Board Characteristics and Integrated Reporting Quality of Deposit Money Banks in Nigeria: The Moderating Role of Financial Leverage

Abstract

This study examined the relationship between board governance attributes and integrated reporting quality, as well as how the relationship is moderated by financial leverage, in Nigerian listed Deposit Money Banks (DMBs) from 2016–2025. An ex post facto research design was adopted, using secondary data collected from the annual reports of all 24 listed DMBs, which constituted both the population and sample of the study. Data analysis was performed using pooled ordinary least squares regression. The findings revealed that board governance attributes (F-stat. 45.26, p-value 0.000) have a significant positive relationship with integrated reporting quality among listed DMBs in Nigeria. Furthermore, financial leverage (F-stat. 52.41, p-value 0.000) positively and significantly moderated the relationship between board governance attributes and integrated reporting quality. It was concluded that board governance attributes are significant determinants of reporting quality, and this effect is amplified in banks with higher levels of financial leverage. Therefore, it is recommended that the management of listed DMBs in Nigeria should strengthen board governance by establishing dedicated ESG oversight committees, enhancing strategic clarity, investing in technology governance capabilities, and encouraging proactive sustainability disclosure. Banks should also recognize that capital structure influences disclosure incentives, and should align governance improvements with prudent leverage management to sustain high-quality integrated reporting.