Multinational Research Society Publisher

Integrated Disclosures and the Value of Listed Industrial Goods Firms in Nigeria


Sr No:
Page No: 21-29
Language: English
Authors: Erhinyodavwe Josiah Akpovofene*, Professor Austine Oke OKOLIE & Dr. Orits Frank EBIAGHAN
Received: 2026-08-07
Accepted: 2026-09-12
Published Date: 2026-09-26
Abstract:
This study looked at the impact of integrated disclosures, especially human capital disclosure, manufacturing capital disclosure and social capital disclosure, on the market value of listed industrial goods companies in Nigeria. The Tobins Q was used to measure the value of the firms, and regression analysis was performed to see how the non-financial disclosures affected the investors' expectations and valuation of firms. The result shows that the explanatory variables all had a significant effect on firm value though the effect varies with regard to the strength of impact and its direction. It is interesting to note that there is a significant negative effect of human capital disclosure on firm value suggesting that large disclosure about employee related information could make investors apprehensive of labour cost and pressures from employees/unions. Manufacturing capital disclosure however showed a positive and significant effect on firm value suggesting that disclosure of production capacities and innovations would improve the confidence of investors, while social capital disclosure showed a positive relation to firm value although statistically not significant suggesting that social activities have not really been noticed by the capital market in Nigeria. Overall, the study finds that rather than firm size, disclosure quality matters more in determining the value of industrial goods firms in Nigeria and recommends for improved integrated reporting system to boost firm value and investors.
Keywords: Integrated Disclosures, Human Capital Disclosure, Manufacturing Capital Disclosure, Social Capital Disclosure, Firm Value, Tobin's Q.

Journal: MRS Journal of Accounting and Business Management
ISSN(Online): 3049-1460
Publisher: MRS Publisher
Frequency: Monthly
Language: English

Integrated Disclosures and the Value of Listed Industrial Goods Firms in Nigeria