The Moderating Effect of Managerial Ownership on the Relationship Between Intellectual Capital and Value of Listed Financial Service Firms in Nigeria

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Authors: USMAN, Suleiman, KHADIJA, Salihu Abubakar

Abstract

This study examines the moderating effect of ownership structure on the relationship between intellectual capital and value of listed financial services firms in Nigeria using a panel data of 33 sampled firms for the period of ten years (2013-2022). The data were extracted from the annual account and reports of the sample firms. Multiple regression technique was employed in analysing the data. Based on the analyses of the data collected, the study found that human capital efficiency (HCE) and relational capital efficiency (RCE) are positive and significant in influencing the firm value of the sampled firms. Structural capital efficiency (SCE) is also found to be positive but insignificant to firm value. However, capital employed efficiency (CEE) is negative but significantly related to value of the listed financial services firms in Nigeria. In addition, the results of the study also revealed that managerial ownership is positive and significantly related to value of the listed financial services firms in Nigeria. Finally, the study discovered that managerial ownership has a moderating effect on the relationship between intellectual capital and value of listed financial services firms in Nigeria.

Keywords: IC; managerial ownership; Tobin’s Q; financial services firms

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