EFFECT OF SOCIAL, HUMAN AND INTELLECTUAL CAPITAL DISCLOSURES ON MARKET CAPITALIZATION OF LISTED COMPANIES ON THE NIGERIAN EXCHANGE GROUP
Keywords:
Human Capital, Intellectual Capital, Investment, Market Capitalization, Social CapitalAbstract
The study sought to determine the effect of social, human and intellectual capital disclosure on market capitalization of listed companies on Nigerian Exchange Group. The study was specifically to ascertain the effect of social capital disclosure, human capital disclosure and intellectual capital disclosure on market capitalization of listed companies on Nigerian Exchange Group. The research design adopted for this study was ex post facto research design. The population of the study was made up of one hundred and fifty-eight (158) companies listed on the Nigerian Exchange Group as at 31st December 2023. The study used purposive sampling technique to select the sample size of one hundred and sixteen (116) listed companies. The tool used for analysis was ordinary least square regression. Apart from intellectual capital disclosure, the social capital disclosure and human capital disclosure had significant effect on market capitalization of listed companies on Nigerian Exchange Group. The study recommended among others that since human capital disclosure had a significant effect on market capitalization, therefore; the policymakers should encourage initiatives that promote employees’ development, diversity, inclusion and disclose information about their human capital practices. Since the finding showed also that social capital disclosures had significant effect on market capitalization, it is recommended that management should continue to encourage organization’s value and culture that will promote positive staff-to-staff relationship, management-to- staff relationship, organization-to-community relationship as well as organization-to-stakeholders relationship. In-as-much-as intellectual capital disclosure did not have any significant effect on market capitalization, the study recommended that policymakers assess if current disclosure requirements effectively captured intellectual capital's value. Management should continue to manage and develop intellectual capital disclosure, even if market capitalization is not directly impacted.
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