IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v9y2025issue-9p5055-5084.html

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
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-9-issue-9/5055-5084.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/financial-and-manufactured-capital-reporting-and-firm-value-of-listed-consumer-and-industrial-goods-firms-in-nigeria-a-comparative-analysis/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. William Sucuahi & Jay Mark Cambarihan, 2016. "Influence of Profitability to the Firm Value of Diversified Companies in the Philippines," Accounting and Finance Research, Sciedu Press, vol. 5(2), pages 149-149, May.
    2. Pappu Kumar Dey, 2020. "Value relevance of integrated reporting: a study of the Bangladesh banking sector," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 17(4), pages 195-207, December.
    3. Dimes, Ruth & de Villiers, Charl, 2024. "Hallmarks of Integrated Thinking," The British Accounting Review, Elsevier, vol. 56(1).
    4. Chizoba Mary Nwoye & Patrick Amaechi Egbunike & Ifeanyi Francis Osegbue, 2021. "Integrated Reporting and Firm Value in the Nigerian and South African Oil and Gas Sector," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 6(2), pages 163-181.
    5. Uwem Etim Uwah, 2019. "Capital Expenditure Decisions And Long Term Value Of The Firm: Evidence From Nigerian Manufacturing Companies," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 8(1), pages 152-169.
    6. Mohammad Enamul Hoque, 2017. "Why Company Should Adopt Integrated Reporting?," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 241-248.
    7. Hadi Mahmudah & Andi Ina Yustina & Christine Novita Dewi & Bambang Sutopo, 2023. "Voluntary disclosure and firm value: Evidence from Indonesia," Cogent Business & Management, Taylor & Francis Journals, vol. 10(1), pages 2182625-218, December.
    8. M. Chabachib & Hersugondo Hersugondo & Erna Ardiana & Imang Dapit Pamungkas, 2020. "Analysis of Company Characteristics of Firm Values: Profitability as Intervening Variables," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(1), pages 60-70, January.
    9. Huda Tariq Abdulrahman Albetairi & Gagan Kukreja & Allam Hamdan, 2018. "Integrated Reporting and Financial Performance: Empirical Evidences from Bahraini Listed Insurance Companies," Accounting and Finance Research, Sciedu Press, vol. 7(3), pages 102-102, August.
    10. Liliane Cristina Segura & Abu Naser & Rute Abreu & Jose Angel Perez-Lopez, 2024. "ESG Dimensions and Corporate Value: Insights for Sustainable Investments," Sustainability, MDPI, vol. 16(17), pages 1-22, August.
    11. Pendo Shukrani Kasoga & Mohammed M Elgammal, 2020. "Does investing in intellectual capital improve financial performance? Panel evidence from firms listed in Tanzania DSE," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1802815-180, January.
    12. Rojana Khunkaew & Jittima Wichianrak & Muttanachai Suttipun, 2023. "Sustainability reporting, gender diversity, firm value and corporate performance in ASEAN region," Cogent Business & Management, Taylor & Francis Journals, vol. 10(1), pages 2200608-220, December.
    13. Felix Chirairo & Prof Mashukudu Hartley Molele, 2024. "Social and relationship capital effect on the value of firms listed on the Johannesburg Stock Exchange ? An integrated reporting approach," Journal of Economic and Social Development, Clinical Journals Press, vol. 11(01), pages 01-09.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Putri, Indah Ayu Johanda, 2023. "Growth, Intellectual Capital, Financial Performance And Firm Value : Evidence From Indonesia Automotive Firms," OSF Preprints z53mf, Center for Open Science.
    2. Zhou, Hui & Nagayasu, Jun, 2023. "Is corporate environmental responsibility more valuable in the transitory period? The moderating effect of ownership type," Finance Research Letters, Elsevier, vol. 53(C).
    3. Dayana Mastura Baharudin & Maran Marimuthu & Haslindar Ibrahim & Amin Jan & Yusuf Babatunde Adeneye & Hana Halini Hamzah & Mohd Ikhwan Izzat Zulkefli & Normardhiah Ibrahim, 2022. "Integrated Business Model – Technology (IBM-T) reporting trends: Pre and Post Malaysian Code of Corporate Governance (MCCG) 2017," Business Management and Strategy, Macrothink Institute, vol. 13(2), pages 217-235, December.
    4. Martin Esch & Benedikt Schnellbächer & Andreas Wald, 2019. "Does integrated reporting information influence internal decision making? An experimental study of investment behavior," Business Strategy and the Environment, Wiley Blackwell, vol. 28(4), pages 599-610, May.
    5. Ahmed Jinjiri Bala & Aminu Hassan & Isah Umar Kibiya, 2026. "Does Profitability Moderate the Effect of Intellectual Innovation on Firm Value in the Technology-Driven Sectors of Emerging Economies?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(2), pages 6078-6108, April.
    6. Muttanachai Suttipun & Pongsutti Phuensane & Ploypailin Kijkasiwat, 2026. "Co-opted board and carbon emissions in Thailand," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 23(1), pages 212-223, March.
    7. Ramesh Prasad & Amitava Mondal, 2025. "Determinants of SMEs’ financial performance in an emerging economy: an econometric view," SN Business & Economics, Springer, vol. 5(9), pages 1-31, September.
    8. Alina Almã?an & Cristina Circa & Mãdãlina Dumitru & Raluca Gina Gu?e & Drago? Marian Mangiuc, 2019. "Effects of Integrated Reporting on Corporate Disclosure Practices regarding the Capitals and Performance," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 21(52), pages 572-572, August.
    9. Ahmet Akbas & Ali Coskun & Sebahattin Demirkan & Osman Karamustafa, 2021. "Internal Change Mechanism of Integrated Reporting: A Field Study," Sustainability, MDPI, vol. 13(23), pages 1-17, December.
    10. I Gusti Ngurah Bagus Gunadi & I Gusti Bagus Wiksuana & Ida Bagus Anom Purbawangsa & Henny Rahyuda, 2020. "Impact of Structural Capital and Company Size on the Growth of Firm Value through Financial Performance with Good Corporate Governance as a Moderating Variable: Property and Real Estate Business in Indonesia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 332-352.
    11. Farjana Nur Saima & Ratan Ghosh, 2024. "Is the capital market of Bangladesh ready to reap the benefits of voluntary integrated reporting disclosures? Insights from the equity investment experts," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(4), pages 589-611, December.
    12. Doddy Setiawan & Isna Putri Rahmawati & Arif Santoso & Henry Nosih Saturwa & Fadillah Ahmad Fauzi Pratama, 2026. "Foreign attributes and climate change disclosure," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 23(1), pages 126-137, March.
    13. Ken Holley & Virginia Cathro, 2026. "Mandatory climate reporting and corporate social responsibility: organisational transformation and market dynamics in New Zealand," International Journal of Corporate Social Responsibility, Springer, vol. 11(1), pages 1-17, December.
    14. Murat Colak & Mert Sarioglu, 2025. "The Effect of Corporate Governance on the Quality of Integrated Reporting and ESG Risk Ratings," Sustainability, MDPI, vol. 17(11), pages 1-29, May.
    15. Nuradhi Kalpani Jayasiri & Sriyalatha Kumarasinghe & Rakesh Pandey, 2023. "12 years of integrated reporting: A review of research," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2187-2243, June.
    16. Dayana Mastura Baharudin & Maran Marimuthu & Haslindar Ibrahim & Amin Jan & Yusuf Babatunde Adeneye & Hana Halini Hamzah & Mohd Ikhwan Izzat Zulkefli & Normardhiah Ibrahim, 2022. "Integrated Business Model – Technology (IBM-T) practices: Bursa Malaysia Sector-Based Trends," Business Management and Strategy, Macrothink Institute, vol. 13(2), pages 154-173, December.
    17. Milan Christian de Wet & Milan Heckroodt van Wyk, 2025. "The Connectivity Between Content Elements and SDGs in the South African Banking Industry," Sustainability, MDPI, vol. 17(6), pages 1-32, March.
    18. López-Cabarcos, M. Ángeles & Piñeiro-Chousa, Juan & Quiñoá-Piñeiro, Lara & López-Pérez, M. Luisa, 2024. "Water and waste management strategies as drivers of the financial performance of food companies," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    19. Sumaia Ayesh Qaderi & Belal Ali Abdulraheem Ghaleb & Abdulwahid Ahmed Hashed & Sitraselvi Chandren & Zaimah Abdullah, 2022. "Board Characteristics and Integrated Reporting Strategy: Does Sustainability Committee Matter?," Sustainability, MDPI, vol. 14(10), pages 1-24, May.
    20. Ramesh Prasad & Amitava Mondal, 2025. "Sectoral disparities and the nonlinear role of intellectual capital in Indian SMEs," Future Business Journal, Springer, vol. 11(1), pages 1-21, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:9:y:2025:issue-9:p:5055-5084. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.