INTELLECTUAL CAPITAL COSTS AND MARKET PERFORMANCE OF LISTED SERVICE COMPANIES IN NIGERIA

Eke Onyekachi Abaa 1 , Michael Chidiebere Ekwe 2 & Okeudo Ogbenyealu Mercy 3
1, 2, 3 Department of Accounting
Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria
Email: 1 ekeabaa@gmail.com & 2 ekwemike@yahoo.com

The study examines the effect of intellectual capital costs on market performance of listed
services firms in Nigeria. Ex-post facto research design was adopted. Data on human capital,
capital employed efficiency, structural capital, earnings per share and dividend per share were
collected from published annual reports of 24 listed services firms for the period of 10 years
(2009 to 2018). Unit root test, descriptive statistics and panel regression were used to analyse
the data. Results reveal that human capital has positive and significant effect on earnings per
share of listed services firms in Nigeria while capital employed efficiency and structural capital
have negative and insignificant effect on the same dependent variable. The study concludes
that human capital is a key component of the three identified intellectual capital cost
components and also an indispensable success factor for enhancing market performance of
service companies in Nigeria. Hence should be properly handled for the attainment of
corporate goals.
Key words: Intellectual capital costs; capital employed efficiency; human capital; structural
capital; earnings per share; dividend per share.

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