Board Composition and Integrated Reporting Quality: The Moderating Role of Firm Performance

This study examines the relationship between board composition and integrated reporting quality (IRQ) and tests whether firm performance mediates this relationship. Using content analysis, IRQ is measured through a disclosure index based on the 2021 International Integrated Reporting Framework. The sample comprises 550 integrated annual reports from 110 companies listed on the Johannesburg Stock Exchange across multiple sectors for the period 2020–2024. Panel multiple regression analysis reveals that board size and gender diversity are positively and significantly associated with IRQ, suggesting that larger and more gender-diverse boards enhance monitoring effectiveness and stakeholder-oriented transparency. In contrast, board independence and audit committee size show no significant association with IRQ. The findings further indicate that firm performance does not mediate the relationship between board composition and IRQ, implying that reporting quality is driven more by governance structures than by financial outcomes. This study contributes post-2021 Framework evidence from a mandatory integrated reporting context, refines governance theory by highlighting the importance of board heterogeneity over formal independence, and positions IRQ as a governance outcome rather than a financial signalling mechanism. The results offer practical insights for regulators, investors, and policymakers seeking to enhance reporting quality.