Corporate Attributes and Value of Listed Manufacturing Firms in Nigeria: A Comparative Analysis
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Date
2024-05-14
Journal Title
Journal ISSN
Volume Title
Publisher
FUDMA JOURNAL OF ACCOUNTING AND FINANCE RESEARCH
Abstract
Firms are increasingly striving to improve their value through various corporate strategies as well as exploiting
their unique attributes to stimulate value. The extent to which firms create value given their attributes remains a
subject of discuss among scholars with mix conclusions. This study therefore investigates the comparative effect of
corporate attributes (Firm size, leverage, Institutional ownership, multi-nationality and Research and development)
on the value (Tobin’s Q and Market value of equity) of 24 listed Consumer and Industrial goods firms for a period
of 14 years (2009-2022). The study utilized a positivist research philosophy and employed correlational research
design. Data for the study were quantitatively retrieved from the annual reports and accounts of the firms. Variables
were described using descriptive statistics and relationships were ascertained via correlation analysis. Both random
effect (FE) and OLS robust regressions were used to analyze the data having carried out some robustness and
diagnostic tests. Results from the study revealed firm size, multi-nationality and research and development have
significant positive effects on firm value. However, while leverage has significant negative effect on firm value,
institutional shareholding effect on firm value was found to be negative and insignificant. Also, consumer goods
sub-sector firms have significant positive effect on value which indicates that the sub-sector strongly drives value
better that the consumer goods firms through the use of corporate attribute
Description
The manuscript describes the importance of corporate attributes on the value of firms in Nigeria. it basically revealed the importance of members of the board in improving the value of firms in Nigeria.
Keywords
Citation
3. Daniya, A.A., Lawal, T., Shuaibu, K. and Yabagi, M. I. (2024): Corporate attributes and value of listed manufacturing firms in Nigeria: A comparative analysis. Fudma Journal of Accounting and Finance Research, 2 (1), 31-45