Effect of Firm Attributes on Firm Value of Listed Consumer Goods Firms in Nigeria

Gbulum Titus Tyolumun, Kajo Terstegha John, Ihongu Nguavese Florence, Aondoakaa Kwaghfan, Iorpev Luper and Kpojime Celestine Wanger
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Gbulum Titus Tyolumun: Accounting Department, Benue State University, Makurdi
Kajo Terstegha John: Accounting Department, Benue State University, Makurdi
Ihongu Nguavese Florence: Accounting Department, Benue State University, Makurdi
Aondoakaa Kwaghfan: Accounting Department, Benue State University, Makurdi
Iorpev Luper: Accounting Department, Benue State University, Makurdi
Kpojime Celestine Wanger: Accounting Department, Benue State University, Makurdi

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 7, 5105-5114

Abstract: This study investigates the effect of firm attributes on firm value of listed consumer goods firms in Nigeria. The variables used in the study includes firm size, firm age, liquidity, financial leverage (independent variable) and firm value which is the dependent variable is proxied by share price. Ex-post facto research design was used for the study. The population of the study was all the listed consumer goods companies. Ten consumer goods companies on the floor of Nigeria Exchange Group from 2012 – 2023 (12 years) was used for the study. Secondary data was employed for the study from annual report of the sampled companies. Descriptive statistics of mean, standard deviation, minimum, maximum, correlation and regression analysis was employed for the study. The regression model favoured random effect model. Findings showed that firm age has a significant and positive effect, firm size revealed significant and positive on share price of listed consumer goods companies. Liquidity had negative significant and financial leverage showed an insignificant and positive on share price of listed Consumer Goods Companies in Nigeria. It was concluded that older and larger firms benefit from established market presence, operational efficiencies, and enhanced stakeholder trust, which collectively boost their valuation. The study recommended amongst others that companies should optimize liquidity management by channelling excess funds into innovative projects, research, and sustainable investments to improve resource efficiency and societal impact.

Date: 2025
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