EFFECT OF VOLUNTARY INTELLECTUAL CAPITAL DISCLOSURE ON FIRM VALUE OF QUOTED FINANCIAL SERVICES COMPANIES IN NIGERIA

Abstract

The study examined the effect of voluntary intellectual capital disclosure on the firm value of

quoted financial services companies in Nigeria from 2012 to 2021. The study adopted the

longitudinal research design and positivism as the research philosophy. Thirty-seven companies

were sampled from Fifty-two quoted financial services companies in Nigeria while the Panel

multiple regression technique was employed for the analysis. The study found that voluntary

human capital disclosure and voluntary structural capital disclosure have a positive significant

effect on firm value while relational capital disclosure has a negative but insignificant effect on

firm value of quoted financial services companies in Nigeria. The study recommends among

others that financial services companies should consider incorporating the disclosure of

comprehensive information on human capital and structural capital in their annual reports,

sustainability reports, and other relevant documents. This should encompass information on

workforce development, training initiatives, diversity and inclusion efforts, employee well-being

programs, and retention strategies. This disclosure will provide investors with insight into how

the companies are nurturing and developing their workforce. This can enhance investor

confidence in the companies' long-term firm value and growth potential.