The role of corporate governance on CSR disclosure and firm performance in a voluntary environment

Purpose This study aims to investigate the impact of corporate social responsibility disclosure (CSRD) on firm performance and the moderating role of corporate governance on the CSRD-firm performance relationship of listed companies in Nigeria. Design/methodology/approach The paper uses a panel data set comprising 841 firm-year observations for the period covering 2007-2016. Fixed effect regression analysis was used to examine the relationship between CSRD and firm performance, and the moderating role of corporate governance in the CSRD-firm performance relationship. Findings The results of the study show that there are positive performance implications for firms that engage in CSRD. Although this study finds no effect of board size on the CSRD-firm performance relationship, it provides a strong evidence of a positive effect of board independence on the CSR-firm performance relationship. Originality/value The findings contribute to the literature by providing up-to-date and original insights on the CSRD-firm performance relationship within a developing country context. It also uses an uncommon method of measuring CSRD, taking into account the institutional biases that may arise from other methods used in studies on developed countries.