IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/123032.html

Financial Capital, Manufactured Capital, and Financial Performance: Evidence from Listed Industrial Goods Firms in Nigeria

Author

Listed:
  • Okeke, Clement Ejiofor

Abstract

Studies on integrated reporting and how it helps firms to resolve different stakeholders’ concerns about corporate disclosures, transparency and accountability are increasingly gaining momentum. Such studies have linked integrated reporting to different outcomes in the financial performances of the firms that have keyed to the reporting system. This study examined the effect of Integrated Reporting (IR) (financial and Manufactured capital) on Financial Performance of Listed Industrial Goods Firms in Nigeria. The study used an ex post facto research approach and secondary data were retrieved from the annual financial reports of selected industrial goods firms in Nigeria for eleven years from 2013-2023.Financial Reporting is the dependent variable proxied by Return on Equity (ROE). IR is the independent variable proxied by Financial Capital and Manufactured Capital. EVIEWS 12 was used to carry out the regression analysis of the direct effect of relevant variables. The study found that Integrated Reporting proxied by financial capital and manufactured capital does not have any significant relationship with the financial performance of firms listed under the industrial goods sector in Nigeria. The study recommends that firms in the industrial goods sector should make concerted efforts to moderate the ratio of their non-current assets to the total assets since the ratio has a negative impact on their performance.

Suggested Citation

  • Okeke, Clement Ejiofor, 2024. "Financial Capital, Manufactured Capital, and Financial Performance: Evidence from Listed Industrial Goods Firms in Nigeria," MPRA Paper 123032, University Library of Munich, Germany, revised 10 Oct 2024.
    • Handle: RePEc:pra:mprapa:123032
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/123032/1/MPRA_paper_123032.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. Liang Zhang & Qi Yu & Zhenji Jin & Jian Xu, 2021. "Do Intellectual Capital Elements Spur Firm Performance? Evidence from the Textile and Apparel Industry in China," Mathematical Problems in Engineering, Hindawi, vol. 2021, pages 1-12, May.
    3. Brahmadev Panda & N. M. Leepsa, 2017. "Agency theory: Review of Theory and Evidence on Problems and Perspectives," Indian Journal of Corporate Governance, , vol. 10(1), pages 74-95, June.
    4. Evans Agala Mutende & M. Mwangi & J.M. Njihia & D.E. Ochieng, 2017. "The moderating role of firm characteristics on the relationship between free cash flows and financial performance of firms listed at the Nairobi securities exchange," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 6(4), pages 1-3.
    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. George Georgakopoulos & Kanellos Toudas & Evangelos I. Poutos & Theodoros Kounadeas & Stefanos Tsavalias, 2022. "Capital Structure, Corporate Governance, Equity Ownership and Their Impact on Firms’ Profitability and Effectiveness in the Energy Sector," Energies, MDPI, vol. 15(10), pages 1-10, May.
    2. Baldacchino & P.J. & Callus & A. & Tabone & N. & Ellul & L. & Grima & S., 2022. "The Barriers and Effectiveness of Management Monitoring by Maltese Listed Boards*," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 12(2), pages 92-127.
    3. Farida Farida* & Adhika Ramadhan & Ratih Wijayanti, 2019. "The Influence of Good Corporate Governance and Corporate Social Responsibility on Firm Value: Evidence from Indonesia," International Journal of Economics and Financial Research, Academic Research Publishing Group, vol. 5(7), pages 177-183, 07-2019.
    4. Mahla Afghahi & Farzaneh Nassirzadeh & Davood Askarany, 2024. "Exploring the impact of customer concentration on stock price crash risk," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
    5. Phuong Bui & Phuc Nguyen, 2025. "Unveiling the Dynamics: Corporate Governance’s Impact on Firm Performance in Vietnam’s Thriving Market Landscape," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 9095-9122, June.
    6. Tutun Mukherjee & Som Sankar Sen, 2022. "Impact of CEO attributes on corporate reputation, financial performance, and corporate sustainable growth: evidence from India," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-50, December.
    7. Wunhong Su & Xingxing Hu & Liuzhen Zhang, 2023. "Association Between Directors With Foreign Experience and Firms’ Environmental Disclosure," SAGE Open, , vol. 13(4), pages 21582440231, December.
    8. Wafa Tariq Waqar & Yan Ma, 2024. "Acquirers’ corporate governance ratings and the likelihood of deal completion: Do stakeholders care about the agency hazards of European cross-border acquirers?," Review of Managerial Science, Springer, vol. 18(10), pages 2815-2848, October.
    9. Eitan, Avri, 2025. "Navigating sustainability trade-offs in wind energy governance: The role of environmental regulators," Energy Policy, Elsevier, vol. 203(C).
    10. Fekadu Agmas Wassie & László Péter Lakatos, 2024. "Artificial intelligence and the future of the internal audit function," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-13, December.
    11. Hernández-Atienza, Fernando & Rodríguez-Sanz, Juan Antonio & Tejerina-Gaite, Fernando, 2024. "The pathways of board diversity in European contexts: Exploring the influence of director types on firm performance," Research in International Business and Finance, Elsevier, vol. 72(PA).
    12. Oluyemi Ayodeji Olayisade & Olusola Esther Igbekoyi (Ph.D) & Kolawole Mohammed Akande & Bukola Elizabeth Abiola, 2023. "Internal Control System and Financial Management in Federal Government Hospitals," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(9), pages 1648-1664, September.
    13. Jian Yin & Jian Xu, 2025. "Intellectual capital, digital transformation and firms’ financial performance: Evidence from ecological protection and environmental governance industry in China," PLOS ONE, Public Library of Science, vol. 20(1), pages 1-22, January.
    14. John Mugambwa Serumaga-Zake & John Andrew van der Poll, 2021. "Addressing the Impact of Fourth Industrial Revolution on South African Manufacturing Small and Medium Enterprises (SMEs)," Sustainability, MDPI, vol. 13(21), pages 1-31, October.
    15. Sheida Hasani & Razieh Masoomi & Jamshid Ardalankia & Mohammadbashir Sedighi & Hamid Jafari, 2019. "Growth Dynamics of Value and Cost Trade-off in Temporal Networks," Papers 1908.11433, arXiv.org, revised Aug 2020.
    16. Thelela Ngcetane-Vika & Mamello Puleng Pule, 2025. "The Efficacy of Ubuntu-Based Governance Frameworks in Combating Systemic Corruption in Africa: A Theoretical Discourse," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(4), pages 3755-3770, April.
    17. Dyana Novita Taristy & Nadia Asandimitra & Ulil Hartono, 2023. "Moderation Analysis of Company Size and Capital Structure on the Influence of Liquidity, Corporate Governance, and Business Risk on Financial Performance," Technium Social Sciences Journal, Technium Science, vol. 45(1), pages 222-239, July.
    18. Sabahat Riaz & Mohamed Hisham Hanifa & Fauzi Zainir, 2021. "Does Foreign Institutional Equity Participation Instigate Sustainable Corporate Investment Efficiency? Evidence from Emerging Economies," Sustainability, MDPI, vol. 13(8), pages 1-17, April.
    19. Peter Bubenik & Juraj Capek & Miroslav Rakyta & Vladimira Binasova & Katarina Staffenova, 2022. "Impact of Strategy Change on Business Process Management," Sustainability, MDPI, vol. 14(17), pages 1-23, September.
    20. Srinivas Raghavendra & Petri T. Piiroinen, 2019. "Conflict as a closure: A Kaleckian model of growth and distribution under financialization," ICAE Working Papers 96, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • L0 - Industrial Organization - - General
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L6 - Industrial Organization - - Industry Studies: Manufacturing
    • M0 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:pra:mprapa:123032. 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: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    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.