good governance. Singhania et al. (2024) evaluated the performance of foreign directors in driving sustainability reporting improvements in emergent markets. They found that boards with foreign directors contributed to increased quality in terms of sustainability reporting, mainly with regard to the global sustainable development goals. On their part, Cicchiello et al. (2021) have analyzed in their work the contribution given by gender diversity and foreign directors to sustainability reporting within Asian and African firms, underlining the relevant contribution given by foreign directors. These areas include, but are not limited to, research gaps in the literature relating to board gender diversity, foreign directors, and corporate sustainability reporting. Conceptually, although earlier studies such as Harjoto et al. (2020) and Haider & Nishitani (2022) have explored how foreign directors can enhance sustainability reporting in China, Indonesia, and Japan, respectively, there is a dearth of focused research with regard to Nigeria. Precisely, no study has specifically examined the combined impact of board gender diversity and foreign directors on corporate sustainability reporting in the Nigerian context. 3. Methodology POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 6 The study adopted an ex-post facto research design to determine the impact of independent variables, viz., foreign directors, board gender diversity, on sustainability reporting. The non-experimental type examines causality after the fact without any interference by the researcher. The research focuses on all 34 manufacturing companies listed in the Nigerian Exchange Group as of 31 December 2023, focusing on two sectors that pose different challenges in sustainability reporting: the industrial and consumer goods sectors. This is reduced to 34 through a two-point filter of continuous listing and availability of data throughout the study period. The sample size will be 20 companies, which is about 60% of the population. The sample will be collected based on annual reports from the years 2013-2023 to ensure that the years align with great trends concerning ESG factors and industryspecific initiatives for sustainability. This work tests the hypotheses regarding how foreign board characteristics-foreign directors and board gender diversity-affect corporate sustainability reporting by adopting the model suggested by Singhania et al. (2024). The research by Singhania et al. 2024 which delved into Board gender diversity and sustainability reporting quality, has its model stated as: SRQ = f (Board Gender Diversity) ………… (1) SRQit = β0 + β1BGDit + εit.……………….. (2) Where: SRQ = Sustainability Reporting Quality, BGD Board Gender Diversity ε = Error term. Therefore, with that in mind, the model used in this research represents an extension and modification of the work done by Singhania et al. (2024. At the same time, they define board gender diversity along with adding foreign directors as the variables in an independent manner. Modification and extension are relevant for achieving the stated objectives of this study, so this procedure is substantiated. More specifically, in light of the model of Singhania et al. (2024) adapted, the dependent variable (sustainability reporting quality) used by the researchers has been replaced by corporate sustainability reporting to make this work more robust. The model of this study is written as: CSRit = β0 + β2FDRit + β2BGDit + εit.………….(3) Where CSR = Corporate Sustainability Reporting, FDR = Foreign Directors, and BGD = Board Gender Diversity, β0 = Intercept coefficient, β1-2 = Parameters of the estimate, εi = Error term. The study incorporated three major variables, which were further differentiated into dependent, independent, and control variables. The dependent variable is sustainability reporting, measured by the economic, social, and governance disclosures, where each item was scored as one or zero based on the presence or absence of specific disclosure elements. Among the independent variables is the inclusion of two major characteristics of the board: foreign directors and board gender diversity. FDR is the ratio of foreign directors to the total number of directors on the board, while BGD has been quantified by the percentage of women on the board over the total number of directors. Among the firm-specific factors, the paper considers company size as a control variable proxies by the natural logarithm of total assets. Based on these two hypotheses, the association among board characteristics, managerial ability, and sustainability reporting of manufacturing firms has been tested through descriptive and inferential statistics. Panel regressions used PCSE to account for heteroscedasticity and contemporaneous correlation along with a time-varying variable to ensure efficient and robust estimations of panel data against classic inference methods (Alvarez et al., 1991). Using this approach, unobserved heterogeneity and its crosssectional dependencies are put under control. 4. Results and Discussion The analysis was carried out to determine the effect of board gender diversity and foreign directors on corporate sustainability reporting among listed manufacturing firms in Nigeria. Tables 1 to 4 underscore the summary of the results: descriptive statistics, multicollinearity tests, and model goodnessof-fit measures that give an overview of variable distribution, relationship amongst variables, and robustness of the regression model employed. 4.1 Descriptive Statistics and Diagnostic Assessment POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 7 Table 1 presents the descriptive statistics of the study variables, showing their minimum, maximum, mean, standard deviation, and Jarque-Bera values to assess data distribution and normality. Table 2 reports the collinearity diagnostics using the Variance Inflation Factor (VIF) and tolerance values to test for multicollinearity among the independent variables. Table 3 provides the goodness-of-fit results using Pearson's chi-squared and Deviance statistics to evaluate the model's adequacy and fitness for further analysis. Table 1: Descriptive Statistics Variables Min Max. Mean Std. Dev Jarque-Bera Corporate Social Responsibility 0.0000 1.0000 0.735000 0.4424407 0.0370 Foreign Directors 0.0000 1.1670 0.179114 0.1687585 0.0046 Board Gender Diversity 0.0000 0.5000 0.159427 0.1082354 0.0015 Corporate size 6.4820 10.9880 8.368155 0.8418301 0.0011 Author’s Computation (2024) Table 2: Collinearity Tests Model Collinearity Statistics Tolerance VIF Foreign Directors 0.773 1.293 Board Gender Diversity 0.883 1.132 Csize 0.895 1.117 Author’s computation (2024) Table 3: Goodness-of-Fit Chi-Square df Sig. Pearson 214.271 193 .140 Deviance 213.832 193 .145 Source: Author’s Computation (2024). Table 1 gives descriptive statistics for the variables involved in the study. CSR has an average of 0.735, which indicates that most firms tend to be fairly highly rated in terms of sustainability disclosures. The mean proportions of foreign directors and board gender diversity are 0.179 and 0.159, respectively, which indicate limited board diversification among manufacturing firms. Jarque-Bera test results confirm normality for the data of all variables at p-values below 0.05. Table 2 summarizes the test for multicollinearity. All the tolerance values are greater than 0.7, with VIF values less than 1.5. Hence, no multicollinearity issue is detected. Table 3 assesses the fitness of the model using the Pearson and Deviance Chi-Square tests. Both of these have p-values > 0.05, and hence it may be said that the model fits well and the assumptions underlying regression analysis are met. These findings together validate the appropriateness of the dataset for regression analysis and strengthen the reliability of the research results. 4.2 Regression Analysis According to the error-corrected panel regression model shown in Table 4, both gender diversity on boards and the presence of foreign directors has a significant positive impact on corporate sustainability reporting. POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 8 Table 4. Correlated Panels Corrected Standard Errors Note: Corporate Social Responsibility (CSR) is the dependent variable. Source: Author’s Computation (2024) 4.3 Discussions of Findings From the results as shown in Table 4, the board gender diversity was seen to strongly influence the practice of CSR, while foreign directors did not seem to have much influence on companies' choices of CSR, especially as it concerns the Nigerian cases. Foreign directors: coefficient = -0.0052 and standard error = 0.1262. As shown, it is not significant, p=0.967, even at 5% probability level. It means that the foreign directors' presence in selected manufacturing firms would not significantly influence the CSR practices of the selected manufacturing firms. From H01, it tested the relation between foreign directors with sustainability reporting. The result obtained is statistically less reliable, which might be due to a random variation of the data. The results of this study run counter to the findings of related literature such as Aksan and Gantyowati (2020); Saidu et al. (2020); and Correa-Garcia et al. (2020), which reported the positive association of foreign directors and sustainability reporting. However, there have also been mixed and insignificant results in other studies, like Haider and Nishitani (2022) and Wulan (2022), especially in developing country contexts like Nigeria. This argument again indicates that, while stakeholder theory considers that foreign directors will bring in global governance practices, here the results prove that in Nigeria, institutional and environmental factors are likely to hinder the impact of foreign directors on CSR performance. On the other hand, the coefficients for board gender diversity are positive and statistically significant, with 0.7501 p = 0.001, demonstrating a good relationship between the two variables. This suggests that firms with higher gender diversity on the board are likely to report on sustainability. The coefficient of corporate size is - 0.0182 with a standard error of 0.0310, not significant with a p = 0.558, indicating firm size does not play an important role in CSR practices. The constant term of 1.2118 with a standard error of 0.3685 is statistically significant at p = 0.001, indicating the base level of CSR. Testing H02 for the association between board gender diversity and CSR, the result is highly significant, emphasizing the importance of gender diversity towards sustainability reporting practices. This finding is supported by a number of recent studies, including Mardini and Elleuch-Lahyani (2022), Toumi et al. (2022), and Gold et al. (2021), indicating that board gender diversity improves CSR performance. However, other studies, such as Githaiga and Kosgei (2023) and Amidjaya et al. (2023), present mixed findings and indicate that the relationship can be modified by different institutional and cultural contexts. These findings are, therefore, in consonance with the Stakeholder Theory, which posits that directors, especially in boards with diverse representation, play a significant role in responding to stakeholder expectations and CSR commitments. 5. Conclusion and Recommendations Based on the result of the hypotheses presented in Table 4, this study concluded that foreign directors do not influence the sustainability reporting of the sampled manufacturing companies in Nigeria. This postulates that though foreign expertise is important, it may not translate into improvement in sustainability reporting in Variables Coefficient Standard error Z p-value Foreign Directors -.0051595 .1261851 -0.04 0.967 Board Gender Diversity .7501363 .2205763 3.40 0.001 Corporate size -.0181612 .0310097 -0.59 0.558 POLAC MANAGEMENT REVIEW (PMR)/Vol.5, No. 2 OCTOBER, 2025/, ONLINE ISSN: 2756-4428; PRINT ISSN: 2814-0842; www.pemsj.com 9 the context of manufacturing companies in Nigeria. However, the board's gender diversity inspires the sustainability reporting of sampled companies. This would mean that what matters in terms of board influence on the sustainability reporting of a firm is certain kinds of attributes and qualities, which could be diverse, expert, or sensitive about the issues of sustainability. In light of the conclusion derived from the precising section about gender diversity impacting sustainability reporting, the study, therefore, recommends that Nigerian companies should sustain the increase in the gender diversity of their BODs, and their boards should have the knowledge and expertise to oversee sustainability reporting. They should also develop a sustainability reporting policy that aligns with the overall strategy and communicate the importance of the sustainability report to the various stakeholders. With these, the quality and, thus, transparency of the sustainability reporting of the companies would improve. 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