Board Structure and Corporate Social Responsibility Performance in Listed Manufacturing Firms in Nigeria: A Double Hurdle Regression Approach


Eneh, Onyinye M.

Department of Accountancy

Nnamdi Azikiwe University, Awka


Amakor, Ifeoma C.

1Department of Banking and Finance,

Nnamdi Azikiwe University, Awka


The research investigated the Board Structure and Corporate Social Responsibility Performance in Listed Manufacturing firms in Nigeria using a double hurdle methodological path. A longitudinal research design and simple random sampling technique were used for the study. The study’s sample consists of 45 manufacturing enterprises with public and accessible yearly reports covering the study period. The information was gotten from corporate yearly companies’ reports quoted on the Nigeria Stock Exchange from 2010 to 2019 financial years. The data analysis method employed in this work is the Dual-Hurdle model which is the parametric generalization of the P-Tobit model, in which two distinct stochastic processes and consequently two equations determine the decision to take and intensity of adoption. This means that in an independent double hurdle model factors affecting the two-stage choice concerning the disclosure decision and level of CSR can be expressed. The first hurdle coefficients reflect how a variable decision influences a firm’s likelihood (probability) of disclosing CSR data. How decision variables affect the level of disclosure is shown in the second hurdle. The first hurdle result shows the effect of board structure variables (BDIND, BDS and BGD) on CSR disclosure likelihood and as observed the estimation results reveals that for BDS (-0.0189, p=0.2910) and hence board size is not significant in the 1st hurdle in determining CSR disclosure decision of firms in the sample. For board independence, BDIND (0.8748, p=0.2568), the result also shows that the variable is also not significant in the 1st hurdle and so is board gender diversity (BGD) (0.2354, p=0.201). However, in the 2nd hurdle estimation, BDS (-0.0058, p=0.2910), board independence, BDIND (0.1514, p=0.0099) and board gender diversity, BGD (-0.3232, p=0.000) indicating that board independence and board gender diversity is significant in determining the extent of disclosure as shown in the 2nd hurdle. Hence, the study recommends that firms should improve the quality of their board structure by increasing the number of independent directors and gender diversity of the boards.

Keywords: Board Structure, Corporate Governance, Corporate Social Responsibility, Hurdle Regression Approach


Eneh, O.M & Amakor, I.C. (2022). Board Structure and Corporate Social Responsibility Performance in Listed Manufacturing Firms in Nigeria: A Double Hurdle Regression Approach. Research Journal of Management Practice, 2(2), 17-28. Available online at:

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