EFFECT OF POST-IFRS RESEARCH AND DEVELOPMENT RECOGNITION ON THE CORPORATE VALUE OF LISTED FOOD AND BEVERAGES FIRMS IN NIGERIA
Keywords:
Corporate Value, Post-IFRS Research, Development Recognition, Tobin’s QAbstract
The study examined the effect of post-IFRS research and development recognition on the corporate value of listed food and beverages firms in Nigeria. The specific objective was to examine the effect of post-IFRS research and development recognition on the Tobin’s Q of listed food and beverages firms in Nigeria. Ex-post facto research design was adopted in the study. The population comprised 16 listed food and beverage firms in Nigeria. A purposive sampling technique was applied to select 12 food and beverage firms that have been continuously listed from 2012 to 2024. Secondary data was collected from the firms’ annual reports over thirteen years (2012-2024). Descriptive analysis was used in summarizing the dataset, while hypotheses were tested using panel-estimated generalised least squares. It was found that Post-IFRS research and development recognition has a significant and negative effect on the Tobin’s Q of listed food and beverages firms in Nigeria (b = -0.75, p-value = 0.0000). In conclusion, within the Nigerian food and beverage industry, higher levels of Research and development recognition under IFRS are associated with lower market valuations. The study recommends that research and development managers in manufacturing firms should work closely with finance departments to develop measurable performance indicators for ongoing R&D projects and ensure these are consistently reported, so that stakeholders can link R&D activities with tangible progress toward value creation.
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