Influence of adoption of modern manufacturing technologies on firm value of the listed manufacturing companies in Nigeria

This study investigated the influence of adoption of modern manufacturing technologies on firm value of listed manufacturing companies in Nigeria. Specifically, the study determines the factors that influence the level of adoption of modern manufacturing technologies, effects of modern manufacturing technologies on firm value, and the effects of firm-specific variables (firm growth, firm size, and firm age) on firm value of the listed manufacturing companies in Nigeria. The study adopted a mixed method involving survey research design and ex-post facto design. A survey was administered to a sample of thirty-nine (39) quoted manufacturing companies on the Nigeria Exchange Group, where 390 respondents were purposefully selected. Secondary data were extracted from the audited financial statements of the manufacturing companies listed on the Nigeria Exchange Group for a period of eight years (2014-2021). We analyzed the data using descriptive and inferential statistics, employing random effect regression analysis. The results show that very few manufacturing companies have fully adopted the modern manufacturing technologies in Nigeria. We also found a significant relationship between firm value and growth. Lastly, our results show evidence of a better performance for the firms that adopted new manufacturing technology. The study concludes that adoption of modern manufacturing technologies has significant influence on the firm value of the listed manufacturing companies in Nigeria.