Позитивные изменения. Том 3, № 4 (2023). Positive changes. Volume 3, Issue 4(2023)

Furthermore, the study analyzed sustainability disclosures in Nigerian and South African banks using an independent t-test/two-sample t test. Results showed that South African banks have higher levels of disclosure than Nigerian banks, so the hypothesis H0(5) cannot be supported.

The Two-sample t-Test with equal variances showed t-statistics and the probability values of SRQ, SCSIZE, SCINDEP, SCDIV, SCDIL and CSIZE respectively (-5.029(0.000); -2.819(0.0058), — 5.995(0.000), — 2.289(0.0243), — 4.367(0.000) and -12.082(0.000); p-value=0.000<0.05; 98 d.o.f.) for respective sustainability committee disclosures as shown in Table 7. This suggests that both at equal and unequal variance levels, the difference in the mean values of sustainable committee attributes, CSIZE and SRQ dimensions of both countries do not vary substantially at 1 % level of significance. Thus, the results of the analyses support the null hypothesis of no significant differences in sustainability reporting between South African and Nigerian banks.

Table 7. Summary of 2-sample t-test

* “Ha” is the abbreviation or short form for “alternative hypothesis”.

Source: STATA 17.0 Output, 2023.

CONCLUSION AND RECOMMENDATIONS

The study has analyzed the impact of sustainability committee attributes on sustainability reporting quality (SRQ) of banks in Nigeria and South Africa. The GRI G4 sustainability reporting guideline’s ESG disclosure index was used to calculate SRQ. The highest score was achieved when sustainability reporting was independently verified by the big four or other audit firms.

The research aims to understand which attributes have the greatest influence on SRQ. The study reveals that the Sustainability Committee had a significant impact on SRQ in Nigerian banks from 2012 to 2022. Each committee attribute has positive correlation/ significant extent, positive correlation/ insignificant extent, negative correlation/ significant extent, or negative correlation/ insignificant extent effect on SRQ, respectively.

The study has also revealed that the importance of the sustainability committee in improving sustainability reporting quality is similar among South African banks.

The study suggests that increased SRQ levels are primarily influenced by the independence, diligence, and size of sustainability committees. It recommends dedicated committee with frequent meetings and expertise in sustainability-related duties, as well as unbiased external assurance to enhance corporate sustainability reporting quality. This suggests exploring the applicability of assurance and sustainability committees in different regulatory settings, comparative analysis of corporate governance and sustainability reporting across continents, and developing minimum requirements for sustainability reporting. Overall, it contributes to accounting and management literature on corporate sustainability practices and also to understanding company-level sustainability reporting in Nigeria and other developing nations.

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