INTELLECTUAL CAPITAL AND FINANCIAL PERFORMANCE OF CONSUMER GOODS LISTED FIRMS IN NIGERIA

Aminat Olayinka OLOHUNLANA, Antonia Taye ODELEYE and Wakeel Atanda ISOLA
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Aminat Olayinka OLOHUNLANA: Department Of Economics, Postal: University Of Lagos, Nigeria, https://research.icanig.org
Antonia Taye ODELEYE: Department Of Economics, Postal: University Of Lagos, Nigeria, https://research.icanig.org
Wakeel Atanda ISOLA: Department Of Economics, Postal: University Of Lagos, Nigeria, https://research.icanig.org

International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), 2022, vol. 11, issue 1, 94-110

Abstract: This study examines the impact of intellectual capital on financial performance of listed firms in the consumer goods industry for the period spanning 2008 through 2019. Specifically, the study attempts to explore the individual effects of intellectual capital sub-components on the performance indicators employed in the study. The data obtained from the audited annual reports of the firm was analyzed using the Driscoll-Kraay panel regression estimator, the study finds that value-added intellectual capital unconditionally improves firms’ financial performance in the industry. Subsequently, human and capital employed efficiency exerts a consistent and strong implication on all financial performance measures. Whereas, structural capital efficiency only has significant impact contributions on the returns on equity. The results robustness is confirmed with the use of an alternative estimation technique. Arising from the findings, various policy options are proposed in this study. This study appears to be amongst the few empirical research that considers the consumer goods industry in the intellectual capital-performance nexus. Also, thestudy had made modest contribution to the literature by employing Driscoll- Kraay panel regression model and in consumer goods industry.

Keywords: Intellectual Capital; Firm Performance; Consumer goods industry; Driscoll-Kraay PSCC (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ijafic:0061

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