Impact of board characteristics on sustainability performance in Nigerian oil and gas companies

This study investigates the role of board characteristics in driving corporate social responsibility (CSR) performance among listed oil and gas companies in Nigeria. Specifically, it examines the impact of board size, board independence, and board gender diversity on CSR expenditure, while controlling for firm profitability and firm size. The study employs a quantitative research design, utilizing secondary panel data collected from six listed oil and gas firms over a ten-year period (2015–2024). Data were analyzed using the Panel Corrected Standard Error (PCSE) regression method in STATA 16 to account for heteroscedasticity and contemporaneous correlation across firms. The findings reveal that board gender diversity, profitability, and firm size each exert a statistically significant and positive influence on CSR, whereas board independence shows a marginal effect and board size has no significant impact. These results highlight the importance of board diversity and firm-level resources in shaping CSR strategies within Nigeria’s oil and gas sector. The study recommends stronger regulatory emphasis on gender representation and independent oversight within corporate boards, as well as policy incentives to encourage socially responsible behavior among profitable and large-scale firms. These insights contribute to the evolving discourse on corporate governance and sustainability in emerging economies.