Intellectual Capital and Financial Performance of Listed Manufacturing Companies in Nigeria: The Moderating Role of Board Financial Expertise (Published)
The main objective of this study was to ascertain the effect of intellectual capital on financial performance of listed manufacturing companies in Nigeria; while examining the moderating role of board financial expertise. The research design adopted for this study was expost facto and secondary data were employed. The sample size of 45 listed manufacturing companies were purposively selected from the population of 52. Panel regression anlaysis was used to analyse the data sets and the statistical package employed was STATA 17. The findings of the study revealed that human capital (coef. 0.056; p-value = 0.000) has significant and positive effect on earnings per share; relational capital (coef. 0.008; p-= 0.442) has nonsignificant effect on earnings per share; Structural capital (coef. 0.012; p-=0.709) has nonsignificant effect on earnings per share; board financial expertise significantly moderates the relationship between human capital and financial performance of listed manufacturing companies in Nigeria. Thus, it was concluded that intellectual capital significantly affects financial performance with board financial expertise strengthening this effect. Based on the findings of this study, it was recommended, amongst others, that management of listed manufacturing companies in Nigeria should adopt a more deliberate and strategic approach to human capital development. Also, these firms should streamline their internal processes, eliminate bureaucratic inefficiencies, and prioritize flexible, innovation-driven systems that would directly contribute to value creation.
Keywords: : Human Capital, Earnings per share, Financial Performance, Intellectual Capital, Relational capital, structural capital
Intellectual Capital and Firm Value of Listed Oil and Gas Firms in Nigeria (Published)
This study ascertained the effect of intellectual capital on firm value of listed oil and gas companies in Nigeria for a period of twelve years from 2012 to 2023. The dependent variable is firm value while the independent variables are human capital, structural capital and relational capital. This study adopted an ex-post facto research design with data extracted from the annual reports of nine sampled companies. Descriptive statistics and OLS linear regression technique were used in the analysis of data. Findings revealed that structural and relational capitals both have significant positive effects on firm value. Human capital showed a negative effect on firm value, however, this was not statistically significant. It was therefore recommended that listed oil and gas companies in Nigeria should prioritize investments in organizational processes, systems, and knowledge management and should also develop comprehensive stakeholder engagement strategies that focuses on building strong mutually beneficial relationships.
Keywords: Intellectual Capital, Relational capital, structural capital
Intellectual Capital and Shareholders’ Wealth. The Economic Value Added Approach (Published)
The role of intangible assets such as intellectual capital promoting corporate competitiveness and further shareholders’ value has attracted attention in the finance literature. This study investigated intellectual capital efficiency as a source of creating shareholders’ wealth in Nigeria. To achieve the study’s aim, correlational research design was adopted. The study’s data were collected from content analysis of financial statements of listed service companies in Nigeria. The sample used in this study includes 17 service firms listed on the Nigeria Exchange Group from 2011 to 2022. The VAIC model was utilized to estimate intellectual capital. Descriptive statistics were conducted while some diagnostic tests were piloted before the regression analysis. The random effect regression model was used to verify whether the studied variables impact shareholders’ wealth of listed service companies in Nigeria. Findings indicated that value added intellectual coefficient as a measure of intellectual capital has a significant positive association with shareholders’ wealth. Results further revealed that human capital efficiency, relational capital efficiency and capital employed efficiency (as components of intellectual capital) are significantly and positively associated with shareholders’ wealth while structural capital efficiency has a positive but not significant relationship with shareholders’ wealth creation. The study concludes that efficient management of intellectual capital can enhance shareholders’ wealth in listed service companies in Nigeria and recommends amongst others that firms should make strategic plans regarding intellectual capital and intangible assets as it can increase corporate competitive advantage.
Keywords: : Human Capital, Intellectual Capital, Relational capital, Shareholders Wealth, capital employed, economic value added, structural capital