Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria<br />
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Justin Iorakpen Iorun; Emmanuel Igbawase Abanyam; Michael Iorlaha

doi:doi:10.11648/j.ijafrm.20230804.12

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Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria

Justin Iorakpen Iorun, Emmanuel Igbawase Abanyam, Michael Iorlaha

Published in International Journal of Accounting, Finance and Risk Management (Volume 8, Issue 4)

Received: 28 August 2023 Accepted: 8 October 2023 Published: 28 October 2023

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Abstract

This paper examined the relationship between relational capital disclosure and market value of selected quoted companies in Nigeria. Specifically, the study examined the relationship between customer service, distribution channels, strategic partnerships disclosure and market value. Ex-post facto design was employed as data were extracted from published audited annual financial reports of 32 sampled listed companies on the Nigerian Exchange Group for a period of ten (10) years covering 2013-2022. A disclosure checklist was adapted and modified in collecting data for the independent variables (customer service, distribution channels and strategic partnerships disclosure). Summary statistics was conducted to estimate mean, deviation, minimum and maximum values of the collected data. The data collected were also subjected to multicollinearity test via correlational matrix. Regression post estimation was conducted with the aid of heteroskedasticity test. Panel data analysis was employed and multiple regression analysis was conducted in which random effect model was found most appropriate to test the formulated hypotheses. The study found that customer service disclosure has negative and insignificant relationship with market value, while distribution channels and strategic partnership disclosure were found to have positive significant effects on market value. Therefore, the study recommends amongst others that relevant stakeholders should give maximum attention to distribution channels and strategic partnerships disclosure and make them mandatory disclosure requirement, while caution be taken on customer service disclosure and its disclosure should be voluntary in nature.

Published in	International Journal of Accounting, Finance and Risk Management (Volume 8, Issue 4)
DOI	10.11648/j.ijafrm.20230804.12
Page(s)	94-103
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Relational Capital, Customer Service, Distribution Network, Strategic Partnerships, Market Value

References

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[2]	Cabrita, M. & Bontis, N. (2008). Intellectual capital and business performance in the Portuguese banking industry. International Journal of Technology Management, 4 (3), 212-237.
[3]	Corvino, A., Caputo, F., Pironti, M., Doni, F. & Martini, S. B. (2019). The moderating effect of firm size on relational capital and firm performance. Journal of Intellectual Capital, 12 (1), 125-135. DOI: 10.1108/jic-03-2019-0044.
[4]	Enrico L., Michele D. M., Valentina C. & Niccolo P. (2020). The relational side of intellectual capital: an empirical study on brand value evaluation and financial performance. Journal of Intellectual Capital, 7 (2), 112-119. DOI 10.1108/JIC-05-2020-0167.
[5]	Guthrie, U. D. (1999). Is the resource-based theory a useful perspective for strategic Management Research? Yes. Academy of Management Review, 2 (1), 41–56.
[6]	Kateb, I. (2012). An analysis of the determinants of voluntary structural capital disclosure by listed French companies. International Journal of Business and Management, 7 (11); 95-111.
[7]	Kinyua, A. L., Gakure, M. C., Gekere J. A. & Orwa, T. A. (2015). Factors influencing intellectual capital disclosure by Portuguese companies. International Journal of Accounting and Financial Reporting, 2 (2), 278-289.
[8]	Leyira, C. M., Clifford, O., Ofurum, O. C. & Ihendinihu, J. U. (2012). Firm’s financial performance and human resource accounting disclosure of companies in Nigeria. International Journal of Business and Management, 7 (14); 67-81.
[9]	Mutalib, A., Hafiz M. R. & Hairul, A. A. (2017). Intellectual capital disclosure and information asymmetry; recent evidence from Nigerian economy. International Journal of Economics, management and Accounting, 24 (3), 112-119.
[10]	Oladele, P. O., Aribaba, F. O., Lateef, O. A. & Omobola, M. A. (2018). An empirical study of human capital accounting disclosure on financial performance of selected firma in Nigeria. Journal of Accounting and Management, 8 (2), 70-82.
[11]	Onyekwelu, J. & Ubesie, S. U. (2016). Intellectual capital disclosures: the search for a new paradigm in financial reporting by the knowledge sector of Indian economy. Electronic Journal of Knowledge Management, 7 (5), 575-582.
[12]	Rafinda, A. R., Pramuka, B. A. & Kusuma, P. D. (2012). The trend and variation of intellectual capital disclosure at bank industries in Europe. Journal of economics, business and accountancy, 16 (1), 105-118.
[13]	Rahman, M., Sobhan, R & Islam, S. (2019). Intellectual capital disclosure and Its determinants: empirical evidence from listed pharmaceutical and chemical industry of Bangladesh. The Journal of Business Economics and Environmental Studies, 9 (2), 35-46.
[14]	Silvio, B. M., Antonio C. F. & Doni A. R, (2016). Relational capital disclosure, corporate reporting and company performance: evidence from Europe. Journal of Intellectual Capital, 17 (2), 1-15. doi.org/10.1108/JIC-07-2015-0065.
[15]	Subhash, A. & Azim, M. (2014). Corporate reporting of intellectual capital: evidence from the Bangladeshi pharmaceutical sector. Asian Review of Accounting, 22 (2), 98-127.

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APA Style

Justin Iorakpen Iorun, Emmanuel Igbawase Abanyam, Michael Iorlaha. (2023). Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria . International Journal of Accounting, Finance and Risk Management, 8(4), 94-103. https://doi.org/10.11648/j.ijafrm.20230804.12

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ACS Style

Justin Iorakpen Iorun; Emmanuel Igbawase Abanyam; Michael Iorlaha. Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria . Int. J. Account. Finance Risk Manag. 2023, 8(4), 94-103. doi: 10.11648/j.ijafrm.20230804.12

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AMA Style

Justin Iorakpen Iorun, Emmanuel Igbawase Abanyam, Michael Iorlaha. Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria . Int J Account Finance Risk Manag. 2023;8(4):94-103. doi: 10.11648/j.ijafrm.20230804.12

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@article{10.11648/j.ijafrm.20230804.12,
  author = {Justin Iorakpen Iorun and Emmanuel Igbawase Abanyam and Michael Iorlaha},
  title = {Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria

	
},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {8},
  number = {4},
  pages = {94-103},
  doi = {10.11648/j.ijafrm.20230804.12},
  url = {https://doi.org/10.11648/j.ijafrm.20230804.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20230804.12},
  abstract = {This paper examined the relationship between relational capital disclosure and market value of selected quoted companies in Nigeria. Specifically, the study examined the relationship between customer service, distribution channels, strategic partnerships disclosure and market value. Ex-post facto design was employed as data were extracted from published audited annual financial reports of 32 sampled listed companies on the Nigerian Exchange Group for a period of ten (10) years covering 2013-2022. A disclosure checklist was adapted and modified in collecting data for the independent variables (customer service, distribution channels and strategic partnerships disclosure). Summary statistics was conducted to estimate mean, deviation, minimum and maximum values of the collected data. The data collected were also subjected to multicollinearity test via correlational matrix. Regression post estimation was conducted with the aid of heteroskedasticity test. Panel data analysis was employed and multiple regression analysis was conducted in which random effect model was found most appropriate to test the formulated hypotheses. The study found that customer service disclosure has negative and insignificant relationship with market value, while distribution channels and strategic partnership disclosure were found to have positive significant effects on market value. Therefore, the study recommends amongst others that relevant stakeholders should give maximum attention to distribution channels and strategic partnerships disclosure and make them mandatory disclosure requirement, while caution be taken on customer service disclosure and its disclosure should be voluntary in nature.
},
 year = {2023}
}

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TY  - JOUR
T1  - Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria

	

AU  - Justin Iorakpen Iorun
AU  - Emmanuel Igbawase Abanyam
AU  - Michael Iorlaha
Y1  - 2023/10/28
PY  - 2023
N1  - https://doi.org/10.11648/j.ijafrm.20230804.12
DO  - 10.11648/j.ijafrm.20230804.12
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 94
EP  - 103
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20230804.12
AB  - This paper examined the relationship between relational capital disclosure and market value of selected quoted companies in Nigeria. Specifically, the study examined the relationship between customer service, distribution channels, strategic partnerships disclosure and market value. Ex-post facto design was employed as data were extracted from published audited annual financial reports of 32 sampled listed companies on the Nigerian Exchange Group for a period of ten (10) years covering 2013-2022. A disclosure checklist was adapted and modified in collecting data for the independent variables (customer service, distribution channels and strategic partnerships disclosure). Summary statistics was conducted to estimate mean, deviation, minimum and maximum values of the collected data. The data collected were also subjected to multicollinearity test via correlational matrix. Regression post estimation was conducted with the aid of heteroskedasticity test. Panel data analysis was employed and multiple regression analysis was conducted in which random effect model was found most appropriate to test the formulated hypotheses. The study found that customer service disclosure has negative and insignificant relationship with market value, while distribution channels and strategic partnership disclosure were found to have positive significant effects on market value. Therefore, the study recommends amongst others that relevant stakeholders should give maximum attention to distribution channels and strategic partnerships disclosure and make them mandatory disclosure requirement, while caution be taken on customer service disclosure and its disclosure should be voluntary in nature.

VL  - 8
IS  - 4
ER  -

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Author Information

Justin Iorakpen Iorun

Department of Accounting, Benue State University, Makurdi, Nigeria
Emmanuel Igbawase Abanyam

Department of Accounting, Benue State University, Makurdi, Nigeria
Michael Iorlaha

Department of Accounting, Benue State University, Makurdi, Nigeria

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APA Style

Justin Iorakpen Iorun, Emmanuel Igbawase Abanyam, Michael Iorlaha. (2023). Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria . International Journal of Accounting, Finance and Risk Management, 8(4), 94-103. https://doi.org/10.11648/j.ijafrm.20230804.12

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ACS Style

Justin Iorakpen Iorun; Emmanuel Igbawase Abanyam; Michael Iorlaha. Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria . Int. J. Account. Finance Risk Manag. 2023, 8(4), 94-103. doi: 10.11648/j.ijafrm.20230804.12

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AMA Style

Justin Iorakpen Iorun, Emmanuel Igbawase Abanyam, Michael Iorlaha. Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria . Int J Account Finance Risk Manag. 2023;8(4):94-103. doi: 10.11648/j.ijafrm.20230804.12

Copy | Download

@article{10.11648/j.ijafrm.20230804.12,
  author = {Justin Iorakpen Iorun and Emmanuel Igbawase Abanyam and Michael Iorlaha},
  title = {Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria

	
},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {8},
  number = {4},
  pages = {94-103},
  doi = {10.11648/j.ijafrm.20230804.12},
  url = {https://doi.org/10.11648/j.ijafrm.20230804.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20230804.12},
  abstract = {This paper examined the relationship between relational capital disclosure and market value of selected quoted companies in Nigeria. Specifically, the study examined the relationship between customer service, distribution channels, strategic partnerships disclosure and market value. Ex-post facto design was employed as data were extracted from published audited annual financial reports of 32 sampled listed companies on the Nigerian Exchange Group for a period of ten (10) years covering 2013-2022. A disclosure checklist was adapted and modified in collecting data for the independent variables (customer service, distribution channels and strategic partnerships disclosure). Summary statistics was conducted to estimate mean, deviation, minimum and maximum values of the collected data. The data collected were also subjected to multicollinearity test via correlational matrix. Regression post estimation was conducted with the aid of heteroskedasticity test. Panel data analysis was employed and multiple regression analysis was conducted in which random effect model was found most appropriate to test the formulated hypotheses. The study found that customer service disclosure has negative and insignificant relationship with market value, while distribution channels and strategic partnership disclosure were found to have positive significant effects on market value. Therefore, the study recommends amongst others that relevant stakeholders should give maximum attention to distribution channels and strategic partnerships disclosure and make them mandatory disclosure requirement, while caution be taken on customer service disclosure and its disclosure should be voluntary in nature.
},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - Relational Capital Disclosure and Market Value of Selected Quoted Companies in Nigeria

	

AU  - Justin Iorakpen Iorun
AU  - Emmanuel Igbawase Abanyam
AU  - Michael Iorlaha
Y1  - 2023/10/28
PY  - 2023
N1  - https://doi.org/10.11648/j.ijafrm.20230804.12
DO  - 10.11648/j.ijafrm.20230804.12
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 94
EP  - 103
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20230804.12
AB  - This paper examined the relationship between relational capital disclosure and market value of selected quoted companies in Nigeria. Specifically, the study examined the relationship between customer service, distribution channels, strategic partnerships disclosure and market value. Ex-post facto design was employed as data were extracted from published audited annual financial reports of 32 sampled listed companies on the Nigerian Exchange Group for a period of ten (10) years covering 2013-2022. A disclosure checklist was adapted and modified in collecting data for the independent variables (customer service, distribution channels and strategic partnerships disclosure). Summary statistics was conducted to estimate mean, deviation, minimum and maximum values of the collected data. The data collected were also subjected to multicollinearity test via correlational matrix. Regression post estimation was conducted with the aid of heteroskedasticity test. Panel data analysis was employed and multiple regression analysis was conducted in which random effect model was found most appropriate to test the formulated hypotheses. The study found that customer service disclosure has negative and insignificant relationship with market value, while distribution channels and strategic partnership disclosure were found to have positive significant effects on market value. Therefore, the study recommends amongst others that relevant stakeholders should give maximum attention to distribution channels and strategic partnerships disclosure and make them mandatory disclosure requirement, while caution be taken on customer service disclosure and its disclosure should be voluntary in nature.

VL  - 8
IS  - 4
ER  -

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