Impact of Intellectual and Natural Capital on Financial Performance of Listed Consumers Goods Firm in Nigeria
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Samuel Ejiro Uwhejevwe-Togbolo*
Augustine A. Okwoma
Festus Elugom Ubogu
Prince Efanimjor
Juliet Olise
This research examines how intellectual and natural resources influence the financial success of consumer goods companies in Nigeria that are publicly traded. Intellectual capital includes intangible assets such as knowledge, experience, and intellectual property, while natural capital comprises environmental and natural resources supporting business operations. Data on intellectual capital utilization (ICU), natural capital utilization (NCU), and financial performance were collected from the value-added and income statements of 21 listed firms, covering 2016–2023. Given the small population size, a census approach was adopted. Heuristic modelling, incorporating Pearson correlation and moderated regression analysis, was employed. Results show that Human Capital Efficiency (HCE) and Relational Capital Efficiency (RCE) have a significant positive effect on financial performance. Structural Capital Efficiency (SCE) positively affects revenue growth but shows a negative relationship with Return on Equity (ROE) and Capital Adequacy (CADQ). Natural Capital Efficiency (NCE) positively relates to ROE, revenue growth (RGRT), and CADQ. Overall, ICU shows mixed effects on firms’ financial performance. The study recommends strategic enhancement of ROE, RGRT, and CADQ to strengthen financial outcomes. Additionally, SCE should be improved to positively influence ROE and CADQ in the future.
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