IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 11 NO. 2 2025
DOI: 10.56201/jafm.vol.11.no2.2025.pg206.226

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Human Resource Factor Disclosures and Market Value of Insurance Firms in Nigeria

Tom, Itoro Monday, Okpo, Sunday A, Uwakmfon Simeon

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Abstract

The human resource factors play a crucial role in the success of any organisation. The human factors are the ingredients that drive the activities of the firm. Consequently, the quality of human resource factors at the disposal of firms determines to a large extent the success of such firm. This study was conducted to investigate the relationship between human resource factor disclosures and market value of insurance firms in Nigeria. The human resource factor disclosure which was the independent variable was measured by staff training and development disclosure, staff health and safety disclosure, retirement plan disclosure,employee career development disclosure and employment of disable person’s disclosure; while the market value which was the dependent variable was measured by market capitalisation. The population of the study comprised of the twenty - three (23) insurance firms listed on the floor of Nigeria Exchange Group as at 2023, in which a sample size of seven (7) were purposefully selected. The study employed ex - post facto research design as data for the study were extracted from annual reports and accounts of the selected firms for the period of ten years from 2014 to 2023 using contents analysis. The data were analysed with descriptive statistics, correlation and regression models using SPSS version 20. The results of analysis indicated that staff training and development disclosure, staff health and safety disclosure, employee career development disclosure and employment of disable person’s disclosure had positive significant relationship with market value of insurance firms. However, the retirement plan disclosure showed no significant relationship with market value of insurance firms. It was concluded that there is a significant relationship between human factor disclosures and market value of firms. Amongst others, the study recommended that insurance firms should not only make human resource factors an im

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