The impact of intellectual capital on innovation of listed firms in Nigeria

This study investigates the impact of intellectual capital (IC) on innovation—measured by patent filings and R&D expenditure—among 148 listed firms in Nigeria from 2011 to 2025. Using panel regression and controlling for firm size, industry type, leverage, growth opportunities, GDP growth, and regulatory environment, the analysis reveals that human capital and structural capital are positively and significantly associated with both patent filings and R&D expenditure, while relational capital shows a weaker effect. Firm size and growth opportunities amplify innovation, but high leverage and a restrictive regulatory environment dampen it. The findings contribute to the resource-based view and institutional theory, highlighting the contextual nuances of IC-driven innovation in emerging markets. The study offers actionable insights for policymakers, managers, and investors seeking to foster innovation in Nigeria’s dynamic business landscape.