{"paper_id":"0db6b0e7-7b32-40e9-8bb1-d10d4c35a11f","body_text":"Exploring the moderation role of corporate sustainability disclosure in the relationship between board-level committees and firm performance: The perspective of Sub-Saharan Africa | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article Exploring the moderation role of corporate sustainability disclosure in the relationship between board-level committees and firm performance: The perspective of Sub-Saharan Africa Aniku Ahmed Mohammed Moyini, Dr. Muhammad Tahir, Dr. Mohamed Farah, and 1 more This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7251993/v1 This work is licensed under a CC BY 4.0 License Status: Under Review Version 1 posted 13 You are reading this latest preprint version Abstract This study explores the moderating role of corporate sustainability disclosure (ESG) in the relationship between board-level committees and firm performance (FP) in Sub-Saharan Africa (SSA). While prior research has extensively examined board governance in developed markets, the unique institutional context of SSA—characterized by weak regulatory frameworks and evolving sustainability pressures—remains underexplored. Grounded in agency theory, stakeholder theory, and the resource-based view (RBV), this research investigates how the effectiveness of compensation (CCE), audit (ACE), nomination (NCE), and sustainability (SCE) committees influences FP, and whether ESG disclosure strengthens or weakens these relationships. Using manually collected data from 100 non-financial firms across 10 SSA countries (2016–2023), the study employs pooled OLS and GEE regression models. Results reveal that all four committee types significantly enhance FP, supporting hypotheses H1a–H4a. However, contrary to expectations (H1b–H4b), ESG disclosure consistently weakens these positive relationships, suggesting potential trade-offs between symbolic ESG compliance and governance efficacy. For instance, ESG-linked compensation (CCE × ESG: β = −0.121, p < 0.001) and sustainability oversight (SCE × ESG: β = −0.216, p < 0.001) exhibit negative moderation, highlighting risks of greenwashing and resource misallocation in weak institutional settings. The findings contribute to corporate governance literature by (1) empirically validating committee effectiveness in SSA, (2) challenging the assumption that ESG universally enhances governance outcomes, and (3) underscoring the need for context-sensitive reforms. Practical implications include calls for robust ESG assurance mechanisms and balanced committee mandates to align stakeholder and shareholder interests. Policymakers and firms are urged to prioritize substantive ESG integration over disclosure-driven practices to sustain long-term value creation in emerging markets. Business and commerce/Business and management Social science/Business and management Humanities/Complex networks Social science/Complex networks Social science/Development studies Earth and environmental sciences/Environmental social sciences Social science/Environmental studies Business and commerce/Finance Social science/Finance Board committees ESG disclosure firm performance Sub-Saharan Africa corporate governance sustainability Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Under Review Version 1 posted Editorial decision: Revision requested 09 Nov, 2025 Reviews received at journal 29 Sep, 2025 Reviews received at journal 25 Sep, 2025 Reviewers agreed at journal 12 Sep, 2025 Reviewers agreed at journal 12 Sep, 2025 Reviewers agreed at journal 09 Sep, 2025 Reviewers agreed at journal 07 Sep, 2025 Reviewers agreed at journal 07 Sep, 2025 Reviewers invited by journal 07 Sep, 2025 Editor invited by journal 05 Sep, 2025 Editor assigned by journal 03 Sep, 2025 Submission checks completed at journal 14 Aug, 2025 First submitted to journal 30 Jul, 2025 You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {\"props\":{\"pageProps\":{\"initialData\":{\"identity\":\"rs-7251993\",\"acceptedTermsAndConditions\":true,\"allowDirectSubmit\":false,\"archivedVersions\":[],\"articleType\":\"Article\",\"associatedPublications\":[],\"authors\":[{\"id\":513743395,\"identity\":\"65903769-b741-465e-9cdc-75daeb997d49\",\"order_by\":0,\"name\":\"Aniku Ahmed Mohammed Moyini\",\"email\":\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA6ElEQVRIiWNgGAWjYFACxmYgcQCIkw8cYDAgTUtaArFaGJihWnKIVM8/u7nZmKfmTjQ/e87HwzwFhxn42w+wSX7Bo0XizsHmZJ5jz3Jn9rzdcJjH4DCDxJkENmkZfNbcSGw+zMN2OHfDjVyIFoYbDGzSEnh0yIO1/Ducu/9GzgOwFnlCWgyAWpJ524C2SOQwgLUYALVIfsCjxRCoxXBu3+HcGWeeGRycY5DOY3gmsdkan1fkbqQ/lnjz7XBuf3vy4w9v/ljLyR0/fPDmD3x60AEPMHIbmHlI0QIGjCTZMgpGwSgYBcMdAADLy1TQaxEDjwAAAABJRU5ErkJggg==\",\"orcid\":\"\",\"institution\":\"The University of Lahore, Lahore, Punjab, Pakistan\",\"correspondingAuthor\":true,\"prefix\":\"\",\"firstName\":\"Aniku\",\"middleName\":\"Ahmed Mohammed\",\"lastName\":\"Moyini\",\"suffix\":\"\"},{\"id\":513743396,\"identity\":\"d58772c4-28e0-4f10-ab16-732cb453a89d\",\"order_by\":1,\"name\":\"Dr. Muhammad Tahir\",\"email\":\"\",\"orcid\":\"\",\"institution\":\"The University of Lahore, Lahore, Punjab, Pakistan\",\"correspondingAuthor\":false,\"prefix\":\"Dr.\",\"firstName\":\"Muhammad\",\"middleName\":\"\",\"lastName\":\"Tahir\",\"suffix\":\"\"},{\"id\":513743397,\"identity\":\"027292a0-6371-462c-862a-af13ddde7165\",\"order_by\":2,\"name\":\"Dr. Mohamed Farah\",\"email\":\"\",\"orcid\":\"\",\"institution\":\"RMIT University\",\"correspondingAuthor\":false,\"prefix\":\"Dr.\",\"firstName\":\"Mohamed\",\"middleName\":\"\",\"lastName\":\"Farah\",\"suffix\":\"\"},{\"id\":513743398,\"identity\":\"22bb7490-f8c3-4635-98e0-f81304f490f1\",\"order_by\":3,\"name\":\"Dr. Muhammad Akram Naseem\",\"email\":\"\",\"orcid\":\"\",\"institution\":\"The University of Lahore, Lahore, Punjab, Pakistan\",\"correspondingAuthor\":false,\"prefix\":\"Dr.\",\"firstName\":\"Muhammad\",\"middleName\":\"Akram\",\"lastName\":\"Naseem\",\"suffix\":\"\"}],\"badges\":[],\"createdAt\":\"2025-07-30 10:53:33\",\"currentVersionCode\":1,\"declarations\":\"\",\"doi\":\"10.21203/rs.3.rs-7251993/v1\",\"doiUrl\":\"https://doi.org/10.21203/rs.3.rs-7251993/v1\",\"draftVersion\":[],\"editorialEvents\":[],\"editorialNote\":\"\",\"failedWorkflow\":false,\"files\":[{\"id\":91141098,\"identity\":\"b7b271df-d578-491c-b671-72905861fe0f\",\"added_by\":\"auto\",\"created_at\":\"2025-09-12 04:38:53\",\"extension\":\"pdf\",\"order_by\":1,\"title\":\"\",\"display\":\"\",\"copyAsset\":false,\"role\":\"manuscript-pdf\",\"size\":697426,\"visible\":true,\"origin\":\"\",\"legend\":\"\",\"description\":\"\",\"filename\":\"Exploringthemoderationroleofcorporatesustainabilitydisclosureintherelationshipbetweenboardlevelcommitteesandfirmperformance.pdf\",\"url\":\"https://assets-eu.researchsquare.com/files/rs-7251993/v1_covered_cf47ee58-ce37-4f02-b849-1d3c782ee81e.pdf\"}],\"financialInterests\":\"No competing interests reported.\",\"formattedTitle\":\"Exploring the moderation role of corporate sustainability disclosure in the relationship between board-level committees and firm performance: The perspective of Sub-Saharan Africa\",\"fulltext\":[],\"fulltextSource\":\"\",\"fullText\":\"\",\"funders\":[],\"hasAdminPriorityOnWorkflow\":false,\"hasManuscriptDocX\":false,\"hasOptedInToPreprint\":true,\"hasPassedJournalQc\":\"\",\"hasAnyPriority\":false,\"hideJournal\":false,\"highlight\":\"\",\"institution\":\"\",\"isAcceptedByJournal\":false,\"isAuthorSuppliedPdf\":true,\"isDeskRejected\":\"\",\"isHiddenFromSearch\":false,\"isInQc\":false,\"isInWorkflow\":false,\"isPdf\":true,\"isPdfUpToDate\":true,\"isWithdrawnOrRetracted\":false,\"journal\":{\"display\":true,\"email\":\"info@researchsquare.com\",\"identity\":\"humanities-and-social-sciences-communications\",\"isNatureJournal\":false,\"hasQc\":true,\"allowDirectSubmit\":false,\"externalIdentity\":\"palcomms\",\"sideBox\":\"Learn more about [Humanities \\u0026 Social Sciences Communications](http://www.nature.com/palcomms/)\",\"snPcode\":\"41599\",\"submissionUrl\":\"https://submission.springernature.com/new-submission/41599/3\",\"title\":\"Humanities and Social Sciences Communications\",\"twitterHandle\":\"\",\"acdcEnabled\":true,\"dfaEnabled\":true,\"editorialSystem\":\"stoa\",\"reportingPortfolio\":\"Nature AJ\",\"inReviewEnabled\":true,\"inReviewRevisionsEnabled\":false},\"keywords\":\"Board committees, ESG disclosure, firm performance, Sub-Saharan Africa, corporate governance, sustainability\",\"lastPublishedDoi\":\"10.21203/rs.3.rs-7251993/v1\",\"lastPublishedDoiUrl\":\"https://doi.org/10.21203/rs.3.rs-7251993/v1\",\"license\":{\"name\":\"CC BY 4.0\",\"url\":\"https://creativecommons.org/licenses/by/4.0/\"},\"manuscriptAbstract\":\"\\u003cp\\u003eThis study explores the moderating role of corporate sustainability disclosure (ESG) in the relationship between board-level committees and firm performance (FP) in Sub-Saharan Africa (SSA). While prior research has extensively examined board governance in developed markets, the unique institutional context of SSA\\u0026mdash;characterized by weak regulatory frameworks and evolving sustainability pressures\\u0026mdash;remains underexplored. Grounded in agency theory, stakeholder theory, and the resource-based view (RBV), this research investigates how the effectiveness of compensation (CCE), audit (ACE), nomination (NCE), and sustainability (SCE) committees influences FP, and whether ESG disclosure strengthens or weakens these relationships.\\u003c/p\\u003e\\u003cp\\u003eUsing manually collected data from 100 non-financial firms across 10 SSA countries (2016\\u0026ndash;2023), the study employs pooled OLS and GEE regression models. Results reveal that all four committee types significantly enhance FP, supporting hypotheses H1a\\u0026ndash;H4a. However, contrary to expectations (H1b\\u0026ndash;H4b), ESG disclosure consistently weakens these positive relationships, suggesting potential trade-offs between symbolic ESG compliance and governance efficacy. For instance, ESG-linked compensation (CCE \\u0026times; ESG: β = \\u0026minus;0.121, p\\u0026thinsp;\\u0026lt;\\u0026thinsp;0.001) and sustainability oversight (SCE \\u0026times; ESG: β = \\u0026minus;0.216, p\\u0026thinsp;\\u0026lt;\\u0026thinsp;0.001) exhibit negative moderation, highlighting risks of greenwashing and resource misallocation in weak institutional settings.\\u003c/p\\u003e\\u003cp\\u003eThe findings contribute to corporate governance literature by (1) empirically validating committee effectiveness in SSA, (2) challenging the assumption that ESG universally enhances governance outcomes, and (3) underscoring the need for context-sensitive reforms. Practical implications include calls for robust ESG assurance mechanisms and balanced committee mandates to align stakeholder and shareholder interests. Policymakers and firms are urged to prioritize substantive ESG integration over disclosure-driven practices to sustain long-term value creation in emerging markets.\\u003c/p\\u003e\",\"manuscriptTitle\":\"Exploring the moderation role of corporate sustainability disclosure in the relationship between board-level committees and firm performance: The perspective of Sub-Saharan Africa\",\"msid\":\"\",\"msnumber\":\"\",\"nonDraftVersions\":[{\"code\":1,\"date\":\"2025-09-12 04:14:46\",\"doi\":\"10.21203/rs.3.rs-7251993/v1\",\"editorialEvents\":[{\"type\":\"communityComments\",\"content\":0},{\"type\":\"decision\",\"content\":\"Revision requested\",\"date\":\"2025-11-09T16:26:53+00:00\",\"index\":\"\",\"fulltext\":\"\"},{\"type\":\"editorInvitedReview\",\"content\":\"\",\"date\":\"2025-09-29T20:14:31+00:00\",\"index\":\"hide\",\"fulltext\":\"\"},{\"type\":\"editorInvitedReview\",\"content\":\"\",\"date\":\"2025-09-25T10:50:37+00:00\",\"index\":\"hide\",\"fulltext\":\"\"},{\"type\":\"reviewerAgreed\",\"content\":\"322798664747005795082478030585791684871\",\"date\":\"2025-09-12T21:09:05+00:00\",\"index\":\"hide\",\"fulltext\":\"\"},{\"type\":\"reviewerAgreed\",\"content\":\"74856263850527567017399661299565558682\",\"date\":\"2025-09-12T13:58:16+00:00\",\"index\":\"hide\",\"fulltext\":\"\"},{\"type\":\"reviewerAgreed\",\"content\":\"160386172006614644729744820567907436282\",\"date\":\"2025-09-09T09:17:05+00:00\",\"index\":\"hide\",\"fulltext\":\"\"},{\"type\":\"reviewerAgreed\",\"content\":\"134775513087479840191948242336543840421\",\"date\":\"2025-09-07T11:29:14+00:00\",\"index\":\"hide\",\"fulltext\":\"\"},{\"type\":\"reviewerAgreed\",\"content\":\"279913940479493955799397193198914029289\",\"date\":\"2025-09-07T11:18:53+00:00\",\"index\":\"hide\",\"fulltext\":\"\"},{\"type\":\"reviewersInvited\",\"content\":\"\",\"date\":\"2025-09-07T11:08:38+00:00\",\"index\":\"\",\"fulltext\":\"\"},{\"type\":\"editorInvited\",\"content\":\"\",\"date\":\"2025-09-05T10:32:25+00:00\",\"index\":\"\",\"fulltext\":\"\"},{\"type\":\"editorAssigned\",\"content\":\"\",\"date\":\"2025-09-03T08:42:33+00:00\",\"index\":\"\",\"fulltext\":\"\"},{\"type\":\"checksComplete\",\"content\":\"\",\"date\":\"2025-08-14T09:19:02+00:00\",\"index\":\"\",\"fulltext\":\"\"},{\"type\":\"submitted\",\"content\":\"Humanities and Social Sciences Communications\",\"date\":\"2025-07-30T10:43:01+00:00\",\"index\":\"\",\"fulltext\":\"\"}],\"status\":\"published\",\"journal\":{\"display\":true,\"email\":\"info@researchsquare.com\",\"identity\":\"humanities-and-social-sciences-communications\",\"isNatureJournal\":false,\"hasQc\":true,\"allowDirectSubmit\":false,\"externalIdentity\":\"palcomms\",\"sideBox\":\"Learn more about [Humanities \\u0026 Social Sciences Communications](http://www.nature.com/palcomms/)\",\"snPcode\":\"41599\",\"submissionUrl\":\"https://submission.springernature.com/new-submission/41599/3\",\"title\":\"Humanities and Social Sciences Communications\",\"twitterHandle\":\"\",\"acdcEnabled\":true,\"dfaEnabled\":true,\"editorialSystem\":\"stoa\",\"reportingPortfolio\":\"Nature AJ\",\"inReviewEnabled\":true,\"inReviewRevisionsEnabled\":false}}],\"origin\":\"\",\"ownerIdentity\":\"1bf1d5d1-d56f-43e4-8e34-a9080d1d6893\",\"owner\":[],\"postedDate\":\"September 12th, 2025\",\"published\":true,\"recentEditorialEvents\":[],\"rejectedJournal\":[],\"revision\":\"\",\"amendment\":\"\",\"status\":\"under-review\",\"subjectAreas\":[{\"id\":54581298,\"name\":\"Business and commerce/Business and management\"},{\"id\":54581299,\"name\":\"Social science/Business and management\"},{\"id\":54581300,\"name\":\"Humanities/Complex networks\"},{\"id\":54581301,\"name\":\"Social science/Complex networks\"},{\"id\":54581302,\"name\":\"Social science/Development studies\"},{\"id\":54581303,\"name\":\"Earth and environmental sciences/Environmental social sciences\"},{\"id\":54581304,\"name\":\"Social science/Environmental studies\"},{\"id\":54581305,\"name\":\"Business and commerce/Finance\"},{\"id\":54581306,\"name\":\"Social science/Finance\"}],\"tags\":[],\"updatedAt\":\"2026-05-21T19:38:19+00:00\",\"versionOfRecord\":[],\"versionCreatedAt\":\"2025-09-12 04:14:46\",\"video\":\"\",\"vorDoi\":\"\",\"vorDoiUrl\":\"\",\"workflowStages\":[]},\"version\":\"v1\",\"identity\":\"rs-7251993\",\"journalConfig\":\"researchsquare\"},\"__N_SSP\":true},\"page\":\"/article/[identity]/[[...version]]\",\"query\":{\"redirect\":\"/article/rs-7251993\",\"identity\":\"rs-7251993\",\"version\":[\"v1\"]},\"buildId\":\"8U1c8b4HqxoKbykW_rLl7\",\"isFallback\":false,\"isExperimentalCompile\":false,\"dynamicIds\":[84888],\"gssp\":true,\"scriptLoader\":[]}","source_license":"CC-BY-4.0","license_restricted":false}