Live Covid-19
United States 89,360,080
Cases: 89,360,080
Deaths: 1,042,678
Recovered: 84,916,391
Active: 3,401,011
India 43,471,282
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Malaysia 4,566,055
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Thailand 4,525,269
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Active: 24,112
Austria 4,438,883
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Israel 4,344,800
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Belgium 4,225,222
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Recovered: 4,122,858
Active: 70,461
South Africa 3,993,843
Cases: 3,993,843
Deaths: 101,793
Recovered: 3,880,462
Active: 11,588

Effect of Corporate Attributes on Firm Value of Selected Quoted Manufacturing Firms in Nigeria

Effect of Corporate Attributes on Firm Value of Selected Quoted Manufacturing Firms in Nigeria

ABSTRACT

This study empirically examined the effect of corporate attributes on firm value of selected quoted manufacturing firms in Nigeria. The focus was effect of firm size, firm leverage, and board size on Tobin’s q. It covered from 2009-2018, and therefore utilized annual time series secondary data extracted from audited and published reports of the companies. Research design adopted was ex-post facto method, while analytical techniques employed were descriptive statistics and panel Fully Modified Least Squares (FMOLS) regression mechanism considering Jarque-Bera test of normality, Breitung t-stat panel unit root test, and Pedroni Residual Cointegration/ multicollinearity Test. Findings revealed that the data series were stationary at first differencing, and there is no problem of multicollinearity. The FMOLS regression result provided that firm size and leverage exert positive influence on firm value while Board size has negative effect on the value of firms. However, only firm leverage has significant effect. On these backgrounds, the study recommended among other things that for firms that want to increase their value, it is necessary to pay attention to the condition of the firm leverage as well as the firm size. However, there is need for close monitoring of number of members of board of directors so as to avoid decreasing the firm value.

Keywords: Corporate Attributes; Fully Modified Least Squares Regression; Manufacturing Firms

Authorship
Eneh, Catherine Amoge;1 Prof. Okwo, Ifeoma Mary;2 and Prof. Nwoha, Chike3

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