IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 9 2024
DOI: 10.56201/ijebm.v10.no9.2024.pg175.186

---

Integrated Reporting and Market Value of Listed Industrial Goods Companies in Nigeria

Akai, Ndinanakenkpo David, Dr. Eno Ukpong, Dr. Uwem E. Uwah

---

Abstract

This study investigated the effect of Integrated reporting on the market value of listed industrial goods companies in Nigeria from 2014-2023. The research design adopted for the study was ex post facto, secondary data were used and the population of the study consisted of 13 listed industrial goods companies out of which a sample size of 11 was purposively selected. The method of data analysis employed was ordinary Least Square regression analysis and the statistical software employed was E-views version. The findings f the study revealed that financial capital (Coef. 0.21 p-value 0.043) has significant positive effect on market value added of listed industrial goods companies in Nigeria; manufactured capital has significant positive effect on market value added of listed industrial goods companies in Nigeria; Intellectual capital (Coef. 0.01 p-value 0.0001) has significant positive effect on market value added of listed industrial goods companies in Nigeria. It was thus concluded that integrated reporting significantly add value to the firm market price. It was therefore recommended among others that the management of industrial goods companies should strategically manage their financial resources by maintaining a balanced mix of debt and equity to optimize their capital structure. By effectively leveraging available financial capital, firms can pursue growth initiatives and enhance their value. Additionally, firms should enshrine financial planning and risk management in their strategic policy ensure the sustainability of their financial capital base.

keywords:

Integrated reporting, market value, financial capital, manufactured capital, intellectual

---

References:

Adegboyegun, A. E., Alade, M. E., Ben-Caleb, E., Ademola, A. O., Eluyela, D. F., & Oladipo, O.
A. (2020). Integrated reporting and corporate performance in Nigeria: Evidence from the
banking industry. Cogent Business & Management, 7(1), 1736866.

Akker, M. (2017). The association between integrated reporting and information

Appah E., Onowu J.U. (2021).Integrated Reporting Disclosures and Firm Value of Listed
Insurance Companies in Nigeria. African Journal of Accounting and Financial Research
4(2), 55-65

Akpan, D. C., Udeme, J. C. & Aniefiok, G. R. (2022). Effect of Integrated reporting on firms’
value.The Nigeria manufacturing sector experience. European Journal of Accounting,
Auditing and Finance, 10(8),10-26.

Albetairi, Kukreja, & Hamdan. (2018). Integrated reporting and financial performance: Empirical
evidences from Bahraini listed insurance companies. Accounting and Finance Research,
7(3), pp. 102-110.

Baiman, S. & Verrecchia, R.E. (1996). The Relation Among Capital Markets, Financial Disclosure,
Production Efficiency, and Insider Trading. Journal of Accounting Research, 34(1), 1–22.

Copeland, T., Koller, T., & Murrin, J. (2014). Valuation: Measuring and managing the value
of companies (6th ed.). John Wiley & Sons.

Churet, C., & Eccles, R. G. (2014). Integrated reporting, quality of management, and financial
performance. Journal of Applied Corporate Finance, 26(1), 56-64.

Dube, V. (2018). The association between integrated reporting and company financial
performance: A graphical time-series approach. Doctoral dissertation, University of
Pretoria.

Dwi, P. D., Shanti, L. H., Dinda, M.,& Nurmala, A. (2024). Impact of integrated reporting on firm
value and earnings quality as a moderator in Southeast Asia. Investment Management and
Financial Innovations, 21(2), 191-204. doi:10.21511/imfi.21(2).2024.15

IIRC (2013). The International IR Framework. International Integrated Reporting Council.

Ika, S., Nkumalasari, I. S., Restuningdiah, N., & Sidharta, E. A. (2019). Integrated reporting
disclosure and its impact on firm value: Evidence in Asia. International Journal of
Business, Economic and Law, 18(5), 99-108

Jensen, M. C. (2003). A theory of the firm: governance, residual claims, and organizational forms.
Harvard University Press.

Felix, C. & Mashukudu, H. M. (2024). The impact of financial and non-financial capitals on JSE-
listed companies -an augmented integrated reporting framework,Journal of Economic and
Social Development, 11(1), 46-55 ·

Gathoni, J. N., & Muiru, M. W. (2023). Effect of integrated financial reporting on the value of
firms listed at the Nairobi Securities Exchange. Research Journal of Business and Finance,
2(1), 1-120.

Moloi, T & Iredele, O. (2020). Firm value and integrated reporting quality of South African listed
firms. Academy of Strategic Management Journal ,19(1),1-13

Moloi, T. (2015). Assessing corporate governance disclosures in South Africa's national
government departments: the state and corporate governance. Southern African Journal of
Accountability and Auditing Research, 17(1), 1-10.

Onumoh, A. Y. Mohammed, N A, Suleiman, T., lateef, O. M. (2024).
Integrated reporting and firm value of listed manufacturing firm in Nigeria, IJARIIE, 10(1).
1069-1076

Oti, P. A., Effiong, S. A. & Akpan, D. C. (2017). Accounting perspective of environmental footprint
of the oil and gas industry in the South South region of Nigeria. Journal of Accounting
and Financial Management, 3(3), 1-10.

Purwohandoko, S. (2017). The Influence of Firm’s Size, Growth, and Profitability on Firm Value
with Capital Structure as the Mediator: A Study on the Agricultural Firms
Listed in the Indonesian Stock Exchange. International Journal of Economics and
Finance, 9(8), pp. 103 – 110

Sahara, L. I. (2018). The analysis of financial performance using economic value added (EVA)
and market value added (MVA) methods and its influence on stock return of transportation
company listed in Indonesia Stock Exchange. Scientific Journal of Reflection: Economic,
Accounting, Management and Business, 1(3), 301-310.

Serafeim, G. (2015). Integrated reporting and investor clientele. Journal of Applied Corporate
Finance, 27(2), 3451.

Shahria, G., (2023), Exploring the Affiliation between Integrated Reporting and Firm Performance:
Evidence from Bangladesh. Jurnal Dinamika Akuntansi dan Bisnis, 10 (2),
181 – 198

Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87, 355-374.

Suttipun, M. (2017). The effect of integrated reporting on corporate financial performance:
Evidence from Thailand. Corporate Ownership and Control, 15(1), 133-142.

Thakor, A. (2014). The determinants of capital structure choice. Journal of Finance, 43(1), pp. 1-
Watson, A. et al. (2002). Voluntary Disclosure of Accounting Ratios in The UK. British
Accounting Review, 34(4), 289–313. Zhou, S. et al. (2017). Does Integrated Reporting
Matter to the Capital Market?. Abacus, 53(1),54-67

Wen, Yap Kiew Heong, & Lim Chee Hooi. (2017). Integrated Reporting And Financial
Performance. Management and Accounting Review (MAR), 16(2), pp. 101-130.

DOWNLOAD PDF

---

Back