The Influence of Intellectual Capital on Firm Value of Listed Consumer Goods Firms in Nigeria

Abstract This study examined the influence of intellectual capital on the firm value of listed consumer goods firms in Nigeria over the period 2015–2025. The study adopted an ex-post facto research design and utilized secondary data obtained from the annual reports of 15 sampled firms. Panel regression analysis was employed to analyze the data. Intellectual capital was measured using human capital efficiency, structural capital efficiency, capital employed efficiency, and relational capital efficiency (RCE), while firm value was proxied by Tobin’s Q, with firm size as a control variable. Data was analyzed using descriptive statistics, correlation, and the multicollinearity test with the Hausman test guiding model selection. The results showed that human capital efficiency, capital employed efficiency, and relational capital efficiency had positive and significant effects on firm value, while structural capital efficiency had a positive but insignificant effect. The study concluded that intellectual capital significantly influences firm value, although the impact varies across its components. The study recommended that firms should invest more in human capital development to enhance firm value.