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Financial and Manufactured Capital Reporting and Firm Value of Listed Consumer and Industrial Goods Firms in Nigeria: A Comparative Analysis

Author

Listed:
  • Clement Ejiofor Okeke

    (Department of Accounting, Bingham University, Karu, Nigeria)

  • Jonah Okpe Arumona

    (Department of Accounting, Bingham University, Karu, Nigeria)

  • Solomon Mangba Aza

    (Department of Accounting, Bingham University, Karu, Nigeria)

Abstract

The consumer and industrial goods sectors in Nigeria are vital to the nation's economic expansion and job generation. Recent events have demonstrated that these sectors' performances have been inconsistent and unimpressive for more than a decade. This study examined the effect of financial and manufactured capital reporting on the firm value of consumer and industrial goods firms in Nigeria. The study used an ex-post facto research design and secondary data were obtained from the annual financial reports of the selected consumer and industrial goods firms in Nigeria for twelve years from 2013-2024. Firm value is the dependent variable proxied by Price to Book ratio (P/B Ratio), while Financial and Manufactured capital reporting are independent variables. Both financial-based and disclosure level-based measures were analyzed, while STATA 16 was used to carry out regression analyses of the direct effect of relevant variables. The study found that Financial Capital Reporting and Manufactured Capital Reporting measured through both financial and disclosure level-based indices have no statistically significant effect on the firm value of listed consumer and industrial goods firms in Nigeria. Nonetheless, a positive but insignificant coefficient observed for manufactured capital disclosures level suggests a potentially emerging informational value. It is recommended that Firms should improve the value relevance of financial and manufactured capital disclosures by aligning key metrics such as debt, reserves, grants, and physical assets with strategic narratives on financing, asset use, risk, and long-term performance. Regulators should support this through sector-specific templates and standards to ensure clarity, comparability, and a stronger link to value creation.

Suggested Citation

  • Clement Ejiofor Okeke & Jonah Okpe Arumona & Solomon Mangba Aza, 2025. "Financial and Manufactured Capital Reporting and Firm Value of Listed Consumer and Industrial Goods Firms in Nigeria: A Comparative Analysis," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(9), pages 5055-5084, September.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-9:p:5055-5084
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    References listed on IDEAS

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