Research Articles (Financial Management)

Permanent URI for this collectionhttp://hdl.handle.net/2263/2226

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Mapping financial literacy in Africa : a bibliometric analysis
Matemane, Matwale Reon; Öztop, Ali Osman; Ramushwana, Kebaabetswe Veronica; Karadağ, Hande; Şahin, Faruk (Routledge, 2026)
The interest in financial literacy has led to its popularization in the finance literature in African countries as well as worldwide. However, considering the socio-economic and developmental status of the countries in the African continent, financial literacy is a more critical issue. Although there are studies on the subject worldwide, to the best of our knowledge, there is no research that comprehensively analyses the financial literacy literature in the African context. The aim of the present study is to fill this gap through a retrospective investigation of financial literacy studies in the African context by employing the method of bibliometric analysis. The results show a recent and rapid growth in the financial literacy literature, based on 336 publications indexed in the Scopus database. The results show that human development is a dominant research theme in studies related to financial literacy, but economics and business management is an emerging theme with the potential to be fully settled. As such, this study provides a comprehensive overview of financial literacy in the African context and opens up new avenues for future research.
Impact of corporate specific board attributes on capital disclosure quality evidence from India
Devarapalli, Suman; Matemane, Matwale Reon; Mohapatra, Lalita Mohan; Tripathy, Sasikanta (Springer Nature, 2026-02-12)
The capitals disclosure has significant impact on improving the firm’s competitive advantage. This helps in value creation and improves the firm’s performance in short, medium, and long-term prospects. The multiple capital concept includes more social and sustainable information that enhance quality of firm. The current accounting standards do not strictly instruct the firms to disclose more about the multiple capitals. The initial studies have concentrated more on the adoption of integrated reporting (IR), IR quality and intellectual capital disclosure with board and firm features, but no study is carried out using capitals disclosure quality of IR framework and board specific features with the support of agency theory in Indian context. To this extension, this study has designed capital disclosure quality. The analysis is based on a sample of 46 Indian listed firms with 138 firm year observations during 2019 to 21 by employing balanced panel data analysis with Fixed Effect, Random Effect and Pooled Ordinary Least Square. The results disclose the favourable effect of board size, CEO duality, board independence, firm size, covid-19 on the Capital disclosure quality. In contrast, board activity, gender diversity, profitability, and leverage have negative association with capital disclosure quality. The study provides key insights for various stakeholder groups i.e., researchers, practitioners, accounting bodies, government agencies, investors, and policy makers. The present research adds to the literature by considering multiple capitals disclosure quality of IR which was scantly used an indicator for the IR quality. The study further includes the Indian companies where the adoption of IR framework is its initial stages and not mandatory, therefore by linking the disclosure quality and board characteristics in the Indian context will help the policy makers and the practitioners in formulating suitable future policies for the adoption of the novel IR framework. The insights are practising disclose of multiple capitals in annual reports under the IR framework can lead to know how value is created, how capitals links to achievement of sustainable developmental goals and suitable tool to communicate non-financial information.
Evaluating the resilience of CSR practices in South African listed companies surrounding the COVID-19 pandemic (2017–2022)
Lemana, Phathutshedzo; Matemane, Matwale Reon; Mokabane, Maatabudi (Springer Nature, 2026-05-29)
The COVID-19 pandemic created an unprecedented global crisis that tested the resilience and social accountability of companies worldwide, particularly in emerging economies where structural vulnerabilities are more pronounced. This study examines the pandemic’s impact on corporate social responsibility (CSR) performance among companies listed on the Johannesburg Stock Exchange in South Africa. Drawing on stakeholder, institutional, legitimacy, agency, and crisis management theories, we develop contrasting expectations regarding whether the pandemic would strengthen or weaken CSR engagement. Analysing 624 company-year observations from 2017 to 2022, we find that the pandemic’s overall effect on CSR performance was statistically insignificant, indicating that South African companies generally maintained their CSR commitments despite economic and operational disruptions. Sectoral analysis, however, reveals significant heterogeneity: CSR performance declined in the materials sector but improved in the real estate sector. These findings suggest that stakeholder demands, managerial incentives, legitimacy concerns, institutional pressures, and crisis-response capacities jointly shaped industry-level outcomes. The results are robust to alternative CSR measures and econometric approaches. The study contributes to the literature on CSR practices in emerging markets by demonstrating the value of a multi-theoretic lens in explaining both resilience and sector-specific vulnerabilities in corporate responses to systemic shocks.
Critical thinking : the key to success in management accounting and corporate finance
Du Toit, Elda; Enslin, Zack (Stellenbosch University, 2026-04-25)
This study aimed to determine whether there is a link between students' critical thinking abilities and their performance in a management accounting and financial management (MAFM) course as part of a degree program in accounting sciences. The study used a learning orientation index tool to measure students' critical thinking ability. It also used multiple linear regression to investigate the relationship between students' ability to think critically and their marks for the different components of the course. Other variables were considered in this investigation, including gender, age, ethnicity, first or home language education, and perceived level of course enjoyment. The regression results indicate that students' critical thinking score, age, and level of enjoyment from the course are the most significant variables linked to their performance in MAFM. Many South African students do not have the opportunity to learn in their first or native language, although this variable had no significant impact on their performance in this course. The study's findings indicate that students' capacity to think critically is crucial to their performance in management accounting, corporate finance, and managerial employment after graduation.
Measuring an audit quality climate among employees
Kritzinger, Jana Alida; Barac, Karin (Wiley, 2025-01)
The International Standard on Quality Management requires, among other things, that audit firm leadership promotes a quality-oriented culture in firms. We add a novel contribution to the audit quality literature by developing an instrument to measure the audit quality climate in audit firms. Our data consisted of perceptions of non-executive employees at large South African audit firms and the Auditor-General of South Africa. Instrument development followed a rigorous scale development process, beginning with the adaptation of a widely used organizational climate measure to explore audit quality at employee level. Exploratory factor analysis determined six audit quality climate dimensions. Confirmatory factor analysis provided evidence of construct validity. The six dimensions of our audit quality climate measurement instrument fit into the three types of culture currently identified in audit firms. The findings of our study are a starting point to develop an acceptable audit quality climate scale for employees in audit firms.
Research trends in board attributes and corporate social responsibility performance
Lemana, Phathutshedzo; Matemane, Matwale Reon; Mokabane, Maatabudi (Wohllebe & Ross Publishing, 2025)
This article synthesises insights from corporate social responsibility (CSR) literature by conducting a comprehensive review of the influence of board attributes on CSR performance. It draws on peer-reviewed studies published between 1989 and 2024, identifying impactful authors, journals, and articles, as well as exploring the key terms frequently used in this research domain. The study applies a systematic literature review through bibliometric analysis of 348 manuscripts indexed in Scopus, focusing on both accounting and non-accounting academic journals. The methods employed include the analysis of co-authorship networks, citation patterns, keyword co-occurrence, and publication trends, which together reveal the most influential authors, leading journals, and geographical patterns of CSR research. The findings show that interest in the relationship between board attributes and CSR performance has increased significantly since 2007, with research concentrated in countries such as China, the United States, and Australia. Influential contributors include Karaman AS, and Martinez Ferrero, J. The analysis demonstrates that board characteristics play an important role in shaping CSR outcomes and highlights a recent shift in attention towards developing countries. The study identifies research gaps and suggests that future work should broaden database coverage beyond Scopus to improve the generalisability of findings.
Do CEO attributes matter in the nexus between board composition and cybersecurity risk disclosure? Evidence from South African firms
Ojeyinka, Titus Ayobami; Ajide, Folorunsho M.; Matemane, Matwale Reon (Elsevier, 2026-03)
In recent years, regulatory authorities, shareholders, managers, and governance bodies have been more aware of the growing wave of cyber threats and information security breaches and their effects on business operations. Cybersecurity risk disclosure has been recognized as a critical governance approach that minimizes information asymmetry among different and heterogeneous stakeholders to control and limit a firm's exposure to cyberattacks. This study examines the impact of board composition on cybersecurity risk disclosure across 52 South African companies. The study also investigates the role of CEO attributes in the nexus between the two variables. The study applies heteroscedasticity consistent standard error pooled ordinary least square, system generalized method of moment, panel corrected standard errors and Driscoll and Kraay robust standard error methods to control for heteroscedasticity, endogeneity, and cross-sectional dependence respectively among the panel units. The main findings from the study show that gender diversity on the board, board independence, and the frequency of board meetings consistently improve corporate decisions on cybersecurity risk disclosure. In the meantime, the quantity of cybersecurity information in company annual reports does not seem to be significantly impacted by ethnic diversity constantly. At the same time, board size is associated with less disclosure of cyber-related information. The study further documents that CEO education and tenure act as strong moderators and thus shape the impact of board attributes on cybersecurity disclosure. The study highlights the crucial role of CEO attributes in moderating the relationship between board composition and firms' decisions on corporate cybersecurity risk disclosure.
Energy market connectedness : a tale of two crises
Charteris, Ailie; Obojska, Lidia; Szczygielski, Jan Jakub; Brzeszczynski, Janusz (Elsevier, 2026-01)
We investigate connectedness within and across oil, coal and natural gas markets during the COVID-19 pandemic and the global energy crisis (GEC) using a time-varying parameter vector autoregression model and multiple price benchmarks. Our findings show that total connectedness spiked sharply but briefly during the pandemic and rose persistently during the GEC, reflecting crisis-specific developments that impacted demand and supply. At the aggregate level, spillover patterns varied across crises except for coal, with oil (natural gas) weakening (strengthening) as a transmitter during the pandemic, with the reverse observed during the GEC. The influence of specific benchmarks shifted in response to geopolitical events and policy interventions. We identify uncertainty, stock market dynamics, sentiment and energy market innovation as drivers of energy market connectedness. We further propose and test a trading strategy based on the strength and growth of pairwise connectedness, which yields profitable out-of-sample results. Our study contributes to the literature by offering a multi-benchmark analysis of fossil fuel market connectedness during two major crises, with the results providing insights and implications for market participants and policymakers. HIGHLIGHTS • We analyse oil, coal and natural gas market connectedness during COVID-19 and the GEC. • Connectedness spiked briefly during the pandemic and showed persistent increases during the GEC. • Shifts in network connectedness occurred in line with crisis-specific developments. • Uncertainty is one of the drivers of energy market connectedness. • Pairwise connectedness-based trading strategies demonstrate profitability.
Improving post-award grant management efficiency through process mapping and activity-based costing
Kotzee, Ninette; Du Toit, Elda (Society of Research Administrators International, 2025)
This case study details how the University of Pretoria’s Grant Management Unit improved post-award grant management efficiency and compliance. Using process mapping and Activity-Based Costing, the Unit identified and addressed inefficiencies, high compliance costs, and process bottlenecks. Activity-Based Costing provides valuable insights into resource allocation and cost optimization. This integrated approach offers a practical model for enhancing efficiency and compliance in resource constrained universities.
Does institutional quality matter in the interplay between corporate governance and firm performance? Lessons from South African financial firms
Ojeyinka, Titus Ayobami; Matemane, Matwale Reon (Sage, 2025-12)
The study investigates the effect of institutional quality on the corporate governance–firm performance nexus across 39 listed financial firms in South Africa via annual data from 2015 to 2022. We apply Driscoll and Kraay’s (1998) robust standard error and generalised method of moment estimation techniques to correct for cross-sectional dependence, serial correlation and endogeneity issues in this study. The study reveals a substantial positive correlation between firm performance and corporate governance metrics, including gender diversity, ethnic diversity, board size and board independence. This implies that having a large, independent, genderbased and ethnically diverse board improves company performance. In addition, all the indicators of institutional quality are found to enhance firm performance, while the relationship between corporate governance and firm performance in the industry is found to be strongly and negatively moderated by institutional quality. This suggests that corporate governance has a favourable impact on financial performance, but poor institutional quality weakens the beneficial and enhancing effects of corporate governance on firm performance. This research offers new insights into the importance of institutional frameworks and national governance mechanisms on the nexus between corporate governance and financial performance in the financial industry in South Africa.
Takeover vulnerability and the discipline of ESG overinvestment
Tunyi, Abongeh; Sagay, Ruth O.; Matemane, Matwale Reon (Wiley, 2026)
While takeovers serve a disciplinary role by replacing inefficient managers, the threat of takeovers may compel firms to divert attention from Environmental, Social and Governance (ESG) efforts as a strategic response to external pressure, especially when such firms are already overinvesting in ESG. We test this conjecture using a panel of 19,564 firm-year observations for NYSE and NASDAQ-listed firms from 1994 to 2019. Our findings indicate that ESG performance declines in the year preceding takeover attempts and, more generally, as firms' vulnerability to takeover bids increases. This effect is more pronounced in firms with prior ESG overinvestment, suggesting that firms respond to takeover threats by scaling back excess ESG initiatives. Further analysis reveals that this response is stronger in financially constrained firms, firms with more compliance-oriented and reputationally sensitive boards and firms where the CEO holds significant influence over the board. Conversely, the effect is weaker in firms led by highly capable managers and those with large shareholders, consistent with stronger governance constraining opportunistic ESG retrenchment under takeover pressure. Overall, our results suggest that firms' ESG decisions are shaped by takeover threats, with their response influenced by prior ESG investments, financial constraints and governance structure.
Can board gender diversity prevent corporate failure? Evidence from state‑owned enterprises in an emerging economy
Ojeyinka, Titus Ayobami; Matemane, Matwale Reon; Moraka, Nthabiseng Violet; Molaoa, Olebile (SpringerOpen, 2025-11-18)
This study aims to explore the economic importance of board gender diversity for the likelihood of firm failure among state-owned enterprises (SOEs) in South Africa between 2011 and 2022. This study employs a binary logistic regression technique as the primary estimation technique. To corroborate the outcomes from the logistic model, the study also utilises panel regression approaches such as probit and feasible generalised least squares to control for nonlinearity, heteroscedasticity, autocorrelation and heterogeneity. The key finding from the study reveals that female board representation significantly reduces the odds of corporate failure. A further outcome from the study reveals that women directors must constitute a critical mass of at least 50% of the boardroom to significantly mitigate business failure among the selected SOEs. The outcome provides solid support for board gender diversity, inclusivity and equity as effective governance mechanisms to promote the financial health of SOEs. The study thus offers proof in favour of achieving Sustainable Development Goal 5, which aims to attain gender equality, particularly in positions of leadership and decision-making in the public and private sectors, and the King IV Code of corporate governance for firms in South Africa on board gender diversity.
What does energy price uncertainty reveal about the global energy crisis?
Szczygielski, Jan Jakub; Charteris, Ailie; Obojska, Lidia; Brzeszczynski, Janusz (Elsevier, 2025-08)
We construct a Google search-based measure of energy price uncertainty (ENPU) that reflects oil, coal and natural gas price uncertainty. Using this index, we analyse the evolution of energy price uncertainty stemming from the first truly global energy crisis and we model its impact on global stock markets. The ENPU measure reflects uncertainty beyond that quantified by the Oil Volatility Index (OVX) and that associated with oil price shocks alone, confirming that the global energy crisis is driven by natural gas and coal price shocks. Stock markets are most responsive to ENPU during the period coinciding with the invasion of Ukraine whereas ENPU peaks around the sabotage of the Nord Stream pipelines. We interpret this asynchrony as evidence of markets adapting to the crisis, yielding insight into how economic agents process information. The limited impact of energy prices on returns, which we attribute to the supply-side nature of the crisis, suggests that the uncertainty transmission channel captures aspects of the crisis beyond energy price shocks alone. The impact of ENPU on global markets began declining from October 2022, suggesting that government interventions were at least partially effective. The insights and methodology expounded in this study will be of potential interest to market analysts, investors, policymakers and economists. HIGHLIGHTS • We construct a Google-based energy price uncertainty (ENPU) index encompassing oil, coal and natural gas price uncertainty. • We use ENPU to model the evolution of the global energy crisis and its impact on global stock markets. • ENPU outperforms the OVX in approximating the VIX and explaining stock returns. • There is an asynchrony in the global stock market response to ENPU and uncertainty peaking. • Coal and natural gas price shocks contribute more to ENPU than oil price shocks. • Energy prices alone weakly impact on returns, suggesting that ENPU reflects a broader transmission channel. • ENPU declines with falling energy prices and policy responses aimed at limiting the impact of high energy prices.
Repaying the trust : social trust and the readability of form 10-K reports
Hussaini, Mussa; Hussain, Tanveer; Tunyi, Abongeh A. (Emerald, 2026)
PURPOSE : This study aims to explore the relationship between social trust and financial reporting obfuscation, defined as a lack of annual report readability. We propose that social trust is an important informal institution that promotes ethical behavior and accountability, leading corporate managers to produce clearer, more accessible annual reports for stakeholders. DESIGN/METHODOLOGY/APPROACH : Using a sample of 44,799 firm-year observations from 1,076 publicly listed US firms, we analyze the impact of regional social trust on the readability of financial reports. We further investigate how this relationship varies across different organizational and managerial characteristics, including stakeholder orientation, geographical dispersion, monitoring environments, managerial capabilities and chief executive officer (CEO) experience. FINDINGS : Our results provide strong evidence that firms located in regions with higher social trust produce less obfuscated financial reports. This negative relationship is more pronounced in firms with higher stakeholder orientation, lower geographical dispersion, stronger monitoring environments, more capable managers and CEOs with broader work experience (generalist CEOs). PRACTICAL IMPLICATIONS : The findings suggest that social trust is a significant driver of financial report readability. This has important implications for external stakeholders, managers and policymakers in understanding the role of informal institutions in corporate reporting practices. ORIGINALITY/VALUE : This study contributes to the accounting literature by identifying social trust as a key factor influencing the clarity of financial reports and by providing insights into the underlying mechanisms through which this relationship operates.
Sustainability in context : SDG disclosure across African stock exchanges
Hummel, Katrin; Du Toit, Elda (Emerald, 2026-12)
PURPOSE : The sustainable development goals (SDGs) provide a comprehensive framework for transitioning to sustainable development. African companies play a crucial role in this process because the continent lags significantly in achieving the SDGs. This study examines the extent of SDG-related disclosure by African companies and the role of institutional factors, financial stakeholders and legitimacy concerns in shaping this disclosure. DESIGN/METHODOLOGY/APPROACH : The study analyses 6,534 annual reports from 964 companies across 16 African countries from 2015 to 2023. The authors assess SDG-related disclosure from the frequency of SDG-related keywords in the reports using computer-assisted textual analysis. FINDINGS : African companies most frequently report on topics related to SDG3 (good healthcare and well-being), SDG8 (decent work and economic growth), SDG9 (industry, innovation and infrastructure) and SDG16 (peace, justice and strong institutions). SDG disclosure remains relatively stable from 2015 to 2020, with a notable increase thereafter. The authors find that debt providers are generally associated with lower SDG disclosure levels, whereas other determinants’ influence varies by countries. Institutional quality and development assistance are linked to lower SDG disclosure in South Africa and countries with strong institutions but increase disclosure where institutions are weak, suggesting a greater impact in less developed settings. Cross-listing reduces SDG disclosure in South Africa, likely due to a de facto reporting mandate, but increases it elsewhere, underscoring the role of international market pressure in African countries other than South Africa. Finally, affiliation with environmentally sensitive industries is associated with higher disclosure only in weak institutional settings, reflecting the importance of legitimacy pressures where formal institutions are lacking. RESEARCH LIMITATIONS/IMPLICATIONS : The findings highlight the role of the institutional environment and financial stakeholders in African countries and emphasise the need to differentiate between different African countries. PRACTICAL IMPLICATIONS : Policymakers and regulators can use these insights to tailor sustainability reporting guidelines to regional contexts, and corporations can leverage the findings to align their reporting with stakeholder expectations and global sustainability goals. ORIGINALITY/VALUE : To the best of the authors’ knowledge, this study is the first to provide large-scale empirical evidence on SDG disclosures by African companies. The study offers novel insights into how institutional quality, financial stakeholders and legitimacy pressures shape SDG-related disclosure, thereby accounting for the diversity of African contexts.
The hidden cost of open access : artificial intelligence, paywalls and the risk of knowledge inequity
Wingfield, Brenda D.; Wingfield, Beverly Jane (Academy of Science of South Africa, 2025-11)
SIGNIFICANCE : This Commentary underscores the urgency of rethinking how artificial intelligence systems and publishing models intersect. Rather than focusing solely on efficiency or access, we call attention to structural inequities that shape who is visible in the scholarly record. By highlighting the systemic risks of exclusion, we argue for proactive collaboration between policymakers, publishers and technologists to design frameworks that safeguard equity and inclusivity in the future of academic research.
A configurational analysis of the impact of entrepreneurial orientation and global mindset on export performance of SMEs
Matemane, Matwale Reon; Mintah, Rockson; Sahin, Faruk; Karadag, Hande (Sage, 2025-08)
Although contemporary literature provides several important insights into the role of attributes of SMEs, there is much less evidence on what configuration of entrepreneurial orientation and global mindset makes this process successful, that is, contributing to the export performance of SMEs. This study uses a fuzzy set qualitative comparative analysis on a sample of 97 SMEs in Ghana to explore the potential complementary role between the entrepreneurial orientation dimensions and global mindset for superior export performance. The results indicate two different yet equifinal configurations of these factors that lead to a high level of export performance of SMEs. One of the configurations shows that proactive and innovative SMEs with managers high on global mindset achieve superior export performance regardless of their willingness to take risks. Another configuration indicates that regardless of the global mindset of managers, SMEs can achieve higher export performance by being proactive, innovative, and willing to take high risks. Several implications for theory and practice are discussed based on the findings.
Do risk committee attributes enhance climate risk disclosure? Evidence from the listed mining firms in South Africa
Ojeyinka, Titus Ayobami; Matemane, Matwale Reon (Wiley, 2025-11)
This study examines the role of risk committee (RC) attributes in climate risk disclosure among 31 mining firms in South Africa. Focusing on annual data between 2016 and 2021, this study employs a feasible generalized least squares technique, a generalized method of moments, and a method of moment quantile regression to control for endogeneity, heterogeneity, and distributional effects between the target variables. The study revealed that RC characteristics such as RC size, RC independence, and RC gender diversity enhance climate risk disclosure, suggesting that these governance variables are crucial drivers of climate risk reporting among the listed mining firms in South Africa. On the other hand, the frequency of RC meetings impedes corporate climate risk disclosure. The results are consistent across different model specifications and robust to various methodologies. The study concludes that risk committee attributes are essential corporate governance mechanisms that drive corporate decisions on the climate risk disclosure of mining firms in South Africa.
Professional skepticism and behavioral bias in financial professionals
De Klerk, Charisa; Enslin, Zack; Hall, J.H. (John Henry) (Elsevier, 2025-09)
Over the past few years professional skepticism has received attention from various stakeholders such as policymakers, practitioners, regulators, and the public. The interest was driven by financial professionals’ failure to apply professional skepticism and the damage it has caused the reputation of the accounting profession. This study investigates the relationship between professional skepticism as a trait and decision-making biases, while also exploring how factors such as gender, age, experience, and personality traits influence financial professionals’ susceptibility to decision-making biases. The study adopted an advanced statistical technique using structural equation modelling to explore the relationship between professional skepticism and decision-making biases. Online surveys were distributed and completed by professional accountants who have professional accreditation with the International Auditing and Assurance Board (IAASB). Findings revealed the presence to a significant extent among financial professionals of confirmation bias, misconceptions of regression to the mean bias, conjunctive event bias, overconfidence bias, and affect bias. Further findings reveal that specific constructs within the professional skepticism trait such as questioning mind, suspension of judgement, search for knowledge, and self-determining, show significant positive (and in some instances negative) relationships with decision-making biases. Gender, experience, and personality traits (such as extraversion and neuroticism) were found to influence susceptibility to certain biases. This research contributes to literature, offering insights into the relationship between professional skepticism and decision-making biases, underlining the importance of understanding skepticism’s implications for decision-makers. HIGHLIGHTS • Relationship between professional skepticism and bias in decision-making identified. • Using SEM to measure relationships between professional skepticism and decision-making biases. • Unpacking professional trait skepticism constructs.
Do women on corporate boards enhance biodiversity disclosure? Evidence from South Africa
Matemane, Matwale Reon; Ojeyinka, Titus Ayobami; Tunyi, Abongeh A.; Lemma, Tesfaye (Emerald, 2026-01)
PURPOSE : This study investigates whether board gender diversity enhances biodiversity disclosure among listed firms in South Africa. Drawing on legitimacy theory, resource-based view and critical mass theory, we examine the extent to which female board representation drives more comprehensive biodiversity reporting, particularly in environmentally sensitive sectors, and whether a threshold effect strengthens this relationship. DESIGN/METHODOLOGY/APPROACH : We use panel data comprising 1,016 firm-year observations from 254 Johannesburg Stock Exchange−listed firms between 2018 and 2021. The analysis relies on OLS regressions with industry and year-fixed effects, as well as firm-fixed effects models. We further test for the presence of a critical mass effect, investigate sectoral heterogeneity and perform robustness checks using alternative specifications and strategies to address endogeneity concerns. FINDINGS : The results provide strong and consistent evidence that board gender diversity is positively associated with biodiversity disclosure. This effect is stronger in firms with three or more female directors and in environmentally sensitive industries, although it is also present among non-financial firms more broadly. The positive association is concentrated in disclosure dimensions related to policies, targets, and governance, but is not evident in more technical areas such as biodiversity valuation, risk quantification, and impact measurement. This suggests that gender-diverse boards may drive strategic commitment but not necessarily technical implementation. PRACTICAL IMPLICATIONS : The findings highlight the importance of gender diversity as a governance lever for promoting biodiversity accountability, but also suggest it must be complemented by technical capacity, environmental expertise, and organizational systems. Policymakers, investors and sustainability advocates should view board gender diversity as an enabling factor that requires additional support to translate commitment into comprehensive reporting. ORIGINALITY/VALUE : This study extends the literature by providing novel evidence on the governance determinants of biodiversity disclosure in an emerging market context. It unpacks the heterogeneous nature of biodiversity reporting and shows that board composition influences strategic disclosure elements more than technical ones. The findings have implications for corporate governance reform, disclosure policy and research on gender and sustainability.

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