EFFECT OF CORPORATE ATTRIBUTES ON MARKET VALUE ADDED OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA

Abstract

The study examined effect of corporate attributes on market value added of listed consumer goods companies in Nigeria from 2012-2021. Corporate attribute is measured by leverage, revenue growth, company size, earnings per share, board size and board independence. The study adopted ex-post facto research design with a sampled of fifteen (15) consumer goods companies listed on the Nigerian Exchange Group as at 31/12/2021.  Panel multiple regression was used for the analysis and it was found that leverage has negative insignificant effect on market value added, revenue growth and earnings per share have positive insignificant effect on market value added while company size, board size and board independence have positive significant effect on market value added of listed consumer goods companies in Nigeria.  The study concludes that company size, board size and board independence had statistically influence market value added of listed consumer goods companies while leverage, revenue growth and earnings per share and had statistically influence market value added of listed consumer goods companies in Nigeria. The study recommends that consumer goods companies should focus on enhancing profitability, managing costs, and capitalizing on growth opportunities with a focus on sustainable competitive advantages. Implementing effective strategies, optimizing operations, and achieving higher profit margins can strengthen the connection between revenue growth and market value added. Also, while company size can be an important factor, it is crucial to maintain a diversified investment portfolio. Diversification across different industries and company sizes can help mitigate risks and optimize returns.