DETERMINANTS OF SHAREHOLDERS' VALUE OF INDUSTRIAL GOODS FIRMS IN NIGERIA

Abstract The main objective of this study was to examine the determinants of shareholders’ value of industrial goods firms in Nigeria for the period 2016-2025. The research design adopted for this study was ex post facto and the population consisted of 17 industrial goods companies out of which the sample size of 11 was purposively selected. The data source was secondary and the data were analysed using panel least square regression analysis and the statistical package employed was STATA 17. The findings of the study revealed that revenue growth {0.129 (0.000)} has a statistically significant and positive effect on the total shareholders return; dividend policy {0.241 (0.004)} has a statistically significant and positive effect on total shareholders’ return; financial leverage {-0.204 (0.000)} has significant negative effect on total shareholders’ return of listed industrial goods companies in Nigeria. Based on the findings of this study, it was concluded that revenue growth, dividend policy and financial leverage are significant determinants of shareholders’ value. It was therefore recommended among others that management of industrial goods firms should focus on sustainable revenue-generating strategies, including expanding market reach, innovating product offerings, and improving operational efficiencies. Keywords: Determinants, shareholder value, firm age, firm size, free cash flow and total shareholder value.