IMPACT OF INTELLECTUAL CAPITAL AND CORPORATE GOVERNANCE ON THE FIRM VALUE OF LISTED NON-FINANCIAL COMPANIES IN NIGERIA

Abstract

This study examines the impact of intellectual capital and corporate governance on the firm value of listed non-financial companies in Nigeria over the period 2014–2023. Using panel data from 38 firms and employing fixed-effects regression techniques, the study investigates the effects of human capital efficiency, structural capital efficiency, relational capital efficiency, board size, board meetings, board independence, gender diversity, ownership concentration, and board financial expertise on firm value, measured by Tobin’s Q. The findings reveal that human capital efficiency, relational capital efficiency, and board financial expertise have a positive and statistically significant effect on firm value. In contrast, board size, gender diversity, and firm size exhibit a significant negative relationship with firm value. Structural capital efficiency, board meetings, board independence, and ownership concentration are found to have no significant influence. The results highlight the importance of knowledge-based resources and board competence in enhancing firm value within an emerging market context. The study contributes to the literature by providing integrated, component-level evidence on intellectual capital and corporate governance in Nigeria and offers practical insights for managers, investors, and policymakers seeking to improve firm valuation.