Board Gender Diversity and Integrated Reporting Quality in Nigerian Listed Financial Firms: Panel Evidence and the Moderating Role of Institutional Ownership (2014–2024)

Abstract

In recent years, policymakers and researchers have shown more interest in board gender diversity and integrated reporting. However, there is still not much evidence on how ownership structure affects the link between these two governance factors, particularly in emerging financial markets. This study explores whether institutional ownership changes the relationship between board gender diversity and integrated reporting quality among listed financial service firms in Nigeria. To address this issue, the analysis uses panel data from 24 firms covering the period 2014–2024 and applies a multiple regression model estimated with panel-corrected standard errors. The results show that the presence of women on corporate boards is positively related to integrated reporting quality, although the effect is not statistically significant on its own. When considered on its own, institutional ownership is linked to lower reporting quality. But when board gender diversity and institutional ownership are combined, the relationship becomes positive and significant. The results show that institutional investors help gender-diverse boards improve governance and reporting. Both board composition and external ownership affect disclosure practices. This research offers evidence from an emerging market and provides insights to help policymakers and regulators strengthen corporate governance and integrated reporting in Nigeria’s financial sector.